{"id":6156,"date":"2022-09-15T14:27:00","date_gmt":"2022-09-15T18:27:00","guid":{"rendered":"https:\/\/cdialumni.ecademydj.com\/?p=6156"},"modified":"2022-09-15T14:27:00","modified_gmt":"2022-09-15T18:27:00","slug":"linnovation-de-trop","status":"publish","type":"post","link":"https:\/\/cdialumni.ecademydj.com\/fr\/2022\/09\/15\/linnovation-de-trop\/","title":{"rendered":"L’innovation de trop ?"},"content":{"rendered":"

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

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Bill Ackman vient d\u2019annoncer qu\u2019il restituait aux investisseurs les 4 milliards de dollars lev\u00e9s dans le cadre de son SPAC Pershing Square Tontine Holdings (PSTH) apr\u00e8s avoir tent\u00e9, sans succ\u00e8s, d\u2019identifier une \u00ab\u00a0business combination\u00a0\u00bb, \u00e0 savoir une cible d\u2019acquisition destin\u00e9e \u00e0 r\u00e9aliser une fusion invers\u00e9e, marque de fabrique des soci\u00e9t\u00e9s dites \u00ab\u00a0ch\u00e8que en blanc\u00a0\u00bb. Cet \u00e9v\u00e9nement me conduit \u00e0 deux commentaires.<\/p>\n

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Tout d\u2019abord, sur les SAPC en g\u00e9n\u00e9ral. La Ecademy a consacr\u00e9 un vidcast (octobre 2020 \u2013 L\u2019ann\u00e9e des SPAC) \u00e0 cette semi-innovation financi\u00e8re qui consiste \u00e0 rassembler des fonds sans savoir, au moment o\u00f9 ils sont lev\u00e9s, \u00e0 quelle cible ils seront destin\u00e9s. Ce m\u00eame concept a \u00e9t\u00e9 \u00e0 nouveau mobilis\u00e9 dans la description de Virgin Galactic (vidcast \u2013 juin 2021). Ce proc\u00e9d\u00e9 qui permet \u00e0 des entreprises d\u2019\u00eatre cot\u00e9es en Bourse \u00e0 moindre frais, avec une plus grande s\u00e9curit\u00e9 d\u2019acc\u00e8s au march\u00e9 et plus rapidement, d\u2019o\u00f9 son succ\u00e8s \u00e9clatant, a fait l\u2019objet de critiques, notamment relatives \u00e0 la facilit\u00e9 avec laquelle les fondateurs-sponsors d\u00e9gageaient des rentabilit\u00e9s consid\u00e9rables sur le dos des investisseurs. Faut-il voir dans ces critiques un souci de moralit\u00e9 croissant sur Wall Street ou les commentaires agac\u00e9s d\u2019acteurs du syst\u00e8me financier qui voient dispara\u00eetre des sources de revenus confortables\u00a0? Une caract\u00e9ristique fondamentale des SPAC est que les sponsors, experts cr\u00e9dibles dans leurs secteurs, disposent d\u2019un temps relativement court pour identifier la cible d\u2019acquisition. Au-del\u00e0 d\u2019une p\u00e9riode de deux ans, il leur est demand\u00e9 de restituer les fonds. Ph\u00e9nom\u00e8ne socio-\u00e9conomique classique\u00a0: les premiers SPAC ont fondu sur le march\u00e9 et engrang\u00e9 les meilleurs deals. Les \u00ab\u00a0suiveurs\u00a0\u00bb arrivent en fin de r\u00e9colte, le butin est maigre et le souffl\u00e9 retombe un peu\u2026 Il s\u2019agit de la parfaite illustration d\u2019un ph\u00e9nom\u00e8ne bien connu en \u00e9conomie de l\u2019environnement\u00a0: la disparition d\u2019une ressource lorsqu\u2019elle est exploit\u00e9e \u00e0 un rythme sup\u00e9rieur \u00e0 sa capacit\u00e9 de renouvellement\u00a0! Une fois lev\u00e9s, les fonds sont plac\u00e9s dans un trust, il est interdit de les mobiliser en dehors de la potentielle \u00ab\u00a0business combination\u00a0\u00bb approuv\u00e9e par les investisseurs et il faut \u00eatre en mesure de les restituer int\u00e9gralement s\u2019ils ne sont pas utilis\u00e9s. Il est, donc, n\u00e9cessaire, de disposer de fonds additionnels pour payer les frais de gestion du SPAC et les co\u00fbts de mise en Bourse du v\u00e9hicule d\u2019investissement. Le g\u00e9nie cr\u00e9ateur des financiers a imagin\u00e9 que les sponsors achetaient des options d\u2019achat des titres du SPAC \u00e0 un prix d\u2019exercice sup\u00e9rieur ou \u00e9gal au prix d\u2019\u00e9mission de leurs actions ordinaires et que le produit de la vente des options (prime pay\u00e9e par les sponsors) couvrait les frais divers et vari\u00e9s. C\u2019est tr\u00e8s intelligent car, si l\u2019acquisition est un succ\u00e8s, alors le retour sur investissement sera stratosph\u00e9rique. Par contre, si le march\u00e9 regarde avec suspicion la combinaison ou si les fonds ne sont pas utilis\u00e9s, les options ne sont pas exerc\u00e9es et les sponsors perdent l\u2019int\u00e9gralit\u00e9 de la prime pay\u00e9e. Donc, contrairement \u00e0 ce que certains propos sugg\u00e8rent, on ne gagne pas \u00e0 tout coup et on peut perdre un montant significatif.<\/p>\n

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Pour PSTH, le montant pay\u00e9 pour investir dans les options \u00e9tait de 65 millions de dollars \u2026<\/p>\n

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Mais, PSTH aurait pu r\u00e9aliser un investissement, c\u2019est mon second commentaire.<\/p>\n

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Au printemps 2021, la filiale musicale de Vivendi, Universal Music Group (les Beatles, Lady Gaga, etc.), devait \u00eatre cot\u00e9e dans un avenir proche (quelques mois, si le march\u00e9 le permettait). Le projet de Bill Ackman a consist\u00e9 \u00e0 prendre une participation de 10% environ dans UMG non pas pour en prendre le contr\u00f4le et la coter, mais pour disposer d\u2019une part significative des capitaux avant introduction en Bourse \u00e0 un prix qui permettrait d\u2019envisager une belle plus-value. Les autorit\u00e9s de r\u00e9gulation (SEC) et les investisseurs se sont oppos\u00e9s au projet. Les seconds, car ils voyaient leurs fonds immobilis\u00e9s pendant une p\u00e9riode relativement al\u00e9atoire avec une sortie non moins al\u00e9atoire. Les premi\u00e8res, car elles constataient un changement d\u2019objet \u00e0 un v\u00e9hicule d\u2019investissement qui n\u2019est pas pr\u00e9vu pour prendre une participation tr\u00e8s minoritaire sans processus de cotation. En fait, PSTH changeait les r\u00e8gles du jeu fix\u00e9es \u00e0 l\u2019avance en r\u00e9alisant une op\u00e9ration qui ressemble davantage \u00e0 une lev\u00e9e de fonds pre-IPO sur le march\u00e9 secondaire (permettant \u00e0 certains investisseurs de sortir) d\u2019une soci\u00e9t\u00e9 non cot\u00e9e. La conclusion de l\u2019affaire, c\u2019est que Bill Ackman a effectivement r\u00e9alis\u00e9 l\u2019investissement et pour un m\u00eame montant, mais \u00e0 partir de son propre hedge fund<\/em>.<\/p>\n

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Le changement des r\u00e8gles du jeu apr\u00e8s l\u2019entame du match est un argument souvent \u00e9voqu\u00e9 pour rejeter le processus. C\u2019est m\u00eame ce qui a fait dire \u00e0 Milton Friedman qu\u2019il est immoral d\u2019annoncer \u00e0 des actionnaires que les capitaux investis sont mobilis\u00e9s en faveur des parties prenantes, alors qu\u2019on leur avait vendu la primaut\u00e9 des actionnaires. Vous vous rappelez\u00a0? \u00ab\u00a0The business <\/em>of business is <\/em>business\u00a0\u00bb<\/em>.<\/p>\n

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