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currently, the acquisition of loans has been secured bright food. It is understood, loans to bank,[link widoczny dla zalogowanych], bank, bank and other Chinese funded banks the mergers and acquisitions accounted for about 50%, in addition to HSBC,[link widoczny dla zalogowanych], the Royal Scotland,[link widoczny dla zalogowanych], Barclays, Cooperative Bank of Holland, Australia and other foreign banks loans. Bright food syndicated loan is taken "club of financing", which does not specify the arranger, but regardless of the size of banks have equal participation,[link widoczny dla zalogowanych], interest rates lower than the common financing channel.
however, bright food as a new strategic investors and financial investors PE aim is obviously different. Cao Xiaofeng said, the original weetabix nearly 400000000 pounds of shareholder loans,[link widoczny dla zalogowanych], li >
currently, bright food has weetabix Ltd. 60% of the equity, while the other 40% owned by private equity fund (Lion Capital) on his.
"1200000000 pounds is dimensional total assets he wheat, their debt of up to 900000000 pounds, while the real option value of only 300000000 pounds,[link widoczny dla zalogowanych], now bright food to buy its stock value,[link widoczny dla zalogowanych], so we cash out of not more than 180000000 pounds, which is not more than 1800000000 yuan."
at the same time,[link widoczny dla zalogowanych], bright food has high debt to weetabix 900000000 pounds of debt restructuring. Cao Xiaofeng told the reporters, weetabix product gross margin level is very good,[link widoczny dla zalogowanych], there are 64% gross margin, this is very high level in the food industry,[link widoczny dla zalogowanych], at the same time rate every year to reach 100%, conversion of cash but, weetabix debt rate as high as 75%, net profit is flat or slightly losses of state PE, this is because of tax considerations, the financial leverage to use acme, the loan will be a lot of interest sink to the enterprise, the net profit or loss of the flat, so that it can be a reasonable tax avoidance.
November 5th, bright food group insiders told reporters that the company has officially completed on the same day, the British weetabix company (Weetabix) acquisition and delivery of 60% shares of stock.
the overseas M & A case first announced in May this year, since the weetabix company up to 1200000000 pounds of enterprise value, therefore the takeover was dubbed "China food industry is the largest ever overseas acquisition" title.
Zhang Hanshu
bright food group director,[link widoczny dla zalogowanych], chief financial officer Cao Xiaofeng previously when accepting a reporter to interview, widely considered the acquisition of weetabix 60% stake, is 1200000000 pounds 60% (about 7300000000 yuan), in fact, this algorithm is not accurate.
China grain cereal market is growing at an annual rate of 20%, consumer health food for pre packaging and convenience demand grow with each passing day. Bright food chairman Wang Zongnan said, will the weetabix open all channels in the Chinese, including more than 100000 retail terminal in the Chinese,[link widoczny dla zalogowanych], bright food this merger weetabix is of great significance, marking the bright food through this acquisition into the UK and global food markets.
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Bloomberg points out that, since 2010, the company has invested Nescafe manufacturing Bottled water in Chinese, holding equity buy Xu and Yinlu food company, and last year bought American Pfizer Inc infant health care products business, in Chinese baby food market share.