Arnold was so confident, Tang Bao couldn't continue to say anything, and he couldn't help but be surprised, it seems that the relationship between Vale and Previ Fund and Bradesco Bank is really extraordinarily close.

Well.

Tang Bao suddenly felt a wave of worry, and secretly thought: Vale, Previ Fund and Bradesco Bank obviously have long-term cooperation experience, and they are all local Brazilian enterprises, I am the only outsider in this cooperation, will they be jointly squeezed out by their three parties? When the cooperation is going well, I can't see the hidden worries, I'm afraid that if something unpleasant happens one day, Tang Bao may be squeezed by the joint efforts of the three parties.

Sensing this hidden danger, Tang Bao naturally couldn't ignore it directly.

In fact, the simplest solution is to find another international investor to join the consortium, which can also balance the forces of the parties a little.

But.

Tang Bao had already stated that he had no opinion on the formation of a joint bidding consortium by the four parties, and it was only two minutes before he suddenly changed his tune and asked to join another partner, which was a bit abrupt.

This road is blocked, and it can only start from the equity and personnel aspects. Originally, Tang Bao did not think of placing people in the National Ferrous Metallurgical Company, but the close relationship between Vale, the Previ Fund and the Bradesco Bank made Tang Bao a little worried.

Numerous facts have proven it.

When there is no spokesperson in the company, it is sometimes difficult for even the majority shareholder of the company to exert effective influence on the company.

It is very important to participate in the company's business decisions!

Soon.

Tang Bao made up his mind that Vale must not be allowed to completely control the decision-making power of the national ferrous metallurgical company.

"Hmm. President Arnold, I can't stay in Brazil for long, so it is better to negotiate the details of the formation of a joint bidding consortium as soon as possible. Tang Bao said.

"It's fine." Arnold replied.

When it comes to the details of cooperation, the most critical thing is undoubtedly equity distribution, which Tang Bao has mentioned before. However, neither the Previ Fund nor Bradesco Bank have yet to talk, and this equity division is undoubtedly a difficult problem.

Pondered for a long time.

Arno spoke slowly. "Based on previous experience, the participation of the Previ Fund and Bradesco Bank in equity investment generally does not exceed 15%. In this way, it is estimated that there is still 70% of the equity left, and Vale and Mr. Tang each hold 35% of the shares, how about it? ”

"Hmm."

Tang Bao nodded, quite satisfied with Arnold's equity distribution plan, and thought that Arnold would insist on Vale's absolute control.

But.

Tang Bao could probably guess the reasons why Vale did not seek absolute control, and there were only a few of them. First, it may be that Vale's liquidity is not very abundant, and it will be difficult to control the national ferrous metallurgical company absolutely; Second, Vale feels close to the Previ Fund and Bradesco Bank. Their tripartite alliance still has absolute control over the national ferrous metallurgical company; Third, Vale is only interested in the iron ore resources of the National Ferrous Metallurgical Corporation, and is not in the mood to spend a huge price to control the National Ferrous Metallurgical Company.

"It's just a rough allocation, and if Previ and Bradesco Bank are interested in taking more shares, we may have to back down a bit."

Well.

Tang Bao did not object.

"After the successful bidding, Vale will be responsible for the daily operation and management of the National Ferrous Metallurgical Company!" Arnold finally showed his cards.

Vale does not value absolute control, but it does have the right to operate. And in his opinion, only Vale is suitable for operation.

Belch.

After not getting the expected response for a long time, Arno couldn't help but look up at Tang Bao in shock. I saw Tang Bao sitting there calmly, his fingers tapping lightly regularly.

"As far as I know, Mr. Tang has always made pure equity investments and has hardly interfered in the day-to-day affairs of the companies in which he invests. What's more, when Mr. Tang first came to Brazil, he was very unfamiliar with the social, cultural, legal and other environments of Brazil. Arno said cautiously.

Although the tone is extraordinarily polite. However, it is clear that Tang Bao is not suitable for direct intervention in the business decisions of the national ferrous metallurgical company.

"Hmm. What President Arnold and Noble said makes sense, the National Ferrous Metallurgical Company is operated by Vale! Well, though, I'd like to form a board of directors. Each party shall appoint a representative of the director in accordance with the proportion of capital contribution. In addition, according to my investment habits, I will arrange a financial staff to supervise the financial situation. After pondering for a long time, Tang Bao finally did not put forward a plan to arrange personnel to enter the company. so as not to irritate Arnold.

Appointment of Directors and Financial Officers......

Arno pondered for a moment, then nodded lightly and agreed to Tang Bao's request. Such a request is very reasonable, and it is difficult to refuse even if you feel uncomfortable.

Hey.

Seeing that Arnold nodded in agreement, Tang Bao smiled. Although it was only a financial staff, this was the first step in exerting influence on the national ferrous metallurgical company.

Originally.

Tang Bao, Mitsubishi Bank and Mitsui Bank jointly established Kirin Investment Bank, which is also operated by Mitsui Bank and Mitsubishi Bank, and Tang Bao dispatched financial personnel to supervise it.

But what now?

In just three years, the management rights of Kirin Investment Bank have completely changed hands and fallen into the hands of Tang Bao!

Tang Baoneng can take back the business decision-making power of Kirin Investment Bank from the hands of Mitsui Bank and Mitsubishi Bank, and naturally he can also slowly get the business decision-making power of national ferrous metallurgy from Vale. What's more, Tang Bao's deployment is only to prevent being squeezed out by Vale and other three companies, and when the cooperation is happy, it is not necessary to seize the right to make business decisions.

Let's be honest.

Tang Bao really didn't want to use these arrangements one day in the future, which would mean that he and the behemoth of Vale were completely opposed.

Yannuo naturally wouldn't have thought that Tang Bao's heart would be so calculating, if he knew, I'm afraid he wouldn't be able to laugh.

But.

That's just an "if". It is impossible for Arno to know Tang Bao's plan, and perhaps he will realize it later......

"The auction plus debt repayment, technical equipment upgrades, etc., will cost up to $3 billion, and a 35% stake will cost more than $1 billion, and I hope Mr. Tang can provide this loan to Vale!" Arnold made his request to Tang Bao.

"Financing me?" Tang Bao was slightly stunned. A faint smile appeared on his face, "As far as I know, Vale's financial situation has always been very healthy, and it has made a lot of profits every year, so it won't be so difficult to find a billion-dollar financing loan, right?" President Arnold also said that Bradesco Bank has been providing financing loan support to Vale for a long time, so why not go to Bradesco Bank this time? ”

"Vale naturally doesn't have to worry about finding a loan!" Arnold's face looked proud. But this color did not last long, and it fell into embarrassment.

No way.

Vale is large, but the liquidity is really very limited, and there is really not much money left after the regular repayment of debt interest. Previously, they developed a new iron ore mine and invested more than $2 billion, all of which were supported by bank loans.

At this time, it is difficult to obtain a new loan, and even if you get a new loan, you have to make certain concessions in terms of loan interest.

Bradesco Bank is Vale's strategic cooperative bank, but it has borrowed nearly one billion US dollars from Vale before, and this time it will join the other party to bid.

Even if Bradesco Bank and Vale are strategic partners, the other party is afraid and does not dare to put all their eggs in one basket. It is difficult to know whether Vale, which has already made huge loans to Vale, will continue to lend to them.

Let alone.

There is also the issue of struggle in Vale......

So.

Since receiving the news that the National Ferrous Metallurgical Company is going to conduct a private auction, Yano and others have been worried about how to raise funds.

Unexpectedly, at this time, Tang Bao came to the door.

Yannuo, who learned that Tang Bao's background was fine, naturally jumped up excitedly and agreed to the meeting request without hesitation. If it weren't for the initiative, Arno would almost want to visit in person.

"Ugh. As a result of previous heavy investments in newly developed mines, Vale has borrowed aggressively. The line of credit at Bradesco Bank is also almost exhausted...... This time, the private ownership of the National Ferrous Metallurgical Company came very suddenly, which caught us off guard. Arno explained helplessly.

Tang Bao nodded, finally understanding Vale's situation. No wonder the other party agreed to meet so happily when Morais came to the door, I'm afraid that after learning Tang Bao's identity, he was waiting here.

But.

If Vale, which controls the vast majority of Brazil's iron ore resources, is difficult to raise funds, it is not a fool's right to believe it. As for why Arnold chose to finance him, the reason has not yet been figured out.

"Mr. Tang, Vale is a state-owned enterprise, backed by the Brazilian government, and will absolutely guarantee the safety of its debts." Arnold emphasized.

Scold.

Tang Bao chuckled disdainfully in his heart, the Brazilian government as credit support? I'm afraid that when the crisis comes, the Brazilian government's credit will not be used.

In fact, in the previous two years of the Latin American debt crisis, a large number of Brazilian state-owned enterprises and state governments defaulted on their debts. The Brazilian federal government, as the guarantor, had to step forward to take over the debts, but the precondition for the takeover was that the creditors had to agree to modify the terms of the debt, including extending the debt repayment period and lowering the interest rate. In order to ensure the security of the debt, the creditor had to grit his teeth and accede to the demands of the Brazilian federal government.

In other words, the credit support of the Brazilian federal government is discounted and not absolutely guaranteed.

Knock, knock, knock......

Tang Bao's fingers tapped rhythmically on the conference table, not in a hurry to respond to Arno's request. (To be continued.) )