Easy Tycoon

Chapter 343 Candidates

"Boss, you are asking me to be a player and a referee at the same time! Do you really trust me to do all these things?" Mike Aller asked with a smile.

With regard to the conditions proposed by this mysterious boss, it would be a lie for Mike Aller to say that he was not impressed.Mike Aller knew exactly what level he was. He had worked as an accountant all his life, even though he was in charge of the Cayman Islands branch in the later stage, but he was really not good enough in terms of management.

However, when it comes to supervision, Mike Aller is as confident as anyone else.The work of an accountant he did before was not only about accounting, but more about monitoring funds. Mike Ale, who had been immersed in this aspect for a lifetime, was very confident.

As for finding people or knowing people, Mike Aller is also confident that he can do a good job.He seems to have a talent for it, and it's high.To be honest, sometimes Mike Aller himself thinks that if he doesn't work as an accountant, it might be better to switch to a headhunter.

Now, the mysterious boss made full use of his expertise, which made Mike Aller feel no pressure at all, so he made a joke.

"No, Mike, I am very relieved of you." Yang Jing looked at Mike Ale very seriously and said, "We have known each other for more than six years. I also know what kind of person you are. It is because of me I'm very satisfied with you, that's why I entrust you with such an important job. I don't worry if it's someone else. "

Mike Aller was stunned for a moment, and then said with some emotion: "Boss, I can't bear it when you say that."

Yang Jing waved his hand, "Mike, there's no need to do those silly things between us, I trust you, you have to use your performance to prove my trust in you, I know you will do the work I entrusted to you , will definitely be able to do a very good job.”

Mike Aller nodded.

"Well, I think what Dragon Fund needs most now is a senior manager who can lead all the work. I need a CEO who is proficient in investment, acquisitions and mergers and acquisitions. Mike, what do you have better in this regard? Do you recommend it?"

Mike Aller bowed his head and thought for a while and said: "Boss, if you need to invest and acquire talents in this field, I really have a pretty good candidate here, but I don't know if he is willing to be the CEO of Dragon Fund. "

"Oh? Quite good? To get such an evaluation from you is enough to show that this person's ability is very good. Mike, don't hesitate to tell me what you know."

"Okay, boss." Mike Aller nodded, "This man's name is David Anderson, he is from Pennsylvania. Before he retired, he has been working on Wall Street. He has done many jobs, and he has done the most A basic stockbroker, he also worked as a trader and even a fund manager, and finally retired as the head of the investment department of Goldman Sachs."

"Goldman Sachs? Head of the investment department?" Yang Jing became interested when he heard that this person had served as the head of the investment department of Goldman Sachs.

"That's right, before David retired, he did serve as the head of the investment department of Goldman Sachs. In fact, the business he was in charge of was the core business of the entire investment department. Even the senior management of Goldman Sachs admired his ability. .With David’s ability, he is absolutely no problem as a senior executive of Goldman Sachs. It’s a pity that this person’s personality is a bit weird, which is what we usually call high IQ but low EQ, and he is too old-fashioned in doing things. The year before last That is, in the 1984 acquisition of Gulf Oil by Standard Oil of California, David, as the person in charge of the acquisition, had some ideological conflicts with a senior Goldman Sachs executive, which led to Goldman Sachs being in charge of the acquisition there. Lost to the Chase Manhattan Bank Group in the second merger and acquisition case, became the scapegoat for the failure of the Goldman Sachs investment, and was finally shelved. David couldn't stand this kind of anger, so he retired early and went home to recuperate."

"Oh? This Mr. David Anderson turned out to be the person in charge of California Standard Oil's acquisition of Gulf Oil the year before last?" Yang Jing asked in surprise.

"Well, boss, what you said is somewhat problematic. David is the person in charge of Goldman Sachs who is going to participate in this merger and acquisition. He has nothing to do with Standard Oil of California. Arco has a relationship with him. It's just that he proposed at the time The proposal was too radical and was overruled by the top management of Goldman Sachs, which resulted in the complete failure of Goldman Sachs in that competition.”

Yang Jing nodded silently.

Yang Jing is still very familiar with the merger and acquisition case that occurred in 1984. He had studied this merger and acquisition case when he was taking economics in college.

In January 1901, Captain Lucas discovered the "Spindle Top" oil field in Beaumont, Texas. In May of the same year, Andrew Mellon and Richard The two Mellon brothers invested US$1 million to establish Griffin Petroleum Company, and later discovered the Greenpool Oil Field in Oklahoma, so Richard Mellon's son, William Larimer Mellon, reorganized the Griffin Petroleum Company. Philippine Petroleum, established the Gulf Oil Company.

After World War I, the Gulf Oil Company entered Central and South America, but the oil fields discovered in Mexico were later taken back by the Mexican government, so it was hit hard. Later, the Gulf Oil Company obtained an oil lease in Venezuela, but because of the 1931 The economic crisis, being squeezed out by Standard Oil of New Jersey, Gulf Oil was in trouble.

However, Gulf Oil subsequently established the Kuwait Petroleum Company in partnership with the British Anglo-Persian Company in Kuwait, and discovered the Burgant oil field in 1938, starting its journey to fortune.After World War II, because the Iranian government was dissatisfied with Britain, American oil companies were able to enter Iran, and Gulf Oil obtained 7% of Iran's oil production.

However, with the nationalization of the oil industries in Kuwait, Iran, and Venezuela, almost all of Gulf Oil's overseas upstream oil production was wiped out; and in the mid-to-late 70s, Gulf Oil bought some non-oil "diversification" Poor management of the projects resulted in almost all losses, and they had to be disposed of one by one; coupled with the gradual drop in oil prices in the international oil market since 1981, the profits of the Gulf Company declined. In 1982, although the total turnover reached 306 billion US dollars, the profit was It is a continuous decline, with a profit of only US$9 million for the whole year.This also caused Gulf Oil's long-term stock price of $40 per share to quickly fall to less than $30 per share.

And at this time, Gulf Oil’s board of directors made another unforgivable mistake. At this time, other oil companies are not feeling well, but other oil companies are quickly making up for the shortage of reserves and increasing oil production by merging companies, while Gulf Oil However, the company's board of directors decided to borrow heavily from the bank and repurchase the company's stock from the market in an attempt to reverse the decline in the stock price.It's a pity that this wrong approach caused a serious imbalance in revenue and expenditure, which eventually led to high debts, poor capital turnover, and the company fell into trouble.

At this time, a very villain appeared, he is Pickens, the boss of Mesa Petroleum Company, a small oil company in the United States.

This guy has long aimed at the troubled Gulf Oil Company. As early as 80, he began to buy shares of Gulf Oil Company in the stock market. In November 83, he publicly announced that he had 11% of the shares of Gulf Oil Company. Asked to join the Gulf company's board of directors.At the same time, this guy released a proposal to dismember Gulf Oil Company and greatly weaken the power of the company's board of directors and management, but it was flatly rejected by the company's board of directors.

However, this proposal by Pickens has been favored by most stock holders. Therefore, the Gulf company is in chaos first.Pickens' Mesa Petroleum Company took the opportunity to encourage Deresal Bank to give him financial support, intending to acquire more shares of Gulf Company and gain control over it.Gulf Oil's board of directors was shocked when they heard the news. The company was indeed in trouble.The directors believed that it would be better to merge into the big oil company than to let Pickens' plot succeed!
The word got out.Mobil Oil Company took the first step, but its offer was too low. Gulf Oil Company considered it an "unfriendly" merger and rejected it; subsequently, Arco (ARCO), with the support of Chase Manhattan Bank Group, proposed $130 billion However, Standard Oil of California, which owns the backstage of the Bank of America Group, immediately threw out an "olive branch" of US$133 billion. Gulf Oil finally accepted the offer of Standard Oil of California. The deal was done within weeks.Since then, Gulf Oil Company, one of the seven oil sisters, has fallen into the arms of Standard Oil of California, and a once prestigious oil giant has completely disappeared!
This merger case was the largest merger case in history at that time, and the decisiveness shown by Standard Oil of California in this merger case has always been praised by future generations.

After California Standard Oil acquired Gulf Oil Company, it acquired Texaco, one of the seven oil sisters, in 2001, and eventually became Chevron Texaco, which is the top ten of the world's top 500 companies. famous regulars.

However, in this merger case, Goldman Sachs did not appear, but Mike Aller said so now, which made Yang Jing a little puzzled.

Soon Yang Jing asked the question in his heart.He had to ask, because Yang Jing had to be careful when the CEO of the Dragon Fund was involved.

Mike Aller quickly explained this question to Yang Jing. "That's right, Goldman Sachs did not appear in that M&A case. That's because Goldman Sachs was completely out of the game before the M&A case actually started."

After a pause, Mike Aller continued: "Arco's first contact with Goldman Sachs was actually Goldman Sachs. At that time, as the person in charge of the merger, David pointed out that the acquisition price proposed by Arco was too low. The price of US$130 billion is not enough to impress the members of Gulf Oil’s board of directors. This price should be raised to a minimum of US$135 billion. If there are competitors, this price needs to be raised further. After all, although Gulf Oil is not in a good mood, its skeleton Putting it there, the name of the Seven Sisters of Petroleum is not a joke, even if the price of US$135 billion or even higher is used for mergers and acquisitions, it is absolutely worth it.”

"But David's proposal was considered too radical by the senior executives of Goldman Sachs, and Goldman Sachs could only offer $125 billion in support to Arco. As a result, Arco switched to Chase Manhattan Bank Group, because Chase Manhattan Bank Group can give Arco Provide a minimum of $130 billion in support."

"Later, it turned out that David's proposal was not radical at all, but just right. If Goldman Sachs executives agreed to David's plan at the time and directly provided Arco with US$135 billion in support, then even Standard Oil of California If they joined, they might not get Gulf Oil. However, because of the caution of Goldman Sachs executives, they lost Arco, and they were completely out of the merger case. In the end, David took the blame and resigned angrily."

With such an explanation, Yang Jing understood.

"Mike, according to you, David was not at fault in that merger?"

"Boss, you can't say that. If David's character was a little more tactful, and he said the same thing in a different way, he might be able to get the approval of the Goldman Sachs executives. But unfortunately, although this guy is talented, but this character "Mike. Al shook his head.

PS: Bow down and thank "Kunpeng 3357" for the 200 tipping, "Ice Cold Octave", "A Little Monkey", "Blazing Flames", and "Water, Powder and Ink Painting" for the 100 tipping.

(End of this chapter)