Chapter 835
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From the rise of hostile takeover in the 1970s to its popularity in the 1980s, it can be said that there have been countless bloody storms. Ronald Perelman, who is only two years older than Gao Xian, is one of the capital players with great achievements.
It is necessary to point out that Ronald Perelman was not born at the grassroots level. The Perelman family is very rich, runs an American paper products company and has a close relationship with the University of Pennsylvania. Frankly, they donate money to the University of Pennsylvania. Ronald Perelman, his brother Jeffrey Perelman and their father Raymond Perelman graduated from Wharton Business School.
In the 1960s, when the Gulf western industrial company diversified on a large scale, Raymond Perelman was not left behind by the trend. He acquired the largest steel plant in Northeast China, Belmont steel plant, which mainly provides structural steel for the construction industry, and finally evolved into Belmont Industrial Company.
After graduating from Wharton Business School, Ronald Perelman joined Belmont industries to help his father Raymond Perelman expand his territory. For example, he bought eslinger brewery for us $800000 and sold it three years later, making a net profit of US $1 million.
In 1978, Ronald Perelman officially joined Belmont industries for 12 years and achieved the position of vice president. It seems that the promotion range is really not enough. Ronald Perelman thinks so, so he strives for greater power. As a result, Raymond Perelman said that I didn't intend to step down so early, Make room for your unfilial son.
In this way, a little strange father and son turned against each other. Ronald Perelman ran away from Belmont industries. In a few years, he also built a diversified holding company, mcaandrews Forbes, Berkshire Hathaway company similar to Buffett, high string Gulf West holding company, happy holding company and land company.
Of course, Ronald Perelman's reputation is not as "good" as Buffett in the American territory, because there is an obvious reason that companies targeted by malicious acquisitions often struggle to resist. As for which side the balance of victory and defeat is facing, it depends on who mobilizes more resources.
This is not only a competition for more money, but also a game of legal litigation, corporate governance struggle and so on.
After Ronald Perelman acquired the company, he will carry out drastic reform and sell the departments he considers unprofitable to reduce debt and increase profits. If the core business is profitable, he will sell it without nostalgia, just like the strategy of operating eslinger brewery before he graduated from Wharton Business School.
In short, what layoffs and spin offs are cold figures on the book in the eyes of capital. There is only one final result, profit!
If you think about it, you can see that a fortune 500 company like Gillette doesn't buy Ronald Perelman's game at all,
In particular, Ronald Perelman's capital operation relies largely on the notorious junk bonds despite the rapid development momentum.
In the future of further excessive financialization, junk bonds can be transformed into high-yield bonds, but the mainstream is still difficult to accept.
Fortune 500 companies instinctively scoff at the malicious acquisition of leverage and junk bonds.
That's the difference between Ronald Perelman and Sir Gao!
When Gao Xian gave the conditions, Ronald Perelman agreed without considering too much time. He didn't go through the muddy water of the United carbide company of the United States. He went to snipe those companies and snipe the United carbide company of the United States. Anyway, he gave full play to his strengths.
……
It has to be admitted that once Ronald Perelman's excrement stirring stick is danced, the effect is surprisingly good, and the scene suddenly turns upside down. Many competitors eager to sharpen their swords against the United carbide company of the United States are worried that they will be caught by the Raider mantis, and the Yellow finch will take off the nest in the back, and then get entangled, It just gives Gulf western more negotiation time.
Gao Xian's judgment is very accurate. The idea of breaking through the fortress from within the United carbide company is quite effective. Almost all the directors and shareholders of the United carbide company contacted by the Gulf western company have shown great interest in the battery business of the United carbide company after understanding the layout of the battery business of the Gulf western company, Selling to the Gulf western company can not only meet the immediate interests, but also take into account the long-term plan.
As for the attitude of the management of the United carbide company of the United States, it is more subtle. It can be seen from the results of a special visit by Ronald Zegler, CEO of the Gulf western company, to Warren Anderson, CEO of the United carbide company of the United States.
Warren Anderson, who "escaped" from ah San to the United States, has been busy and racked his brains to save himself. It must be admitted that there are still some effects.
After all, the strength comparison between a San and Mi Di is obvious. A San Zheng's Government may not have ideal results if it invites American lawyers to file a lawsuit in the American judicial system and follow Mi Di's rules.
American lawyers invited by assan Zhengfu have agreed to the US $350 million settlement proposed by the United carbide company, but assan Zhengfu did not agree because everyone knew the pressure and reasons, and bited the US $3.3 billion claim.
Ronald Zegler, who has been in the White House, has no shortage of game skills. During the conversation, he seemed to ask casually, Anderson, you are about to retire.
Yes, Warren Anderson nodded, and then there was a brief silence.
Warren Anderson was born in 1921 and is about to turn 65. In companies with strong family color, this is the last lever for senior executives to retire.
He must consider practical issues. How will the board of directors of the United carbide company of the United States honor the retirement benefits? Will a San Zheng's house arrest him as a criminal? Either way, it's a matter of life and death.
If Warren Anderson, as the boss of the management of the United carbide company, yelled that the United carbide company must not break up, he could please many people, but he would certainly offend many people.
After thinking about it for a while, Warren Anderson stated that as long as the directors and shareholders had no objection, the management was happy to see Gulf western company acquire the battery business of United carbide.
Seeing that Ronald Zegler just smiled, picked up his coffee cup and took a slow drink, Warren Anderson quickly added. Of course, the management will actively promote relevant work.
Ronald Zegler nodded. I believe the directors and shareholders of the United carbide company of the United States recognize your work. By the way, how much do you think is appropriate?
Warren Anderson thought for a moment that $1.4 billion should be a reasonable figure.
Ronald Zegler was noncommittal and asked, how much is the cash? Is it easy to handle on the book?
Warren Anderson carefully studied Ronald Zegler's expression and replied meaningfully that it must be inconvenient to earn too much cash at once from the perspective of management.
Ronald Zegler showed some satisfaction and continued to bargain.
……
When Gao Xian received the report, the result was that the United carbide company of the United States sold its battery business to the Gulf western company, which paid the former $1.2 billion in stock and cash.
With this transaction, the asset scale of the United carbide company of the United States of America, amounting to tens of billions of US dollars, was suddenly reduced by 20%; As a heavy asset enterprise group, United carbide has to deal with some things such as equipment aging, goodwill impairment and maturing debts. In short, it's enough for everyone to keep the financial statements secret.
Of course, Warren Anderson has flattered many forces enough to ensure his retirement life.
Gao Xian can't be dissatisfied with this achievement. From the perspective of Gao Yi, who has shorted United carbide, it's almost useless for Gulf Western to win the battery business of United carbide.
When Ronald Perelman saw that the Gulf western company was successful, he couldn't wait to contact Gao Xian. What, sir Gao, you owe me a favor. When will you pay it back?
Gao Xian said with awe inspiring righteousness, go and inquire about my credit. When did my credit expire? As long as you do it, goyimi will cooperate.
The next thing, on this timeline, goes a little far. Just briefly introduce it first.
With the help of the "regular group army" goyimi, Ronald Perelman launched his first attack on Gillette. He proposed to buy 86.1% of Gillette's shares at a price of US $3.8 billion.
As a result, as goyimi analyzed in advance, Gillette hated Ronald Perelman and rejected the acquisition proposal cleanly.
How could Ronald Perelman be dismissed so easily? I already hold nearly 20% of Gillette's shares and hand over my seat on the board of directors.
Gillette is really afraid of Ronald Perelman's entanglement, because, on the one hand, Ronald Perelman's acquisition proposal has indeed increased Gillette's valuation, so it is difficult to ensure that no one on his side is interested in arbitrage; Second, Ronald Perelman's reputation as a "bone removal expert" is indeed very deterrent.
So Gillette took a step back and was willing to pay more than 800 million US dollars to buy back the Gillette shares held by Ronald Perelman. As for the seat on the board of directors, naturally, don't worry. You're not welcome. Go and play.
Gillette's tactics really put Ronald Perelman in the army. After all, some simple rules are universal. People's Gillette Company has enough face. If you don't want Ronald Perelman's face, it's really hard to say the next thing.
Ronald Perelman angrily asked for the opinions of goyimi. William Miller's attitude is very clear. The poor don't chase after the enemy, and the rabbit will bite when it's urgent. Since Gillette is willing to buy back those stocks at a high price, it's good for us to earn a sum and give a penny.
Sir Gao also said that if you are not willing, you will find a chance to snipe in the future.
So, Ronald Perelman's first attack on Gillette ended, and Sir Gao's favor was returned.
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From the rise of hostile takeover in the 1970s to its popularity in the 1980s, it can be said that there have been countless bloody storms. Ronald Perelman, who is only two years older than Gao Xian, is one of the capital players with great achievements.
It is necessary to point out that Ronald Perelman was not born at the grassroots level. The Perelman family is very rich, runs an American paper products company and has a close relationship with the University of Pennsylvania. Frankly, they donate money to the University of Pennsylvania. Ronald Perelman, his brother Jeffrey Perelman and their father Raymond Perelman graduated from Wharton Business School.
In the 1960s, when the Gulf western industrial company diversified on a large scale, Raymond Perelman was not left behind by the trend. He acquired the largest steel plant in Northeast China, Belmont steel plant, which mainly provides structural steel for the construction industry, and finally evolved into Belmont Industrial Company.
After graduating from Wharton Business School, Ronald Perelman joined Belmont industries to help his father Raymond Perelman expand his territory. For example, he bought eslinger brewery for us $800000 and sold it three years later, making a net profit of US $1 million.
In 1978, Ronald Perelman officially joined Belmont industries for 12 years and achieved the position of vice president. It seems that the promotion range is really not enough. Ronald Perelman thinks so, so he strives for greater power. As a result, Raymond Perelman said that I didn't intend to step down so early, Make room for your unfilial son.
In this way, a little strange father and son turned against each other. Ronald Perelman ran away from Belmont industries. In a few years, he also built a diversified holding company, mcaandrews Forbes, Berkshire Hathaway company similar to Buffett, high string Gulf West holding company, happy holding company and land company.
Of course, Ronald Perelman's reputation is not as "good" as Buffett in the American territory, because there is an obvious reason that companies targeted by malicious acquisitions often struggle to resist. As for which side the balance of victory and defeat is facing, it depends on who mobilizes more resources.
This is not only a competition for more money, but also a game of legal litigation, corporate governance struggle and so on.
After Ronald Perelman acquired the company, he will carry out drastic reform and sell the departments he considers unprofitable to reduce debt and increase profits. If the core business is profitable, he will sell it without nostalgia, just like the strategy of operating eslinger brewery before he graduated from Wharton Business School.
In short, what layoffs and spin offs are cold figures on the book in the eyes of capital. There is only one final result, profit!
If you think about it, you can see that a fortune 500 company like Gillette doesn't buy Ronald Perelman's game at all,
In particular, Ronald Perelman's capital operation relies largely on the notorious junk bonds despite the rapid development momentum.
In the future of further excessive financialization, junk bonds can be transformed into high-yield bonds, but the mainstream is still difficult to accept.
Fortune 500 companies instinctively scoff at the malicious acquisition of leverage and junk bonds.
That's the difference between Ronald Perelman and Sir Gao!
When Gao Xian gave the conditions, Ronald Perelman agreed without considering too much time. He didn't go through the muddy water of the United carbide company of the United States. He went to snipe those companies and snipe the United carbide company of the United States. Anyway, he gave full play to his strengths.
……
It has to be admitted that once Ronald Perelman's excrement stirring stick is danced, the effect is surprisingly good, and the scene suddenly turns upside down. Many competitors eager to sharpen their swords against the United carbide company of the United States are worried that they will be caught by the Raider mantis, and the Yellow finch will take off the nest in the back, and then get entangled, It just gives Gulf western more negotiation time.
Gao Xian's judgment is very accurate. The idea of breaking through the fortress from within the United carbide company is quite effective. Almost all the directors and shareholders of the United carbide company contacted by the Gulf western company have shown great interest in the battery business of the United carbide company after understanding the layout of the battery business of the Gulf western company, Selling to the Gulf western company can not only meet the immediate interests, but also take into account the long-term plan.
As for the attitude of the management of the United carbide company of the United States, it is more subtle. It can be seen from the results of a special visit by Ronald Zegler, CEO of the Gulf western company, to Warren Anderson, CEO of the United carbide company of the United States.
Warren Anderson, who "escaped" from ah San to the United States, has been busy and racked his brains to save himself. It must be admitted that there are still some effects.
After all, the strength comparison between a San and Mi Di is obvious. A San Zheng's Government may not have ideal results if it invites American lawyers to file a lawsuit in the American judicial system and follow Mi Di's rules.
American lawyers invited by assan Zhengfu have agreed to the US $350 million settlement proposed by the United carbide company, but assan Zhengfu did not agree because everyone knew the pressure and reasons, and bited the US $3.3 billion claim.
Ronald Zegler, who has been in the White House, has no shortage of game skills. During the conversation, he seemed to ask casually, Anderson, you are about to retire.
Yes, Warren Anderson nodded, and then there was a brief silence.
Warren Anderson was born in 1921 and is about to turn 65. In companies with strong family color, this is the last lever for senior executives to retire.
He must consider practical issues. How will the board of directors of the United carbide company of the United States honor the retirement benefits? Will a San Zheng's house arrest him as a criminal? Either way, it's a matter of life and death.
If Warren Anderson, as the boss of the management of the United carbide company, yelled that the United carbide company must not break up, he could please many people, but he would certainly offend many people.
After thinking about it for a while, Warren Anderson stated that as long as the directors and shareholders had no objection, the management was happy to see Gulf western company acquire the battery business of United carbide.
Seeing that Ronald Zegler just smiled, picked up his coffee cup and took a slow drink, Warren Anderson quickly added. Of course, the management will actively promote relevant work.
Ronald Zegler nodded. I believe the directors and shareholders of the United carbide company of the United States recognize your work. By the way, how much do you think is appropriate?
Warren Anderson thought for a moment that $1.4 billion should be a reasonable figure.
Ronald Zegler was noncommittal and asked, how much is the cash? Is it easy to handle on the book?
Warren Anderson carefully studied Ronald Zegler's expression and replied meaningfully that it must be inconvenient to earn too much cash at once from the perspective of management.
Ronald Zegler showed some satisfaction and continued to bargain.
……
When Gao Xian received the report, the result was that the United carbide company of the United States sold its battery business to the Gulf western company, which paid the former $1.2 billion in stock and cash.
With this transaction, the asset scale of the United carbide company of the United States of America, amounting to tens of billions of US dollars, was suddenly reduced by 20%; As a heavy asset enterprise group, United carbide has to deal with some things such as equipment aging, goodwill impairment and maturing debts. In short, it's enough for everyone to keep the financial statements secret.
Of course, Warren Anderson has flattered many forces enough to ensure his retirement life.
Gao Xian can't be dissatisfied with this achievement. From the perspective of Gao Yi, who has shorted United carbide, it's almost useless for Gulf Western to win the battery business of United carbide.
When Ronald Perelman saw that the Gulf western company was successful, he couldn't wait to contact Gao Xian. What, sir Gao, you owe me a favor. When will you pay it back?
Gao Xian said with awe inspiring righteousness, go and inquire about my credit. When did my credit expire? As long as you do it, goyimi will cooperate.
The next thing, on this timeline, goes a little far. Just briefly introduce it first.
With the help of the "regular group army" goyimi, Ronald Perelman launched his first attack on Gillette. He proposed to buy 86.1% of Gillette's shares at a price of US $3.8 billion.
As a result, as goyimi analyzed in advance, Gillette hated Ronald Perelman and rejected the acquisition proposal cleanly.
How could Ronald Perelman be dismissed so easily? I already hold nearly 20% of Gillette's shares and hand over my seat on the board of directors.
Gillette is really afraid of Ronald Perelman's entanglement, because, on the one hand, Ronald Perelman's acquisition proposal has indeed increased Gillette's valuation, so it is difficult to ensure that no one on his side is interested in arbitrage; Second, Ronald Perelman's reputation as a "bone removal expert" is indeed very deterrent.
So Gillette took a step back and was willing to pay more than 800 million US dollars to buy back the Gillette shares held by Ronald Perelman. As for the seat on the board of directors, naturally, don't worry. You're not welcome. Go and play.
Gillette's tactics really put Ronald Perelman in the army. After all, some simple rules are universal. People's Gillette Company has enough face. If you don't want Ronald Perelman's face, it's really hard to say the next thing.
Ronald Perelman angrily asked for the opinions of goyimi. William Miller's attitude is very clear. The poor don't chase after the enemy, and the rabbit will bite when it's urgent. Since Gillette is willing to buy back those stocks at a high price, it's good for us to earn a sum and give a penny.
Sir Gao also said that if you are not willing, you will find a chance to snipe in the future.
So, Ronald Perelman's first attack on Gillette ended, and Sir Gao's favor was returned.
From the rise of hostile takeover in the 1970s to its popularity in the 1980s, it can be said that there have been countless bloody storms. Ronald Perelman, who is only two years older than Gao Xian, is one of the capital players with great achievements.It is necessary to point out that Ronald Perelman was not born at the grassroots level. The Perelman family is very rich, runs an American paper products company and has a close relationship with the University of Pennsylvania. Frankly, they donate money to the University of Pennsylvania. Ronald Perelman, his brother Jeffrey Perelman and their father Raymond Perelman graduated from Wharton Business School.In the 1960s, when the Gulf western industrial company diversified on a large scale, Raymond Perelman was not left behind by the trend. He acquired the largest steel plant in Northeast China, Belmont steel plant, which mainly provides structural steel for the construction industry, and finally evolved into Belmont Industrial Company.After graduating from Wharton Business School, Ronald Perelman joined Belmont industries to help his father Raymond Perelman expand his territory. For example, he bought eslinger brewery for us $800000 and sold it three years later, making a net profit of US $1 million.In 1978, Ronald Perelman officially joined Belmont industries for 12 years and achieved the position of vice president. It seems that the promotion range is really not enough. Ronald Perelman thinks so, so he strives for greater power. As a result, Raymond Perelman said that I didn't intend to step down so early, Make room for your unfilial son.In this way, a little strange father and son turned against each other. Ronald Perelman ran away from Belmont industries. In a few years, he also built a diversified holding company, mcaandrews Forbes, Berkshire Hathaway company similar to Buffett, high string Gulf West holding company, happy holding company and land company.Of course, Ronald Perelman's reputation is not as "good" as Buffett in the American territory, because there is an obvious reason that companies targeted by malicious acquisitions often struggle to resist. As for which side the balance of victory and defeat is facing, it depends on who mobilizes more resources.This is not only a competition for more money, but also a game of legal litigation, corporate governance struggle and so on.After Ronald Perelman acquired the company, he will carry out drastic reform and sell the departments he considers unprofitable to reduce debt and increase profits. If the core business is profitable, he will sell it without nostalgia, just like the strategy of operating eslinger brewery before he graduated from Wharton Business School.In short, what layoffs and spin offs are cold figures on the book in the eyes of capital. There is only one final result, profit!If you think about it, you can see that a fortune 500 company like Gillette doesn't buy Ronald Perelman's game at all,In particular, Ronald Perelman's capital operation relies largely on the notorious junk bonds despite the rapid development momentum.In the future of further excessive financialization, junk bonds can be transformed into high-yield bonds, but the mainstream is still difficult to accept.Fortune 500 companies instinctively scoff at the malicious acquisition of leverage and junk bonds.That's the difference between Ronald Perelman and Sir Gao!When Gao Xian gave the conditions, Ronald Perelman agreed without considering too much time. He didn't go through the muddy water of the United carbide company of the United States. He went to snipe those companies and snipe the United carbide company of the United States. Anyway, he gave full play to his strengths.It has to be admitted that once Ronald Perelman's excrement stirring stick is danced, the effect is surprisingly good, and the scene suddenly turns upside down. Many competitors eager to sharpen their swords against the United carbide company of the United States are worried that they will be caught by the Raider mantis, and the Yellow finch will take off the nest in the back, and then get entangled, It just gives Gulf western more negotiation time.Gao Xian's judgment is very accurate. The idea of breaking through the fortress from within the United carbide company is quite effective. Almost all the directors and shareholders of the United carbide company contacted by the Gulf western company have shown great interest in the battery business of the United carbide company after understanding the layout of the battery business of the Gulf western company, Selling to the Gulf western company can not only meet the immediate interests, but also take into account the long-term plan.As for the attitude of the management of the United carbide company of the United States, it is more subtle. It can be seen from the results of a special visit by Ronald Zegler, CEO of the Gulf western company, to Warren Anderson, CEO of the United carbide company of the United States.Warren Anderson, who "escaped" from ah San to the United States, has been busy and racked his brains to save himself. It must be admitted that there are still some effects.After all, the strength comparison between a San and Mi Di is obvious. A San Zheng's Government may not have ideal results if it invites American lawyers to file a lawsuit in the American judicial system and follow Mi Di's rules.American lawyers invited by assan Zhengfu have agreed to the US $350 million settlement proposed by the United carbide company, but assan Zhengfu did not agree because everyone knew the pressure and reasons, and bited the US $3.3 billion claim.Ronald Zegler, who has been in the White House, has no shortage of game skills. During the conversation, he seemed to ask casually, Anderson, you are about to retire.Yes, Warren Anderson nodded, and then there was a brief silence.Warren Anderson was born in 1921 and is about to turn 65. In companies with strong family color, this is the last lever for senior executives to retire.He must consider practical issues. How will the board of directors of the United carbide company of the United States honor the retirement benefits? Will a San Zheng's house arrest him as a criminal? Either way, it's a matter of life and death.If Warren Anderson, as the boss of the management of the United carbide company, yelled that the United carbide company must not break up, he could please many people, but he would certainly offend many people.After thinking about it for a while, Warren Anderson stated that as long as the directors and shareholders had no objection, the management was happy to see Gulf western company acquire the battery business of United carbide.Seeing that Ronald Zegler just smiled, picked up his coffee cup and took a slow drink, Warren Anderson quickly added. Of course, the management will actively promote relevant work.Ronald Zegler nodded. I believe the directors and shareholders of the United carbide company of the United States recognize your work. By the way, how much do you think is appropriate?Warren Anderson thought for a moment that $1.4 billion should be a reasonable figure.Ronald Zegler was noncommittal and asked, how much is the cash? Is it easy to handle on the book?Warren Anderson carefully studied Ronald Zegler's expression and replied meaningfully that it must be inconvenient to earn too much cash at once from the perspective of management.Ronald Zegler showed some satisfaction and continued to bargain.When Gao Xian received the report, the result was that the United carbide company of the United States sold its battery business to the Gulf western company, which paid the former $1.2 billion in stock and cash.With this transaction, the asset scale of the United carbide company of the United States of America, amounting to tens of billions of US dollars, was suddenly reduced by 20%; As a heavy asset enterprise group, United carbide has to deal with some things such as equipment aging, goodwill impairment and maturing debts. In short, it's enough for everyone to keep the financial statements secret.Of course, Warren Anderson has flattered many forces enough to ensure his retirement life.Gao Xian can't be dissatisfied with this achievement. From the perspective of Gao Yi, who has shorted United carbide, it's almost useless for Gulf Western to win the battery business of United carbide.When Ronald Perelman saw that the Gulf western company was successful, he couldn't wait to contact Gao Xian. What, sir Gao, you owe me a favor. When will you pay it back?Gao Xian said with awe inspiring righteousness, go and inquire about my credit. When did my credit expire? As long as you do it, goyimi will cooperate.The next thing, on this timeline, goes a little far. Just briefly introduce it first.With the help of the "regular group army" goyimi, Ronald Perelman launched his first attack on Gillette. He proposed to buy 86.1% of Gillette's shares at a price of US $3.8 billion.As a result, as goyimi analyzed in advance, Gillette hated Ronald Perelman and rejected the acquisition proposal cleanly.How could Ronald Perelman be dismissed so easily? I already hold nearly 20% of Gillette's shares and hand over my seat on the board of directors.Gillette is really afraid of Ronald Perelman's entanglement, because, on the one hand, Ronald Perelman's acquisition proposal has indeed increased Gillette's valuation, so it is difficult to ensure that no one on his side is interested in arbitrage; Second, Ronald Perelman's reputation as a "bone removal expert" is indeed very deterrent.So Gillette took a step back and was willing to pay more than 800 million US dollars to buy back the Gillette shares held by Ronald Perelman. As for the seat on the board of directors, naturally, don't worry. You're not welcome. Go and play.Gillette's tactics really put Ronald Perelman in the army. After all, some simple rules are universal. People's Gillette Company has enough face. If you don't want Ronald Perelman's face, it's really hard to say the next thing.Ronald Perelman angrily asked for the opinions of goyimi. William Miller's attitude is very clear. The poor don't chase after the enemy, and the rabbit will bite when it's urgent. Since Gillette is willing to buy back those stocks at a high price, it's good for us to earn a sum and give a penny.Sir Gao also said that if you are not willing, you will find a chance to snipe in the future.So, Ronald Perelman's first attack on Gillette ended, and Sir Gao's favor was returned.
