Chapter 1866 Don't Give Face, Right?

Regardless of whether Bloomberg sincerely welcomes Xiao Qi, anyway, he also knows that Xiao Qi's investment in Bloomberg is unstoppable, so it is in his own best interest to let go of the disappointment in his heart and start a formal cooperation.

With Bloomberg's relentlessness, Merrill Lynch no longer has any obstacles to the sale of 20% of Bloomberg's shares.

However, due to the huge loss of Merrill Lynch, the purchase price was still set at 5 billion US dollars, and it was in cash. Within three days after the contract was signed, it would be transferred to Merrill Lynch's account.

Xiao Qi doesn't have much resistance to a few hundred million more or a few hundred million less. After all, the acquisition of high-quality assets is itself a difficult task, and there are no easy ones to buy. He is deeply touched by this.

However, he also made a request not to disclose this news for the time being, and wait until the Black Rock Group's equity acquisition is completed at the same time (Apex Novels mobile version) before making it public.

It is naturally impossible for Merrill Lynch to refuse, but at the same time, they also hope to get this matter done as soon as possible, so as to strive for greater benefits for the company... Ahem, and at the same time, they also hope for more benefits for their board of directors.

Yes.

Most of the former Merrill Lynch directors were not inclined to sell the shares of Black Rock Group, because this asset is better than that of Bloomberg, and Merrill Lynch is also the first shareholder of Black Rock Group, with much more power than Bloomberg .

But no matter how persistent they were, they couldn't resist Xiao Qi's endless stream of money and benefits.

Xiao Qi allocated a total of 300 million U.S. dollars to Carrillo Consulting Company, and told them not to take any more. In order to complete the task as soon as possible, these lobbyists used money, antiques, real estate...etc. send up.

In addition, there are many human relationships, such as classmates, friends, pillow wind and so on. Increase the size together to persuade, the power is not general.

Just as Thain thought, if Merrill Lynch was still the international investment banking giant, then these shells might not be effective, but the problem is that Merrill Lynch has become a big ship that is about to sink. Who doesn't want to plan for themselves? Who doesn't want to get off the ship. Can I still have a prosperous life in the second half of my life?

Therefore, the seven key attacking directors shyly took away the money given to them by Xiao Qi after many times of righteous rejections, and then began to promote the sale plan within the board of directors.

The composition of Merrill Lynch's board of directors is very complicated, but the seven of them all have their own power, and with Thain, the nominal boss, it is easy to account for about 40% of the voting rights.

And the remaining directors with 60% of the voting rights, of course, cannot be their enemies. Even if they are not their friends, but seeing that there is such a big trend, and selling the shares of the Black Rock Group is indeed beneficial to oneself, it is only natural to follow it subconsciously.

Therefore, Merrill Lynch basically once again reached a decision to sell 49.8% of the shares of the Black Rock Group to Xiao Qi at a price of 12 billion US dollars.

The only problem now is the board of directors of the Black Rock Group.

It was beyond Xiao Qi's expectation. Black Rock Group's resistance to this acquisition was unexpectedly strong.

Not only formal contact has no effect. Even if Carrillo Consulting Co., Ltd. went out in person, the gains were extremely limited. At most, only one or two people reluctantly agreed, but they only agreed when others proposed it. It was absolutely impossible for them to agree.

Black Rock Group's board of directors. In fact, they don't hold many shares of Black Rock Group at all, and the total is only about 8%.

The largest shareholder of the Black Rock Group is Merrill Lynch with 49.8% of the shares, and the second is the PNC Financial Services Group from Pennsylvania, which is also the largest investment banking group in the area, which may be worse than the five major investment banks. But it is definitely one of the top 20 major investment banks in the world. It occupies 31% of the shares of Black Rock Group.

The two together account for 80% of the shares of the Black Rock Group. It stands to reason that they can decide everything, but in fact this is not the case.

If you want to put it this way, in 2006, the Black Rock Group also merged with Merrill Lynch Investment Management Company Merrill Lynch. Many of its current directors are from Merrill Lynch. Then they are not opposed to this Acquisition?

The most important thing is that every time the Black Rock Group merges and reorganizes, it will put forward a prerequisite for the partners, that is, if the major shareholders want to sell their shares, they must obtain their consent, otherwise the shares cannot be sold!

Now the card is stuck in this place, and Xiao Qi also knows through the Carrillo Consulting Company that the board of directors has other plans.

The black hand behind the scenes is the Blackstone Group that Xiao Qi wants to deal with.

As we all know, the Black Rock Group came out of the asset management part of the Black Rock Group from the beginning, and many high-level executives in power are subordinates of the two bosses of the Black Rock Group.

Now that Merrill Lynch is about to collapse, the Blackstone Group wants to gather the Blackrock Group under its own banner again to further strengthen its strength.

The plan they proposed to the management of the board of directors of Black Rock Group is that after Merrill Lynch goes bankrupt, Black Rock Group will use its own power to select Black Rock Group among many competitors to purchase 49.8% of the shares at a low price, so as to achieve the realization of Black Rock and Black Rock. of the merger.

The advantage given by the Black Rock Group is that the Black Rock Group will still operate independently in the future. The Black Rock Group is only responsible for overall decision-making, and will also allocate 5% of the shares of the Black Rock Group to the Black Rock Group's board of directors. .

The 5% they offered is much better than Xiao Qi's 1%-3%. More importantly, the management of the Black Rock Group also wants to keep their current power, and compared to Xiao Qi, they are more willing Trust your old bosses.

It was not Xiao Qi who was most unhappy about this, but Merrill Lynch.

Hurrah!

You originally had a part from me, and you are still from our Merrill Lynch company, but now your wings are hardened, and when the company needs you, you let me lose the chain at a critical moment?

Don't want me to sell it to pay off the debt, and you will take the opportunity to buy it at a low price after I go bankrupt?

How can there be such a good thing! ?

For a while, even the few shareholders who disagreed before were filled with righteous indignation, and they all roared to show some face to the Black Rock Group. If the Black Rock Group does not agree, they will turn their faces directly.

It's a pity that the current Merrill Lynch is no longer the former Merrill Lynch. They are already crumbling houses. Who would really take them seriously?

To put it bluntly, if it weren't for Goldman Sachs, JPMorgan Chase, Morgan Stanley, Citigroup, Bank of America... and other Wall Street giants who used Merrill Lynch and Lehman Brothers as bargaining chips to fight against Washington, they would have collapsed long ago up!

For this kind of company, how can American companies that have always been very realistic, especially the largest asset management company like Black Rock Group, take their threat seriously?

For rewards worth more than one billion U.S. dollars, and in order to allow themselves to completely control their own destiny in the future, most of the top executives of the Black Rock Group have long made up their minds to merge with the Black Rock Group!

Merrill Lynch also felt deeply humiliated upon hearing this formal reply.

Everyone pushes the wall down, but it shouldn't be his own branch that pushes it first, and it's still so indifferent—well, although Wall Street has always been like this.

Therefore, Merrill Lynch also joined forces to start the siege of the Black Rock Group.

On the morning of June 29, the "Wall Street Journal" kicked Black Rock Group's vice president of cash management, Stan Russell, confessed to the New York High Court that in the past three years, Black Rock Group used various fraudulent and concealed methods to defraud its investors. The cash obtained from the proceeds was openly used as a bonus for the management, and the suspected amount was as high as 130 million U.S. dollars!

At the same time, the "New York Times" also broke a news that the Seventh Court of the Federal Circuit of the United States also received a joint letter from 33 employees of the real estate consulting strategy department of the Black Rock Group.

It shows that in the past 8 years, Black Rock Group has deliberately misled investors and let them enter this already inflated market, thereby earning a large amount of service fees.

The price paid by ordinary people is that they lost everything in the subprime mortgage crisis that started last year, and countless families went bankrupt.

As soon as these two news came out, they immediately caused an uproar throughout the United States.

For a long time, Americans have been deeply indignant at the dividends and equity incentives that corporate executives receive tens of millions or even hundreds of millions of dollars a year, especially in the current subprime mortgage crisis. I don’t know how many people receive relief funds To get by, they even have a mentality of hating high-paid people.

The Black Rock Group openly used investors' money to give themselves bonuses, which can be said to have lost people's trust in them. It aroused a thousand waves for a while, criticized the Black Rock Group, and asked the U.S. Federal Court to investigate their faults in the cash business, Voices of fraud immediately emerged from all over the country.

Speaking of it, Americans are quite full and have nothing to do.

Many people had nothing to do with them, but they expressed their protests on various occasions as if they felt the same way.

Even people who are not related, let alone the customers of the Black Rock Group, they feel as uncomfortable as eating flies.

Originally, although the annual return of the Black Rock Group was not as generous as that of Mr. Buffett, it was still very good. The main threshold was much lower than that of Buffett, which was convenient for small and medium investors.

But now they know that this group of people is eating money in the middle, if not, their profits will definitely be higher!

What's so great about this?

As a result, the phone calls of the Black Rock Group were directly exploded by angry people, and the lawyer's letter flew towards them like snowflakes! (To be continued..)