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收購(gòu)背景介紹

據(jù)報(bào)道，中國(guó)航空休閑巨頭海航集團(tuán)于今年3月與Dufry主權(quán)財(cái)富基金股東GIC以及新加坡基金淡馬錫談?wù)摿岁P(guān)于投資世界最大旅游零售公司的問(wèn)題。

投資界可靠消息向The Moodie Davitt Report確認(rèn)了這個(gè)消息。華爾街日?qǐng)?bào)在這周也報(bào)道了相關(guān)消息。 兩個(gè)新加坡基金總共持有Dufry超過(guò)16%的股份。

據(jù)報(bào)道，海航集團(tuán)達(dá)到3%的股份時(shí)必須做一個(gè)公開披露。然而瑞士收購(gòu)規(guī)則稱必要的披露只需等到持股高達(dá)33.01%后才進(jìn)行。

直到現(xiàn)在Dufry也沒有收到來(lái)自HNA的消息，導(dǎo)致了投資界不確定這個(gè)中國(guó)集團(tuán)的收購(gòu)意圖。考慮到Dufry的股權(quán)結(jié)構(gòu)和中國(guó)海外投資限制，惡意收購(gòu)是十分難以實(shí)現(xiàn)的，而且從海航的交易歷史看這幾乎是不可能的。

最初來(lái)源認(rèn)為，最有可能的情況是海航集團(tuán)想通過(guò)增加對(duì)世界上最大的旅游零售公司的影響來(lái)尋求擴(kuò)大其在旅游服務(wù)鏈的地位。（It already owns gategroup; Carlson Hotels; a 25% stake in Hilton Worldwide Holdings; CIT Group’s aircraft leasing business; 13% of Virgin Australia; 23.7% of Azul Brazilian Airlines; and airport luggage handler Swissport International)

這樣的立場(chǎng)對(duì)其額外的好處是它是其他集團(tuán)在未來(lái)更加控制Dufry。隨著今天的爆炸性新聞，那個(gè)“怪獸”現(xiàn)在出現(xiàn)了。

Dufry集團(tuán)簡(jiǎn)介

List of Dufry shareholders, taken from its Annual Report 2016

HNA Group’s stake gives the ambitious Chinese aviation-to-leisure services giant a position of major influence in the world’s largest travel retailer; 

Source: The Moodie Davitt Report

作為世界旅游零售業(yè)領(lǐng)導(dǎo)者，Dufry有限公司于1865年成立，其總部位于Basel, Switzerland，并在瑞士和巴西公開上市。Dufry在機(jī)場(chǎng)、郵輪、海港、火車站和城市旅游景點(diǎn)擁有大約2200家免稅店，雇傭了近29000位員工。

Dufry是唯一一個(gè)直接在世界5大洲64個(gè)國(guó)家運(yùn)營(yíng)的旅游零售公司，其聯(lián)盟和收購(gòu)使得Dufry這個(gè)行業(yè)領(lǐng)頭羊能為顧客和品牌提供無(wú)可比擬的產(chǎn)業(yè)網(wǎng)。其國(guó)際化程度也使其擁有豐富的見解和專業(yè)知識(shí)，并能運(yùn)用于本土市場(chǎng)管理當(dāng)中。

據(jù)投資行業(yè)研究顯示，世界第一大免稅集團(tuán)的Dufry集團(tuán)，它的由小到大，是經(jīng)歷了一段為期十年的兼并收購(gòu)，橫向擴(kuò)張、銷售額迅速做大的過(guò)程。隨著銷售額擴(kuò)大，Dufry集團(tuán)免稅業(yè)務(wù)毛利率由2004年的50.6%，上升到2016年的70.7%（DFE：似乎有點(diǎn)高?。。?/p>

From The Moodie Davitt Report May Print Edition,
out in coming days

I’m not normally one for predictions but I’ll make one here. The acquisitive, Hainan-based conglomerate HNA Group has pulled off a flurry of major acquisitions in recent times and I believe travel retail will be among its next power plays.

Don’t forget either that at its 28 October 2016 board meeting, CDFG parent China International Travel Service voted to create a joint venture with Hainan Duty Free. And Hainan Duty Free (full name HNDF Haikou Meilan Airport Duty Free Shop) is a provincial government and private partnership between Hainan Provincial Duty Free Company Limited and none other than HNA Group. Just think of the possible permutations among that network of relationships.

“Piecing together a jigsaw puzzle”

When it reported HNA Group’s US$6.5 billion bid for a 25% stake in the Hilton hotel chain last October, the Financial Times (FT) said the deal “cemented its reputation as one of China’s most acquisitive groups”.

In under two years the privately controlled company had announced foreign and domestic transactions worth over US$33 billion (see acquisition trail above), the FT noted — half spent offshore, according to data provider Dealogic — as it forged a global empire with interests spanning aviation, logistics and tourism.

The FT commented: “Begun in 1989 as a private airline on the tropical island of Hainan, HNA’s buying spree shows no sign of slowing. Founder Chen Feng, a former employee of China’s state civil aviation administration, has transformed Hainan Airlines, the group’s flagship company, from a two-jet operation into the country’s fourth-largest airline and has built a sprawling conglomerate.

“While Mr Chen has largely ceded control of the group’s day-to-day operations to his co-chairman, Wang Jian, and chief executive Adam Tan, the Hilton acquisition is a key piece of his plan to profit from Chinese tourists as they travel around the world.”

The FI cited a source close to HNA saying, “The vision is to be a vertically integrated aviation and tourist group. They are buying different pieces and putting it together like a jigsaw puzzle.”

Not only is HNA acquiring a large piece of Dufry but also, it appearsa, another key piece of that puzzle.

*本文來(lái)源：Moodie Davitt，原標(biāo)題：《【重磅】海航集團(tuán)收購(gòu)Dufry16.79%股份！》

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