透過購併邁向第一的九轉廻腸之路 —康師傅購併百事中國飲料事業的演義及著陸分析

Abstract

全球經濟情勢之快速變化以及經營環境的日趨嚴峻，加快、加深了競爭的腳步及意識；不管參與者或一般看似無關之人，不直觀、面對競爭，未來就難以生存。為提升競爭力及面對未來的挑戰，思考如何藉由模擬、評核、規劃、與執行有效的成長策略，成為很重要的企業經營治理的重大課題。有些企業目前經營得風生水起，前途看來一片大好，但不旋踵，在毫無意識下，產業便立即被邊緣化，企業也馬上被消費大眾拋棄，而不自知。這便是競爭的可怕，但卻也是成長的原動力。 競爭引領企業成長，要面對競爭，就得成長。企業成長來自於自我的增長，做大、做強是一來源；另一個成長來源則是藉由購併，進行橫向擴張或垂直整合產業，快速拉開與競爭對手的距離，鞏固市場的地位，擴大規模，保住高額利潤。國際飲料的兩只巨鱷：百事可樂及可口可樂在中國一開始便沿用在世界其它市場的模式，進行激烈的競爭，立即把市場擴大，逐漸併吞了當地飲料大廠。兩大巨鱷在中國所從事的事業經營的策略採取了不一樣的做法，但目的則一：即快速擴充產能、搶佔市場、進行攻城掠地的行銷，企圖「二霸中國」的飲料市場。不一樣的策略，三十年執行下來，當然產生了不一樣的結果：可口可樂如所預期的雄霸飲料界，依據中國行業網的2011年的資料可口可樂以15.1%的中國軟性飲料市場佔有率領跑其他參與者。百事可樂則僅佔4.4%，落後同質性甚高的老對手一大截。本案的另一要角 康師傅則以14.4% 緊追可口可樂，拼搏氣勢依舊非常高昂。這樣一個趨勢，便營造了康師傅與百事可樂進行策略聯盟的氛圍，尤其在百事可樂在中國由於過去經營策略的失誤產生了多事之秋的局面後，更使百事認為在中國的策略已到了非更弦易轍的時候，否則無法從泥澇裡脫身；再加上康師傅由於進入飲料行業較晚，一直在找尋賢者以改善飲料體質，並企圖進入佔有飲料四分之一份額的碳酸飲料市場，藉以拉開它與對手的距離；這些主客觀因素便造就了聯盟關係臨門一腳的力量。本論文所分析的這個購併案的發起有別於其他案例，劇情張力十足。 進入購併的程序執行，依先行者及能人志士所揭櫫的各項步驟：專案策略規劃、購併交易條件、盡職責任調查、盡調談判、交易談判、簽署交易合約、申報有關單位審批、預測與評價、及交割完成、整合作業等等一連串的程序規劃，均有範例可依、可循、可查、可諮詢；但，全球的購併的成功率則還是低於25%，問題何在？ 本論文以康師傅整合百事中國的飲料事業的過程為藍圖，逐步細分，找出為何購併後進行的整合作業為何那麼不順的隱晦原因；並思考如何補救，一步一步地拉回主調。經覈算後決定採取硬著陸的整合，給付老員工離職補償金一方面減少其對業務的干擾，一方面建立未來精簡的低成本的組織架構，然後再輔以總體策略與年度方針的再修正，企圖達到原定的綜效規劃；將百事的「砒霜」，轉化為康師傅控股的「熊掌」。

Tingyi (Cayman Islands) Holding Corporation, also well-known as its brand name 「Master Kong」, was established and launched his famous instant noodle in 1992, and was listed at Hong Kong Security Exchange Commission on February 16, 1996. By means of the capital proceeds gathered from the capital market through listed, Master Kong constructs its own beverage sector and bakery sector in 1997. After established the strength position of beverage in RTD tea, purified drinking water, and RTD juice, Master Kong tries to develop its beverage business involved with Carbonate Soft Drink Sector. PepsiCo‘s, one of two beverage giants in the world, have done its beverage business in China since 1981. After 30 years, Pepsi China suffers a net loss of USD200 million in 2011 and faces a very difficult situation of getting a mess with Chinese local partners in business , due to the applied different operating strategy in China from Coca Cola’s. It tried to study on the strategies of Joint Venture in China to rescue the worst business through making strategic alliance with Master Kong. On November 4, 2011, Master Kong and PepsiCo jointly announced they met an agreement to make the Strategy Alliance for the beverage business in China, i.e. all business including 24 JV bottling factories of Pepsi China merged into Master Kong‘s. Hence, Master Kong becomes the sole partner of PepsiCo in China and the champion in soft drink sector – ahead of its major rival Coca-Cola. Given the synergies of Master Kong and PepsiCo, it is believed that this M&A case will be successful through with a thoughtful integration plan and well structured terms and condition for the strategic alliance.