My 1999

With the incorporation of Vivendi Network, Sina's equity structure has also changed significantly.

Hongmeng Corporation, which originally held 57.55% of the shares, has dropped to 33.69%.

Vivendi, which originally held 6.34% of the shares, has only 4.21% of its shares in Sina after cashing out and diluting its shares.

But this time, with the incorporation of Vivendi Network, its shareholding instantly exceeded Hongmeng, becoming Sina's largest shareholder with 43.46% of the shares.

However, according to the agreement reached between Vivendi and the six major families, they will sell 25% of Sina's shares based on a valuation of US$22 billion.

In other words, Sina's shares that remain in Vivendi's hands are only 18.46%.

Not surprisingly, Hongmeng is still Sina's largest shareholder.

And Vivendi is the second largest.

As for who is the third?

In the short term, it may be Bernard, of course, it may also be Muriez, or both of them may be the third largest shareholders.

It depends on who is more optimistic about Sina's future.

"I don't know how they will distribute the 25% of Sina shares. It would be great if they fight because the spoils are not evenly divided." Christina gloated.

"The distribution of benefits must have been discussed long ago, and some minor details are not worth fighting about.

It is possible to use Sina's shares to stir up the relationship between the six families, but it won't be too big." Xu Liang said.

Christina lay lazily on the sofa.

The originally loose white floral T-shirt was tightly stretched by her towering breasts.

After the second pregnancy, the continuous secretion of estrogen made the big babies develop again.

"That's true. But a thousand-mile dam collapses because of an ant hole. Small conflicts continue to accumulate, and sooner or later there will be big problems."

"Okay, now you can use idioms." Xu Liang smiled.

"Of course, I am learning Chinese culture every day now, especially the language." Christina smiled.

"Good, keep it up.

By the way, how did the negotiations with Universal Music Group go?"

"Very smoothly. Vivendi acquires all the assets of Universal Music Group for 4.2 billion euros."

Xu Liang understood.

Universal Music Group's current annual total revenue is about 6.2 billion euros, and its net profit is 1.367 billion euros.

Although the performance is not very bad.

But with the general trend of the global music market falling, the valuation is definitely not going to be very high.

Add to that the debt of up to 1.87 billion euros.

Further lowered the offer.

However, compared with Warner, Sony, and EMI, Universal Music's valuation is already high.

"According to your request, 20% will be paid first after the contract is signed, and the rest will be repaid in five years, and interest will be paid according to the average global loan interest rate." Christina said.

Although Vivendi Group has no shortage of cash, it has more debt.

Including the debt owed for the acquisition of Universal Music Group, it has exceeded 21 billion euros, almost catching up with Vivendi Group in 2002.

Originally, the sale of Havas Group and Vivendi Network could divest part of the debt.

But it was rejected by Xu Liang.

Only with huge foreign debts can the market value of Vivendi Group be lowered, which will facilitate the subsequent privatization.

After the privatization, he will manipulate Vivendi to obtain rich returns from the capital market.

After all, he doesn't want to work for others for free.

"How is the negotiation between Foch and Borore Group going?"

Christina is responsible for negotiating with Sina, because both companies have the same boss, it is relatively easy to talk, and some details will not be too much attention.

It ends relatively quickly.

Foch is responsible for the negotiation with Borore Group, which is naturally different.

He is very particular about every penny, and the numbers after a decimal point will take a long time to entangle.

The situation is more complicated and the negotiation is slower.

"We are still talking, but the valuation of Havas Group has been discussed in the range of 9 billion to 10 billion euros (excluding debt, including goodwill). The specific amount needs to be discussed further." Christina said.

Xu Liang nodded slightly.

The current Havas Group is not the original Havas Group in history.

In the original history, in order to make up for the losses caused by the financial crisis in 2002, Havas sold its European publishing business to Lagardere Group, helping the other party become the largest publisher in Europe.

It occupies 82% of the textbook market and 98% of the dictionary market in France, and also has a 60% share in the book publishing industry.

At the same time, it also sold the largest educational publisher in the United States, ‘Houghton Mifflin Publishing Company’.

This guy became famous for publishing the "My Struggle" by the mustache, and is one of the giants in the American publishing industry.

In addition to paper books, Havas Group is now a top channel provider in the field of game discs and multimedia discs, with annual sales of nearly 40 million discs.

And he controls more than 80 newspapers and magazines, and sells millions of magazines and newspapers every year.

Plus advertising and media business.

The group's annual sales exceed 6.5 billion US dollars, making it one of the largest publishing groups in Europe and the fifth largest advertising media service provider in the world.

The development trend is good and the prospects are bright.

Moreover, educational books are different from other books and are more resistant to the Internet.

Although the overall downward trend of the publishing market cannot be changed, this process is relatively long, and it is still in the growth stage, and the capital market is still optimistic.

"Dear, Deresi hopes to use Borore Telecom plus some cash to acquire Havas Group." Christina said.

"With the cash flow of 5 billion euros inherited from his father, how can he be without money?"

In order to compete with him for Vivendi's equity, Vincent Borore had to endure the oppression of Industrial Bank and borrowed 3 billion euros with the shares of Borore Group.

Adding the cash flow of Borore Group itself, this amount of working capital is definitely more than 5 billion euros.

Before he could spend the money, Vincent was sent to the trading floor by Xu Liang and the "big son" of Borore family.

"Although the Borore Group still has cash flow, the Havas Group, which has divested its debts, is too large and they simply can't afford it.

So they hope to add Borore Telecom.

After all, the scale of their telecommunications business is not too large, and they must invest heavily to develop it.

But after acquiring Havas, even if the cash flow of the Borore Group is not exhausted, there is not much left.

In this case, it is better to sell it.

Reducing the scale of business, saving cash flow, and investing more resources in more advantageous industries.

For example, Havas, such as the main business of the Borore family, "logistics".

If possible, De Resi also hopes to use the Vivendi shares held by the Borore Group to offset part of the funds.

After all, the interest rate of Xingye's loan is too high, nearly 13% interest, which is simply extortion.

Dresi is arrogant and wants to pay back the money as soon as possible." Christina analyzed.

Xu Liang nodded slightly, "We must take Vivendi's shares, but we already have enough Vivendi shares. Christina Investment Company does not want the Vivendi shares held by Borore.

Vivendi Group will take this part of the shares and make an option pool to reward outstanding employees of Vivendi Group in the future."

Christina nodded.

After Vivendi delisted, there is no essential difference in the rights held by holding 100% and 70% of the company's shares, except for the monetary value.

In this case, it is better to take out this equity and make it an internal employee stock ownership foundation, give up the dividend rights, and strengthen Vivendi's internal cohesion.

"As for Borore Telecom..." Xu Liang looked at the beauty beside him and asked with a smile, "What's your opinion? Do you want it or not?"

Christina affirmed: "I want to buy it.

Three reasons.

First, the telecommunications industry has great development prospects. Vivendi Telecom is not only the second largest telecommunications operator in France, but also the largest telecommunications operator in Africa.

After acquiring Borore Telecom, Vivendi Group's customers in France will exceed 18 million, and there will be 24 million users in Africa.

It will completely complete the full coverage of France and the African Democratic Union countries (formerly French African colonies).

The integration effect brought by the merger of the two will be multiplied.

It will not only greatly increase Vivendi Telecom's revenue and profits, but also strengthen Vivendi Telecom's industry influence.

Second, after the integration, Vivendi Group's main The industry only has three parts: Canal+ Group, Universal Music Group and Vivendi Telecom.

Telecom business is the upstream of the entertainment industry. Strengthening the telecommunications industry can also enhance our voice in the pan-entertainment industry, especially the Internet business.

Third, Vivendi Telecom holds 56% of the shares of Cegtel and 53% of the shares of Morocco Telecom, two independent telecommunications companies under its umbrella.

As the financial report of Vivendi Group merges with Christina Investment Company, the two companies will inevitably be affected.

Therefore, I plan to take the opportunity to buy the remaining shares of the two companies from Vodafone, Morocco Investment Fund and other institutions.

All of them will be integrated into "Vivendi Telecom" and used as the only brand of Vivendi Group's telecommunications business to enhance the goodwill value of Vivendi Telecom. "

After a little thought, Xu Liang smiled.

"The analysis is thorough."

Christina, who was praised, showed a little pride on her pretty face.

"You can acquire Vivendi Telecom, but there is no need to rush to acquire the remaining shares of Cegtel and Morocco Telecom."

"Why?"

"It's not the time yet." Xu Liang said calmly.

Vivendi holds the control of both companies, so it is not afraid that they will run away.

So it can be eaten whenever it wants.

In this case, there is no need to waste precious cash flow now.

When the European debt crisis breaks out and asset prices fall across Europe, it will be a good opportunity to acquire.

However, there is no need to tell Christina about such future things.

"How much has Vivendi Group's stock price fallen now?" Xu Liang asked.

"After the news that we sold Vivendi Network to Sina came out, the stock price fell below the 10 billion mark. Today, the lowest price on the Paris Stock Exchange is 9.75 billion euros.

Dear, do you want to buy it?"

After a brief pause, Xu Liang shook his head.

"Wait a little longer, wait until the news of Havas Group's sale spreads."

"Yes."

As the pillar business of Vivendi Group, Havas Group was sold, and the debt was left to itself, and it was sold with zero debt, which will definitely have a huge impact on Vivendi Group's stock price.