公司的拆分能助一臂之力吗?百事必定会追随这一趋势。今年二月,蛋糕和香肠售卖商萨拉李说百事将会分成一个美国零售业务部和一个食物服务业务部,以及一个肉类食品业部。今年8月,克拉夫特宣称百事会将国际化的食品品牌从北美杂货业务中分离出去,其北美杂货业务包括麦克斯韦尔家庭咖啡,Jell-O 和 Oscar Mayermeats。本月早些时候,通过拆分一家大型多元化公司Fortune Brands而形成的两家公司开始在纽约证券交易所上市交易。投资者们可以在Fortune Brands Home Security 和Beam的股票之间做出选择。
Not allthese splits will work out. One or two had a whiff of desperation, says AswathDamodaranof the Stern School of Business. It was as if, having ruthlessly cutcosts and still not improvedtheir performance, the mother companies had simplyrun out of other ideas. Pepsi, bycontrast, seems ripe for bisection.
并非所有诸如此类的公司拆分都行之有效。由拆分而形成的一家或是两家公司都会有一段绝望的经历,斯登商学院的Aswath Damodaran如是说。这就像,母公司坚决的削减成本,但是却一直没有提升业绩,然后就完全无计可施了。对比起来,百事分家的时机似乎成熟了。
MsNooyi seems determined to keep it in one piece. But the opportunity costs aremounting.She has herself admitted that as a stand-alone company, Frito-Lay,the star in her portfolio,might be the best consumer-goods maker in America.So far activist investors such as, whohave successfully pushed for the splitof several consumer-goods companies, have left Pepsialone. But they may not doso for much longer. It may be time to crack open Pepsi.
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