managing for value corporate portfolio strategy

managing for value corporate portfolio strategy

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时间:2018-02-10

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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

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