current position：Home>The delivery of the three major businesses cost more than 3 billion yuan. Danone and Mengniu bid farewell
The delivery of the three major businesses cost more than 3 billion yuan. Danone and Mengniu bid farewell
Nine years of Mengniu and Danone “ To unite to marriage ”, Finally came to an end .
Yesterday evening , Mengniu Dairy 、 Yashili international joint announcement , On 2021 year 5 month 13 Japan , Danone announces , By 2021 year 5 month , Danone has sold all its interests in Mengniu's issued share capital . After the sale of Danone Mengniu , Mengniu and Danone agree to dissolve the existing relationship between Mengniu and Danone .
Danone and Mengniu “ To unite to marriage ” Began in 2013 year , At that time, the dairy industry was merged and reorganized 、 The introduction of foreign capital is the main theme of the market . After two rounds of negotiations , stay 2014 year , COFCO 、 danone 、ArlaFoods Become the top three shareholders of Mengniu . With the blessing of major shareholders , Mengniu began to flourish , In just a few years, it has grown into a global dairy giant . The latest financial report shows ,2021 year , Mengniu achieved operating income 881.42 One hundred million yuan , Year-on-year growth 15.9%; Net profit 50.26 One hundred million yuan , Year-on-year growth 42.6%, Than 2019 An increase of 22.4%.
however , last year 3 month , Danone suddenly announced that , As part of Danone's comprehensive review of various brands and assets invested by Danone , With COFCO dairy , Convert the current equity of Mengniu Dairy indirectly held by Danone into directly holding the corresponding Mengniu shares , And consider reducing the holdings in the next step .
Back to this announcement , This scene “ Break up ” It involves three specific transactions .
First , Mengniu took over the shares held by Danone in the low temperature business joint venture company .
Announcement shows that ,2022 year 5 month 6 Japan , Inner Mongolia Mengniu and Danone Shanghai entered into a low-temperature business sales agreement , Danone Shanghai agreed to sell and Inner Mongolia Mengniu agreed to buy shares in the sales of low-temperature business , Subject to the terms and conditions contained therein .
According to public reports ,2013 year , The yogurt business of mengneng merged with that of Mengniu in the mainland . According to the framework agreement between the two companies , Mengniu and Danone will respectively inject 10 And two subsidiaries to form a joint venture holding company , After completion, they hold the joint venture 80% and 20% Equity of . At the time , Both parties preliminarily propose that the term of the joint venture is 30 year .
according to the understanding of , The low-temperature product business of the joint venture project includes production, marketing and promotion of yogurt 、 Yogurt drinks and spoon type dairy desserts ; The purpose of the cooperation between the two sides is to build a long-term joint venture project , As an acquisition 、 investment 、 The only platform for domestic low-temperature product business , So as to jointly establish a rich variety of yogurt product portfolio .
however , At present, the industry generally believes that , As the low-temperature milk business of both sides has formed competition in the Chinese market , The current split is also considered reasonable . Although Danone and Mengniu had previously injected the yogurt business into the joint venture , But all along , Danone operates independent yogurt brands in the Chinese market , In recent years, Mengniu yogurt business began to rise , low temperature 、 Normal temperature yogurt and other products have a certain volume , It has squeezed the channel and market share of Danone yogurt .
also , Danone wholly acquired Domex China .
Announcement shows that ,2022 year 5 month 6 Japan , Yashili Guangdong and Danone APAC Enter into a Domex China sales and purchase agreement , Yashili Guangdong agreed to sell and Danone APAC Agree to buy Dumex China 100% equity , Subject to the terms and conditions contained therein . According to article of the listing rules 14 Zhang Ji 14A Chapter , The sale of Domex China constitutes the main and connected transactions of Yashili .
2015 year 12 month , Ashley et al 12.3 HK $100 million in cash to acquire all the equity of Danone's milk powder brand Domex China , Domex China has become an indirect wholly-owned subsidiary of Ashley . The following year 5 month , Yashili completes the acquisition of Domex China , Formed by Ashley 、 Ruifuen 、 Dumex 、Arla Brand matrix of infant milk powder composed of brands such as . It is worth noting that , stay 2013 Years ago , Two thirds of the market share of Danone's milk powder business in China is contributed by Dumex .
however , Botox incident 、 “ The first bite of milk ” And other events , Domex China's performance began to decline . Public data display ,2012 - 2015 year , Domex's revenue is from 57.33 Billion yuan down to 4.17 One hundred million yuan , Net profit from 2012 Annual profits 7.65 One hundred million yuan to 2015 Years of losses 8.39 One hundred million yuan . Earlier this year, , Yashili once issued a profit warning saying , Because of its Domex 2021 The annual operating conditions did not meet the expectations , It will be tested for no more than 3 A one-time impairment provision of 100 million yuan , This led to Ashley International 2021 A loss was recorded in 2000 .
Last , It is Mengniu's privatization of Yashili .
Announcement shows that ,2022 year 5 month 6 Japan , Mengniu and Danone Nutrition conclude 25% Yashili acquisition sale and purchase agreement , danone Nutrition Agree to sell and Mengniu agree to buy ( Or through its affiliates ) Yashili sells shares , The price of each Yashili share is 1.20 The Hong Kong dollar , Subject to the terms and conditions contained therein .
2013 year , Mengniu has a maximum of no more than 124.57 Million Hong Kong dollars （ About us 98 RMB 100 million ） Make an offer to Yashili for , Become the largest shareholder of the latter . The following year 10 month , MENGNIU 、 danone 、 Yashili jointly signed the share subscription agreement , Danone has become the second largest shareholder of Ashley International ; Mengniu holds shares from 68% Drop to 51%, But still the controlling shareholder of Ashley .
Public data display ,2014 year -2020 year , Yashili's revenue is 35.54 One hundred million yuan 、27.62 One hundred million yuan 、22.03 One hundred million yuan 、22.55 One hundred million yuan 、30.11 One hundred million yuan 、34.12 One hundred million yuan, 36.49 One hundred million yuan . Only from the revenue data , These seven years , Never came back to 2013 Year high ; And in terms of net profit , Yashili these years can be described as bleak .
In the past two years , Yashili has become one of the main forces of Mengniu milk powder , Adult milk powder has become the main reason for Yashili's revenue growth . Results show that ,2021 year , Yashili's annual gross profit recorded 14.60 One hundred million yuan , Year-on-year increase 9.5%; However, due to the change of product structure , The proportion of adult milk powder sales with low gross profit increased ,2021 The gross profit margin of Yashili decreased in . Besides , Mengniu is also there 2021 According to the annual financial report , Driven by the rapid growth of adult milk powder , The group's milk powder business revenue is 49.49 One hundred million yuan , Year-on-year growth 8.2％.
It is worth noting that , For the specific amount of three transactions , The announcement also disclosed ： The maximum purchase price of the sale shares of low-temperature business shall not exceed RMB 16 One hundred million yuan ; The total cost of Dumex China sale is RMB 8.7 One hundred million yuan ; And in the 25% In the Yashili acquisition , The total consideration for Yashili's sale of shares is 14.24 Million Hong Kong dollars , The price equivalent to each Yashili share is 1.20 The Hong Kong dollar , Paid by Mengniu in cash .
Dairy expert Wang dingmian believes that , Whether it's Mengniu or Danone , this “ Break up ” It has little impact on both parties in business . The cooperation between Mengniu and Danone focuses more on equity investment , Danone invested in Mengniu , Over the years, it has gained a lot of benefits . In addition to individual businesses such as yogurt business, the business of both parties , There is not much intersection in the market , Danone didn't even use too many market resources of Mengniu .
It is worth noting that , Outside Mengniu , Danone has also successively controlled or participated in a large number of consumer goods companies in the Chinese market , Such as Wahaha 、 Yili 、 Rebecca 、 Zhengguanghe 、 Huiyuan juice 、 Bright Dairy, etc , After years of working with these companies , Danone finally chose to exit . In recent years , Although Danone has been emphasizing that it will increase its investment in China , But the biggest investment in the past decade is this year 5 In June, it acquired Maigao Qingdao factory , The amount is insignificant compared with its various sales proceeds and profits from selling products .
In the eyes of insiders , After stripping off the investment in Mengniu , Danone may prepare for further investment and M & A , And focus on areas with high growth potential in the Chinese market . Mengniu has actually formed its own unique methodology in the past few years , And COFCO group's consistent support and endorsement , Coupled with the general trend of consumption upgrading in China's dairy market . Breaking up with Danone , Maybe Mengniu can get the advantage of accelerating running , Gain a more advantageous position in the competition of China and even the global dairy market in the future .
This article is from WeChat official account. “ The consumer ”（ID：fbc180）, author ： Li Ke ,36 Krypton authorized release .
author[36kr],Please bring the original link to reprint, thank you.
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