章節 1292: Chapter 1292: Spin-off See also spin-off
The American Universal Aviation Group underwent a split, spinning off a subsidiary, Universal Airlines.
Universal Airlines only inherited the group's aviation business, while the more profitable hotel and catering businesses remained within the group.
After the split, Universal Airlines remained a listed company.
That was the news.
But because TWA was one of the five major airlines in the United States, it had long been among the top three in the US aviation market.
According to Xia Yu's requirements for business news, when it involves a company that dominates a market, it needs to be collected and provided to him, so this news came to his attention.
When he saw this news, Xia Yu's mind came up with a name – Carl Theron Icahn.
The top boss of the later era, known as the 'Wolf of Wall Street' and 'radical investor', once had a net worth of up to 20 billion US dollars.
When Carl Theron Icahn was ruling Wall Street, there were many biographies about him, and his rise to power was also understood.
TWA was an important stepping stone in his rise to power.
In that hostile takeover, he made a profit of more than 150 million US dollars, rapidly accumulating capital and also completely establishing his reputation, gaining the adulation of a large number of investors and thus rising rapidly.
Carl Icahn is just a financier, and all he cares about is money. After his hostile takeover of TWA in a previous life, he had no interest in running it and sold all the assets.
The fact that Carl Icahn was not interested in TWA did not mean that Xia Yu was not.
After all, it was one of the five major airlines in the United States. Although it might be having a hard time due to the international situation and questionable business strategies, he had plenty of ways to help.
His aviation empire needed such a territory!
What's more, he had always had a strong desire to collect companies in the 'Universal' series.
Once a decision was made, it was time to act.
After breakfast, Xia Yu immediately picked up the encrypted phone on the table and called Peter Lynch in the United States, asking him to pay attention to the split of the American Universal Airlines Group and make a plan of action in time.
Two days later.
The specific situation was sent to Xia Yu via international fax.
At the same time, Peter Lynch also called Xia Yu to report on another work situation, the details of which were also in the fax.
After printing them all out, Xia Yu browsed through them in his office.
The reason for the split of the TWA Group was rooted in the 1979 US Airline Deregulation Act, which relaxed aviation regulations and intensified market competition, which had a significant impact on the TWA Group.
Of course, the decline in TWA Group's aviation revenue was also due to its own operational problems.
TWA obtained permission from the US authorities in 1969 to enter the trans-Pacific shipping market for the first time, but then sold its Asian route rights to American Airlines and neglected the trans-Pacific freight service market.
The slighting of the Asian market and the continuous erosion of the original European market worsened TWA's financial situation.
Of course, another important reason was that the long-term high international crude oil prices made aviation fuel expensive, causing TWA to fall into the red.
It is precisely because of so many reasons that the stock price of the TWA Group is low, and the risk of being acquired has increased sharply.
The TWA Group executives judged that the group's stock price does not actually reflect the group's true market value, but is just dragged down by the airline business. The internal profit of the hotel and catering business, which is still very high, is still the group's golden business.
These two businesses are likely to be targeted by outsiders, who may initiate acquisitions and split up assets.
Therefore, the Universal Aviation Group decided after internal discussions to split up the group and increase its shareholding in the more profitable hotel and catering business to avoid being acquired.
The ailing aviation business is relatively safe.
This judgment has caused the Universal Aviation Group to concentrate its assets on the hotel and catering business, and its shareholding in Universal Airlines is a surprising 1.1%!
Seeing this shareholding ratio, Xia Yu was shocked.
He felt like prying open the skulls of the executives of the Trans World Airlines Group to see what kind of creature's dung was inside their brains.
What kind of confidence did they have to dare to transfer their assets so fiercely, and to retain only 1.1% of the shares of the Trans World Airlines Group?
If they didn't acquire it, Xia Yu felt that he would be struck by thunder and lightning.
After all, it is a subsidiary of the TWA Group. Although it is a listed company, it is different in nature. It is not necessary to buy 66.7% of the shares, just 51% will be enough to gain control and make the executives of the TWA Group rub the floor.
There is no need to say anything, you must buy it quickly!
After all, it is not expensive!
It doesn't matter if the Pacific route is not available, his Cathay Pacific Group can make up for it.
The two companies are completely complementary, and as long as they are integrated, the financial situation will immediately turn around.
After making his decision, Xia Yu threw this piece of information aside and picked up another.
Compared to the low-market-value global airline, the company in this piece of information was a giant.
The American telecommunications market leader, AT&T!
It is now the fifth largest company in the United States, with a market value of 18.68 billion US dollars.
However, at this time, AT&T was already in decline. In 1982, it was neck and neck with IBM, with a market value of 53 billion US dollars, more than twice that of Exxon, which was in third place!
The reason for its downfall to its current state was that AT&T was embroiled in its third antitrust lawsuit in history.
And it was in 1982 that the AT&T antitrust case reached a clear turning point.
AT&T agreed to the US government's demands and split up its 24 local subsidiaries and Western Electric.
From 1982 onwards, AT&T's market value plummeted as the market lost faith in its prospects after the break-up.
But in any case, AT&T has always been a giant, and every part of it is a tempting piece of cake.
Before, it was unattainable, and not everyone had such good teeth.
But this time it has been divided into many small cakes, which are easy to enjoy.
So Peter Lynch, leading Northern Star Capital, is grabbing food at this dismemberment feast.
The dismemberment plan is now almost ready. AT&T and its 24 local subsidiaries that operate local fixed-line telephones and Western Electric will be split into a new AT&T (specializing in long-distance telephone services) and seven local telephone companies.
The seven local telephone companies are Western Bell, Southwestern Bell, Western Bell, Pacific Bell, Southern Bell, Amerada Co and New York Telephone Company.
Peter Lynch asked Xia Yu for advice. At present, various consortia are eyeing the opportunity. With the strength of Polaris Capital, at most, they can only take over one of the subsidiaries, and it is still quite uncertain. Therefore, he asked Xia Yu which company to take action against!
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