legendary trader

Chapter 867 Selected target 868
"Mr. Chen, the general situation is like this."

Sitting opposite Chen Fan, Zhang Quan said with a serious expression.

"Someone wants Enron to disappear completely, does that mean?"

Chen Fan frowned slightly and asked, he was a bit puzzled, at this point, why did he still want to completely wipe out this company, and didn't even give it a final chance to reorganize, but directly went bankrupt and liquidated.

Zhang Quan was a little stunned by Chen Fan's brain circuit. He said to himself that I was just introducing the news that I just received. The restructuring of Enron Company has suddenly undergone a huge change. Yes, the reorganization plan aimed at ensuring the interests of all creditors has been greatly revised, but there is no saying that someone wants to make Enron disappear completely.

However, this idea turned around in Zhang Quan's mind, and then he felt that it really seemed to be such a thing, so he nodded and said, "Yes, Enron will not seek bankruptcy protection, but will be liquidated almost directly."

"All of them are broken up into pieces and sold, so the selling price is not higher?"

Chen Fan asked a little strangely. In his opinion, if the company's assets are integrated and packaged for sale, it seems that it is easier to realize the company's assets by binding some low-quality assets with high-quality assets.

However, according to what Zhang Quan said earlier, Enron Company does not plan to integrate, but directly sells according to the current assets. What assets are currently managed by the subsidiary company, they will be sold directly.

For high-quality assets, there is definitely no shortage of buyers, and those companies with worrying profitability, who will take the shot.

At that time, I have no choice but to sell at a high price to reach a deal.

Chen Fan couldn't understand how the brain circuit of the company's management and asset managers was going to happen, but he still guessed that it might not be that simple, it was because someone didn't want to leave any trace of Enron.

Yes, all the assets are split into small parts. Who the hell would think that this company used to be Enron in the future.

"We don't know the specifics, but the quotations given to Enron by all parties are like this, and Enron is also adjusting the restructuring plan according to the quotations of the buyers."

Zhang Quan chuckled and shook his head, "This is more beneficial to buyers, isn't it?"

"I've been thinking about this for the past few days. Do you think it will be okay if we buy some assets?"

Chen Fan suddenly switched to another topic, about investment safety.

Zhang Quan's expression was obviously surprised, and then he smiled: "It's just an investment, and now that it is dismantled, it is actually more beneficial for the acquisition, because it is difficult for him to form a monopoly effect that worries the host country's government."

"There is no problem with the investment. Well, the prerequisites I mentioned on the phone before, I think after so many days, you should have found assets that meet my requirements."

Chen Fan nodded slightly, then said.

"Our appraisers have sorted out and classified the assets that Enron has announced. Based on the financial information released by the company this time and the advice we provided through the consulting company in the United States, we have listed three acquisition targets for Mr. Chen to choose from. "

As he spoke, Zhang Quan took out a document from the folder in front of him and handed it to Chen Fan.

Chen Fan didn't open it right away to read it, but looked at Zhang Quan and said, "Give me a general introduction first, and I'll read the information later."

"In the last phone call, Mr. Chen said that we want projects that can make stable and sustainable profits, so after analyzing the assets of Enron, we eliminated some assets with fierce competition, and finally identified three companies, namely Prisma in California. Energy International Ltd., General Electric Co. of Portland, Oregon, and Off-Road Energy Ltd. of Texas.

Prisma Energy International Co., Ltd.'s assets are mainly distributed in California and Texas, and its headquarters is still in Houston for the time being. However, considering that Enron's current corporate headquarters and the future corporate headquarters they are renovating will be auctioned, it is estimated that there will be additional Find a place to work. "

Zhang Quan said with a smile at this moment, "It is indeed very interesting. Enron's current headquarters is located on the 1400th floor at 50 Smith Street in the Houston business district. It is an oval glass headquarters building.

And their future headquarters is next to it. At 1500 Louisiana Avenue in Houston, it is a new headquarters building invested and constructed by Enron Corporation. The total investment is said to have reached 2.6 million U.S. dollars, with an area of ​​11 square meters and a height of 40 floors. It is a symbol of Enron to show off its brilliant achievements. It is said that it has a coffee shop with an area of ​​about [-] square meters.

However, they apparently had no chance of moving into the building. "

"What is the specific figure, I mean the asset value, you should have already estimated it."

Chen Fan was not very interested in what Zhang Quan added, so he just frowned slightly.

"The value of the property is about 39 billion yuan. According to the information we have obtained, the final estimated value is this amount."

Zhang Quan saw that Chen Fan seemed a little impatient, and immediately said seriously.

"Continue to introduce the other two companies."

Chen Fan said.

"There's another one, Portland General Electric, with similar assets.

But I would like to add that both Portland General Electric and Prisma Energy are not only power plants, but also assets such as transmission and distribution lines, which is what we call the power grid. On their side, the power plants directly pull the transmission lines to The user's home is slightly different from our country. The power grid is actually an important part of the assets of such companies.

In addition, it needs to be said separately that Portland General Electric has been managing Enron's natural gas assets in Oregon, so if Portland General Electric is won, it will almost be a small Enron company. "

Zhang Quan hurriedly added, his voice was a bit loud, because he noticed that Chen Fan seemed to be a little distracted.

"How much is this company worth? 27 billion yuan?"

Chen Fan came back to his senses and continued to ask, "I saw another 19 billion number marked on the data."

"Our appraised value of this company should be 19 billion yuan, and 27 billion yuan is the price announced by Enron. It should be negotiable."

Zhang Quan said.

"How can there be such a large error? Hasn't Enron evaluated the figures announced by the public?"

Chen Fan asked strangely.

"Portland General Electric was bought by Enron in 95. At the beginning, the premium was relatively high. We analyzed that the numerical error may come from this. It turns out that Portland General Electric is an optical cable company. After that, Enron invested heavily in Internet construction. To build a nationwide network in the United States, this part of the assets will be stripped out and invested in the network department, and the electricity and natural gas assets there before will be injected into it.

So although Portland General Electric's company name has not changed, its main business has already undergone earth-shaking changes. "

"This company may be worth 19 billion yuan?"

Chen Fan is a little bit interested, a small but comprehensive company, Little Anran, is still a little bit interesting.

Zhang Quan nodded, making sure that the number was correct.

"Any competitors?"

Chen Fan asked with interest, but Zhang Quan then poured cold water on him.

"Yes, the Northwest Natural Gas Company in the United States has also expressed its intention to buy this asset. Compared with other assets, the three targets we chose are the least competitive."

Zhang Quan said.

Chen Fan had heard Zhang Quan say that he eliminated the assets with fierce competition, and thought that the assets they delineated were not noticed by anyone. It seems that Prisma Energy International Co., Ltd. probably has at least one buyer.

"Where is the other one?"

Chen Fan didn't want to continue to think about this matter, so he asked, first figure out the three parts of the assets before talking about the follow-up, competition is competition, it is a matter of money, at least this is a good thing, and it is estimated that the Southern Investment Group is also doing the same at the moment Like myself, I am researching to participate in the auction of those assets.

As long as they spend their money in the United States, the domestic side will inevitably sell some assets to cash out.

"Off-Road Energy Co., Ltd. is a natural gas pipeline operating company in Texas controlled by Enron. They have 9900 miles of energy pipelines, which mainly transport natural gas to Arizona, California, Florida, New Mexico and Texas. Provide services to customers in 17 states including Sri Lanka, the value of this part of assets is 25 billion yuan, and the value after our evaluation is about 22 billion yuan.”

Zhang Quan introduced.

"Any other buyers?"

Chen Fan asked this question first. There is no doubt that this natural gas pipeline must have a large investment. It covers 17 states in the United States and has stable customers. There should be no shortage of competition.

"So far, only Newcastle Co., Ltd. in the United States has expressed interest in this asset, but this company has a deep background, and its shareholders are Citigroup and Kelso."

Zhang Quan said, "However, Newcastle Co., Ltd. is jointly owned by these two companies. The information we have obtained shows that this acquisition is only a unilateral act of the company and has nothing to do with the shareholders behind them."

"That is to say, Newcastle Co., Ltd. cannot rely on the capital behind it to compete with us?"

Chen Fan interrupted and asked.

"Yes, because it's not worth it, it's only worth more than 20 billion. If it's 200 billion, we'll just give up. At that level, we can't intervene. Only large groups can dare to make moves."

"How many companies are interested in the assets of Prisma Energy International Co., Ltd?"

Chen Fan thought that the company mentioned earlier did not know about its competitors, so he immediately asked.

"The two companies, one is the American Electric Power Company, and the other is the Pacific Electric Power Company. Inexpensive, because of the proximity to the Gulf of Mexico, you can get natural gas nearby.”

Zhang Quan said.

Chen Fan frowned when he heard that two major power plants in the United States were interested in bidding for Prisma Energy.

Relatively speaking, he was more inclined to bid for Prisma Energy International Co., Ltd. at the beginning, but if there were two strong competitors, Chen Fan felt that even if he could afford a higher price than them, he might not succeed He won the bid, because part of the company's power plant supplies power to California, which is the most economically developed area in the United States. It is estimated that the gringos will reject their bid on the grounds of safety.

Although Zhang Quan and the others have already conducted an evaluation, Chen Fan also understands why they think they can participate in the competition. There are many power plants in the California area, because there are large power consumers there, and the major power plants in the United States must be interested in entering that market.

Because there are so many power plants, you should not be afraid of foreign capital entering. If your power plant does not generate electricity, other power plants will come in to seize your market.

However, if the competitors participating in the competition are large power plants in the United States, Chen Fan thinks it’s okay, they have more power to speak, and if they find out that Huaguo Capital is involved, they may use foreign capital and security issues as an excuse to prevent themselves from bidding Maybe.

Chen Fan didn't want trouble, so he made his own decision immediately.

"I chose to participate in the competition of Portland General Electric Company and Off-Road Energy Co., Ltd. at the same time. The low price is 20 billion yuan for Portland Company, and I am willing to pay 22 billion yuan for Off-Road Energy.

Last time I told you, you can help me deal with the bidding, organize the bidding team, and negotiate with the people from Enron. "

After Chen Fan made a decision, he naturally spoke up, but obviously he also changed, because after some calculations, he found that among the three options provided by Zhang Quan, the value of the last two assets was not very large, and they could be taken together. down.

Although compared to the money in his own bank account, it still seems to be a little over the limit, but it doesn't matter, just pay dividends at Chaofan Investment and it's over.

"Do I need to prepay part of the activity funds? How much will it cost?"

Seeing Zhang Quan nodding, Chen Fan continued.

Zhang Quan didn't answer the question right away this time, but bowed his head and thought for a while before saying, "I plan to find a consulting company in the United States to handle this matter, and they are experts in asset acquisition negotiations.

According to the situation I have been in contact with before, I think that at least 5 million yuan of consulting fees must be prepared first. This money must be spent regardless of whether the acquisition can be successful in the end. I guess they will dispatch billions of project negotiations. There are a lot of people, and the cost is really hard to say. "

Zhang Quan gave a rough guess, but because he didn't know when the negotiation would end, he naturally didn't dare to give the data.

Neither Oaktree Capital nor Tianqin Investment has conducted overseas acquisitions, but they have contacted many companies in the United States, and they are all engaged in investment work, so they know something about it.

If I help Mr. Chen find someone to negotiate, I will definitely get a part of the benefits as an introducer in the end. It is best for Chen Fan to do it by himself, so as not to be difficult to talk about when the time comes.

However, in order to avoid problems with the final cost, it is best to say a bigger number in front of Mr. Chen, so that there will be more room for manipulation when signing the agreement later.

After Chen Fan heard Zhang Quan's suggestion, he nodded after thinking for a while and agreed, "You can contact me as soon as possible, and talk about the price, so that they can work for me as soon as possible."

Chen Fan didn't care about other things, as long as the result satisfied him, he didn't care about spending more money, so he handed over the acquisition to Zhang Quan.

(End of this chapter)