Winning the new financial era

Chapter 497

"I heard that Petro Holdings intends to acquire Bayer's animal protection business?"

Zhang Sanshi looked at Zhang Yida with a smile, and he was really shocked when he heard the news at first.

A company with a valuation of more than a billion dollars went to Snake Tunxiang to acquire a company with a valuation of at least several billion dollars.

If it is an ordinary person, he may think this person is crazy.

But if this person is Zhang Yida, he doesn't think so.

It's just that he didn't expect Zhang Yida to be so optimistic about the pet track, even more radical than Gao Ling.

Zhang Yida had a faint smile on his face, "That's right, we are negotiating with Bayer."

He teased Zhang Sanshi again: "What? Gao Ling also intends to join the game?"

Zhang Sanshi waved his hand and said with a smile: "It's incomparable to you young people. When you get older, you lose your courage."

Zhang Yida didn't think that Zhang Sanshi was timid, it should be the problem of Gaoling Capital's position.

Gaoling Capital is an investment group covering the whole process of early, middle and late stage, and its business spans the primary and secondary markets. Although it manages tens of billions of dollars of funds, it cannot spend more than 10% of the funds to acquire a pet medical company. .

If he really did this, it is estimated that shareholders and investors will spray Zhang Sanshi to death.

With past success, Zhang Sanshi could forcefully push for the acquisition, but that's not necessary.

You can make money wherever you invest your money, there is really no need to take risks.

"What about the bet?"

Hearing Zhang Sanshi's question, Zhang Yida smiled. This is exactly the purpose of his meeting with Zhang Sanshi today.

"The bet should end early."

Zhang Sanshi seemed to have expected Zhang Yida to say this, and said with a smile: "If it's over now, wouldn't Gao Ling lose?"

Zhang Yida pursed his lips and said after a moment of silence: "There is still one year left, Gao Ling can continue to grab the pet hospital bid, and Pet Holdings can also grab it.

But Gao Ling couldn't grab a Petnet and Dogford pet food. "

Zhang Sanshi understands what Zhang Yida means, that is, Pete.com and Dogford have become leaders in pet e-commerce and pet food respectively.

A company of this level cannot be born by spending a year of money.

As for pet hospitals, there are basically scattered ones in China, and it can be said that they can be purchased casually if they have money.

The underlying meaning is that if you give Gaoling Capital another year, the bet will still be "lose".

Zhang Sanshi straightened his body, changed his laziness just now, looked at Zhang Yida, and said: "Pate Holdings wants to acquire Bayer Animal Health, and has spent more than 10 billion US dollars.

The bet between us can also be voided directly. After all, this is just a gentleman's agreement, so there is no need to be too serious. "

Zhang Yida nodded, agreeing with this statement.

Zhang Sanshi added: "I also understand the principle that cooperation will benefit both. The key is that Bayer Animal Health is too large. After it is incorporated into Pate Holdings, how will the equity be divided?"

"It's very simple. You include all the assets in the pet field controlled by Gao Ling, and divide the equity by assets."

Zhang Sanshi shook his head, "What I mean is that Bayer Animal Insurance will not be included, and only Pet Holdings and Gaoling's pet industry will be merged."

"why?"

Zhang Yida looked puzzled, "Incorporate Bayer Animal Insurance, and then merge the assets controlled by Gao Ling, this is a company worth tens of billions of dollars.

The industry control of the domestic pet industry will fall in the hands of Pet Holdings. "

"You are right. Even if Bayer Animal Health is not included, the merger of our two companies will allow the new group to be the leader in the pet industry."

Zhang Sanshi explained his point of view, “Most of Bayer Animal Health’s business is overseas, why did Bayer sell it?

Because the growth of this asset has basically stagnated and its potential has been exhausted.

Gaoling is an investment company, oriented towards investment returns. "

Zhang Yida did not agree with Zhang Sanshi's point of view, and retorted: "Although Bayer Animal Health is not as good as Zoetis, which has a market value of more than 400 billion U.S. dollars, or Boehringer Ingelheim, Merck and Eli Lilly, it is also ranked in the global market. fifth.

What I value most is the veterinary drug research and development organization of Bayer Animal Health, which is currently lacking in all Chinese veterinary drug companies and even the entire pet industry.

China's pet market has been growing rapidly, and pet medical care is the second largest segment after food.

Pet Holdings has integrated more than 1000 pet hospitals, which are our offline pharmacy stores.

Don't worry about online, Pete.com is now the largest pet e-commerce company.

Once Bayer Animal Health is in hand, and relying on these resources, Pet Holdings is confident that it can take half of the domestic pet medicine market share.

These revenues are passed on to Bayer Animal Health, and can also promote the development of new veterinary drug products, and compete with Zoetis and Eli Lilly. "

Zhang Sanshi was silent. He roughly understood Zhang Yida's logic, and wanted to rely on the advantages of Pet Holdings in China to drive Bayer Animal Health's business, further improve pet medicine technology, and strengthen corporate competitiveness.

"Both Zoetis and Eli Lilly have been rooted in the Chinese market for many years, and it is not so easy to steal their market away."

Zhang Yida said with a smile: "As long as the medicine developed by Bayer Animal Health can be developed, the pet hospital under it will use Bayer's medicine.

If you can't even find a substitute, consider them last. "

Zhang Sanshi thought about it carefully. The pet hospital actually has a sales function, selling dog food and medicine. Generally, when cats and dogs get sick, they go to the pet store or pet hospital to buy medicine.

Zhang Yida's idea is indeed very attractive.

From pet e-commerce to pet food, to pet hospitals, and pet medicines, it basically covers the entire industrial chain, connecting both upstream and downstream.

Once such a giant company comes out, the domestic pet market may only survive some small and medium-sized enterprises.

"If you do this, aren't you afraid that Zoetis and Eli Lilly will sue you for monopoly?"

Zhang Yida laughed, "It's not that exaggerated. At most, it is equivalent to what Penguin is to social networking. Isn't there Momo and Tantan products?"

Zhang Sanshi rubbed the space between his brows, the penguins in the pet world are indeed very exciting!

Zhang Yida also said: "The pet market is expected to reach 2000 billion by next year, and it will not be difficult to grow to 5000 trillion in a few years.

佩特控股要能吃下20%市场，按4-6倍市销率计算，有可能成为市值1600亿到2400亿人民币的公司。

This is only the domestic part. More than 90% of Bayer Animal Health's income comes from countries other than China. "

Zhang Sanshi waved his hand, "Yida, don't keep painting cakes for me. It's so difficult to capture 20% of the entire industry market."

"I think it is very realistic. After the integration of pet hospitals, they will become the leaders in the subdivided industries. Pet e-commerce is already the leader. Pet food is not as good as foreign giants such as Mars. After the acquisition of pet medicine and other Bayer Animal Health, I am also confident. Become a domestic leader.

The four industry leaders in subdivided industries still can't eat 20% of the market share? "

Zhang Sanshi has roughly calculated that, regardless of the 20% market, 10% of the market can still work hard.

If the listing can reach a market value of 800 billion to 1200 billion yuan in the next one or two years, compared with the current valuation of Pet Holdings and Gaoling's pet companies, it can be roughly doubled by 4-6 times.

"Well, you managed to convince me."

Before Zhang Yida was overjoyed, he heard Zhang Sanshi say: "But I still have one condition!"

"What conditions?"

Zhang Sanshi smiled, "Gao Ling will pay $10 billion for the acquisition of Bayer Animal Health."

Zhang Yida hesitated for a moment. He had already negotiated with various investment institutions, but now he had to re-plan.

"Okay, I promise you."

(End of this chapter)