{"id":6122,"date":"2022-06-20T11:32:38","date_gmt":"2022-06-20T15:32:38","guid":{"rendered":"https:\/\/cdialumni.ecademydj.com\/?p=6122"},"modified":"2022-06-20T11:32:38","modified_gmt":"2022-06-20T15:32:38","slug":"achete-vendu","status":"publish","type":"post","link":"https:\/\/cdialumni.ecademydj.com\/fr\/2022\/06\/20\/achete-vendu\/","title":{"rendered":"Achet\u00e9 – vendu"},"content":{"rendered":"

Par Dominique Jacquet<\/strong><\/h3>\n

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Michael Dell est bien connu \u2026 pour avoir sugg\u00e9r\u00e9 \u00e0 Steve Jobs de rendre leurs fonds aux actionnaire d\u2019Apple en 1997 alors que la firme \u00e9tait au bord du gouffre\u00a0: l\u2019\u00e9l\u00e9gance en personne. En 1997, la soci\u00e9t\u00e9 Dell g\u00e9n\u00e9rait des revenus de 12 milliards de dollars et valait 36 milliards en bourse. Un peu plus tard, en 2013, Michael Dell, via un LBO, rend leurs fonds aux actionnaires (de Dell) \u00e0 hauteur de 24 milliards apr\u00e8s en avoir assur\u00e9 \u00e0 nouveau la direction les 7 ann\u00e9es pr\u00e9c\u00e9dentes (vaches maigres\u2026)\u00a0: bravo l\u2019artiste.<\/p>\n

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Peu apr\u00e8s l\u2019 \u00ab\u00a0\u00e9pisode Apple\u00a0\u00bb, en 1998, la soci\u00e9t\u00e9 VMware est cr\u00e9\u00e9e par des \u00e9tudiants de Berkeley, puis achet\u00e9e par EMC en 2003 pour 625 millions de dollars. EMC va introduire 15% du capital de VMware en 2007 au cours de $85. Apr\u00e8s avoir atteint un \u00ab\u00a0plus haut\u00a0\u00bb sup\u00e9rieur \u00e0 $200 en 2019, le cours va graduellement baisser pour atteindre le niveau de $95 d\u00e9but mai puis remonter \u00e0 $115 aujourd\u2019hui.<\/p>\n

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Afin de revenir en bourse sans franchir les \u00e9tapes d\u00e9licates de l\u2019IPO traditionnel, Dell prend le contr\u00f4le d\u2019EMC, soci\u00e9t\u00e9 d\u00e9j\u00e0 cot\u00e9e, en 2016 pour 67 milliards de dollars. Aujourd\u2019hui, on utiliserait plut\u00f4t un SPAC\u2026 Le cours de VMware est alors positionn\u00e9 \u00e0 $79 par le march\u00e9.<\/p>\n

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En novembre 2021, Dell se s\u00e9pare de VMware, apr\u00e8s versement par cette derni\u00e8re d\u2019un dividende exceptionnel de 12 milliards de dollars, par le biais d\u2019un spin-off<\/em>, distribuant sous la forme d\u2019un dividende sp\u00e9cial les actions de VMware aux actionnaires de la firme. VMware va th\u00e9oriquement poursuivre sa route de mani\u00e8re autonome avec des revenus qui croissent (de 8 milliards en 2017 \u00e0 13 milliards en 2021) et une rentabilit\u00e9 op\u00e9rationnelle suffisamment stable pour justifier un \u00df de 0,8\u00a0: de novembre 2021 \u00e0 juin 2022, le cours de VMware a perdu un peu moins que le Nasdaq qui abandonnait pr\u00e8s d\u2019un-tiers de sa valeur sur la m\u00eame p\u00e9riode.<\/p>\n

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Michael Dell poss\u00e8de 41% des actions de VMware apr\u00e8s scission.<\/p>\n

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Mais, l\u2019histoire n\u2019est pas finie car Broadcom, apr\u00e8s avoir essuy\u00e9 quelques refus de la Maison Blanche, a d\u00e9sormais l\u2019autorisation d\u2019acqu\u00e9rir VMware pour 61 milliards de dollars. Cette offre, qui suit les acquisitions de CA Technologies et Symantec (pour un total de pr\u00e8s de 20 milliards de dollars) et est \u00ab\u00a0non-sollicit\u00e9e\u00a0\u00bb aux dires de Michael Dell, est largement soutenue par ce dernier qui va r\u00e9cup\u00e9rer une partie des pertes boursi\u00e8res de ces derniers mois. Michael restera dans l\u2019Histoire comme l\u2019inventeur d\u2019un syst\u00e8me de supply chain<\/em> tr\u00e8s innovant et qui va assurer un avantage concurrentiel d\u00e9terminant \u00e0 sa firme. Mais, comme le sugg\u00e8re un ancien de la firme, on peut ajouter sans prendre de risque que \u00ab\u00a0Michael is a creative financial genius<\/em>\u00a0\u00bb.<\/p>\n

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Par Dominique Jacquet     Michael Dell est bien connu \u2026 pour avoir sugg\u00e9r\u00e9 \u00e0 Steve…<\/p>\n","protected":false},"author":2,"featured_media":6118,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-6122","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-non-classifiee"],"acf":[],"yoast_head":"\nAchet\u00e9 - vendu - CDI Alumni E-Cademy<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cdialumni.ecademydj.com\/fr\/2022\/06\/20\/achete-vendu\/\" \/>\n<meta property=\"og:locale\" content=\"fr_FR\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Achet\u00e9 - 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