Chapter 343: 343
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"Boss, you want me to be both a player and a referee! Do you really trust me to do all these things?" Mike aller asked with a smile.
For the mysterious boss's offer, Mike aller said he was not moved. It was a lie. Mike Allah knows his level very well. He has worked as an accountant all his life. Even if he is responsible for the branch in the Cayman Islands in the later stage, he is really not good enough in management.
However, when it comes to supervision, Mike aller is confident that he is no less than anyone. His previous work as an accountant was not only accounting, but also monitoring funds. Mike Aller, who has been immersed in this field for a lifetime, is very confident.
As for finding or knowing people, Mike Allah is also confident that he can do well. He seems to have this talent, and he is very talented. To be honest, sometimes Mike aller thinks that if he doesn't become an accountant, it might be better to change to a headhunter.
Now, the mysterious boss made full use of his expertise, which made Mike aller feel no pressure at all, so he joked.
"No, Mike, I'm very relieved of you." Yang Jing looked at Mike Allah very seriously and said, "we've known each other for more than six years. I also know what kind of person you are. It's precisely because I'm very satisfied with you that I give you such an important job. I don't trust others."
Mike allelen gave a while and then said with some emotion, "boss, I can't afford you to say that."
Yang Jing waved her hand. "Mike, there's no need for us to do those empty headed things. I trust you. You have to prove my trust in you with your performance. I know you can do very well when you do the work I give you."
Mike Allah nodded.
"Well, I think what Dragon Fund needs most now is a senior manager who can command all the work. I need a CEO who is proficient in investment, acquisition and M & A. Mike, do you have any good recommendations in this regard?"
Mike Allah looked down for a moment and said, "boss, if you need talents in investment and acquisition, I really have a very good candidate here, but I don't know whether he is willing to be the CEO of the Dragon Fund."
"Oh? Pretty good? It's enough to show that this person's ability is very good. Mike, don't hesitate to tell me what you know."
"OK, boss." Mike aller nodded. "This man's name is David Anderson. He was from Pennsylvania. Before he retired, he had been working on Wall Street. He had done a lot of work, worked as a basic stockbroker, a trader, a fund manager, and finally retired as the head of the investment department of Goldman Sachs."
"Minister of Investment Department of Goldman Sachs?" Yang Jing was immediately interested when he heard that this man had also served as Minister of Investment Department of Goldman Sachs.
"Yes, before David retired, he did serve as the head of the investment department of Goldman Sachs. In fact, his business is the core business of the whole investment department, and even the senior management of Goldman Sachs admire his ability. With David's ability, he has absolutely no problem even serving as the senior management of Goldman Sachs. It's a pity that this man's character is a little strange, that is, we know him It is often said that his IQ is high but his EQ is low, and he is too old-fashioned to do things. In the merger and acquisition of Gulf oil by California standard oil in 1984, the year before last, as the person in charge of the merger and acquisition, David had some conceptual conflicts with a senior executive of Goldman Sachs, which led to Goldman Sachs losing to Chase Manhattan Bank Group in that merger and acquisition and becoming a leader The scapegoat for the failure of Goldman Sachs investment was finally put on hold. David couldn't stand this anger and retired early to go home for rest. "
"Oh? This Mr. David Anderson is actually the person in charge of the acquisition of Gulf oil by California standard oil the year before last?" Yang Jing asked in surprise.
"Well, boss, there's something wrong with what you said. David is the person in charge of Goldman Sachs preparing to participate in the M & A. he has nothing to do with California standard oil, but Arco has something to do with him. However, his proposal was too radical and was rejected by the senior management of Goldman Sachs, which led to Goldman Sachs's complete failure in that competition."
Yang Jing nodded silently.
Yang Jing is very familiar with the merger and acquisition case that occurred in 1984. He studied the merger and acquisition case when he took economics as an elective course in college.
In January 1901, Captain Lucas discovered the "spindle top" oil field in Beaumont, Texas. In May of the same year, Andrew Mellon and Richard Mellon, the heads of the Mellon consortium, one of the eight major American consortia, invested US $1.5 million to establish the geffe oil company, and later discovered the greenpool oil field in Oklahoma, So William larimo Mellon, the son of Richard Mellon, reorganized geffey oil and established the Gulf oil company.
After the first World War, the Gulf oil company entered central and South America, but the oil fields discovered in Mexico were later recovered by the Mexican government, which suffered a great blow. Later, the Gulf oil company obtained an oil lease in Venezuela. However, due to the economic crisis in 1931, the Gulf oil was excluded by New Jersey standard oil, and the Gulf oil was in trouble.
However, later, Gulf oil established Kuwait oil company in partnership with British Yingbo company in Kuwait. In 1938, it discovered the Burgan oil field and began its journey of prosperity. After World War II, because the Iranian government was dissatisfied with Britain, American oil companies were able to enter Iran, and Gulf oil obtained 7% of Iran's oil production.
However, with the nationalization of the oil industry in Kuwait, Iran and Venezuela, almost all the upstream oil production of Gulf oil company overseas has been wiped out; Moreover, in the middle and late 1970s, Gulf oil bought some non oil "diversified" projects. Due to poor management, almost all of them lost money and had to be disposed of one by one; In addition, the gradual decline of oil prices in the international oil market since 1981 has reduced the profits of the Gulf company. In 1982, although the total turnover was as high as US $30.6 billion, the profits continued to decline, with only US $900 million in the whole year. This also caused the Gulf oil company's long-term stock price of $40 to quickly fall to less than $30.
Moreover, at this time, the board of directors of Gulf oil made another unforgivable mistake. At this time, other oil companies are not feeling well, but other oil companies quickly make up for the shortage of reserves and increase oil production by merging enterprises, while the board of directors of Gulf oil company decided to borrow heavily from banks and buy back its shares from the market, In an attempt to reverse the decline of share prices. Unfortunately, this wrong practice caused a serious imbalance between revenue and expenditure, which eventually led to the company's high debt and poor capital turnover.
At this time, a complete villain appeared. He was Pickens, the boss of mesa oil, a small American oil company.
This guy has long aimed at the troubled Gulf oil company. He began to buy the shares of Gulf oil company in the stock market as early as 80 years ago. In November 83, he publicly announced that he had mastered 13.1% of the shares of Gulf oil company and asked to join the board of directors of Gulf oil company. At the same time, this guy released a proposal to dismember the Gulf oil company and greatly weaken the power of the company's board of directors and management, but it was flatly rejected by the company's board of directors.
However, Pickens's proposal was well received by most shareholders, so the Gulf company was in a mess. The mesa oil company in Pickens took the opportunity to encourage the Drexel bank to give him financial support, hoping to acquire more shares of the Gulf company and gain control of it. The board of directors of Gulf oil company was shocked at the news, and the company was indeed in trouble. The directors believe that it is better to merge into a big oil company than to let Pickens's plot succeed!
The news spread. Mobil acted first, but its offer was too low. Gulf oil considered it an "unfriendly" merger and rejected it; Subsequently, Arco, supported by Chase Manhattan Bank Group, made an offer of US $13 billion to acquire Gulf company; However, California standard oil, which has the background of Bank of America group, immediately threw out an "olive branch" of US $13.3 billion. Gulf oil company finally accepted the offer of California standard oil. It took the two sides like a "blitz" to reach a deal in just over a week. Since then, Gulf oil company, once one of the seven sisters of oil, has invested in the embrace of California standard oil, and a once prestigious oil giant has completely disappeared!
This M & A case was the largest in history at that time, and the success of California standard oil in this M & A case has always been praised by future generations.
After acquiring the Gulf oil company, California standard oil acquired another Texaco, one of the seven oil sisters, in 2001, and finally became Chevron Texaco in the future. Later generations are the top ten regular customers of the world's top 500.
However, Goldman Sachs did not appear in the M & A case, and Mike aller now says so, which makes Yang Jing somewhat puzzled.
Soon Yang Jing asked the question in her heart. He must ask, because it involves the CEO of Dragon Fund, Yang Jing must be careful.
Mike aller soon explained this question to Yang Jing. "Yes, Goldman Sachs did not appear in the M & A case, because Goldman Sachs was completely out before the M & A case really began."
After a pause, Mike Allah continued: "At that time, Arco first contacted Goldman Sachs. At that time, as the person in charge of the M & A case, David pointed out that the M & a price proposed by Arco was too low, and the price of $13 billion was not enough to impress the members of the board of directors of Gulf oil. The price should be raised to a minimum of $13.5 billion. If there are competitors, the price needs to be raised again. After all Although Gulf oil is a bit sluggish, there are bones on the shelf. The name of the seven sisters of oil is not a joke. Even if it uses US $13.5 billion or even a higher price to acquire, it is absolutely worth it. "
"However, David's proposal was considered too radical by the senior management of Goldman Sachs. Goldman Sachs could only offer Arco $12.5 billion in support. As a result, Arco switched to Chase Manhattan Bank Group because Chase Manhattan Bank group could provide Arco with at least $13 billion in support."
"Later facts proved that David's proposal was not radical at all, but just right. If the senior management of Goldman Sachs agreed to David's plan and directly provided us $13.5 billion support to Arco, even if California standard oil joined in, they might not get Gulf oil. However, because of the caution of senior management of Goldman Sachs, they lost Arco In the end, David took the blame and resigned angrily. "
With such an explanation, Yang Jing understood.
"Mike, according to you, David was not at fault in the merger?"
"Boss, you can't say that. If David's character is a little more rounded and the same words are said in different ways, he may be recognized by the top management of Goldman Sachs. Unfortunately, although this guy is talented, he has this character..." Mike aller shook his head.
PS: bow and thank "Kunpeng 3357" for the reward of 200, and "ice eight degrees", "a little monkey", "flaming sky bright", "water powder and ink" for the reward of 100.
Please report us if you find any errors so we can fix it asap!
"Boss, you want me to be both a player and a referee! Do you really trust me to do all these things?" Mike aller asked with a smile.
For the mysterious boss's offer, Mike aller said he was not moved. It was a lie. Mike Allah knows his level very well. He has worked as an accountant all his life. Even if he is responsible for the branch in the Cayman Islands in the later stage, he is really not good enough in management.
However, when it comes to supervision, Mike aller is confident that he is no less than anyone. His previous work as an accountant was not only accounting, but also monitoring funds. Mike Aller, who has been immersed in this field for a lifetime, is very confident.
As for finding or knowing people, Mike Allah is also confident that he can do well. He seems to have this talent, and he is very talented. To be honest, sometimes Mike aller thinks that if he doesn't become an accountant, it might be better to change to a headhunter.
Now, the mysterious boss made full use of his expertise, which made Mike aller feel no pressure at all, so he joked.
"No, Mike, I'm very relieved of you." Yang Jing looked at Mike Allah very seriously and said, "we've known each other for more than six years. I also know what kind of person you are. It's precisely because I'm very satisfied with you that I give you such an important job. I don't trust others."
Mike allelen gave a while and then said with some emotion, "boss, I can't afford you to say that."
Yang Jing waved her hand. "Mike, there's no need for us to do those empty headed things. I trust you. You have to prove my trust in you with your performance. I know you can do very well when you do the work I give you."
Mike Allah nodded.
"Well, I think what Dragon Fund needs most now is a senior manager who can command all the work. I need a CEO who is proficient in investment, acquisition and M & A. Mike, do you have any good recommendations in this regard?"
Mike Allah looked down for a moment and said, "boss, if you need talents in investment and acquisition, I really have a very good candidate here, but I don't know whether he is willing to be the CEO of the Dragon Fund."
"Oh? Pretty good? It's enough to show that this person's ability is very good. Mike, don't hesitate to tell me what you know."
"OK, boss." Mike aller nodded. "This man's name is David Anderson. He was from Pennsylvania. Before he retired, he had been working on Wall Street. He had done a lot of work, worked as a basic stockbroker, a trader, a fund manager, and finally retired as the head of the investment department of Goldman Sachs."
"Minister of Investment Department of Goldman Sachs?" Yang Jing was immediately interested when he heard that this man had also served as Minister of Investment Department of Goldman Sachs.
"Yes, before David retired, he did serve as the head of the investment department of Goldman Sachs. In fact, his business is the core business of the whole investment department, and even the senior management of Goldman Sachs admire his ability. With David's ability, he has absolutely no problem even serving as the senior management of Goldman Sachs. It's a pity that this man's character is a little strange, that is, we know him It is often said that his IQ is high but his EQ is low, and he is too old-fashioned to do things. In the merger and acquisition of Gulf oil by California standard oil in 1984, the year before last, as the person in charge of the merger and acquisition, David had some conceptual conflicts with a senior executive of Goldman Sachs, which led to Goldman Sachs losing to Chase Manhattan Bank Group in that merger and acquisition and becoming a leader The scapegoat for the failure of Goldman Sachs investment was finally put on hold. David couldn't stand this anger and retired early to go home for rest. "
"Oh? This Mr. David Anderson is actually the person in charge of the acquisition of Gulf oil by California standard oil the year before last?" Yang Jing asked in surprise.
"Well, boss, there's something wrong with what you said. David is the person in charge of Goldman Sachs preparing to participate in the M & A. he has nothing to do with California standard oil, but Arco has something to do with him. However, his proposal was too radical and was rejected by the senior management of Goldman Sachs, which led to Goldman Sachs's complete failure in that competition."
Yang Jing nodded silently.
Yang Jing is very familiar with the merger and acquisition case that occurred in 1984. He studied the merger and acquisition case when he took economics as an elective course in college.
In January 1901, Captain Lucas discovered the "spindle top" oil field in Beaumont, Texas. In May of the same year, Andrew Mellon and Richard Mellon, the heads of the Mellon consortium, one of the eight major American consortia, invested US $1.5 million to establish the geffe oil company, and later discovered the greenpool oil field in Oklahoma, So William larimo Mellon, the son of Richard Mellon, reorganized geffey oil and established the Gulf oil company.
After the first World War, the Gulf oil company entered central and South America, but the oil fields discovered in Mexico were later recovered by the Mexican government, which suffered a great blow. Later, the Gulf oil company obtained an oil lease in Venezuela. However, due to the economic crisis in 1931, the Gulf oil was excluded by New Jersey standard oil, and the Gulf oil was in trouble.
However, later, Gulf oil established Kuwait oil company in partnership with British Yingbo company in Kuwait. In 1938, it discovered the Burgan oil field and began its journey of prosperity. After World War II, because the Iranian government was dissatisfied with Britain, American oil companies were able to enter Iran, and Gulf oil obtained 7% of Iran's oil production.
However, with the nationalization of the oil industry in Kuwait, Iran and Venezuela, almost all the upstream oil production of Gulf oil company overseas has been wiped out; Moreover, in the middle and late 1970s, Gulf oil bought some non oil "diversified" projects. Due to poor management, almost all of them lost money and had to be disposed of one by one; In addition, the gradual decline of oil prices in the international oil market since 1981 has reduced the profits of the Gulf company. In 1982, although the total turnover was as high as US $30.6 billion, the profits continued to decline, with only US $900 million in the whole year. This also caused the Gulf oil company's long-term stock price of $40 to quickly fall to less than $30.
Moreover, at this time, the board of directors of Gulf oil made another unforgivable mistake. At this time, other oil companies are not feeling well, but other oil companies quickly make up for the shortage of reserves and increase oil production by merging enterprises, while the board of directors of Gulf oil company decided to borrow heavily from banks and buy back its shares from the market, In an attempt to reverse the decline of share prices. Unfortunately, this wrong practice caused a serious imbalance between revenue and expenditure, which eventually led to the company's high debt and poor capital turnover.
At this time, a complete villain appeared. He was Pickens, the boss of mesa oil, a small American oil company.
This guy has long aimed at the troubled Gulf oil company. He began to buy the shares of Gulf oil company in the stock market as early as 80 years ago. In November 83, he publicly announced that he had mastered 13.1% of the shares of Gulf oil company and asked to join the board of directors of Gulf oil company. At the same time, this guy released a proposal to dismember the Gulf oil company and greatly weaken the power of the company's board of directors and management, but it was flatly rejected by the company's board of directors.
However, Pickens's proposal was well received by most shareholders, so the Gulf company was in a mess. The mesa oil company in Pickens took the opportunity to encourage the Drexel bank to give him financial support, hoping to acquire more shares of the Gulf company and gain control of it. The board of directors of Gulf oil company was shocked at the news, and the company was indeed in trouble. The directors believe that it is better to merge into a big oil company than to let Pickens's plot succeed!
The news spread. Mobil acted first, but its offer was too low. Gulf oil considered it an "unfriendly" merger and rejected it; Subsequently, Arco, supported by Chase Manhattan Bank Group, made an offer of US $13 billion to acquire Gulf company; However, California standard oil, which has the background of Bank of America group, immediately threw out an "olive branch" of US $13.3 billion. Gulf oil company finally accepted the offer of California standard oil. It took the two sides like a "blitz" to reach a deal in just over a week. Since then, Gulf oil company, once one of the seven sisters of oil, has invested in the embrace of California standard oil, and a once prestigious oil giant has completely disappeared!
This M & A case was the largest in history at that time, and the success of California standard oil in this M & A case has always been praised by future generations.
After acquiring the Gulf oil company, California standard oil acquired another Texaco, one of the seven oil sisters, in 2001, and finally became Chevron Texaco in the future. Later generations are the top ten regular customers of the world's top 500.
However, Goldman Sachs did not appear in the M & A case, and Mike aller now says so, which makes Yang Jing somewhat puzzled.
Soon Yang Jing asked the question in her heart. He must ask, because it involves the CEO of Dragon Fund, Yang Jing must be careful.
Mike aller soon explained this question to Yang Jing. "Yes, Goldman Sachs did not appear in the M & A case, because Goldman Sachs was completely out before the M & A case really began."
After a pause, Mike Allah continued: "At that time, Arco first contacted Goldman Sachs. At that time, as the person in charge of the M & A case, David pointed out that the M & a price proposed by Arco was too low, and the price of $13 billion was not enough to impress the members of the board of directors of Gulf oil. The price should be raised to a minimum of $13.5 billion. If there are competitors, the price needs to be raised again. After all Although Gulf oil is a bit sluggish, there are bones on the shelf. The name of the seven sisters of oil is not a joke. Even if it uses US $13.5 billion or even a higher price to acquire, it is absolutely worth it. "
"However, David's proposal was considered too radical by the senior management of Goldman Sachs. Goldman Sachs could only offer Arco $12.5 billion in support. As a result, Arco switched to Chase Manhattan Bank Group because Chase Manhattan Bank group could provide Arco with at least $13 billion in support."
"Later facts proved that David's proposal was not radical at all, but just right. If the senior management of Goldman Sachs agreed to David's plan and directly provided us $13.5 billion support to Arco, even if California standard oil joined in, they might not get Gulf oil. However, because of the caution of senior management of Goldman Sachs, they lost Arco In the end, David took the blame and resigned angrily. "
With such an explanation, Yang Jing understood.
"Mike, according to you, David was not at fault in the merger?"
"Boss, you can't say that. If David's character is a little more rounded and the same words are said in different ways, he may be recognized by the top management of Goldman Sachs. Unfortunately, although this guy is talented, he has this character..." Mike aller shook his head.
PS: bow and thank "Kunpeng 3357" for the reward of 200, and "ice eight degrees", "a little monkey", "flaming sky bright", "water powder and ink" for the reward of 100.
"Boss, you want me to be both a player and a referee! Do you really trust me to do all these things?" Mike aller asked with a smile.For the mysterious boss's offer, Mike aller said he was not moved. It was a lie. Mike Allah knows his level very well. He has worked as an accountant all his life. Even if he is responsible for the branch in the Cayman Islands in the later stage, he is really not good enough in management.However, when it comes to supervision, Mike aller is confident that he is no less than anyone. His previous work as an accountant was not only accounting, but also monitoring funds. Mike Aller, who has been immersed in this field for a lifetime, is very confident.As for finding or knowing people, Mike Allah is also confident that he can do well. He seems to have this talent, and he is very talented. To be honest, sometimes Mike aller thinks that if he doesn't become an accountant, it might be better to change to a headhunter.Now, the mysterious boss made full use of his expertise, which made Mike aller feel no pressure at all, so he joked."No, Mike, I'm very relieved of you." Yang Jing looked at Mike Allah very seriously and said, "we've known each other for more than six years. I also know what kind of person you are. It's precisely because I'm very satisfied with you that I give you such an important job. I don't trust others."Mike allelen gave a while and then said with some emotion, "boss, I can't afford you to say that."Yang Jing waved her hand. "Mike, there's no need for us to do those empty headed things. I trust you. You have to prove my trust in you with your performance. I know you can do very well when you do the work I give you."Mike Allah nodded."Well, I think what Dragon Fund needs most now is a senior manager who can command all the work. I need a CEO who is proficient in investment, acquisition and M & A. Mike, do you have any good recommendations in this regard?"Mike Allah looked down for a moment and said, "boss, if you need talents in investment and acquisition, I really have a very good candidate here, but I don't know whether he is willing to be the CEO of the Dragon Fund.""Oh? Pretty good? It's enough to show that this person's ability is very good. Mike, don't hesitate to tell me what you know.""OK, boss." Mike aller nodded. "This man's name is David Anderson. He was from Pennsylvania. Before he retired, he had been working on Wall Street. He had done a lot of work, worked as a basic stockbroker, a trader, a fund manager, and finally retired as the head of the investment department of Goldman Sachs.""Minister of Investment Department of Goldman Sachs?" Yang Jing was immediately interested when he heard that this man had also served as Minister of Investment Department of Goldman Sachs."Yes, before David retired, he did serve as the head of the investment department of Goldman Sachs. In fact, his business is the core business of the whole investment department, and even the senior management of Goldman Sachs admire his ability. With David's ability, he has absolutely no problem even serving as the senior management of Goldman Sachs. It's a pity that this man's character is a little strange, that is, we know him It is often said that his IQ is high but his EQ is low, and he is too old-fashioned to do things. In the merger and acquisition of Gulf oil by California standard oil in 1984, the year before last, as the person in charge of the merger and acquisition, David had some conceptual conflicts with a senior executive of Goldman Sachs, which led to Goldman Sachs losing to Chase Manhattan Bank Group in that merger and acquisition and becoming a leader The scapegoat for the failure of Goldman Sachs investment was finally put on hold. David couldn't stand this anger and retired early to go home for rest. ""Oh? This Mr. David Anderson is actually the person in charge of the acquisition of Gulf oil by California standard oil the year before last?" Yang Jing asked in surprise."Well, boss, there's something wrong with what you said. David is the person in charge of Goldman Sachs preparing to participate in the M & A. he has nothing to do with California standard oil, but Arco has something to do with him. However, his proposal was too radical and was rejected by the senior management of Goldman Sachs, which led to Goldman Sachs's complete failure in that competition."Yang Jing nodded silently.Yang Jing is very familiar with the merger and acquisition case that occurred in 1984. He studied the merger and acquisition case when he took economics as an elective course in college.In January 1901, Captain Lucas discovered the "spindle top" oil field in Beaumont, Texas. In May of the same year, Andrew Mellon and Richard Mellon, the heads of the Mellon consortium, one of the eight major American consortia, invested US $1.5 million to establish the geffe oil company, and later discovered the greenpool oil field in Oklahoma, So William larimo Mellon, the son of Richard Mellon, reorganized geffey oil and established the Gulf oil company.After the first World War, the Gulf oil company entered central and South America, but the oil fields discovered in Mexico were later recovered by the Mexican government, which suffered a great blow. Later, the Gulf oil company obtained an oil lease in Venezuela. However, due to the economic crisis in 1931, the Gulf oil was excluded by New Jersey standard oil, and the Gulf oil was in trouble.However, later, Gulf oil established Kuwait oil company in partnership with British Yingbo company in Kuwait. In 1938, it discovered the Burgan oil field and began its journey of prosperity. After World War II, because the Iranian government was dissatisfied with Britain, American oil companies were able to enter Iran, and Gulf oil obtained 7% of Iran's oil production.However, with the nationalization of the oil industry in Kuwait, Iran and Venezuela, almost all the upstream oil production of Gulf oil company overseas has been wiped out; Moreover, in the middle and late 1970s, Gulf oil bought some non oil "diversified" projects. Due to poor management, almost all of them lost money and had to be disposed of one by one; In addition, the gradual decline of oil prices in the international oil market since 1981 has reduced the profits of the Gulf company. In 1982, although the total turnover was as high as US $30.6 billion, the profits continued to decline, with only US $900 million in the whole year. This also caused the Gulf oil company's long-term stock price of $40 to quickly fall to less than $30.Moreover, at this time, the board of directors of Gulf oil made another unforgivable mistake. At this time, other oil companies are not feeling well, but other oil companies quickly make up for the shortage of reserves and increase oil production by merging enterprises, while the board of directors of Gulf oil company decided to borrow heavily from banks and buy back its shares from the market, In an attempt to reverse the decline of share prices. Unfortunately, this wrong practice caused a serious imbalance between revenue and expenditure, which eventually led to the company's high debt and poor capital turnover.At this time, a complete villain appeared. He was Pickens, the boss of mesa oil, a small American oil company.This guy has long aimed at the troubled Gulf oil company. He began to buy the shares of Gulf oil company in the stock market as early as 80 years ago. In November 83, he publicly announced that he had mastered 13.1% of the shares of Gulf oil company and asked to join the board of directors of Gulf oil company. At the same time, this guy released a proposal to dismember the Gulf oil company and greatly weaken the power of the company's board of directors and management, but it was flatly rejected by the company's board of directors.However, Pickens's proposal was well received by most shareholders, so the Gulf company was in a mess. The mesa oil company in Pickens took the opportunity to encourage the Drexel bank to give him financial support, hoping to acquire more shares of the Gulf company and gain control of it. The board of directors of Gulf oil company was shocked at the news, and the company was indeed in trouble. The directors believe that it is better to merge into a big oil company than to let Pickens's plot succeed!The news spread. Mobil acted first, but its offer was too low. Gulf oil considered it an "unfriendly" merger and rejected it; Subsequently, Arco, supported by Chase Manhattan Bank Group, made an offer of US $13 billion to acquire Gulf company; However, California standard oil, which has the background of Bank of America group, immediately threw out an "olive branch" of US $13.3 billion. Gulf oil company finally accepted the offer of California standard oil. It took the two sides like a "blitz" to reach a deal in just over a week. Since then, Gulf oil company, once one of the seven sisters of oil, has invested in the embrace of California standard oil, and a once prestigious oil giant has completely disappeared!This M & A case was the largest in history at that time, and the success of California standard oil in this M & A case has always been praised by future generations.After acquiring the Gulf oil company, California standard oil acquired another Texaco, one of the seven oil sisters, in 2001, and finally became Chevron Texaco in the future. Later generations are the top ten regular customers of the world's top 500.However, Goldman Sachs did not appear in the M & A case, and Mike aller now says so, which makes Yang Jing somewhat puzzled.Soon Yang Jing asked the question in her heart. He must ask, because it involves the CEO of Dragon Fund, Yang Jing must be careful.Mike aller soon explained this question to Yang Jing. "Yes, Goldman Sachs did not appear in the M & A case, because Goldman Sachs was completely out before the M & A case really began."After a pause, Mike Allah continued: "At that time, Arco first contacted Goldman Sachs. At that time, as the person in charge of the M & A case, David pointed out that the M & a price proposed by Arco was too low, and the price of $13 billion was not enough to impress the members of the board of directors of Gulf oil. The price should be raised to a minimum of $13.5 billion. If there are competitors, the price needs to be raised again. After all Although Gulf oil is a bit sluggish, there are bones on the shelf. The name of the seven sisters of oil is not a joke. Even if it uses US $13.5 billion or even a higher price to acquire, it is absolutely worth it. ""However, David's proposal was considered too radical by the senior management of Goldman Sachs. Goldman Sachs could only offer Arco $12.5 billion in support. As a result, Arco switched to Chase Manhattan Bank Group because Chase Manhattan Bank group could provide Arco with at least $13 billion in support.""Later facts proved that David's proposal was not radical at all, but just right. If the senior management of Goldman Sachs agreed to David's plan and directly provided us $13.5 billion support to Arco, even if California standard oil joined in, they might not get Gulf oil. However, because of the caution of senior management of Goldman Sachs, they lost Arco In the end, David took the blame and resigned angrily. "With such an explanation, Yang Jing understood."Mike, according to you, David was not at fault in the merger?""Boss, you can't say that. If David's character is a little more rounded and the same words are said in different ways, he may be recognized by the top management of Goldman Sachs. Unfortunately, although this guy is talented, he has this character..." Mike aller shook his head.PS: bow and thank "Kunpeng 3357" for the reward of 200, and "ice eight degrees", "a little monkey", "flaming sky bright", "water powder and ink" for the reward of 100.
