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1、P1:OTA/XYZP2:ABCc19JWBT347/MckinseyMay26,201016:35PrinterName:Hamilton19CorporatePortfolioStrategyPartFour,beginningwiththischapter,looksatvaluecreationfromamanage-mentperspective.Attheheartofacompanyscorporatestrategyitsblueprintforcreatingvalueliedecisionsabou
2、twhatbusinessesitshouldown.Theprincipleforguidingsuchdecisionsisstraightforward:theownerthatcangeneratethehighestcashflowsfromabusinessistheownerthatwillcreatethemostvalue.Acorollaryisthatnobusinesshasaninherentvalue.Theamountofvalueitcreateswillalwaysdependonwho
3、ownsit.GeneralMillspurchaseofPillsburyfromDiageoin2001illustratesthepoint.ShortlyafterbuyingPillsburyfor$10.4billion,GeneralMillsincreasedthebusinessspretaxcashflowsbymorethan$400millionperyear,increasingPillsburysoperatingprofitsbyroughly70percent.Diageoscorebusi
4、nessisinalcoholicbeverages,whilebothGeneralMillsandPillsburysellpackagedfoods.UnderDiageo,PillsburywasrunentirelyseparatelyfromDiageoscorebusiness,becausethetwocompaniesmanufacturing,distribution,andmar-ketingoperationsrarelyoverlapped.Incontrast,GeneralMillssub
5、stantiallyreducedcostsinPillsburyspurchasing,manufacturing,anddistribution,be-causesignificantcostswereduplicatedintheiroperations.Ontherevenueside,GeneralMillsboostedPillsburysrevenuesbyintroducingPillsburyproductstoschoolsintheUnitedStateswhereGeneralMillsalrea
6、dyhadastrongpres-ence.Andthesynergiesworkedbothways:forinstance,Pillsburysrefriger-atedtruckswereusedtodistributeGeneralMillsnewlybrandedrefrigeratedmeals.Pillsburythereforehadatleasttwovaluesatthetimeofthesale:itsvaluetoGeneralMillsanditsvaluetoDiageo.ForGenera
7、lMillstoconsiderthedealattractive,thevalueofPillsburyunderGeneralMillsownershiphadtobegreaterthanthe$10.4billionpricethatGeneralMillspaid.ForDiageoto413P1:OTA/XYZP2:ABCc19JWBT347/MckinseyMay26,201016:35PrinterName:Hamilton414CORPORATEPORTFOLIOSTRATEGYconsiderthe
8、dealattractive,PillsburysofferhadtorepresentmorethanthevalueDiageoexpectedtocreatefromPillsburyinthefuture.Clearly,GeneralMillswasabetterownerofPillsburythanDiageofro
