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- The deal for CNA Financial Corporation to acquire New York Life Insurance Company came to light on July 22, 2011, after several rounds of negotiations and three rounds of shareholder votes. ¡ñ¡Ð, The shareholders meeting of New York Life Insurance Company voted to approve the merger plan.
?According to the merger agreement: Each share of New York Life Insurance Company can be exchanged for 1.5 shares of New York Life Insurance Group, and at the same time, it will receive a dividend of US$0.3 per share. Each CNA financial company share will be exchanged for 1 share of the new company.
Marvin Crown serves as Chairman of the Board of Directors of New York Life Insurance Company. Brandon Marlow, the former CEO of CNA Financial Company, serves as the CEO and President of the new company.
According to this agreement, the shareholders of Cina Financial Company will eventually own 2/5 of the equity in the New York Life Insurance Group, and the shareholders of New York Life will own 3/5 of the equity of the new New York Life Insurance Group.
But since Marvin Krone received US$50 billion in financing from Hutchison Bank, in addition to distributing dividends to reduce the proportion of the original New York Life shareholders in the new company, he also invested some funds to purchase shares. Hold a sufficient share of the new New York Life Group.
Furthermore, Standard Chartered Bank, Rainbow Fund, Blackstone, Rockefeller Ventures, Citibank, Goldman Sachs, Morgan Stanley and other institutions participated in the acquisition.
Therefore, even though Andy Morgan mobilized about 10 billion US dollars to purchase shares of New York Life Company, the Morgan family's shareholding in the new New York Life Group eventually fell from 25.6% to 16.8%, losing control of the newly established New York Life Group. Life Group's influence.
This can be seen from the appointment of Marvin Crown as chairman of the board of New York Life Group and Brandon Marlowe as CEO and president of the new company.
At this point, it can be said that New York Life Group has become a company under the Chicago Consortium.
On August 4, this merger and acquisition involving assets of US$250 billion was approved by the US Federal Reserve Board. It caused a great sensation in the United States and was reported by major financial media. The merger was compared to the 1998 super merger between Citigroup and Travelers Group.
The former created today¡¯s Citigroup, the world¡¯s number one bank. It is a super predator that integrates commercial banking, investment banking, and insurance businesses to provide one-stop financial services. As for the latter, the newly established New York Life Group will become the new five giants in the US insurance industry. Ranked after: Berkshire Hathaway, AIG, Cardinal Health, State Farm Insurance. Even with the strong support of the Chicago consortium, it is only a matter of time before New York Life Group surpasses AIG, which has not yet recovered from the financial crisis, and ranks behind Berkshire Hathaway.
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When the American media reported the New York Life Group incident in series. Andy Morgan, who was sighing and feeling unhappy, received an uninvited guest in his office on Wall Street in Manhattan, New York.
The person brought in by the secretary was a 19-year-old American young man, wearing a crisp black suit and gray shirt. The short hair is neatly combed. He is handsome enough to compete with the young Hollywood superstar Tom Cruise.
The visitor is John Chris Morgan, the eldest son of the Morgan family. The family¡¯s internal seal is: yyfc. I just entered Harvard University in August last year.
"Please sit down, John." Andy Morgan frowned slightly. Step out from behind your desk and shake John Chris Morgan's hand.
"Thanks, Uncle Andy."
After John Chris Morgan sat down, his secretary made two cups of fragrant and bitter coffee and brought it in, then quietly left this luxurious and bright office.
Andy Morgan took a sip of coffee and asked: "John, are you going to come to my place for an internship?" American college students are very busy during the holidays, especially students from Ivy League schools. Those who choose to take a vacation during the holidays are a minority. Most people are doing internships or participating in social activities. So, Andy Morgan asked.
"No. Uncle Andy, I just came to ask you about the Morgan family's loss of New York Life Company." John Chris Morgan smiled slightly. But the content of what he said was really impolite.
Andy Morgan disdained to look at John Chris Morgan, the young brat, "Is this what you meant, or what your father meant?"
The head of the Morgan family is not inherited according to age or blood relationship. This set is the way of inheritance of European royal families and nobles. It is not a characteristic of the Morgan family at all, nor is it a characteristic of the United States.
The law of modern Western society is very clear: natural selection, survival of the fittest!
The throne of the head of the family belongs to those who are capable.
Unlike the complex relationships and hierarchical systems of Japanese consortiums, in Japanese consortia, the elders who have served the club all their lives have a great say in the consortium. The power system of American conglomerates is full of American flavor: voting. It's like running for president of the United States: vote, winner takes all.As for how to get more support votes for yourself. Then the lobbying ability will be tested. All previous U.S. presidents and politicians have strong and outstanding speech abilities. Second, one¡¯s ability to bring profits to others (earning ability). Whoever can make money will be more popular. This is why business leaders on Wall Street can "speak" to the heads of financial groups. Even refuting the will of the consortium.
As one of the two largest super conglomerates in the United States, the distribution of power within the Morgan family is different from that of the Rockefeller family. Children of the Morgan family who are interested in doing business can enter companies within the Morgan consortium, or they can start a business from scratch. Whoever can achieve success in business is the boss. Of course, if you become famous in the political arena, you will also have the right to speak.
Compared with the concentration of core corporate equity within the Morgan family. The Rockefeller family's wealth is much more spread out. Every father will leave wealth for his children to have enough food and clothing, and each of them will have a piece of it. Who has a greater say depends on who is more capable of unifying the Rockefeller family.
For example, Lawrence Rockefeller, the third generation head of the Rockefeller family, is the founder of Wall Street Venture Capital. But he was only the third son of Rockefeller Jr., who was famous for his philanthropy in the United States.
In short, the difference between the two: The Morgan family decides who is the leader based on who has greater influence in the influential companies of the Morgan family. The Rockefeller family wants to see whoever runs the most influential company will be recognized by all the Rockefellers and become the leader.
Therefore, with Andy Morgan¡¯s ability, so what if John Chris Morgan is the eldest son of the next generation? In his eyes, he is just a junior who has not yet made his mark. He saw the factors behind it.
John Chris Morgan smiled and said, "Uncle Andy, this is not only what my father means, but also what I think. It is also everyone's doubts."
Andy Morgan was unhappy and said with a cold face: "Are you questioning me?"
John Chris Morgan nodded calmly and said: "I think it is a shame that the Morgan family lost New York Life Company! And it is even more shameful that the Morgan family lost control of JP Morgan Chase."
You know what the hell!
¡°Humph!¡± Andy Morgan snorted, disdainfully arguing with John Chris Morgan.
John Chris Morgan continues to "point the country." "Uncle Andy, since Frank Pittman of JPMorgan Chase is unwilling to listen to us, you should find a way to remove him as chairman of the board. Of course, given his outstanding performance during the financial crisis, he can be retained as CEO official position."
??????????????????????? Andy Morgan sneered: "John, it turns out that you are thinking about the chairmanship of JPMorgan Chase. Okay, you can try to separate the chairmanship of ********* from the CEO position. "
John Chris Morgan said proudly: "I really want to give it a try, and I'll ask Uncle Andy to support me then." He got the news that Frank Pittman supported the "London Whale" transaction within JPMorgan Chase, which could be He used it to drive Frank Pittman out of office.
"I will." Andy Morgan said lightly, waving John Chris Morgan to leave.
Sitting back on the chair behind the desk, Andy Morgan closed his eyes tiredly. What does it mean that even a 19-year-old kid from the Morgan family dares to come to his office to question him?
The dissatisfaction with him within the Morgan family may have reached one level, and they are seeking to find a new family leader.
He is about to lose his position as the leader of the Morgan family!
¡
John Chris Morgan came out of the office of American United Investment Holdings Co., Ltd. (aui) in the light and clean and stylish aisle. Looking back at the AUI company nameplate, I snorted proudly.
The declining and rotten Andy Morgan has simply disgraced the Morgan family.
Morgan, let me inherit the glory of this name that once made enemies fearful!
At this moment, John Chris Morgan is extremely ambitious.
¡
However!
At the 2012 JPMorgan Chase shareholders meeting, Frank Pittman successfully overcame the difficulties and continued to retain the titles of Chairman and CEO of JPMorgan Chase. Continue to lead this super economical aircraft carrier forward.
Even though they were punished by the U.S. Securities and Exchange Commission due to the London Whale incident, more than 40% of JPMorgan Chase shareholders chose to continue to trust Frank Pittman. This frustrated the arrogant John Chris Morgan.
Of course, these are all things for later.
August 15, 2011, just after the beginning of autumn. Lu Jing flew from the capital to Las Vegas, a well-known casino city in the United States, to join the Chicago Consortium.?Toast banquet. The successful control of the New York Life Group gave the Chicago conglomerate a great deal of prestige.
At this time, he still didn¡¯t know that Andy Morgan was questioned by the younger members of the Morgan family.
The banquet was held in the high-rise banquet hall of the InterContinental Hotel in Las Vegas. Outside the glass curtain, there is blue sky and white clouds, and long yellow sand is soaked in the horizon. Traffic flowed like ants under our feet.
The banquet hall is splendid, with dignified and elegant displays and decorations. What hits your face is an indescribable sense of luxury.
InterContinental Hotels is a luxury brand in the global hotel industry. Needless to say, high-end grade. This hotel group has already been acquired by Hehua¡¯s Lido Hotel Group.
This InterContinental Hotel in Las Vegas has 3,203 rooms and is a five-star hotel with prices ranging from one hundred US dollars to 30,000 US dollars. fully equipped. The banquet hall that Lu Jing and others are currently in can accommodate 800-100 people.
At noon, guests gathered and drank wine.
Lu Jing, Ye Jingyu, Marvin Crown, and Jonathan Wood were laughing and chatting in front of the huge floor-to-ceiling glass window about 5 meters wide. (To be continued.) - Didn't finish reading? Add this book to your favoritesI'm a member and bookmarked this chapterCopy the address of this book and recommend it to your friends for pointsChapter error? Click here to report
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