Daimler - Chrysler - debriefing final.

Daimler Chrysler
Debriefing closing
8 leçons
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Se fixer des objectifs clairs
Ouvrir le champ des éléments à négocier
Sortir des blocages
Rencontrer les souhaits de la contrepartie
Gérer les incidents de négociation
Gérer les pressions externes
Intégrer les implications personnelles
Garder le cap sur l’éthique
Se fixer des objectifs clairs
• Objectifs stratégique
¸Pourquoi faire l’opération ?
• Objectif de prix/parité
¸se fixer des “walk away conditions”
¸cohérence grâce à un outil de calcul
Ëprix par action, global, quote-part, prime
¸garder le cap grâce au technicien “froid”
• Objectifs de structure
¸Avec ou sans décision des actionnaires
Ouvrir le champ des éléments à
négocier
• Pas seulement structure et prix mais aussi…
• Organisation de l’entreprise
• Protection de certains actionnaires
¸technique de la soulte si l’action se plante
¸Idem CVG (Certificat de Valeur Garantie)
• Rôle futur des dirigeants actuels
• Nom de l’entreprise
Sortir des blocages : synergies
• Synergies
¸Permet des concessions sans objection de ses
propres actionnaires
• La société très bien valorisée par la bourse
ne peut pas trop concéder à l’autre
• Les synergies permettent d’accroitre
l’ampleur des concessions à l’autre
• Synergies doivent rester crédibles
¸Conseil d’administration
¸Analystes
¸Actionnaires
• … and you have to deliver the good !!
Sortir des blocages : autres voies
• Utilisation de la menace
¸OPA, etc..
¸The « bad » guy (Kirk Kerkorian)
• Solutions créatives
¸Modification de la structure
ËModifier le périmètre
¸Opérations pré-fusion
ËDividende
¸Opérations post-fusion
Ëearn-out
Rencontrer les souhaits de la
contrepartie
• Empathie
• Créer la part nécessaire de rêve
¸Projets communs à réaliser
¸Ambitions inassouvies
• Valeur inégale de certains éléments pour les
deux parties
¸la concession rapporte beaucoup au bénéficiare
¸elle coûte peu à celui qui concède
Gérer les incidents de
négociation
• Malentendu
¸ne pas trop attendre pour lever les ambiguités
• Confusion interne au team de négociation
¸Préparation du team
¸rôle du technicien froid
• Anticiper les problèmes futurs
Gérer les pressions externes
Robert Eaton
From:
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To:
Subject:
Importance:
Confidentiality:
Corporate Communication
Sunday 3 May 1998 11:55 p.m. (EST)
Robert Eaton
Darmstadt
Highest
Highest
Phone call from Allison S. from WSJ (this s.o.b. New-Yorker always well informed !!). They are
preparing a front page paper to be published next Tuesday on converging informations they
gathered on talks between Darmstadt and ourselves. They were told about “merger between
equals” but they consider it will not be equal at all !They also seem to have some info on
talks between Darmstadt and The Yellows !! As usual I confirmed we are in speaking terms with
D but that nothing will be concluded within months. Obviously she spoke with KK.
In the course of the discussion she mentioned an intriguing story about Darmstadt having to
recall more than 1,5 million C models for a brake problem. She could not (or would not) tell me
more.
Best regards.
Chrysler Corporation
Corporate Comunication
Joe Cocker
Gérer les pressions externes
• Info ou Intox ???
¸Déceler le vrai du faux
• Inside information
¸Connaissance interne
¸Connaissance par la contrepartie
¸Connaissance par le marché
Ënécessité de dévoiler anticipativement
Autre regard sur la même chose
Jürgen Schrempp
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Subject:
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Confidentiality:
Corporate Communication
Monday 4 May 1998 11:12
Jürgen Schrempp
Wall Street Journal
Highest
Highest
I just received a phone call from the WSJ Hamburg. They are further investigating an information
they received from an informant about an alleged technical default on C-Class vehicles
released since June 1994. I replied that I was not aware of any such problem. He will come back
tomorrow in the morning.
He asked also the usual questions about possible talks with Christian and/or Honduras. I
made my usual “no comments” answer.
Regards.
The Daimler Group
Corporate Communication
Heidi Schülemeister
Head of Department
Autre regard(s) sur la même chose
Jürgen Schrempp
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Internal Audit
Monday 4 May 1998 10:24
Jürgen Schrempp
Technical Default C-Class
Highest
Highest
We have been informed of a recurrent and generalised technical brake default on allC-Class
models released from May 1995 till January 1998. A first assessment of the problem with the
Technical Department shows that an estimated 800.000 cars will have to be recalled in order to
fix them with an estimated unit cost of 1100 DM. A first assessment with the Purchase
Department and Corporate Legal indicates that no recourse to supplier seems possible.
We investigate further the consequences. We remind you that there is no provision in our
Balance Sheet to cover this event.
Internal Audit
Joska Fischer
Head of Department
Gérer les pressions externes
Jürgen Schrempp
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Subject:
Importance:
Confidentiality:
Corporate Communication
Monday 4 May 1998 01:12
Jürgen Schrempp
Bild Zeitung
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Highest
I just received a phone call from the BZ. They are further investigating an informationthey
received from an informant about a possible love story between Eckhard C. and the assistant of
our best friend in Detroit. They are pretending they spent last weekend together in Vermont. After
that the woman pretended to a friend that she received from the assistant the true version of our
Business Plan including the termination of our Smart project.
Regards.
The Daimler Group
Corporate Communication
Heidi Schülemeister
Head of Department
Is there any problem for Bob ?
Robert Eaton
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Confidentiality:
Internal Security
Sunday 3 May 1998 11:55 p.m. (EST)
Robert Eaton
Darmstadt
Highest
Highest
I want to inform you immediately that at the end of the discussions of last Friday your assistant
Alicia B. met again at 10.30 p.m. with Dr Cordes as she did last weekend in Vermont. She had her
computer with her and dialed our network at 10.53 p.m.. Do we need to further investigate ?
Best regards.
Chrysler Corporation
Internal Security
Donald Rumsfeld
Is there any problem for Bob ?
Robert Eaton
From:
Sent:
To:
Subject:
Importance:
Confidentiality:
Internal Security
Sunday 3 May 1998 11:55 p.m. (EST)
Robert Eaton
Darmstadt
Highest
Highest
I want to inform you immediately that at the end of the discussions of last Friday your assistant
Alicia B. met again at 10.30 p.m. with Dr Cordes as she did last weekend in Vermont. She had her
computer with her and dialed our network at 10.53 p.m.. Do we need to further investigate ?
Best regards.
Chrysler Corporation
Internal Security
Donald Rumsfeld
Gérer les pressions externes
Robert Eaton
From:
Sent:
To:
Subject:
Importance:
Confidentiality:
Gary Valade
Sunday 3 May 1998 11:55 p.m. (EST)
Robert Eaton
Kerkorian
Highest
Highest
Phone call from KK. Again he is pushing for a quick deal in cash. The price should be at least
55 US$ per share. This bastard is able to block everything !!! F… him. He pretended to be on
the verge to call Jurgen. But I don’t believe it one second.
Regards.
Gary Valade
EVP Finance
Tout en restant sur ses gardes !!
Jürgen Schrempp
From:
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Subject:
Importance:
Confidentiality:
Eckhard Cordes
Monday 4 May 1998 4:24 a.m.
Jürgen Schrempp
Telephone call from Kerkorian
Highest
Highest
The “gentleman” called me saying that he would favor an offer in cash at the price of 50 US$
per share. He informed the team of Detroit that the negotiations took too much time and that
he would never accept anymore an exchange of shares. Can we discuss this asap before
resuming our negotiations this morning ?
Corporate Development
Head of Department
Intégrer les implications
personnelles
• Ego des dirigeants
¸rôle futur de ceux-ci
• Cohérence de l’équipe
• … et toujours la part de rêve
Garder le cap sur l’éthique
• Conflit d’intérêt
¸“success” bonus
¸golden parachute
Ëbefore vs during negotiations
Ëtransparent for the acquirer/shareholders
• Traitement égal de tous les actionnaires
¸aucune raison d’en privilégier certains