Diageo's deals
帝亚吉欧的生意
Replenishing the drinks cabinet
补充酒柜
Raki with a bourbon chaser?
拉克酒之后，紧跟着波本威士忌？
Mar 3rd 2011 | from the print edition
2011年3月3日 | 打印版
EVER since Diageo was created 13 years ago through the mega-merger of two British drinks giants, Guinness and Grand Metropolitan, it has steered clear of big takeovers. The world's biggest maker of alcoholic drinks sold Burger King, Haagen-Dazs, Pillsbury and other food companies unrelated to its core business. It focused on Johnnie Walker, Smirnoff, and Guinness, its flagship global brands in whisky, vodka and stout.
13年前，英国两家酒业巨头，健力士和大都会，通过巨型合并，成立了帝亚吉欧集团，自那之后，该集团再没参与过大的并购。这个全球最大的酒业制造集团还经营了着与其核心业务毫不相关的食品公司，比如汉堡王、哈根达斯、品食乐等等。集团重点经营威士忌、伏特加和黑啤的全球旗舰品牌，即尊尼获加、皇冠和健力士。
Now things seem to be changing, as Diageo dips into a war chest of several billion pounds that it has accumulated in recent years. On February 21st the company announced the takeover of Mey Icki, Turkey's largest maker of raki, an aniseed drink. It is paying £1.3 billion ($2.1 billion), a rich price; but analysts say it is justified because of Mey Icki's high operating margins and its first-rate distribution network in a big, thirsty emerging market.
现在，情况看来要有变化了，因为帝亚吉欧正把其近几年来积累的数十亿英镑做筹措基金。在2月21日，公司宣布收购土耳其一种茴香酒，即拉克酒的最大制造商Mey Icki。它的出价是13亿英镑（合21亿美元），颇为优厚。但有分析师称，这个价位很公平，因为Mey Icki有高额的营业毛利，而且在（土耳其）这个饥渴的巨大新兴市场中，它有一流的销售网络。
After the deal in Turkey is completed, more than 35% of Diageo's revenues will come from emerging markets. The group has a strong presence in Africa thanks to Guinness, and in Latin America mainly thanks to Johnnie Walker and Buchanan's, another Scotch whisky, as well as Red Stripe, a Jamaican lager. The company's boss, Paul Walsh, predicts that in four to five years he will have raised the emerging markets' revenue share above 50%.
和土耳其的这笔生意谈成后，帝亚吉欧超过35%的利润都将来自于新兴市场。集团风头正劲，旗下的健力士在非洲有骄人业绩，尊尼获加和另一种苏格兰威士忌Buchanan's在拉丁美洲销售不俗，后者类似于牙买加的lager酒红带啤酒。公司老板保罗•华尔士预测，在4到5年时间里，他将把公司在新兴市场的利润份额提高到50%以上。
This continued growth is likely to come to some extent through the takeover of local booze brands in India, China and Brazil. But most of it will be created by selling traditional European and American brands to the developing world's growing middle classes. The biggest potential takeover targets likely to be in Diageo's sights are American and French.
这种持续性增长有可能在某种程度上是通过并购印度、中国和巴西的当地酒品品牌来实现。但最主要还是得益于向发展中国家正在成长的中产阶级出售传统欧洲和美国品牌。帝亚吉欧眼中最大的潜在收购目标可能在美国和法国。
The most desirable fish will also be the trickiest to catch. Diageo already owns 34% of Moët Hennessy, a maker of fine champagnes (Moët & Chandon, Krug and Dom Pérignon) and cognac (Hennessy), and it would like to buy the remainder of the business, which is owned by Moët Hennessy Louis Vuitton (LVMH), a luxury conglomerate. Such a deal would close the cognac and champagne gap in Diageo's otherwise well-stocked drinks cabinet, and would help its expansion in China. Moët Hennessy has 47% of the market for cognac, and well-off Chinese have quite a taste for the stuff.
玫瑰最美但却扎手难摘。帝亚吉欧已经拥有了酩悦轩尼诗34%的业务，后者是优质香槟（酩悦、库克及唐培里侬香槟王）和干邑酒（轩尼诗）的制造商。帝亚吉欧有意从大型奢侈品集团酩悦•轩尼诗－路易•威登集团(LVMH)手中购买剩下的业务（份额）。这个交易会为帝亚吉欧那储备丰富的酒柜弥补干邑和香槟的空缺，而且可以帮助其在中国的扩张。酩悦轩尼诗占干邑市场的47%，富裕的中国人对这东西相当有品位。
The trouble is that Bernard Arnault, the boss of LVMH, says he does not intend to sell his drinks business. He has enough cash to continue pursuing deals in LVMH's high-fashion and accessories businesses―unless, that is, he suddenly makes progress in his quest to take complete ownership of Hermès, a luxury-goods business, which the Hermès family is fighting tooth and manicured nail.
问题在于，LVMH的老板伯纳德•阿诺说，他不打算出售自己的酒品业务。他有足够的现金来继续追逐LVMH的新潮业务和其他附属业务，除非他追求的爱马仕完全所有权能突然取得进展，拥有这个奢侈品商业的爱马仕家族总是张牙舞爪。
In the shorter term, Pablo Zuanic at Liberum Capital, a stockbroker, expects Diageo to buy a stake of up to 70% in the spirits business of Fortune Brands, an American conglomerate, for £3.5 billion-4 billion. Jim Beam, Fortune's biggest spirits brand (others include Maker's Mark and Old Crow), would allow Diageo to compete more effectively with Brown-Forman, the owner of Jack Daniels, in the lucrative market for bourbon, an American style of whisky.
英国经纪公司Liberum Capital的分析师Pablo Zuanic期待在短期内，帝亚吉欧将冒险用35亿到40亿英镑，购买美国大型企业Fortune Brands公司相当于70%的烈性酒业务。Fortune Brands公司最大的烈性酒品牌占边波本威士忌（此外还有酿者之徽和老鸦的牌子）将使有效提高帝亚吉欧对布朗-福曼公司的竞争力，该公司在一种美式威士忌――波本威士忌这个盈利市场中，拥有杰克丹尼（的品牌）。
Unfortunately for Diageo it is barred from buying Fortune's tequila and cognac brands because of its agreement with Cuervo of Mexico to distribute that company's José Cuervo tequila, and its understanding with Moët Hennessy to stay away from other cognac and champagne brands. It will probably have to stay clear of Fortune's vodka brands too, because of antitrust concerns.
不幸的是，由于和墨西哥的Cuervo达成共识，要销售其公司的José Cuervo龙舌兰酒，而且因为和酩悦•轩尼诗的协议，帝亚吉欧要避开其他干邑和香槟品牌，帝亚吉欧被禁止购买Fortune的龙舌兰酒品牌和干邑品牌。因为涉及到反垄断，它也不能对Fortune的伏特加品牌出手。
Instead of the complicated deal with Fortune Brands, Diageo could simply try to buy Jack Daniels, whose sales volumes and selling price are higher than Jim Beam's in America. But the family-owned Brown-Forman is not for sale. The only thing that might make the Brown family members sell the firm is if Diageo did take control of Jim Beam and became a mighty rival in the American spirits market.
与Fortune Brands的交易情况复杂，比较之下，帝亚吉欧可以简单地买下杰克丹尼，其在美国的销售量和销售价格都高于占边。但是家族公司布朗-福曼不想卖。唯有一件事可能让布朗家族成员出售公司，即帝亚吉欧能否控制占边，并且成为（自己在）美国烈性酒市场强有力的竞争者。
If so, the buyer could be Pernod Ricard. After its takeovers of Britain's Allied Domecq and Vin & Spirit, a Swedish drinks maker, Diageo's closest rival (see chart) is too indebted to make a big acquisition now. But if Brown-Forman were for sale in a few years it might by then have paid down enough debt to make a bid.
如果是这样，（杰克丹尼的）买主可能是保乐力加集团。在完成了对英国的联合-道麦克酒业集团和瑞典酒品制造商Vin & Spirit的并购后，这个帝亚吉欧最大的竞争对手（参看图表）眼下对大型收购会吃不。，但是如果布朗-福曼在几年内会出售，到那时候，保乐力加也许会出足够的筹码来投标。
America already accounts for 40% of Diageo's revenue so it seems odd for it to make a big bet on a mature market when all eyes are on emerging economies. Yet whereas Europe's beer and spirits markets are in the doldrums, per-capita consumption of spirits in America is increasing, especially among young consumers. Jason DeRise, a beverage analyst at UBS, notes a theory that "you don't drink what your father drinks", and says that whereas oldies are still content just to chug beer, younger adults seem to be trying out the hard liquor that grandpa used to knock back.
美洲市场已经占了帝亚吉欧收益的40%了，当所有的目光都集中在新兴经济体上时，在一个成熟市场上下大赌注看起来就是奇怪的事情。然而对比于欧洲啤酒和烈性酒市场的疲软，美洲市场的人均烈性酒消费额则在增长，尤其是在年轻消费群体中。瑞士联合银行的饮料分析师Jason DeRise在理论上做了注脚："子不承父业。"他说，上一代人还仅仅满足于畅饮啤酒，反之年轻一代的成人看来想尝试通常会让祖辈大吃一惊的烈性酒。
Diageo's beer business has been struggling recently, especially in crisis-hit countries such as Ireland, Guinness's spiritual home. It could sell this to raise the cash to buy Fortune Brands or the rest of Moët Hennessy, but Mr Walsh is adamant that he will not do so. Guinness has survived many ups and downs in the 250 years it has been brewed, and Diageo's boss is confident that its recent sales slump in Europe will be a mere hiccup.
帝亚吉欧的啤酒业务最近比较纠结，尤其是在被金融危机重击的国家，比如健力士的精神家园爱尔兰。帝亚吉欧可以卖掉（健力士），以此增持现金来购买Fortune Brands或酩悦•轩尼诗的剩余业务，但是华尔士先生固执己见，说不会这样做。健力士在酿造出来的250年中，从坎坷起伏中生存下来，而且帝亚吉欧的老板信心十足地认为，最近在欧洲的销售低谷只是罕有的小插曲。
from the print edition | Business
打印版 | 商业
帝亚吉欧的生意
Replenishing the drinks cabinet
补充酒柜
Raki with a bourbon chaser?
拉克酒之后，紧跟着波本威士忌？
Mar 3rd 2011 | from the print edition
2011年3月3日 | 打印版
EVER since Diageo was created 13 years ago through the mega-merger of two British drinks giants, Guinness and Grand Metropolitan, it has steered clear of big takeovers. The world's biggest maker of alcoholic drinks sold Burger King, Haagen-Dazs, Pillsbury and other food companies unrelated to its core business. It focused on Johnnie Walker, Smirnoff, and Guinness, its flagship global brands in whisky, vodka and stout.
13年前，英国两家酒业巨头，健力士和大都会，通过巨型合并，成立了帝亚吉欧集团，自那之后，该集团再没参与过大的并购。这个全球最大的酒业制造集团还经营了着与其核心业务毫不相关的食品公司，比如汉堡王、哈根达斯、品食乐等等。集团重点经营威士忌、伏特加和黑啤的全球旗舰品牌，即尊尼获加、皇冠和健力士。
Now things seem to be changing, as Diageo dips into a war chest of several billion pounds that it has accumulated in recent years. On February 21st the company announced the takeover of Mey Icki, Turkey's largest maker of raki, an aniseed drink. It is paying £1.3 billion ($2.1 billion), a rich price; but analysts say it is justified because of Mey Icki's high operating margins and its first-rate distribution network in a big, thirsty emerging market.
现在，情况看来要有变化了，因为帝亚吉欧正把其近几年来积累的数十亿英镑做筹措基金。在2月21日，公司宣布收购土耳其一种茴香酒，即拉克酒的最大制造商Mey Icki。它的出价是13亿英镑（合21亿美元），颇为优厚。但有分析师称，这个价位很公平，因为Mey Icki有高额的营业毛利，而且在（土耳其）这个饥渴的巨大新兴市场中，它有一流的销售网络。
After the deal in Turkey is completed, more than 35% of Diageo's revenues will come from emerging markets. The group has a strong presence in Africa thanks to Guinness, and in Latin America mainly thanks to Johnnie Walker and Buchanan's, another Scotch whisky, as well as Red Stripe, a Jamaican lager. The company's boss, Paul Walsh, predicts that in four to five years he will have raised the emerging markets' revenue share above 50%.
和土耳其的这笔生意谈成后，帝亚吉欧超过35%的利润都将来自于新兴市场。集团风头正劲，旗下的健力士在非洲有骄人业绩，尊尼获加和另一种苏格兰威士忌Buchanan's在拉丁美洲销售不俗，后者类似于牙买加的lager酒红带啤酒。公司老板保罗•华尔士预测，在4到5年时间里，他将把公司在新兴市场的利润份额提高到50%以上。
This continued growth is likely to come to some extent through the takeover of local booze brands in India, China and Brazil. But most of it will be created by selling traditional European and American brands to the developing world's growing middle classes. The biggest potential takeover targets likely to be in Diageo's sights are American and French.
这种持续性增长有可能在某种程度上是通过并购印度、中国和巴西的当地酒品品牌来实现。但最主要还是得益于向发展中国家正在成长的中产阶级出售传统欧洲和美国品牌。帝亚吉欧眼中最大的潜在收购目标可能在美国和法国。
The most desirable fish will also be the trickiest to catch. Diageo already owns 34% of Moët Hennessy, a maker of fine champagnes (Moët & Chandon, Krug and Dom Pérignon) and cognac (Hennessy), and it would like to buy the remainder of the business, which is owned by Moët Hennessy Louis Vuitton (LVMH), a luxury conglomerate. Such a deal would close the cognac and champagne gap in Diageo's otherwise well-stocked drinks cabinet, and would help its expansion in China. Moët Hennessy has 47% of the market for cognac, and well-off Chinese have quite a taste for the stuff.
玫瑰最美但却扎手难摘。帝亚吉欧已经拥有了酩悦轩尼诗34%的业务，后者是优质香槟（酩悦、库克及唐培里侬香槟王）和干邑酒（轩尼诗）的制造商。帝亚吉欧有意从大型奢侈品集团酩悦•轩尼诗－路易•威登集团(LVMH)手中购买剩下的业务（份额）。这个交易会为帝亚吉欧那储备丰富的酒柜弥补干邑和香槟的空缺，而且可以帮助其在中国的扩张。酩悦轩尼诗占干邑市场的47%，富裕的中国人对这东西相当有品位。
The trouble is that Bernard Arnault, the boss of LVMH, says he does not intend to sell his drinks business. He has enough cash to continue pursuing deals in LVMH's high-fashion and accessories businesses―unless, that is, he suddenly makes progress in his quest to take complete ownership of Hermès, a luxury-goods business, which the Hermès family is fighting tooth and manicured nail.
问题在于，LVMH的老板伯纳德•阿诺说，他不打算出售自己的酒品业务。他有足够的现金来继续追逐LVMH的新潮业务和其他附属业务，除非他追求的爱马仕完全所有权能突然取得进展，拥有这个奢侈品商业的爱马仕家族总是张牙舞爪。
In the shorter term, Pablo Zuanic at Liberum Capital, a stockbroker, expects Diageo to buy a stake of up to 70% in the spirits business of Fortune Brands, an American conglomerate, for £3.5 billion-4 billion. Jim Beam, Fortune's biggest spirits brand (others include Maker's Mark and Old Crow), would allow Diageo to compete more effectively with Brown-Forman, the owner of Jack Daniels, in the lucrative market for bourbon, an American style of whisky.
英国经纪公司Liberum Capital的分析师Pablo Zuanic期待在短期内，帝亚吉欧将冒险用35亿到40亿英镑，购买美国大型企业Fortune Brands公司相当于70%的烈性酒业务。Fortune Brands公司最大的烈性酒品牌占边波本威士忌（此外还有酿者之徽和老鸦的牌子）将使有效提高帝亚吉欧对布朗-福曼公司的竞争力，该公司在一种美式威士忌――波本威士忌这个盈利市场中，拥有杰克丹尼（的品牌）。
Unfortunately for Diageo it is barred from buying Fortune's tequila and cognac brands because of its agreement with Cuervo of Mexico to distribute that company's José Cuervo tequila, and its understanding with Moët Hennessy to stay away from other cognac and champagne brands. It will probably have to stay clear of Fortune's vodka brands too, because of antitrust concerns.
不幸的是，由于和墨西哥的Cuervo达成共识，要销售其公司的José Cuervo龙舌兰酒，而且因为和酩悦•轩尼诗的协议，帝亚吉欧要避开其他干邑和香槟品牌，帝亚吉欧被禁止购买Fortune的龙舌兰酒品牌和干邑品牌。因为涉及到反垄断，它也不能对Fortune的伏特加品牌出手。
Instead of the complicated deal with Fortune Brands, Diageo could simply try to buy Jack Daniels, whose sales volumes and selling price are higher than Jim Beam's in America. But the family-owned Brown-Forman is not for sale. The only thing that might make the Brown family members sell the firm is if Diageo did take control of Jim Beam and became a mighty rival in the American spirits market.
与Fortune Brands的交易情况复杂，比较之下，帝亚吉欧可以简单地买下杰克丹尼，其在美国的销售量和销售价格都高于占边。但是家族公司布朗-福曼不想卖。唯有一件事可能让布朗家族成员出售公司，即帝亚吉欧能否控制占边，并且成为（自己在）美国烈性酒市场强有力的竞争者。
If so, the buyer could be Pernod Ricard. After its takeovers of Britain's Allied Domecq and Vin & Spirit, a Swedish drinks maker, Diageo's closest rival (see chart) is too indebted to make a big acquisition now. But if Brown-Forman were for sale in a few years it might by then have paid down enough debt to make a bid.
如果是这样，（杰克丹尼的）买主可能是保乐力加集团。在完成了对英国的联合-道麦克酒业集团和瑞典酒品制造商Vin & Spirit的并购后，这个帝亚吉欧最大的竞争对手（参看图表）眼下对大型收购会吃不。，但是如果布朗-福曼在几年内会出售，到那时候，保乐力加也许会出足够的筹码来投标。
America already accounts for 40% of Diageo's revenue so it seems odd for it to make a big bet on a mature market when all eyes are on emerging economies. Yet whereas Europe's beer and spirits markets are in the doldrums, per-capita consumption of spirits in America is increasing, especially among young consumers. Jason DeRise, a beverage analyst at UBS, notes a theory that "you don't drink what your father drinks", and says that whereas oldies are still content just to chug beer, younger adults seem to be trying out the hard liquor that grandpa used to knock back.
美洲市场已经占了帝亚吉欧收益的40%了，当所有的目光都集中在新兴经济体上时，在一个成熟市场上下大赌注看起来就是奇怪的事情。然而对比于欧洲啤酒和烈性酒市场的疲软，美洲市场的人均烈性酒消费额则在增长，尤其是在年轻消费群体中。瑞士联合银行的饮料分析师Jason DeRise在理论上做了注脚："子不承父业。"他说，上一代人还仅仅满足于畅饮啤酒，反之年轻一代的成人看来想尝试通常会让祖辈大吃一惊的烈性酒。
Diageo's beer business has been struggling recently, especially in crisis-hit countries such as Ireland, Guinness's spiritual home. It could sell this to raise the cash to buy Fortune Brands or the rest of Moët Hennessy, but Mr Walsh is adamant that he will not do so. Guinness has survived many ups and downs in the 250 years it has been brewed, and Diageo's boss is confident that its recent sales slump in Europe will be a mere hiccup.
帝亚吉欧的啤酒业务最近比较纠结，尤其是在被金融危机重击的国家，比如健力士的精神家园爱尔兰。帝亚吉欧可以卖掉（健力士），以此增持现金来购买Fortune Brands或酩悦•轩尼诗的剩余业务，但是华尔士先生固执己见，说不会这样做。健力士在酿造出来的250年中，从坎坷起伏中生存下来，而且帝亚吉欧的老板信心十足地认为，最近在欧洲的销售低谷只是罕有的小插曲。
from the print edition | Business
打印版 | 商业
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