After taking the meeting minutes thrown by Tang Wan, Liang Yuan smiled and said, "Aunt Ning, I don't want to cause such trouble, but the West German plenipotentiary representative in charge of the negotiations said that this agreement must be worthy of the conscience of the West German people and withstand the test of history, so there is no way to show our sincerity from the thickness of the document."

"You little bastard, just talk nonsense. This tone and expression can be expressed by the Federal Germans?"

"Aunt Ning, I'm the translation, this is basically what the German guy means."

Liang Yuan proudly shook the thick stack of documents in his hand and said, "I don't know whether this thing can be worthy of the conscience of the German people in the Federal Republic of China, but I promise that this thing must be worthy of the IQ of the West German people."

For Federal Deutsche Telecom, which is still in restructuring, the agreement signed between Yuanjia and the Federal German government is extremely complicated. Since the Federal Deutsche Telecom Act has begun to be brewing, Liang Yuan insisted on the requirement of injecting and dividing shares based on the net assets of Federal Deutsche Telecom.

When Liang Yuan invested in the capital, he completely ignored the industry prospects, skilled employees, market share and other soft power of Federal Deutsche Telecom. Instead, he used rough methods such as buying houses and furniture to only calculate the actual physical assets owned by Federal Deutsche Telecom, which was extremely unscrupulous.

Faced with Liang Yuan's cheating request, the West Germans naturally rose up to resist. However, no matter what West Germany mentioned, Liang Yuan replaced the Federal German in West Germany's words with democratic Germany and returned the original words. For example, West Germany emphasized the prospects of West Germany's telecommunications industry, Liang Yuan replaced the subject with East Germany and returned it as it was. After a meaningless quarrel, half a month later. The time-hungry Federal Germany finally compromised.

After a period of hard negotiations with slapping the table and staring at the eyes, Yuanjia and relevant departments of the Federal Germany reached a secret agreement, and the entire agreement can be simply divided into two parts:

Yuanjia invested US$2.4 billion to acquire a 9% stake in Federal Deutsche Telekom.

In the future, if the Federal Republic of Germany successfully merges Democratic Germany, no matter what Yuanjia develops the Democratic Deutsche Telecom market at that time, all telecommunications companies in Democratic Germany will be merged freely and unconditionally under the Federal Republic of China.

After swallowing the Democratic Deutsche Telecom market, Federal Deutsche Telecom will be renamed Deutsche Telecom. Regardless of the price of the reorganized Deutsche Telecom market, Yuanjia can choose to subscribe to the maximum of 6% of Deutsche Telecom shares, with the highest purchase price at that time no more than US$900 million.

In other words, if the two Germanys are successfully merged with Yuanjia with the help of Yuanjia, Yuanjia will eventually acquire 15% of the total shares of Deutsche Telekom for US$3.3 billion.

Of course, in order to give explanations to the kind German people, the insidious and cunning capitalists played a new trick. Yuanjia's investment in Federal Deutsche Telekom was not injected into shares, but in debt.

In the announcement to the media, both sides wrote with high sound:

In order to build the Federal German telecommunications network better and faster, provide the Federal German people with the next generation of high-quality mobile and fixed communication services as soon as possible. The reorganized Federal German Telecom issued targeted bonds of up to US$2.4 billion to the Asian Development Bank, and the funds obtained were used to accelerate the update of the facilities and equipment of the West German Telecom backbone network.

There is no problem in the announcements issued after the negotiations between the two parties. For the financial media in the Federal Germany, except for the name Asian Development Bank, the contents of other parts of the announcement have almost no news value.

Of course, there is no problem with debt investment that is taken out for the media to show. The problem arises after signing the debt investment agreement, and some supplementary agreements to protect the investment rights of creditors.

Although the industry prospects of Federal Deutsche Telecom are optimistic about by economic people, no one dares to guarantee that the future of West Germany Telecom will make profits and make money. The West Germany government has planned to open up the Deutsche Telecom market, and no one dares to accurately define the future in the face of competition.

Therefore, the Asian Development Bank's investment in West Germany Telecom can be divided into high-risk investments in terms of principle or academic terms. In order to ensure the dual interests of creditors and enterprises, when the company's operation encounters difficulties in the future, it is also an international practice to convert debt into shares to alleviate the operating pressure of the company, thereby saving working capital for enterprises in difficulties.

Generally speaking, once the conditions for debt-to-equity conversion are activated, although it means that the company's operations are in a difficult period, and the difficulty in paying the principal and interest of the debt that should be paid makes the company's valuation at a low point. However, it is still quite far from Liang Yuan's plan to invest based on the company's net assets.

The tricks Yuanjia and Federal Germany are tacitly playing with are in this extremely inconspicuous debt-to-equity conversion supplementary agreement that protects the interests of creditors.

Among the various agreements on hundreds of rights and obligations in the supplementary agreement, there is a very common agreement:

Considering the high risk of investment, both investors have the right to propose to convert debts into corporate shares at appropriate times. When the conditions for debt-to-equity conversion are activated, the creditor will convert debts into corporate shares based on the amount of remaining debts based on the company's assets at that time.

The fatal loophole created by Yuanjia and the West German government is in this simple agreement that looks very ordinary and normal.

If West Germany Telecom is an operating company at this time, then the loopholes caused by this agreement do not exist. The problem is that West Germany Telecom is reorganizing at this time. Even the reorganized companies cannot determine their employees. The market share, operating profit and other aspects that have a great impact on the company's valuation will not exist at all in the financial statements.

At this time, only net assets will be displayed in the financial statements of West Germany Telecom. As long as Liang Yuan defines the "appropriate" moment of starting debt-to-equity conversion according to the contract signed by both parties as before West Germany Telecom's official operation, the purpose of injecting capital into West Germany Telecom according to the net asset curve will be completely achieved.

Liang Yuan wasted a lot of energy and found the inconspicuous loophole clause from a large number of documents. He pointed to the clause and told Tang Wan carefully about the whole story, and then said with a smile: "I went around a big circle and finally dealt with the federal German media and the public."

Tang Wan took the vulnerable document and read it again and again, and said in disbelief: "It's incredible that the ambiguity of a few words led to the transfer of billions of dollars in assets."

"But Xiaoyuan, the matter is really over? What will the media do after the debt-to-equity conversion is known to the real situation?" Tang Wan asked with some trepidation.

"We have completed the obligation of the Federal German government to announce and convey large-scale working capital of state-owned enterprises to the public. The remaining debt-to-equity conversion plan is completely the operational secret of the enterprise and there is no obligation to notify anyone. The Federal German Private Enterprise Protection Law also supports our behavior. Aunt Ning does not have to worry about subsequent matters at all."

Strictly speaking, the reorganized West Germany Telecom is not a complete private enterprise. The Federal German government must be aware of the changes in the shareholding quota within the company. However, the Federal German government has become the so-called supervision of the insider, and naturally it will disappear. As long as Yuanjia handles a few candidates in a key position, it can be completely unaware of it.

Especially after Deutsche Telekom officially listed and turned around the stock market in the future, all traces will be destroyed in a large number of stock exchange transactions.

After listening to Liang Yuan explaining the matter in detail to Tang Wan, Qilianshan said with emotion: "I am completely convinced of the ability of the young master to buy and sell things."

"A few days ago, the eldest young master sold Fengyuan Material Trade to cash out $600 million. It was shocking that 15% of Deutsche Telekom shares could have a valuation of at least 80 billion US dollars after Deutsche Telekom successfully listed, which is even more scary enough. However, compared with the eldest young master's ability to operate capital, it is really nothing..." Qilianshan mentioned capital operation a little bumpy.
Chapter completed!