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1、Unilever ：Can I marry with you？Dear Colgate,Will they “marry”？How are they now？,Group member:,Unilever &Colgate.,News： Unilevers CEO Paul Polman said: Unilever wanted to bid Colgate for $55 billion. 2011.February.11,Outline：,M&As motivation The risk of M&A SWOT analyze of each company,M&As motivatio
2、n,1.Expand scale 2.Increase market share 3.Intergration of industrial chain 4.Adding brand value 5.Consideration of the companys development strategy,branches or offices employee Colgate In 200 40000 countries and regions Unilever 14 categories of 171,000 400 brands sold in 170 countries and regions
3、,M&As motivation,1.Expand scale:,2.Increase market share:,M&As motivation,Toothpaste product global market share rank in China （according to research in 2011） Colgate: Colgate can reach 45% 2 Unilever: Zhonghua、Signal outside the top 10 6,3.Intergration of industrial chain,M&As motivation,Colgate: M
4、ySAP Supply Chain Management: VMI（Vendor Managed Inventory）、CBS、Collaborative Engine research and innovation center：9 Unilever： 264 production sites on 6 continents 6 Research & Development Center in UK, Holland, US, India and China Global HR database,4.Adding brand value,M&As motivation,Unilever on
5、e of the main producer on fast moving consumer goods in the world. especially focus on the food and home-consumed field. But weaker in personal care products. (toothpaste!) And it make a sales-double enhanced plan to expand household products and personal care products. Unfortunately, these two part
6、s are the weaker elements of Unilever. Colgate: Colgate almost with a single famous brand competes in the global market. It focuses on oral care products with a great success. If Colgate wants to adding brand value ,it can make use of Unilevers scientific research strength, production and sales stra
7、tegy. If they “married” form a strong complementarity.,5.Consideration of he companys development strategy,M&As motivation,Unilever： M&A is its main traditional strategy to develop. It can reduce a large amount of cost to expand. Continue its M&A strategy. And compete with its biggest competitor P&G
8、. Colgate: Colgate has always been considered as “a single brand to dominant the Industry”. the brand Colgate-Palmolive detergents and Hills pet food has the rapid growth in emerging markets in recent years. It maybe need to learn more diversified development strategy.,The risk of M&A：,Financial Mov
9、ementsininterestrates Fluctuating values of investments Brand Building Others,To partially finance an acquisition of Colgate, Unilever could raise 10 billion euros of equity. an estimated debt-to-equity ratio of 3.7 times in the first year of the deal,The risk of M&A,Financial:,Overestimate or under
10、estimate the value of firms lead to the risk. Information asymmetry is the major factor which impacts the estimation. e.g. equity risk debt information risk,The risk of M&A,Financial:,The risk of M&A,Financial: Cash Payment,Unilever,Colgate,The risk of M&A,Financial: Cash Payment,If Unilever expect
11、there is no risk in cash payment, they must make the present value of incremental of expected cash flow. Net present value is greater than the paid, whereas shareholders of Unilever will bear the loss. When the cost of cash payment is expansion, and face huge debt burden, and the source of funding d
12、eadline is unreasonable structure, or lack of short-term financing, it is easy to bring to the acquisition of liquidity pressure. At this time if the new company has a low level of liquid assets, it will have a liquidity risk, and liquidity risk is the most outstanding performance of cash payment.,U
13、nilever would be exposed to market interest rate fluctuations on its floating rate debt. e.g. benchmark interest rates the interest cost of its floating rate debt Unilevers inability to manage the interest cost effectively could have an adverse impact on its cash flow, profits and profit margins.,Th
14、e risk of M&A,Movementsininterestrates：,More subject to risks from changes to the relative value of dollars(in terms of Unilever) or euros(in terms of Colgate) Significant impacts on their assets, cash flow, turnover, profits and profit margins,The risk of M&A,Fluctuating values of underlying invest
15、ments ：,Unilever: Consolidate financial statements in euros Be subject to exchange risks associated with the translation of the underlying net assets of Colgate Unilever: Be subject to the imposition of exchange controls by U.S. Limit its ability to remit dividends to the parent company,The risk of
16、M&A,Fluctuating values of underlying investments:,The risk of M&A,Brand Building:,Sustainability Strategy - Unilever,The risk of M&A,Brand Building:,Sustainability Strategy - Colgate,Unilever - Developing the right people, teams and structures to succeed in doubling the size of business while reducing environmental impacts Compass Strategy,The risk of M&A,Brand Building:,Colgate - Growing business by continuously introducing innovative products Improving efficiency by cutting down on operational
