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Vivendi

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Submitted By xuyingwang
Words 696
Pages 3
A. Assumptions
1. IT was the future of the new economy. Therefore, the company should refocus into an IT communication based company. The biggest players will be those who enter into the fray early, which spun off his rapid acquisitions and buying of stakes in related companies instead of allowing for gradual internal growth
2. The global economy would grow indefinitely with no problems
3. The water business was not a growth business
Capital
Culture:以为欧洲人可以接受美国文化,拥护他的想法 事实上法国人拒绝Americanize
State:无条件支持
Skill formation(employee training):generalist----France
不利于radical innovation;
Financial system
Strategy: 想建立双元制企业 ambidextrous
政府支持
并购可以低成本扩张,规模效应,资产增值,提高行业进入成本

B. 为什么好收购
USA:Financial market liquid; venture capital strong bb
允许hostile takeover
France:two tier; social distance--- employee no power; CEO is Chairman, high power; ownership control---direct & market control的combine (员工,股东都不能影响决策,只有state和CEO有影响和决策)
收购share price快速上涨,美国financial system和法国corporate governance的优点是成功的原因;法国的缺点是失败的原因

税前利润 EB

占state的便宜又能占conglomerate的便宜
曾经政府支持
state
双元制
理想---integration 新老share 老的不受新的影响
现实---新的occupy老的 manage resource sharing

Growing global interest in communications.
Lack of expertise in new business
Rapid expansion---analysts had a tough time in understanding Messier’s planning and strategy; uproar by public and politicians—firing of Lescure; expansion at the expense of burdening the company with debt and overvalued assets; mounting debt due to excessive acquisitions

French
Pressure from politicians and Media
In the French business context, it was unusual for a board member to criticize the chairman talk about him at his own meeting.
Board did not pressurize the CEO to integrate the acquired business rather than shopping spree (狂欢)
Excessively relied on the CEO, board members didn’t comment.
Many of the French board members

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