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光明海外并购的金融创新曹晓风(光明食品集团财务总监):2012年11月,光明食品集团完成对英国谷物食品生产商维多麦60%股权(对价7亿英镑)收购的交割。这是迄今为止,中国食品行业交易对价最大的一桩海外并购。在此次收购中,光明食品集团先后应用了杠杆收购、过桥贷款和俱乐部融资等诸多先进的高级金融手段,以规避和降低收购的风险和不确定性。收购中,光明食品须为维多麦约3亿英镑股权的60%支付约1.8亿英镑,同时须为维多麦约9亿英镑债务中的4亿无追索权的“子弹式”贷款进行再融资安排。因此,在融资架构上光明食品集团运
Bright overseas financial mergers and acquisitions Cao Xiaofeng (Bright Food Group CFO): In November 2012, Bright Food Group completed the delivery of a 60% stake (£ 700 million) acquisition of the British cereal maker Vidooma. This is by far the largest transaction price in China’s food industry, an overseas acquisition. In this acquisition, Bright Food Group has applied many advanced advanced financial instruments such as leveraged buyouts, bridge loans and club financing to avoid and reduce the risks and uncertainties of the acquisition. In the acquisition, Bright Foods shall pay approximately 180 million pounds for 60% of the approximately 300 million pounds of Weidmoke and 400 million non-recourse “Bullet” Loans for refinancing arrangements. Therefore, in the financing structure bright food group shipped