宝洁并购吉列.doc

三、并购的动因及将带来的效益 the motivation of merger and the profit that benefit from it （一）完善保洁产品线，扩大市场份额Perfect the product line and extend market share of Procter & Gamble 宝洁和吉列在经营、创新、规模以及进入市场的能力等核心方面互为补充。 Procter & Gamble Co.and The Gillette Company are complementary in many Core aspects,such as management . innovation scale and the ability to occupy the market .1、两者都建立在领先品牌基础上。宝洁拥有16个十亿美元以上品牌，吉列拥有5个十亿Both of them are based on the leading brands. Procter & Gamble Co has 16 brands worthing more than one billion and the Gillette Company has the same 5 brands .美元以上品牌，合并后将拥有21个十亿美元以上品牌，在其业务三分之二的范围内将处于全球市场占有率第一的地位。2、两者都有积极创新的优良传统，不断给消费者带来惊喜。Both own the fine tradition of active innovation and constantly bring surprises to consumers3、两者都具有全球规模，虽然一大一小，却不约而同地重视发展中国家业务的增长。Both have global scale ,.although one is big ,one is small, they invariably pay attention to the business expansion of developing countries .4、两者在健康及个人护理业务上互补有无。宝洁这个新娘，在女性个人护理产品方面魅力Both are surely complement each other in health and personal care business . Procter & Gamble Co. knows womens demand and tries to satisfy it , so the marketing objectives focus on females ,who are the majority of customers buying Procter & Gamble products in America. However, The Gillette Company shares most of the market in the field of male nursing products and possess complete product line and rich knowledge .so the combination of the two corporations added a strength undoubtedly to Procter & Gamblen co. 四射。宝洁了解女性的需求，并设法去满足，在美国，购买宝洁产品的消费者大部分都是女性，公司的营销目标也以女性为主；而吉列则在男性护理产品领域一展英雄气概，有着完整的产品线及丰富的知识，两者的结合无疑给宝洁的妩媚中增添了一份力量。（二）强强联手，共创家业 join hands in strength and Create plundering1、通过并购来获得更大的增长Through acquisitions to gain greater growth. 与吉列联手之前，宝洁的产品主要将目光瞄准女性用品市场，相比而言宝洁的产品比较Before the cooperation with the Gillette Company , Procter & Gamble Co is aiming to female supplies market . Compared with p&g products are more mature and the space to improve is limited .,while the Gillette products are growing fast . P&g was seeking acquisitions Gillette to gain greater growth . now mens demand onSkin care product is growing rapidly and the skincare market of males hasnt yet been fully developed . From the current development trend , the market scale is expected to reach billions of dollars,which futher the beauty industry of P&g .成熟，改善空间有限，而吉列的产品增长速度很快，宝洁希望通过收购吉列来获得更大的增长。现在男性对护肤品的需求正在迅猛增长，增速大大超过女性的需求。男用护肤品市场直到现在基本上还未被充分开发，从目前的发展趋势来看，这个市场规模有望达到数十亿美元，使宝洁的美丽产业进一步扩容。 此外，从现金流角度来看，宝洁/吉列合并后年销售额将超过600亿美元，一举超Besides , from the perspective of cash flow , the annual sales will exceed $60 billion after the merging and leapfrog about 53 billion dollars in annual sales of Unilever that will make P&g the worlds largest daily consumer goods company. As a result of this, the competitive pressure was transferred to competitors. 越年销售额约530亿美元的联合利华，成为全球最大的日用消费品公司，将沉重的竞争压力置于竞争对手之上。宝洁以一个将品牌的技术用于另一个品牌的技术转化（technology transfer）的能力 P&g is known to gain the technology transfer ability to apply one brand technology into another one . Absorbing Gillette will contribute to the promotion of the product after the merger. In this way , P&g , with a large brand group, can beat competitors like Unilever and Clark with no difficulty .而闻名业界，吸纳吉列将有助于并购后公司产品的推广。这样，拥有庞大品牌组合的宝洁，略施小计就可轻而易举地将联合利华、金佰利等竞争对手击败，稳坐全球日用品的第一把交椅，这种竞争力是业内人士所不能小看的。2、通过并购，加大双方与上下游合作者的谈判地位Through acquisitions, increasing negotiating position with cooperators过去，以沃尔玛为首的零售巨头一直在对宝洁、吉列这样的供应商施加巨大的定价压力，In the past , the retail giants headed by wal-mart exerted pricing pressure to suppliers such as P&g and Gillette. Now P&g joins hand with Gillette to become a a strong family ,so wal-mart is hard to crush one by one on pricing . obviously, in the futue P&g will hold more initiative in the negotiations with large retailers such as wal-mart .以获得更便宜的进货吸引购物者。现在宝洁、吉列强强联手成为了一家人，活尔玛就很难在价格上各个击破了，这将从根本上改变全球消费品行业的格局。显而易见，宝洁今后与诸如沃尔玛这样的大型零售商谈判时将掌握更多的主动权。（三）双方股东及管理层的利益The interests of shareholders and management “投资于这些经营稳健、讲究诚信、分红回报高的企业，以最大限度地确保投资的保值和增“Investing in these enterprises of 、 Sustainable growth 、paying attention to honesty、returning high dividends to ensure the value of investment farthest .”Seen from Buffetts investment principle ，p&g owns undoultly