London, Tiexing Zava headquarters.

Tiehang Zhahua was originally two shipping companies, namely Tiehang Steamship in the United Kingdom and Zhahua Shipping in the Netherlands, which merged in 1996. At present, Tiexing Zahua has two headquarters, namely London and Rotterdam.

At present, the world's largest container shipping company is 'Maersk', accounting for about 10% of the global market share; followed by Times Shipping, accounting for about 7.5% of the global market share; The second is Tiexing Slag, accounting for 6% of the global market; In fourth place is Mediterranean Shipping, which accounts for 5% of the world.

Of course, 'container transportation' is only part of the assets of Times Shipping, and there are other ships worth more than $10 billion, as well as oil and gas transportation business, ports, aircraft leasing, logistics business, etc.

In terms of assets, Times Shipping can buy four or five Maersk groups.

Smith, the president of Tiexing Zahua, sat in his office, looking at a serious acquisition offer, the expression on his face was unpredictable.

It turned out that Times Shipping issued an acquisition offer, hoping to receive a response from Tiehang Zhahua and send corporate information.

After reading the invitation book, Smith immediately felt the importance of the matter.

At present, the economy of Europe and the United States is in a downturn, and shipping naturally has a certain impact; Times Shipping sent an acquisition invitation at this time, which is more or less incomprehensible (in fact, most of the acquisitions are at the peak of the market).

And Smith also knows that Times Shipping, which has successively annexed a number of well-known shipping companies and quickly become the world's second largest container shipping fleet, is incredible.

It is precisely because of the style of Times Shipping that Smith knows that this matter needs to be decided by the board of directors, because Times Shipping may win Tiehang Zahua at a very good premium, which is undoubtedly a good thing for the shareholders of Tiehang Zahua for the current shipping situation.

The meeting room of the Iron Row.

Smith told the directors and senior management about Times Shipping's acquisition offer.

"Therefore, the next topic for us is whether you have the idea of selling Tiehang Zahua, and if so, then we need to give Times Shipping a piece of information and let them take the initiative to quote."

A director took the lead in saying: "Of course, we must give Times Shipping information and let them quote." Shipping has been sluggish for a long time, and Times Shipping has always liked to buy at a premium, and we can also see how their offer is. If it meets everyone's expectations, we will discuss whether to accept it or not. ”

Another director said: "Yes, send information to Times Shipping first, and then invite Maersk to join the bidding when you get the first quotation from Times Shipping." The choice is ours, and if the price premium is high, why shouldn't we sell? ”

"Some make sense! Shipping is too cyclical, although it is best to choose to sell at the peak of shipping, but considering that there has been no peak in shipping for more than ten years, it is unknown when the next peak will come. If we can have a high premium, we are equivalent to selling the company at the peak, and I remember that the premium before Times Shipping was quite large. ”

"Yes, as the third place in containers, we are like the 'Orange Telecom' back then, which was sold by Lin Zuhui and Li Chaoren at a sky-high price. Similarly, if Times Shipping wins Tiehang Zahua, then they will be the first in the container field; If Maersk wins Tiexing Zhahua, then Maersk will consolidate its position. ”

The directors and senior management have expressed their intention to agree to engage with each other, after all, the environment and the target of the acquisition are determined, and this may be an opportunity.

December, Hong Kong.

In the conference room of the New Era Group, Lin Zuhui was holding a meeting with several high-level executives to discuss the acquisition of Tiexing Zahua.

"You've researched all the data, right?" Lin Zuhui asked directly.

Morris, president of Times Shipping, is in the hands of the assets of the 'Tiexing Slag Hua', of course, it is just simple information, this kind of large-scale acquisition, it is impossible for others to review the really detailed information to you, after all, the two sides are still container shipping competitors.

However, although the information is simple, there is no need to suffer, because as the negotiations between the two sides deepen, they will naturally understand more and more; In addition, when the contract is signed, it will be reviewed in detail one by one, and finally signed under the witness of the lawyer.

Morris said: "After research, the value of the iron industry is about $1.5 billion, which is affected by the market downturn. Considering the importance of Tiehang Zahua to us, our recommendation is to make an initial offer of $1.7 billion, with a premium of about 13%. ”

Of course, this price is only tentative, and sometimes the acquisition is not as simple as the face value, and there are too many involved; Moreover, the shareholders of Tiexing Zahua are not stupid, and they will not sell the company cheaply during the shipping downturn, after all, the business and routes are very valuable.

Lin Zuhui nodded and said, "Then quote the price to them and observe the subsequent development." ”

Morris said, "Okay. We have prepared a takeover team in Europe, and the preparation is very sufficient, and the team has already lobbied in the EU officially, and I believe that the resistance will not be great. ”

Shipping routes involve monopolies, and even if politicians make a big deal about it and see it as a threat to national economic security, it is bound to fail.

At this point, Lim's team is very versatile and experienced, and there will be no mistakes like that.

To put it simply, after many politicians in Europe and the United States retire, Lin Zuhui's companies will issue an olive branch and invite them to serve as advisers or directors of their companies. Don't look at them retired, but the connections are still there, and sometimes they can be of great use.

At the same time, for each acquisition, Lin Zuhui will ask his subordinates to prepare in advance, hire financial companies, lobbying teams, etc., and strive to do the work in great detail.

For example, this time he plans to acquire Tiexing Zhahua and the American oil company Unocal, Lin Zuhui has let his subordinates carry out the layout for nearly a year, and has done a lot of investigation and network investment.

Of course, the acquisition of Tiexing Zhahua involves less political impact, while the acquisition of Unocal is a very large PR campaign.

These preparations can only be regarded as 'people', and we have to wait for the 'right time and place', that is, the acquisition conditions created by historical emergencies.

discussed with the executives about the acquisition of 'Tiexing Zhahua', and Lin Zuhui dissolved the meeting. As for the acquisition of the oil company, Lin Zuhui is not very anxious, and will eat the next one first.

Moreover, it is not necessary to enter the oil field, he just has a speculative attitude.

Even if the acquisition of Unocal Oil Company is successful, Lin Zuhui will not do anything to harm the United States, because he cannot afford to offend. Therefore, Unocal will not change its management, technology will not flow out, its headquarters will not be moved, and it will even be listed in the United States, and eventually sell for arbitrage.

It's not a strategic investment, it's a value investment, and you can make a big profit and leave.

At present, New Era Group has a cash flow of nearly 180 billion Hong Kong dollars on its books, which is still the situation after injecting 3 billion US dollars into Times Airlines.

Lin Zuhui also hopes that these funds can be invested within two years, just ushering in the 2003~2008 period of rapid global economic development.

Maersk.

"What? Times Shipping is negotiating the acquisition of Tiexing Zahua? They're crazy, making big acquisitions at this time. When he learned that Tiexing Zahua intended to release the news and invited Maersk to participate in the bidding for Tiexing Zahua, Maersk McKinney Muller said to the president of Maersk with an incredulous face.

Although Maersk McKinney Muller was 84 years old at this time, he was still the chairman of Maersk, and Charlie was the president of Maersk.

Charlie has a lot of respect for Mueller, saying: "Yes, once they complete the acquisition, then it will surpass our market share to 13.5%"

Old Maersk paced back and forth in the office, and it was not easy to make a decision for a while, after all, shipping has been sluggish in recent years, and it is obviously unwise to let Maersk make a big purchase at this time.

However, now that the New Era Group is aggressive, intent on overtaking Maersk, it is clear that he is annoyed again.

"Didn't you go beyond the monopoly line?"

"No, the monopoly line is at 16%, and they are still almost!"

"It's really irritating, is that young man really very optimistic about the shipping industry? In the last three or four years, he has invested nearly $20 billion to complete his title of 'World Ship King'. ”

"Yes, but they don't have any debt, and the debt ratio is said to be very low!"

"What a freak!"

Facing an opponent with a large amount of cash flow, there is some incomprehension.

In recent years, Lin Zuhui's great action in shipping has also led to the acceleration of the overall development of the shipping industry in Hong Kong, and many shipowners have joined Lin Zuhui when they see Lin Zuhui ordering a large number of new ships in South Korea and the mainland, after all, Lin Zuhui's success is the weather vane.

It is conceivable that if the world shipping recovers in 2003, then Hong Kong Shipping will become the biggest winner.

Lin Zuhui is not worried that with him joining, the number of ships will increase, which will affect the process; In fact, it didn't have much impact, because South Korea's shipbuilding industry has such a large output, and he ordered a large number of ships, which means that other people's orders are delayed.

Moreover, Times Shipping has also acquired a large number of second-hand ships in the market, which will lead to a disguised monopoly on future ship leasing.

In 2003~2008, the shipping market was in short supply, there were too few ships, too many orders, and the global economy was developing, so it was difficult to change much.

Old Maersk asked, "What do you think?" ”

Charlie said: "You can only try to make an offer, but it should not be too high. After all, if the price is too high, and the economy in Europe and the United States is sluggish, Maersk will have a series of troubles. ”

Old Maersk nodded and said, "You are very thoughtful, since this is the case, I will do what you want!" ”

"Okay"

At this time, there can be a few people who dare to gamble, and almost no one dares to bet.

People know that they want to buy the bottom, but in fact, everyone likes to chase high, and in the previous life, Maersk acquired Tiexing Zahua in 2005 when shipping broke out.

After all, this bottom is not the bottom, and how long will this bottom last.

Many people know that the Internet is a historical trend, but now not many people dare to vote, after all, who can survive the cold winter has the courage.

Fast forward to 2002.

In January, people in the shipping industry have recently paid attention to the merger and acquisition of 'Tiexing Zhaihua' by 'Times Shipping', and there are many people who are concerned about this matter.

Once the acquisition is successful, Times Shipping will become the undisputed market leader, and the global shipping market will become more monopolized, and usher in the redistribution of capacity and market.

Until mid-January, the outside world could not get any facts about the acquisition from Times Shipping or Tiexing Zahua, although several industry veterans have revealed the inside story to the media.

However, the signs of a sharp rise in the trading of Tiexing Zahua Company prove that Times Shipping is negotiating with Tiexing Zahua about the merger.

Lloyd's Daily, the famous British shipping daily newspaper, which first disclosed the acquisition, said: "This is the largest and most challenging transaction in the container shipping space to date, and will create one of the world's largest shipping giants, which is much larger than the traditional giant Maersk." ”

This judgment was confirmed with unexpected speed.

On the day the report was published, Tiexing Zhahua submitted a statement to Euronext, Europe's second-largest stock exchange, confirming the negotiations.

Netherlands, Tiexing Zava headquarters.

Morris and his team came to Rotterdam, which is the real headquarters of Tiehang Zava, and should be listed here.

This time, he came with great confidence, because the boss gave him a very large amount of financial space; From this point of view, the boss should believe that shipping will usher in prosperity.

in the conference room.

Morris confidently said: "We are very eager to merge the two shipping companies, and we have great sincerity, so our latest offer is $2.2 billion, which is also our final offer. ”

After this price was said, Tiexing Zahua and other executives flashed a trace of joy.

The premium is about 40% or more, which is probably already a high price during the booming shipping period. And who knows, in the end, there is still a boom in shipping, after all, since the mid-eighties, there has been no boom in shipping in the world.

Who would dare to bet?

Smith said tentatively: "Maersk is still bidding, so I can't give you an accurate answer yet!" ”

Morris said with a smile: "It is said that Maersk has no intention of making any more offers, and they even said that we should be the wrongdoers." ”

Smith's expression froze, then he smiled awkwardly.

The two sides have once again engaged in a war of words, and the negotiations can be regarded as having made great progress, and it is expected that the real intention will be completed in the next few days.

Late January.

The two companies officially announced that Times Shipping will acquire Tiehang Zhahua in cash for 42 euros per share, for a total amount of 1.68 billion euros (2.2 billion US dollars). The agreement is scheduled to be reached in a few weeks, with a memorandum on all the terms of the cooperation to be published in the first half of February, and an extraordinary general meeting of shareholders to be convened in late February. The parties expect the acquisition to be completed between March and April.

A reporter interviewed Morris of Times Shipping and asked whether the matter was confident that it would pass the EU's scrutiny.

Morris confidently said: "We are confident that there will be no big problems, we will work hard to protect the rights and interests of our European employees, and we are committed to not making redundancies." ”

The time, the place, the people, the times of shipping have been mastered, and this acquisition is already a certainty.

Hong Kong.

The media have reported on the acquisition of 'Tiehang Zhahua' by 'Times Shipping', and the public feels that the morale of Hong Kong's economy has been greatly boosted after reading it.

Times Shipping has invested nearly 20 billion US dollars in shipping in the past four years, which has driven the entire shipping economy of Hong Kong, and people from all walks of life are looking forward to Times Shipping to bring Hong Kong's shipping industry to a new level.

Singapore, Hong Kong's rival in the shipping industry, is feeling strong pressure and has begun to use Temasi Capital to acquire global shipping assets.

Cheung Kong Industrial.

After reading the news in the newspaper, Li Superman couldn't help but show contemplation.

He was thinking that Times Shipping's large-scale investment in shipping and aviation was obviously Lin Zuhui's behavior in buying the bottom market.

"Is shipping really going to break out?"

"The aircraft leasing industry is a good industry, and Cheung Kong and Hutchison Whampoa can follow into this industry. However, we have invested too much in the field of 3G, and I am afraid that we can only make a small fuss. ”

"To be honest, I really admire his investment methods. But I can't learn from him, I believe that only monopoly industries are profitable, electricity, water, 3G, retail."

Li Chaoren shook his head, he felt that he really didn't dare to invest in shipping (chartering), after all, Lin Zuhui had insisted on making a big investment for four years. If it weren't for the fact that New Era Group had made hundreds of billions of Hong Kong dollars in the capital market in those years, the company would have been in trouble.

In Xiangjiang, there are only two people who can be called 'international businessmen', that is, Lin Zuhui and Li Chaoren.

As for the Kwok Tak Shing family, the Lee Shau Kee family, and the Cheng Yutong family, they will only invest in Hong Kong and the mainland, and real estate is the absolute core.

In the 80s, they had a lot of real estate investments in Canada, Singapore, and the United States, but later found that the rate of return overseas was too poor, so they almost stopped investing overseas on a large scale, and put 90% of their investments in China.

In the comparison between Lin Zuhui and Li Chaoren, Lin Zuhui has already surpassed Li Chaoren a lot, and at present, Li Chaoren's performance is also retail (Watsons), telecommunications (mobile business 2G \ 3G), and ports.

Lin Zuhui's achievements in real estate, hotels, shipping, investment, manufacturing, science and technology, culture and other fields are among the top in the world.

The Lunar New Year is approaching, and Lin Zuhui is also busy inspecting various companies, and overall, the companies are still growing steadily last year.

After the merger of the media group, it has exploded with huge potential, and its profit exceeded 8 billion last year.

(End of chapter)