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The legal system baidus operaing counterpart in china

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Unformatted text preview: 1989 Revenue Aswath Damodaran 1990 1991 1992 Operating Earnings 21 Kodak Says Drug Unit Is Not for Sale … but… 22 ¨༊  An arIcle in the NY Times in August of 1993 suggested that Kodak was eager to shed its drug unit. ¤༊  ¤༊  ¨༊  In response, Eastman Kodak officials say they have no plans to sell Kodak’s Sterling Winthrop drug unit. Louis Mass, Chairman of Sterling Winthrop, dismissed the rumors as “massive speculaIon, which flies in the face of the stated intent of Kodak that it is commiCed to be in the health business.” A few months later…Taking a stride out of the drug business, Eastman Kodak said that the Sanofi Group, a French pharmaceuIcal company, agreed to buy the prescripIon drug business of Sterling Winthrop for $1.68 billion. ¤༊  ¤༊  ¤༊  ¤༊  Shares of Eastman Kodak rose 75 cents yesterday, closing at $47.50 on the New York Stock Exchange. Samuel D. Isaly an analyst , said the announcement was “very good for Sanofi and very good for Kodak.” “When the divesItures are complete, Kodak will be enIrely focused on imaging,” said George M. C. Fisher, the company's chief execuIve. The rest of the Sterling Winthrop was sold to Smithkline for $2.9 billion. Aswath Damodaran 22 The connecIon to corporate governance: HP buys Autonomy… and explains the premium 23 Aswath Damodaran 23 A year later… HP admits a mistake…and explains it… 24 Aswath Damodaran 24 ApplicaIon Test: Who owns/runs your firm? 25 ¨༊  ¨༊  ¨༊  Look at: Bloomberg printout HDS for your firm Who are the top stockholders in your firm? What are the potenIal conflicts of interests that you see emerging from this stockholding structure? Government Outside stockholders - Size of holding - Active or Passive? - Short or Long term? Managers - Length of tenure - Links to insiders Control of the firm Employees Lenders Inside stockholders % of stock held Voting and non-voting shares Control structure Aswath Damodaran 25 Case 1: Splintering of Stockholders Disney’s top stockholders in 2003 Aswath Damodaran 26 Case 2: VoIng versus Non- voIng Shares & Golden Shares: Vale Brazilian(retail( 5%( Brazilian(Ins=tu=onal( 6%( Brazilian( Govt.( 6%( Non/Brazilian( (ADR&Bovespa)( 29%( Valespar(ownership Litel&Participaço 49.00% Eletron&S.A. 0.03% Bradespar&S.A. 21.21% Mitsui&&&Co. 18.24% BNDESPAR 11.51% Valespar( 54%( Brazilian(Govt.( Valespar( 4%( 1%( Brazilian(re...
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