The distribution of shares of listed companies in Germany is as follows.

Domestic listing: Local consortium A controls 27.04% of the registered shares of local company B and 24.96% of the bearer shares released locally.

Foreign consignment listing: Foreign consortium X owns up to 23.96% of registered shares, and 23.04% of bearer shares are released in the stock market.

No matter who it is, it will not be able to enter the board of directors if it acquires up to 48% of bearer shares at home and abroad.

Therefore, it doesn't matter how the foreign consortium X sells, how many shareholders are allocated, and how many people are squeezed into the board of directors, it still can't complete the acquisition of local company B, at most let you oversee the financial rights, or manage part of the property under company B.

Is there a problem with the strict and conservative Germans playing "double listing" in this way?!

Of course, this negotiation of "global stocks" and "dual listing" is more troublesome.

There is also another simple form of curve to save the country, which is used in many countries around the world.

For example, if it is not listed in China, it will be changed to issue internal original shares (bearer shares), so that the relatives and friends of the company's employees and the families of leaders of government departments can buy them at will. As for registered stocks, anyone who holds a passport from their home country can participate, and it doesn't matter how many people come to the shareholders' meeting anyway.

A1, the controlling party of local consortium A, only needs to control 27.04% of the shares of local company B to firmly control the board of directors of local company B; By extension, the individual legal person who controls the shares of A1 only needs to control the shares of 14.06 local company B, and can choose the chairman of company B at will!

As mentioned above, the individual legal person of the controlling party A1 only needs to control the shares of local company B at 14.06, and can firmly control the general election of the board of directors.

In this way, the local consortium is tied, the outflow of funds is prevented, and the maximum profit can be obtained.

According to the absolute safety holding line of 52%, extend it a little more.

Hypothesis: The controlling party A1 is the legal person of the company W, and the controlling party of company W is W1, that is, W1 owns 7.312% of the shares of company B, so it can control the assets of company B.

This is the mystery of a multinational company worth hundreds of millions of dollars who can control tens of billions of assets!

Suppose that Tier 1 Company B, with J Tier 2 companies with exactly the same capital investment, and K Tier 3 subsidiaries with exactly the same capital investment in tandem, according to the 48% share expansion rule, the maximum capital that can be swept is as follows.

Capital of Company B:1.

The capital swept by the secondary subsidiaries of J is: J* (48/52).

The capital sweep of K's third-level subsidiaries is: K*(48/52)*J*(48/52).

Substituting the function, J is 6 and K is 50.

The maximum swept capital is: 256.62 times.

The ideal model is: W1 only needs to invest 0.07312 to control 256.62 assets, a full 3495.5 times the difference!

In the news, it is not unusual to see a tycoon who owns only 7.32% of the shares and is worth $500 million, controlling a business empire worth tens of billions of dollars.

Of course, with the different amounts of additional investment in the later operation of Company B, the different operating income, and the different tariffs and support policies of various countries, there will be huge differences in the assets of the second-level subsidiary, and the third-level subsidiary will either develop rapidly, or go bankrupt in two or three years, or become a money pit that is not satisfied.

At present, the rapid development of capital is the European Community, which includes 11 countries, the WTO Organization, which includes 164 countries, and the North American Free Trade Area (NAFTA), which includes the United States, Canada, and Mexico.

Since December 11, 01, Huaxia has officially joined the WTO, and the current market is relatively open.

In 05, the Free Trade Area of the Americas (FTAA), consisting of 34 countries from all countries in North America, South America and the Caribbean (except Cuba), will be officially established.

It can be seen that after 05 years, it will enter a great era of various capitals at the same time to frantically seize the global market.

Let's get back to the point.

The rise of a company is often associated with a sharp-headed founder or a certain generation of chairman and CEO, who forged the soul of the company and brought the company into a phase of rapid expansion, thus giving birth to a kind of privileged stock, a fixed share ratio, no matter how the company expands, the share ratio remains the same.

Commonly referred to as: non-dilutable founders' shares.

This founder's share can be inherited to family members or children and grandchildren, and the share ratio remains unchanged; However, once sold, it was converted into ordinary registered shares and lost its privileges. Of course, the price may be sold for several times the actual market value.

Before the company went public, this founder's share could be set at a maximum of 52%.

When the company went public, the founder's share had a fixed limit.

As mentioned above, the holding rules: local consortium A controls 27.04%, foreign consortium controls 23.96%, the difference is 3.08%, considering the absolute advantage of 1%, therefore, a maximum of 2.08% of the founder's shares are allowed to be retained, which can not be bundled by local consortium A.

No matter how much it is, it is only a little bit of equity for future generations to sell in advance, and it is not conducive to the expansion plan of the new boss, and sooner or later it will have to be forced to sell.

For example, Steve Jobs personally holds 550,000 shares of Apple, equivalent to 0.586% of the shares.

This 0.586% stake is the standard founder's share.

After Steve Jobs was kicked out of Apple, in order to start a second business, he had to lease 1.494% of Apple's founder's shares to Michael Eisner, chairman and CEO of Disney Group, in another alternative leasing method of "entrusting 10 years".

For a company like Apple, it is not clear what it will look like in 10 years.

Michael Eisner holds Jobs' "lifeblood" in his hands, and once it is sold, Jobs' descendants will no longer have to compete for Apple's capital, so although Jobs also holds 11.3% of Disney's shares and is the largest individual shareholder, he still does not dare to act rashly.

In the business war, it is called "snake biting tail", which means that two snakes bite each other's tails!

This kind of situation is very much like a corrupt official always pinching the handle of his boss in his hands, and calling it a "talisman".

For example, after the merger and acquisition, the AOL - Time Warner Group, the two founders share 2.08% of the founders' shares. Steve Keys and Dan Rogan, each with 1.04% of the founders' shares. The two sides limit each other, and no one wants to take more, hehe!

The question is, who owns Adidas' founders' shares?

This is the stepping stone to enter the board of directors of Adi! (To be continued.) )