Comprehensive consideration of the demands of various interests, public opinion, government supervision and other superimposed factors. The mergers and acquisitions of large enterprises are not such a simple arithmetic question, but more like a complex philosophy and ethics propositions.
Insurance giant Germany Overnight M & A Yingkang Insurance shows a wave of twists and turns. With the Cultural, Community and Youth Ministers and the Second Minister of the Ministry of Justice, Tang Zhenhui issued a statement in Congress, and the M & A case pressed the suspension button.The plot is "suspension" instead of "drama end", because Prime Minister Huang Xuncai emphasized that the government supports Yingkang Insurance with powerful partners to strengthen its capital foundation and market status, and to Yingkang in the future with Alliances or OedlogIt is a new transaction for other companies to keep an open attitude.
Andlian also issued a statement saying that it will evaluate the transaction situation with relevant stakeholders, and believe that related M & A cooperation will benefit Singapore customers and society.
If the mergers and acquisition cases are regarded as a marriage, then in the opposition of Yingkang's family, Allianz is still deeply affectionate to Yingkang, whether there is a sequel to related stories, and to achieve "the sweet combination of princes and princes.The perfect ending can only give the answer.
Of course, the corporate mergers and acquisitions in the real world may not have such a romantic plot.Enterprise mergers and acquisitions are in order to optimize the scale effect and synergy effect of the enterprise, so that it can release corporate value to a greater extent, so that enterprises are in a more favorable position in the increasingly fierce market competition.In a strong merger and acquisition, it is bound to have capital strength or brand dominance, while the other party must have evaluated market value: cash, assets, or market networks and customer resources.
Taking the acquisition of Yingkang case as an example, as an example, as an example, Yingkang is obviously "a geese holding golden egg".In China, Yingkang was exempted from the relevant government departments, retaining the surplus funds of 2 billion yuan, and no need to refund the cooperatives and relevant government agencies.Allianz's bid for about 2.2 billion yuan acquired 51%of Yingkang's controlling equity, on the one hand, significantly increased its share in the Singapore market.Between the OnePlus, Andlian's income of Yingkang's "two -person and wealth" was used in about 1.2 billion yuan. It was a trick that made people make a crime, but regretted ignoring the social perception of Lion City.
At the same time, we must also reasonably realize that although Yingkang is still "a geese with golden eggs", can they continue to launch golden eggs in the future to give back to the citizens of Singapore.The question mark.In Singapore's pocket market with a population of only 6 million people, the insurance industry is already a red sea.In the statement issued by Yingkang's current controlling shareholder's general office, it revealed competitive anxiety: the local market competitive environment is already vicissitudes of the sea. Now there are more than 40 global, regional and local insurance operators.develop.The predicament that Yingkang faced after enterpriseization is that not only loses competitiveness in mass insurance products (such as automobile insurance and tourism insurance), but also loses multiple important contracts under the bidding framework of government and large institutions.
As for the reserved surplus of 2 billion yuan mentioned above, it can be regarded as the "foundation of life and life" that Yingkang is struggling alone in the commercial Red Sea.In business talks, if Yingkang and Allianz can be successfully acquired, the scale effect and cost effect generated by the generated scale, so that Yingkang no longer needs the 2 billion yuan life -saving circle, which can achieve a weight -loss health plan that reduces the weight -loss health of 1.85 billion yuanEssence
What is the optimal solution of value and morality?
It is just that the comprehensive consideration of the demands of various interests, public opinion, government supervision and other superimposed factors, the mergers and acquisitions of large enterprises are not such a simple arithmetic question, but more like a complex philosophy and ethical propositions.
The famous "tram paradox" in the philosophical world: an out of control is passing through a fork, and the two sections of the fork are lying on one side of the orbit.Well the track, where will you choose which side of the train to drive?
If this paradox is substituted into the corporate mergers and acquisitions, it will become a "hell level" super problem: it is not the answer to let the tram's pause at the fork.Success) can rescue trains and passengers in a safe location. Then, five people and one person on the track on both sides (representing the stakeholders) are important, what is the value and moral optimal solution?
As a small country, Singapore is limited in terms of resources and markets, making it difficult for local companies to grow into world -class giant groups.The first generation of leadership teams such as Li Guangyao and the first Finance Minister Wu Qingrui, the first generation of leadership team, set up government investment arm far awareness at the beginning of the founding of the People's Republic of China., Singapore Petrochemical, New Telecom, DBS Bank, National Iron and Steel Corporation, Sandwan Shipyard, etc. worthy of the pride of Chinese people.The vocational general Yingkang is similar to the savings bank, and has become a national brand because it is committed to the low -income class of the service to the low -income class.
Today, near the founding of the country, the world is changing. At the moment of globalization, enterprises must go to the world. However, Singapore is the open market. Local companies must also face the fierce competition of countless foreign capitals.Through active or passive enterprises mergers and acquisitions, some companies can survive and make bigger and stronger.I still remember that in the 1990s, in order to deal with the challenges of foreign financial giants, Singapore's banking industry ushered in a wave of mergers and acquisitions. The savings bank was acquired by the "own family" Singapore Development Bank, which is a perfect marriage;The acquisition suggestion made the founder shed tears.
At the same time, some large enterprises have disappeared in the long history.For example, the franchise semiconductor that was once the world's top three wafer manufacturing companies was acquired by Qatar Investment Corporation in 2009 due to long -term losses, and the brand disappeared; former Prime Minister Wu Zuodong once served as the iconic shipping operator of the president.The huge losses were acquired by the French flywheel in 2016 and are no longer the Singapore brand.
Singapore's political leadership has now transitioned to the fourth generation led by Huang Xuncai. In today's complex geopolitical environment, the time and place of the country at the beginning of the founding of the People's RepublicIt is more powerful and innovative.If the government is the decision maker at the tram, how to make the train safely to the station, and maximize the demands of the interests as much as possible, between the addition and subtraction, and test the governance wisdom of the fourth -generation leadership.
As a Singaporean enterprise, while considering the interests of the company, you must also take into account social responsibility. If one day you need to answer the "tram paradox" problem, you can use the famous saying of superhero Spider -Man to encourage yourself: the more capable, the more capableLarge, the greater the responsibility.
The author is the president of the Asia -Pacific Regional Enterprise Group
