Um negócio curioso
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Bom encaixe aí com a Gillete 
.
.---Tudo o que for por mim escrito expressa apenas a minha opinião pessoal e não é uma recomendação de investimento de qualquer tipo---
https://twitter.com/JCSTrendTrading
"We can confidently predict yesterdays price. Everything else is unknown."
"Every trade is a test"
"Price is the aggregation of everyone's expectations"
"I don't define a good trade as a trade that makes money. I define a good trade as a trade where I did the right thing". (Trend Follower Kevin Bruce, $5000 to $100.000.000 in 25 years).
https://twitter.com/JCSTrendTrading
"We can confidently predict yesterdays price. Everything else is unknown."
"Every trade is a test"
"Price is the aggregation of everyone's expectations"
"I don't define a good trade as a trade that makes money. I define a good trade as a trade where I did the right thing". (Trend Follower Kevin Bruce, $5000 to $100.000.000 in 25 years).
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- Mensagens: 4582
- Registado: 15/7/2003 14:59
- Localização: Lisboa
Um negócio curioso
Hoje aconteceu-me uma situação curiosa, pela primeira vez uma empresa na qual tinha uma posição longa aberta adquire outra na qual também tinha uma posição longa. Ambas estavam ganhadoras. Mas hoje a PG abre abaixo do meu “break even” e a G abre bem acima, inclusive a suplantar uma zona de potencial stop profit. Como agora vamos entrar na habitual “telenovela” da aprovação ou não do negocio pelos reguladores, resolvi fechar as posições.
Associated Press
P&G to Acquire Gillette for $57 Billion
Friday January 28, 9:24 am ET
By Seth Sutel, AP Business Writer
Procter & Gamble to Buy Gillette for $57B, Forming World's Largest Consumer-Products Company
NEW YORK (AP) -- The Procter & Gamble Co. is buying shaver and battery maker Gillette Co. for $57 billion in a deal that would create the world's largest consumer-products company.
If regulators approve the deal announced early Friday, P&G will add Duracell battery, Right Guard deodorant and Gillette razors to its collection of more than 300 consumer brands, including Head and Shoulders shampoo, Pringles, Crest toothpaste and Bounty paper towels. The acquisition would vault P&G's sales to more than $60 billion annually.
Consumer products suppliers have been facing pressure from Wal-Mart Stores Inc., the world's biggest retailer, and other retailers to keep their product costs low.
Friday's deal is expected to help P&G and Gillette cut their combined costs but will also mean the elimination of about 6,000 jobs, which is about 4 percent of the combined work force of about 140,000, most of them by eliminating managerial overlaps and consolidating operations.
"We believe we can bring these companies together and create a juggernaut," Gillette Chief Executive James M. Kilts told analysts in a briefing on the deal Friday morning.
Kilts, who has agreed to stay on for at least a year to lead the integration of Gillette with P&G, said the combination would provide Gillette with opportunities to sell their products in developing markets including China and East Europe.
"I'm a great believer in scale," Kilts said. He said he would rather lead the consolidation in consumer products companies than "get stuck with the leftovers."
Both companies' boards unanimously approved the deal on Thursday.
Famed investor Warren Buffett's vehicle, Berkshire Hathaway Inc., owns 9.7 percent of Gillette, or about 96 million shares -- a stake equivalent to 93.6 million P&G shares. Buffet, Gillette's largest single shareholder, called the combination "a dream deal" and said he plans to buy another 6.4 million P&G shares to reach 100 million by late this year when the sale is expected to close.
Cincinnati-based P&G will pay 0.975 of P&G share for each share of Gillette. Based on P&G's closing price of $55.32 per share Thursday, the deal values Boston-based Gillette at about $54 per share -- an 18 percent premium over its closing price.
P&G also plans to buy back $18 billion to $22 billion of its stock during the next year to 18 months. As a result, the deal would ultimately be financed through about 60 percent stock and 40 percent cash.
"Gillette and P&G have similar cultures and complementary core strengths in branding, innovation, scale and go-to-market capabilities, making it a terrific fit," P&G Chief Executive A.G. Lafley said in a statement.
Kilts will become vice chairman of P&G and join its board.
The deal is a bold move by Lafley, who led the company out of dark times in 2000. Moving too fast on a restructuring plan implemented by Chief Executive Durk Jager, the company posted several disappointing quarters and its stock lost more than half its value in 2000.
Lafley replaced Jager in June 2000, slowed the pace of change and got the company back on solid footing. Its stock has risen by nearly one-third since 2003, with its strong global brands powering consistent sales growth.
As it resumed growth, P&G started acquiring brands that fit with its strategy -- Germany's Wella AG hair care line in 2003 for $5.7 billion was the biggest acquisition until Thursday. P&G also acquired Clairol for its hair-care lines and Iams Co. for its pet foods.
The company reported strong quarterly earnings on Thursday, including a 12 percent jump in net income to $2.04 billion, or 74 cents per share, up from $1.8 billion and 65 cents per share in the same period a year ago.
P&G's sales increased 7 percent to $14.45 billion in the quarter.
Gillette also has reported strong earnings since Kilts joined the company in 2001. It has moved to buoy its premium-line shaving and dental care products and sales of Duracell batteries.
In its most recent quarter, Gillette reported income of $475 million, up from $416 million, as more consumers traded up to its pricier M3Power razor and the series of hurricanes in the South boosted battery sales. Gillette also sells Oral B dental care products.
A partida podemos pensar que esta onda de aquisições que se tem vivido nos últimos meses é benéfica, mas deixo um artigo com uma visão diferente da coisa.
CNBC's Ted David recently interviewed Louis P. Friedman of Bear Stearns, who spoke about the huge merger and acquisition phase currently underway. Deals hit a record in 2000, $1.72 trillion worth. You remember that year, right? That's when every entity on the face of the earth thought stocks were great buys - no matter what the price level was. The mania wasn't limited to just the public. Everyone bought. Mutual funds, pension funds and even the very corporations whose stock was being highly promoted in the first place. The total value of deals fell to $765 billion in 2001, $440 billion in 2002, then rose to $567 billion in 2003 and surged to $835 billion in 2004. At December's pace of $147 billion, 2005 will see a brand new record. According to Friedman, the dramatic pick up "....shows the pent up demand for growth by CEOs." Gulp. Heaven help us. The mania strikes again. If CEOs believe that M&A is the way that earnings are supposed to grow, then stocks are not just overvalued but are laughably overvalued. The trick in the latter part of the mania was simply to buy a company with a lower P/E than yours, with your own astoundingly overvalued stock. Given a 60 P/E, a company that takes over another company with a 40 P/E will likely wind up with higher earnings per share, igniting more interest in the stock and resulting in an even higher P/E. Then the cycle begins anew. We saw this pattern with Commonwealth United and other "conglomerates" in the 1960's and 1970's. We saw it with high tech giants in the mania. And it is happening again. It was one thing when the great M&A spree began in 1981, with Tobin's Q ratio at .55. It is quite another now. As Tobin's Q clearly shows, stocks are overvalued by a factor of at least two!
È como se os CEOs tivessem a noção que a cotação da sua empresa em bolsa está inflacionada e utilizem essa “moeda de troca” para adquirir outras empresas a desconto. Se repararmos muitas destas aquisições estão a ser realizadas utilizando como pagamento de uma grande percentagens do negócio, acções da empresa adquirente.
Entretanto entre mortos e vivos alguns irão escapar.
Lets see 
cump
Associated Press
P&G to Acquire Gillette for $57 Billion
Friday January 28, 9:24 am ET
By Seth Sutel, AP Business Writer
Procter & Gamble to Buy Gillette for $57B, Forming World's Largest Consumer-Products Company
NEW YORK (AP) -- The Procter & Gamble Co. is buying shaver and battery maker Gillette Co. for $57 billion in a deal that would create the world's largest consumer-products company.
If regulators approve the deal announced early Friday, P&G will add Duracell battery, Right Guard deodorant and Gillette razors to its collection of more than 300 consumer brands, including Head and Shoulders shampoo, Pringles, Crest toothpaste and Bounty paper towels. The acquisition would vault P&G's sales to more than $60 billion annually.
Consumer products suppliers have been facing pressure from Wal-Mart Stores Inc., the world's biggest retailer, and other retailers to keep their product costs low.
Friday's deal is expected to help P&G and Gillette cut their combined costs but will also mean the elimination of about 6,000 jobs, which is about 4 percent of the combined work force of about 140,000, most of them by eliminating managerial overlaps and consolidating operations.
"We believe we can bring these companies together and create a juggernaut," Gillette Chief Executive James M. Kilts told analysts in a briefing on the deal Friday morning.
Kilts, who has agreed to stay on for at least a year to lead the integration of Gillette with P&G, said the combination would provide Gillette with opportunities to sell their products in developing markets including China and East Europe.
"I'm a great believer in scale," Kilts said. He said he would rather lead the consolidation in consumer products companies than "get stuck with the leftovers."
Both companies' boards unanimously approved the deal on Thursday.
Famed investor Warren Buffett's vehicle, Berkshire Hathaway Inc., owns 9.7 percent of Gillette, or about 96 million shares -- a stake equivalent to 93.6 million P&G shares. Buffet, Gillette's largest single shareholder, called the combination "a dream deal" and said he plans to buy another 6.4 million P&G shares to reach 100 million by late this year when the sale is expected to close.
Cincinnati-based P&G will pay 0.975 of P&G share for each share of Gillette. Based on P&G's closing price of $55.32 per share Thursday, the deal values Boston-based Gillette at about $54 per share -- an 18 percent premium over its closing price.
P&G also plans to buy back $18 billion to $22 billion of its stock during the next year to 18 months. As a result, the deal would ultimately be financed through about 60 percent stock and 40 percent cash.
"Gillette and P&G have similar cultures and complementary core strengths in branding, innovation, scale and go-to-market capabilities, making it a terrific fit," P&G Chief Executive A.G. Lafley said in a statement.
Kilts will become vice chairman of P&G and join its board.
The deal is a bold move by Lafley, who led the company out of dark times in 2000. Moving too fast on a restructuring plan implemented by Chief Executive Durk Jager, the company posted several disappointing quarters and its stock lost more than half its value in 2000.
Lafley replaced Jager in June 2000, slowed the pace of change and got the company back on solid footing. Its stock has risen by nearly one-third since 2003, with its strong global brands powering consistent sales growth.
As it resumed growth, P&G started acquiring brands that fit with its strategy -- Germany's Wella AG hair care line in 2003 for $5.7 billion was the biggest acquisition until Thursday. P&G also acquired Clairol for its hair-care lines and Iams Co. for its pet foods.
The company reported strong quarterly earnings on Thursday, including a 12 percent jump in net income to $2.04 billion, or 74 cents per share, up from $1.8 billion and 65 cents per share in the same period a year ago.
P&G's sales increased 7 percent to $14.45 billion in the quarter.
Gillette also has reported strong earnings since Kilts joined the company in 2001. It has moved to buoy its premium-line shaving and dental care products and sales of Duracell batteries.
In its most recent quarter, Gillette reported income of $475 million, up from $416 million, as more consumers traded up to its pricier M3Power razor and the series of hurricanes in the South boosted battery sales. Gillette also sells Oral B dental care products.
A partida podemos pensar que esta onda de aquisições que se tem vivido nos últimos meses é benéfica, mas deixo um artigo com uma visão diferente da coisa.
CNBC's Ted David recently interviewed Louis P. Friedman of Bear Stearns, who spoke about the huge merger and acquisition phase currently underway. Deals hit a record in 2000, $1.72 trillion worth. You remember that year, right? That's when every entity on the face of the earth thought stocks were great buys - no matter what the price level was. The mania wasn't limited to just the public. Everyone bought. Mutual funds, pension funds and even the very corporations whose stock was being highly promoted in the first place. The total value of deals fell to $765 billion in 2001, $440 billion in 2002, then rose to $567 billion in 2003 and surged to $835 billion in 2004. At December's pace of $147 billion, 2005 will see a brand new record. According to Friedman, the dramatic pick up "....shows the pent up demand for growth by CEOs." Gulp. Heaven help us. The mania strikes again. If CEOs believe that M&A is the way that earnings are supposed to grow, then stocks are not just overvalued but are laughably overvalued. The trick in the latter part of the mania was simply to buy a company with a lower P/E than yours, with your own astoundingly overvalued stock. Given a 60 P/E, a company that takes over another company with a 40 P/E will likely wind up with higher earnings per share, igniting more interest in the stock and resulting in an even higher P/E. Then the cycle begins anew. We saw this pattern with Commonwealth United and other "conglomerates" in the 1960's and 1970's. We saw it with high tech giants in the mania. And it is happening again. It was one thing when the great M&A spree began in 1981, with Tobin's Q ratio at .55. It is quite another now. As Tobin's Q clearly shows, stocks are overvalued by a factor of at least two!
È como se os CEOs tivessem a noção que a cotação da sua empresa em bolsa está inflacionada e utilizem essa “moeda de troca” para adquirir outras empresas a desconto. Se repararmos muitas destas aquisições estão a ser realizadas utilizando como pagamento de uma grande percentagens do negócio, acções da empresa adquirente.
Entretanto entre mortos e vivos alguns irão escapar.
Lets see
cump
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