【出版时间及名称】：2009年12月麒麟三得利合并专题研究报告
        【作者】：摩根大通
        【文件格式】：PDF
        【页数】：57
        【目录或简介】：
Table of Contents
Understanding Suntory............................................................3
Suntory’s Dramatic History .........................................................................................3
Suntory’s Strengths and Weaknesses...........................................................................5
Business Structure........................................................................................................8
Operating Profit Trend...............................................................................................10
Food Segment ............................................................................................................11
Alcoholic Beverage Business.....................................................................................15
Overseas Business......................................................................................................16
Production Bases and Capital Investment..................................................................19
Overseas Investment ..................................................................................................21
Financial Condition....................................................................................................22
Simulation of Merger Ratio....................................................24
Average Premium on Overseas Brewery M&As Over 30%......................................24
Whereabouts of Suntory Founding Family’s Shareholdings .....................................26
Synergies Needed to Prevent Dilution..................................27
Synergies in Excess of ¥45 Billion Will Likely Be Needed ......................................27
Shape of Kirin After the Merger ................................................................................27
Earnings Simulation...................................................................................................29
Synergy Effects that Prevent Dilution .......................................................................31
Identifying Synergy Effects ...................................................32
Synergies Exceeding ¥80 Billion Are Possible..........................................................32
We Envisage Marketing Cost Synergies of ¥40–55 Billion.......................................32
We Estimate Procurement and Distribution Cost Savings of Around ¥25 Billion ....34
Sales Synergies ..........................................................................................................36
Simulation of Synergy Effects ...................................................................................37
Merger Issues to Bear in Mind...................................................................................37
Appendix .................................................................................39