罗兰贝格-结构咨询报告pt .ppt

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1、D.RestructuringoptionsSHA-4309-03690-08-15d.PPT-xD1.Generaloptionsandpre-selectionSHA-4309-03690-08-15d.PPT-xInChina,asfarasforeigninvestmententerpriseisconcerned,thereexistthreemainrestructuringcategoriesRestructuringofinvestmentprojectsinChinaTurnaroun

2、dofJVEquitystructurerestructuringWithdrawalSHA-4309-03690-08-15d.PPT-xOnthebasisoffavorableresultsofmarketandcompetitiveanalysis,optioncategoryIandIIaremostcommonlyusedforcompanies’long-termdevelopmentCharact-eristicOption1:TurnaroundofJVOption2:Equitys

3、tructurerestructuringPerformanceimprovementwithoutchangingtheequitystructurePerformanceimprovementwithequitystructurechangeBuyoutOption3:WithdrawalWithdrawalfromexistinginvestmentprojectsSelloutequityTerminationBankruptcyFreezing(walkaway)ExamplesBoschSie

4、mensSiemensBayerHenkelABBDinovaBOSCHThermoTechnikLindeforklifterWhirlpool’srefrigeratorJVinBeijingPeugeotGuangzhouLiebherrSiemensSHA-4309-03690-08-15d.PPT-xThegeneralmethodologyistofilteroptionswithkillercriteriaandhardcriteriatoscreenoutrestructuringalte

5、rnativesPotentialoptionsPre-selectionIn-depthevaluationConclusionRestructuringalternativesKillercriteriaHardcriteriaSolvekeyproblemsSecurefuturesuccessGeneralCostTimeRiskIntegration(GSHA-GDAI)Sales&marketingManagementOthersProcedureImplementationSHA-4309-

6、03690-08-15d.PPT-xAtpre-selectionstage,turnaround,selloutequityandfreezingcanbeeliminatedwithkillercriteriaPre-selectionChinesePartnerin?KillercriteriaSolvekeyproblemsSecurefuturesuccessPass?RemarksI.TurnaroundII.Equitystructurerestructuring-EquitybuyoutI

7、II.Withdrawal(1)Selloutequity(2)Termination(3)Bankruptcy(4)FreezingYesNoYesNoNoYesNoYesNoYesYesNoNoYesNoYesYesNoNoYesNoYesYesNoIt’sveryhardtoimplementfutureintegrationandconsolidationwithoutfullcontroltheboardofdirectorsGeberitgainsfullcontrolIt’salmostim

8、possibletofindabuyerItopensthewayforanewstartItopensthewayforanewstartFreezingwillruinGeberit’srelationwithlocalgovernment,thuscausingpotentialhurdleforfuturepresenceandtroubletoGDAISHA-4309-03690-08-15d.PPT-xTermin