Bright overseas mergers and acquisitions have been repeatedly defeated, and the acquisition of French yogurt makers is inconclusive

Recently, it was reported that Guangming Food Group (hereinafter referred to as Guangming Group) would like to acquire a 50% stake in Yoplait, the world's second-largest yogurt maker, for US$2.3 billion. In the bidding offer, the Guangming Group made a bid. Head over.

At present, this acquisition rumor has not been confirmed by the Guangming Group. Guangming Group executives pointed out that the purchase of 50% equity of Yoplait, a French yoghurt manufacturer, has not been discussed by the group and the group has not issued a tender offer to the latter.

According to public information, Yoplait was established in 1964. It is the world's second largest brand of fresh milk products and holds 9% of the global market share. It is second only to Danone and is one of the world leaders in fruit yogurt. Yoplait is jointly controlled by PAI Partners, a French private equity investment fund, and Sodiaal, a dairy partner, each holding 50%. PAI Partners wants to sell its equity. It had hired a bank to help them find a buyer in September last year, and another shareholder Sodiaal decided to continue holding shares.

Established in 2006, Guangming Group is a modern urban industrial group with food industry chain as its core. The core business of the Group is mainly composed of modern agriculture, food manufacturing and chain business. The assets of the company include Shanghai Yimin Food Factory No.1, Shanghai Agricultural Industry and Commerce (Group), Shanghai Sugar Industry and Tobacco (Group), and other related assets. The asset size is 45.8 billion yuan. In 2009, the scale of sales income was 76 billion yuan. Listed companies and many well-known brands.

Overseas mergers and acquisitions have been repeatedly defeated. Throughout the history of overseas acquisitions of Chinese food companies in 2010, the Guangming Group is undoubtedly one of the most influential. In 2010, Guangming Group had successively negotiated mergers and acquisitions of Australian CSR company and United Kingdom biscuit company. CSR company was "being awe-inspiring" by Wilmar International Group; the joint biscuit company was "abandoned" for the simultaneous acquisition of GNC.

At the end of last month, Guangming Group had just withdrawn from the acquisition of GNC, a US nutritional supplement retailer. It is understood that just after the two parties had in-depth negotiations to the final signing contract, Guangming Group chose to withdraw. Cao Shumin, president of Guangming Group, pointed out that the reason why mergers and acquisitions had not been negotiated finally was that GNC was ready to go public and the fund companies (GNC shareholders) had to withdraw, while Guangming Group hoped that the fund would stay.

Cao Shumin told media reporters that before Guangming Group negotiated the acquisition of GNC, it was mainly to consider controlling and hoped that the fund company could stay. This will make the management more smoothly. Chinese companies generally encounter problems with unfamiliar management when they go to the United States to merge and buy. Guangming Group hopes that the fund company can help manage it.

According to public information, GNC is the largest R&D, production and retailer of nutraceuticals in the United States. It currently produces and operates more than 1,000 nutritional supplements, vitamins, sports drinks and other diet foods. The company has more than 4,800 retail stores worldwide, more than 1,300 retail outlets in the United States, and more than 1,000 store-in-a-store outlets, with a total of more than 7,100 retail stores.

At the same time of the acquisition of GNC, Guangming Group had also conducted merger and acquisition negotiations with United Biscuits Co., Ltd., but this acquisition did not come to an end.

The failure of the acquisition of British United Biscuits Company, Cao Shumin told the media that they had been focused on the acquisition of GNC before, and did not focus on talking with the joint biscuit company. At that time, Guangming Group made a comparison and thought that GNC was relatively suitable for the light, and it was mainly negotiated with GNC. The acquisition of the joint biscuit company was forced to drop.

As of now, Guangming Group is the earliest domestic food company to carry out international mergers and acquisitions. 2010 was the first year of Guangming Group's new three-year strategy. The overseas major mergers and acquisitions that took place here ended in failure. According to the new strategic plan of the Guangming Group, "in the next 3-4 years, we hope to create a new light."

"Overseas M&A" What is too urgent?

Analysts believe that Guangming Group’s exposure to big acquisitions shows its international development. Although there is no smooth overseas merger and acquisition, Cao Shumin also said that Guangming Group’s internationalization strategy “is going to go out sooner or later”.

Guangming Group chose overseas mergers and acquisitions, and was defeated repeatedly. Senior marketing person Mu Feng believes that from the viewpoint of Guangming Dairy Industry, there have been few high-quality small and medium-sized dairy enterprises that have been able to be seen by large companies after many industrial consolidations in China. In addition, domestic high-quality milk sources have also been minced. In addition, the cost of imported milk powder is relatively low. Thanks to the free trade agreement, New Zealand imported milk powder costs 1,000 yuan less per ton than domestic milk powder, and milk quality is higher.

In addition, Mu Feng pointed out that the latest strategic plan of the Guangming Group also requires that the company must adopt the strategy of overseas mergers and acquisitions. According to the plan, by 2015, it will strive to develop into a food industry group with international competitiveness, and the business scale will exceed 110 billion yuan. Last year, Guangming Group's main business income was 61.8 billion yuan, which is expected to double in five years. Overseas mergers and acquisitions is one of its basic strategies.

On November 12 last year, Bright Dairy (600597) announced that the company’s subscription of New Zealand Synlait Milk’s new shares project had been fully paid for by the National Development and Reform Commission and the Shanghai Municipal Commission of Commerce. Bright Dairy has recently received a shareholder list issued by New Zealand Synlait Milk on November 11, 2010. Currently, Bright Dairy has completed the delivery process for New Zealand's Synlait Milk New Shares project. The wholly-owned subsidiary of Bright Dairy holds 26.02 million new shares in Synlait Milk, which represents 51% of the total share capital of Synlait Milk.

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