In the casino of dealmaking, a small bet on a potentially big return is often worth making. Nestlé has done just that. The S$2.1bn it is offering for 60 per cent of Singapore-listed Hsu Fu Chi is less than 1 per cent of the Swiss food group’s market capitalisation. And the Chinese food maker will only add about 0.5 per cent to Nestlé’s Sfr110bn in revenues last year. Yet for what is effectively a rounding error, the Swiss giant has agreed to buy an extensive distribution network in everyone’s dream market. Hsu Fu Chi is a call option on growth in the Chinese middle class.
在撮合交易的赌场里，用小额赌注押注于可能获得的巨大收益，通常是值得的。雀巢(Nestlé)就押下了这样一注。该公司将以21亿新元收购在新加坡上市的徐福记60%的股权，这个金额还不到这家瑞士食品集团市值的1%。这家manbetx3.0 食品制造商将为雀巢增加的收入，仅相当于后者去年1100亿瑞士法郎营收的约0.5%。然而，相对于几乎可以忽略不计的收购成本，这家瑞士巨头同意买入的，却是一个遍布manbetx3.0 这个人人都垂涎的巨大市场的分销网络。徐福记是对manbetx3.0 中产阶层壮大的看涨期权。