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一箭6雕:谷歌收购雅虎的如意算盘

所属:成长励志 来源:www.fortunechina.com 阅读:8501 次 评论:0 条 [我要评论]  [+我要收藏]

小编摘要:目前,雅虎看不到明朗的发展前景;相反,有关雅虎并购的流言却甚嚣尘上。在这样的情况下,谷歌为何还要甘冒风险,趟这滩浑水?以下六点就是谷歌参与雅虎并购的潜在原因。

google

如果一家公司长时间陷入被挂牌出售的处境,那么关于其命运的各种传言最终就会卷土重来。2008年,微软向雅虎“抛出绣球”,当时雅虎(Yahoo)联合创始人杨致远坚决表示,这家网络巨头是非卖品。之后,谷歌(Google)也参与到了收购竞标中。
If a company stays on the auction block long enough, rumors about its fate will eventually begin to repeat themselves. In 2008, while Yahoo co-founder Jerry Yang insisted the web giant wasn't for sale, Microsoft emerged as a suitor. Then Google got involved.
时间来到2011年,杨致远依然对收购传闻的报道轻描淡写。而潜在收购方中,依然有微软(Microsoft)的身影,不过据报道,微软此次将与其他投资方联合出资竞购。很快,第二天便有报道称谷歌也有意出资私人投资机构收购雅虎。
Fast forward to 2011 and here's Jerry Yang again downplaying reports of a Yahoo (YHOO) acquisition. Among the suitors is, again, Microsoft (MSFT), only this time it's reportedly bankrolling a deal by joint buyers. And as the day follows the dawn, reports followed quickly that Google (GOOG) is also interested in financing private investors looking to buy Yahoo.
谷歌参与此项收购有可能以失败收场,个中原因可能多种多样。首先,《华尔街日报》(Wall Street Journal)的报道中,只有单一的消息源透露了谷歌参与竞购的可能性,而且这位身份不明的“消息人士”还表示“谷歌本身或许不会参与对雅虎公司的收购”。同时谷歌还存在反垄断的顾虑:2008年,美国司法部(Department of Justice)便否决了谷歌与雅虎的搜索业务合作计划。此次,不论谷歌采取哪种方式参与竞购,肯定都会引起政府的密切关注。此外,谷歌还必须考虑交易的战略意义——也有可能正是因为这笔交易缺乏战略价值。谷歌未来的发展重点将集中在社交与手机业务——而雅虎在这两个方面均无优势可言。
There are plenty of reasons a Google-backed deal would not pan out. First, the Wall Street Journal story reporting the possibility was based on a single source -- that elusive "person familiar with the matter" -- who said that "Google may end up not pursuing a bid." Then there are the antitrust concerns: the Department of Justice shot down the 2008 search partnership Google wanted to arrange with Yahoo. The government would surely take a close look at any moves backed by Google. And then there are the strategic reasons -- or lack of them. Much of Google's future is focused on social and mobile -- and Yahoo is weaker in both.
尽管如此,这并不意味着谷歌搭救雅虎就是吃力不讨好。考虑到以下六种可能的情况,收购雅虎对谷歌来说或许不失为一桩美事:
Still, that doesn't mean there's no virtue for Google in saving Yahoo. Here are six possible scenarios in which it might actually be a good idea:
谷歌此举可以为其他公司的收购策略制造麻烦。最常见的说法是,谷歌是想抬高微软或其他收购方的出价。而谷歌只需让所谓的知情人士给媒体打个电话便能达到目的。周一,谷歌参与竞购的消息传出后不久,雅虎公司股票便上涨了4%。不过,此举的风险在于,雅虎股价的小幅上涨不可能持久。换言之,这则报道最多只能延缓微软方面的交易进度。所以,谷歌最有可能的做法是,加入雅虎收购暗战,让微软仔细掂量,小心行事。甚至有可能在微软犹豫不决之际,直接促使其打消念头。而且,这样一来,也可以打消规模更小的第三方参与竞购的念头。
Google is throwing sand in the gears of another deal. The most cited theory is that Google wants to drive up the price for Microsoft or another bidder. A simple phone call by someone familiar with the matter to a reporter is all it would take. Yahoo's stock rose 4% Monday following the report. The risk in this move is that this slight rise in Yahoo's share price won't last long. In other words, this report would at best delay a Microsoft-backed deal. Much more likely is that Google would try to get into the Yahoo-takeover mix to give Microsoft second thoughts -- or even drive it away if it's on the fence. It could also deter smaller third parties from pursuing their own bid at all.
谷歌希望扩大显示广告业务的影响力。雅虎的显示广告业务一直萎靡不振,而谷歌的此项业务却在不断增长,平均每年为谷歌带来25亿美元的收入。不过,雅虎的优势在于,它与最大的网络广告商以及流行网站都保持着密切关系。注资雅虎将使谷歌打开通往雅虎显示广告客户的大门,进而加快业务增长速度。当然,该举措必然会引发反垄断问题。
Google wants a bigger presence in display ads. Revenue from display ads are disappointing at Yahoo but they're growing at Google, which is making $2.5 billion a year from them. Yahoo, however, has deep relationships with the web's biggest advertisers as well as many popular sites. If putting Google's money into Yahoo could open up access to Yahoo's display customers, Google could see more display growth. Such a move would surely set off antitrust alarms.
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2011-10-31 10:29 编辑:kuaileyingyu
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