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1、Whoppertogo至尊汉堡，打包带走WillBurgerKingbegobbledupbyprivateequity?汉堡王是否会被私人股本吞并？Sep2nd2010
2、NEWYORKSHARESinBurgerKing(BK)soaredonSeptember1stonreportsthatthefast-foodcompanywastalkingtoseveralprivate-equityfirmsinterestedinbuyingit.Howmuchbeefwasbehindthesesto
3、rieswasunclear.Butlatelythecompanyfamousfortheslogan“HaveItYourWay”hascertainlynotbeenhavingititsownway.TheremaybeargumentsaboutwhetherBKorMcDonald’sservesthebestfries,butthereisnodoubtwhichismorepopularwithstockmarketinvestors:themakeroftheBigMachassupe
4、rsizeditsleadinthepasttwoyears.有报道披露，快餐企业汉堡王（BK）正在与数个有收购意向的私人股本接洽，9月1日，汉堡王的股值随之飙升。这些报道究竟有多少真材实料不得而知。汉堡王的著名口号是“我选我味”，但如今显然它身不由己，心中五味杂陈。汉堡王和麦当劳哪家薯条最好吃，食客们一直争论不休，但股票投资人更喜欢哪家股票，却一目了然：过去两年里，巨无霸麦当劳一直在扩大自己的优势。RecessionhasfavouredMcDonald’soverBK,whoseshareprice
5、hasfallenbyhalfsincetheeconomywasflame-grilledinthesummerof2008.SharesinMcDonald’shaverisen,reachinganall-timehighinAugust.Same-storesalesatBKhavefallenforfivesuccessivequarters.金融危机却更青睐汉堡王，自2008年经济低迷以来，其股票价格跌至原来的一半。而麦当劳的股票不跌反涨，在8月又创下了历史新高。汉堡王的同店销售额连续五个季
6、度下跌。WhyhasMcDonald’sbeeneatingBK’slunch?Amongotherthings,BKhasalwayshadahigherproportionofsalestoyoungmen,whohavebeenhitespeciallyhardbytherecession.McDonald’s,bycontrast,hasforseveralyearswooedwomenandolderpeoplewithrelativelyhealthysaladsanddrinkableco
7、ffee.BKhasstruggledtofollowsuit.Atthesametime,ithashadtocontendwithangryshareholders,astherisingcostofbeefandotheringredientshasclobbereditsprofits.BKmayalsohavecannibaliseditsexistingsalesbyofferingvaluemealsthatwereabittooirresistible.为何麦当劳在与汉堡王的竞争中占得先
8、机？别的不谈，汉堡王的顾客更多的是年轻人，而年轻人受金融危机打击尤其严重。相对地，麦当劳近年来一直以相对健康的沙拉和可口的咖啡，吸引女性和中老年人。汉堡王一直难以模仿。与此同时，随着牛肉等原材料的成本上涨，利润一跌再跌，汉堡王又不得不去对付那些愤怒的股东。汉堡王的套餐太过诱人，可能也影响了其他产品的销量。64BKisusedtochangesinownership.ItwentfrombeingpartofPillsbury,afoodcompany,toGrandMetropolitan,aBriti
9、shconglomerate,thentoDiageo,adrinksgiant.In2002itwassoldtoagroupofprivate-equityinvestors:TPG,BainCapitalandGoldmanSachs.Theydidafairjob,improvingsaleswithbettermarketing.Theyalsohelpedturnaroundthemosttroubledofthefranchi
