迄今,，我們都已知曉當(dāng)巴菲特和巴西私募股權(quán)公司3G資本合作并購(gòu)一家公司后，很可能發(fā)生兩件事：一是將大幅削減成本,、裁撤人員,；二是巴菲特以及3G公司的合伙人們最后將大賺一筆。近日宣布的這筆重磅交易也不會(huì)例外——巴菲特和3G公司共同持有的亨氏以400億美元并購(gòu)卡夫,?？ǚ蚬镜漠a(chǎn)品包括mac & cheese奶酪和Jell-O果凍，年銷售額為180億美元,。

????食品行業(yè)渴盼大刀闊斧整合久矣,。然而，在關(guān)于此次并購(gòu)的電話會(huì)議中,，談到交易后的預(yù)期效益,，受命擔(dān)任新卡夫亨氏公司首席執(zhí)行官的貝爾納?赫斯（現(xiàn)亨氏掌門人）與3G聯(lián)席創(chuàng)始人兼管理合伙人亞歷克斯?貝林口徑一致。用后者的話來說：“本次交易完全是為了增長(zhǎng),?！?/p>

????但要增長(zhǎng)什么？從過去的歷史來看,，以下幾項(xiàng)可能會(huì)只減不增,。

????——職位,。亨氏自兩年前被并購(gòu)以來，已砍掉近7000個(gè)工作崗位,。多家工廠關(guān)門,、總部辦公樓也從兩棟減至一棟。赫斯在電話會(huì)議上表示,，他打算保留兩家公司的總部（亨氏總部位于匹茲堡,，而卡夫總部位于芝加哥），但各處都將大力進(jìn)行整合,。

????——收入,。被3G收購(gòu)以來，亨氏的利潤(rùn)大漲,，但銷售額卻從2012年（并購(gòu)前一年）的117億美元降至去年的109億美元,。這部分原因在于成本削減，還有部分原因則在于加工食品行業(yè)出現(xiàn)了變化,，人們?nèi)找媲嗖A更為健康的食品,，而非食品業(yè)巨頭的產(chǎn)品。

????——供應(yīng)商和顧問公司【除了埃森哲以外】,。與卡夫有業(yè)務(wù)往來的公司,，要小心了。3G只對(duì)埃森哲這一家外部企業(yè)忠誠(chéng),，并且采用零基預(yù)算,。這意味著每年都必須證明支出的每一分錢都花得有道理。供應(yīng)商很可能被告知將成本削減20％以上,，否則就可能丟掉生意,。3G公司最高管理層很推崇一部名為《利潤(rùn)倍增》的大作，該書中有一章名為“當(dāng)供應(yīng)商說不,，再三敲打他們”,。

????——當(dāng)前的高管團(tuán)隊(duì)。3G立刻在亨氏和漢堡王進(jìn)行了管理層大換血,。僅在亨氏,，12名頂級(jí)高管中，就有11人被取而代之,，新上任的高管大多來自3G公司,，其中很多都是巴西人，在貫徹3G公司戰(zhàn)略方面頗具經(jīng)驗(yàn),。漢堡王經(jīng)歷了類似的改組,。那些希望留下來的高管，應(yīng)該準(zhǔn)備好單槍匹馬的與赫斯坐下來面談,。

????——卡夫與麥當(dāng)勞的關(guān)系,。由于3G旗下還擁有漢堡王,，其收購(gòu)亨氏引起了麥當(dāng)勞的不滿。因此,，該交易完成后不久,，麥當(dāng)勞就不再用亨氏作為自身番茄醬供應(yīng)商。不久前,，卡夫和麥當(dāng)勞宣布了在全美推出袋裝咖啡的一筆大交易,。此合作項(xiàng)目是否也將受到影響？（財(cái)富中文網(wǎng)）

????譯者：Hunter

????By now, we know that two things are likely when it comes to a 3G/Warren Buffett investment pairing: First, there will be massive cost and personnel cuts; Second, Buffett and the partners of 3G will make lots of money. There is no reason to think otherwise with today’s blockbuster deal, the Buffett/3G-owned Heinz’s $40 billion purchase of Kraft, the $18 billion (sales) maker of mac & cheese and Jell-O.

????The food industry has long been ripe for drastic consolidation. Yet on a conference call discussing the deal, the anointed CEO of Kraft Heinz, Bernardo Hees (currently the chief of Heinz), and his boss, 3G cofounder and managing partner Alex Behring, stuck to one unified story line in explaining the expected benefit of the deal. As Behring put it, “This transaction is all about growth.”

????But growth of what, exactly? Here are some things that, based on past history, may not expand.

????–Jobs. Some 7,000 jobs have been slashed at Heinz since the merger took place two years ago. Plants have been shuttered, the headquarters reduced from two buildings to one. Hees said on the call that he intended to keep both companies’ headquarters in place in Pittsburgh (Heinz) and Chicago (Kraft), but expect dramatic consolidation there and elsewhere.

????–Revenues. Since 3G took charge, Heinz’s profits are way up, but sales have fallen from $11.7 billion in 2012, the year before the merger, to $10.9 billion last year. This is in part because of cost cuts, but it’s also becausetrends in the processed food industry show a shift away from big food and toward more health-conscious items.

????–Suppliers and consultants (other than Accenture). Outsiders with a relationship to Kraft, look out. 3G is loyal primarily to one outside firm—Accenture—and uses zero-based budgeting. That means every penny of spending must be justified every single year. Suppliers can expect to be told to reduce their costs by 20% or more, or risk losing the business. As it says in a chapter heading of a book called “Double Your Profits,” a tome favored by the top executives at 3G, “When suppliers say no, hit them again and again.”

????–The current executive team. At both Heinz and Burger King, 3G immediately initiated sweeping turnover at the top. At Heinz alone, 11 of the top 12 executives were replaced, many by 3G execs, many of them Brazilian, with experience in implementing its playbook. Burger King has experienced a similar realignment. Execs who hope to stay should be ready to appear—with no more than one piece of paper in hand—for a sitdown interview with Hees.

????–Kraft’s relationship with McDonald’s MCD -1.23% . Because 3G also owns Burger King, the purchase of Heinz didn’t sit well with McDonald’s, which dropped Heinz as its ketchup supplier not long after the 3G merger went through. Kraft and McDonald’s recently announced a giant deal to roll out bagged coffee nationwide. Will that relationship take a hit too?