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商业 - 科技

施乐遭遇分拆,下一个目标是……

Alan Murray 2016年02月01日

这样的结果对于施乐富有激情的 CEO 厄休拉•彭斯来说也许是伤感的,她不得不将 2009年亲手购入的服务业务进行剥离,而服务业务曾被给予拯救施乐的厚望。

79 岁的激进投资者卡尔•伊坎又成功分拆了一家公司,这一次是施乐(Xerox),据悉施乐将被分拆成两部分,伊坎同时赢得了3个董事会席位。

伊坎针对上市公司的行动向来大手笔,包括分拆惠普、将杜邦和陶氏化学先合并后再次分拆,并曾经还试图分拆美国铝业。伊坎的下一个目标很可能是 AIG,GE 正在迅速甩卖资产,以避免成为类似的目标。也许 IBM 也有类似的担忧。

陶氏化学的 CEO 安德鲁•利韦里斯曾经说过,一家股权分散的公众公司也许很难摆脱这样的厄运。当然,如果这家公司是谷歌母公司 Alphabet 或者亚马逊,也许会有例外。

这样的结果对于施乐富有激情的 CEO 厄休拉•彭斯来说也许是伤感的,她不得不将 2009年亲手购入的服务业务进行剥离,而服务业务曾被给予拯救施乐的厚望。施乐以生产打印机闻名于世,并且发明了早期的个人电脑,苹果和微软的图形操作系统都是“借鉴”自施乐。

这样的分拆对短期投资者有利,但是对经济却未必,虽然惠普CEO 梅格•惠特曼在分拆后表示聚焦主营业务对公司有好处,但是对于科技公司,将硬件和服务结合显然会产生协同作用,戴尔和 EMC 就在走一条这样的与惠普和施乐相反的路,而他们都是私有公司。(财富中文网)

Another victory for 79-year-old Carl Icahn yesterday, forcing Xerox to split itself into two parts, and getting three board seats in the bargain. The Xerox move follows the split by Hewlett-Packard, a planned split by Alcoa, and the merger-then-split of DuPont and Dow. In Icahn’s crosshairs is insurer AIG. GE is selling off pieces as fast as it can to stay ahead of the activists. And IBM must be wondering when its moment is coming. As Dow CEO Andrew Liveris said in this space Tuesday, “the fate of the publicly-owned, diversified company may well be doomed.” Unless, of course, the company happens to be named Alphabet or Amazon.

It’s a sad outcome for energetic Xerox XRX 5.63% CEO Ursula Burns, who bought the services business she’s now spinning off in 2009, with hopes it would save her company. Xerox is famous for its office copiers, and also for having invented, then fumbled, the early personal computer.

As we’ve reported before, this disassembling of big companies may boost returns for short-term investors, but is it good for the economy? When I interviewed her last November after her split, Meg Whitman argued there are big benefits to being able to “focus, focus, focus, focus” on a narrower set of products. But there’s also benefit from being able to combine sales of hardware and services – which is why Dell and EMC are moving in the opposite direction from HP and Xerox, but doing it in the private markets where activists can’t prey.

The only clear winners in all of this are the investment bankers, who are just as happy to split up companies as combine them, and who no doubt are already looking for the next opportunity to recombine the pieces of this shattered corporate landscape.

Meanwhile, if you missed the GOP debate last night, no worries. Donald Trump missed it, too, and that worked out just fine for him. A check of Google searches shows more people looking for him than all the other candidates combined.

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