My 1999

When people are busy, time flies by especially fast.

In the blink of an eye, more than two months have passed since Xu Liang came to France.

The integration of the Vivendi Group has also achieved initial results.

After selling 25% of Sina's shares to Bernard, Muriez and others for $5.5 billion, it spent 4.2 billion euros to acquire Universal Music Group.

Not only did it spend $5.124 billion on the proceeds from the sale of Sina's shares, but it also inherited nearly 2 billion euros of debt from Universal Music Group.

Immediately afterwards, the Vivendi Group announced that it had reached an agreement with the Borore Group.

The Borore Group acquired the world's four largest publishing groups and the sixth largest advertising media group, Havas, with a total of 9.7 billion euros, using its 21.7% stake in Vivendi Group, Borore Telecom, and 4.1 billion euros in cash.

As the news spread, the share price of the Vivendi Group, whose market value has been hovering around 10 billion euros, fell.

Because Havas Group is selling its net assets.

Its debt of 3.95 billion euros was all left in Vivendi.

Moreover, the acquisition of Borore Telecom also includes 2.87 billion euros of debt.

Add to that the debt of Universal Music and the debt after the integration with Cristina Investment Company.

The debt of the entire Vivendi Group has surpassed that of 2002, reaching an unprecedented 24.12 billion euros.

The astonishing scale of debt has caused the stock prices of all companies associated with the Vivendi Group to fall.

Vivendi Group and Morocco Telecom have the largest declines, directly losing one-third of their market value.

Vivendi's market value has fallen to an unprecedented 6.95 billion euros.

The 5 telecommunications companies holding shares are not obvious because they are not listed companies.

Even the market value of Veolia Environment Group, in which Vivendi holds 45% of the shares, has fallen from 12.5 billion euros to 9.83 billion euros.

Even Ubisoft Games, in which Vivendi holds only 11.5% of the shares, has fallen.

Cristina, who has been waiting for this opportunity, will certainly not let it go.

Quickly enter the market to buy at the bottom.

It only took 1.4 billion euros to increase the company's shareholding in Vivendi Group from 50.1% to 67.4%.

In addition to the 21.7% stake held by the legal person of Vivendi Group and the shares held by the management.

Xu Liang basically controlled more than 90% of the shares of Vivendi Group.

The remaining shares were directly forced to be acquired, and Vivendi successfully completed the delisting.

After major changes.

The total assets of Vivendi Group increased significantly.

Universal Music Group (plus goodwill) increased by 7.2 billion euros, and the 21.7% stake in Vivendi Group acquired from Borore Group increased assets by about 2.4 billion euros based on Vivendi's current market value.

Borore Telecom (plus goodwill and debt) has total assets of 7.7 billion euros.

The cash received from the sale of Havas Group was 4.1 billion euros.

And 18.46% of Sina's shares.

Previously, Vivendi only held less than 4.5% of Sina's shares, and Sina's market value at that time was less than 12 billion US dollars.

Now that Sina and Vivendi Networks have merged, their market value has climbed to $24 billion.

And it is still growing.

The value of this part of the equity alone exceeds 4 billion euros.

All of this adds up to nearly 26 billion euros.

Deducting 6.9 billion euros for Vivendi Networks (net assets plus goodwill, excluding debt) and 9.7 billion euros for Havas Group (net assets plus goodwill, excluding debt).

Vivendi has added 9.4 billion euros in on-balance sheet assets as a whole.

After completing these integrations, the total assets of the current Vivendi Group are as high as 49 billion euros, and this is not counting Veolia Environment's 45% stake.

Hongmeng Bing, Hongmeng No. 1 Store and Hongmeng Games have 6.4% stakes.

If these are added, Vivendi Group's total assets will exceed 60 billion euros.

The assets are huge, and the debts are equally huge.

Coupled with the expenses of privatization and delisting, Vivendi Group's debt scale has risen again.

Reaching 27.12 billion euros.

Although under Xu Liang's manipulation, most of them are long-term debts, and the average interest rate is only about 7.6%.

But debt is debt.

The repayment pressure is too great.

The annual interest alone is as high as 2.03 billion euros.

In addition, Vivendi Group has a huge cash flow of nearly 7 billion euros.

One-fifth is its own accumulation, and most of the rest is from the sale of Havas Group.

As for net income and net profit.

Only after the integration is completed can a more accurate result be obtained.

"Finally completed, I'm really exhausted during this period."

Christina lay lazily on the sofa, the silk coat fits closely with her skin, making her curves more graceful.

"Are you tired? I see you are not very happy?"

Xu Liang smiled after taking a sip of the tea in the cup.

Christina's mouth curled up, and there was a hint of excitement in her eyes.

Of course she was happy.

She obviously had a world-class conglomerate.

Vivendi Group, she grew up watching their TV broadcasts, listening to their music, and using their water purification services since she was a child.

I never thought that I would become the boss behind this world-class corporate giant one day.

This feeling is so exciting.

"Okay, don't be silly. Acquisition is only the first step in the Great Wall, and the next integration is the most critical step. Although Foch is mainly responsible for it, if you want to rise to the top in the future and become the CEO of Vivendi Group , we must work hard to participate.

Listen more, read more, summarize more, and constantly improve your management capabilities.

After five years, if you cannot meet my standards, I will not give you the position of CEO. "

"I know. Don't worry, I will definitely work hard!"

Xu Liang nodded and asked, "Has the financial team you asked you to form established?"

"Yes. Everything is ready. There are thirteen people in total. Except for the five people transferred from the finance department of Hanhua and Vivendi Group, the rest are the elites we poached through headhunting." Christina said quickly.

"Have the funds been transferred?"

"All 5 billion euros in cash have been transferred to Vivendi's investment account."

Vivendi Group still has 2 billion euros in cash, which is enough to maintain the next operation of Vivendi Group.

If that doesn't work, there are still 18.46% of Sina's equity and 4.6% of Netcom's shares (diluted and part of them sold after listing), which can be sold.

Just these two assets, based on the current market value of the two companies, can generate a cash flow of 5 billion euros.

And as Sina's market value continues to rise and Internet technology continues to develop, the value of these equity interests continues to grow.

In fact, although Vivendi Group's debt is huge, it is not difficult to repay it.

Not to mention anything else, the combined value of the 6.4% equity interests in Hongmeng Bing, Yihaodian and Hongmeng Games exceeds 7 billion euros.

If all these equity are used to repay debts, Vivendi Group's debt can be reduced to less than 10 billion euros.

Unfortunately, smart people are always in the minority.

Not many people can see the value of Vivendi.

Coupled with the financial collapse in 2002, almost all investment institutions and individuals have been frightened.

They are unwilling to gamble on future gains and just want to protect the present.

I am afraid that I will be caught if I run too slowly.

Under the overwhelming momentum, few people can think seriously.

But this is also a good thing, helping Xu Liang complete the privatization of Vivendi Group at a very low price.

"Dear, have you decided how to invest?"

Seeing her anxious look, Xu Liang smiled and said, "Why, you don't have confidence in me?"

"Of course not. My man is the world's top financial investor, and this is recognized globally. But with so much money invested in high-risk capital markets, of course I would be worried.

This is human nature. "

Christina emphasized.

"Don't worry, nothing will go wrong. By the way, tomorrow you go to the company and transfer all the people in the investment department to the Courbevoie Building. I asked Michelle to leave an office for you."

"Going to Hanhua? Why?"

“Vivendi is currently in a period of integration, with people coming and going and everything being complicated, and people with ulterior motives may get involved.

It is better to place it in Hanhua's Paris office, where there are fewer people, the level of defense is higher, and various equipment can track the world's major capital markets at any time.

It is also easy to manage. "

In the Vivendi Group, which has many people and many eyes, powerful people such as Bernard and Mouriez can easily insert spies into it.

And it’s not easy to check because there are too many people.

In contrast, Hanhua's Paris office is different. Including Vivendi, there are only about a hundred people, and any stranger who comes in is extremely conspicuous.

Hei Wuchang tracks their mobile phones and computers and is relatively easy to monitor.

Greater confidentiality.

Christina also understood.

"I'll let them move there tomorrow."

"Tell them not to bring any electronic products. When they go, Hanhua will distribute them uniformly." Xu Liang emphasized.

The computers and mobile phones owned by Hanhua employees are basically Kunlun customized products.

It is equipped with security software and work programs developed by Kingsoft Software.

Whether it is safety or convenience, they are the most suitable for Hanhua.

"I know."

After hesitating for a moment.

“Honey, do you want to buy Veolia Environment Group?”

"How do you want to buy? Like the Vidywan Group?"

"This costs too much money. We don't have so much cash now. What I mean is to acquire 6% of the equity first, increase our shareholding to 51%, and get the initiative first.

Later, when we have abundant funds, we can continue to increase our holdings. "

“What’s the share price of Veolia now?”

"It has already fallen to 9.3 billion euros, and there are many sales orders in the secondary market. As long as we spend 500 million euros, we can get absolute control, and it will not cause too much trouble to Vivendi's operations." Christina said.

"Then buy it."

Xu Liang felt a little sad.

At first, he wanted to acquire Veolia. Later, under Huo Yan's persuasion, he narrowed his target and only wanted to acquire Canal+ Group.

Unexpectedly, in the end, by mistake, not only the Vivendi Group was acquired, but the entire Veolia was taken over.

He even completed the integration of Universal Music Group and the sale of Sina shares ahead of schedule, which he originally planned to push forward two or three years later.

Christina's face lit up.

With Vivendi Group and Veolia Environment in hand,

Assets of nearly 90 billion euros, although heavily indebted, also represent huge potential.

As long as she holds on to these two giants, she will be the queen of the French business world, and even the European business world.