1. Si Ud. fuera Vermijs ¿Qué respuesta esperaría de Nutrasweet, ante la entrada the Holland Sweetener en los mercadosde Aspartame Canadiense y Europeo?

Se esperaría una guerra de precios considerando el antecedente del 40% de descuento aplicado para las cuentas corporativas.

2. Específicamente, como debería valorar Vermijs la probabilidad relativa de los dos escenarios posibles que tiene en mente (guerra de precios-competencia normal)?

1. Si Ud. fuera Vermijs ¿Qué respuesta esperaría de Nutrasweet, ante la entrada the Holland Sweetener en los mercados

Se esperaría una guerra de precios considerando el antecedente del 40% de descuento aplicado para las cuentas corporativas.

2. Específicamente, como debería valorar Vermijs la probabilidad relativa de los dos escenarios posibles que tiene en mente (guerra de precios-competencia normal)?

Mercado de refrescosParticipació 60%Ventas anua26 mil millones

Por libra Gasesosa Capacidad endulzamiento Aspartamo $85 - $90 1Sacarina 3 900 300Azucar 0.25 45.00 180

1985 Searly absorve Monsanto Company Co. por 2.8 billion173 millones de cargos anuales de Monsanto en contra de Nutrasweet

Apr-85 HSC de Holanda, unión de Tosoh y DSMTosoh process L-penhylalanine o D, L-phenylalanineHSC proclama que su método para producir Aspartime es menos costoso de Nutrasweet

Feb-86 HSC produce 500 toneladas de aspartamo en su planta de GelenCompetencia con Nutrasweet en Europa y CanadaAllí la patente de Nutrasweet expira en 1987HSC recibió un préstamo de $ 17 millones.HSC descubrió que Coca Cola y Pepsi firmaron convenios con Nutrasweet de por vida.HSC decidió interponer un reclamo por este tipo de convenios ante la Comisión Europea.

Acelfumase-K producido por Hoechts, Alemanes. 200 veces mas dulceSucralose, 500 veces más dulce Tate & Lyle, británica. Conocido como Splenda en USA y JaponAlitame, 2000 veces más ducleStevioside, producido a base de stevia.

Diet Coke, called Coca-Cola Light in some countries, is a sugar-free soft drink produced and distributed by The Coca-Cola Company. It was first introduced in the United States on August 9, 1982,[1] as the first new brand since 1886 to use theCoca-Cola trademark. The product quickly overtook the soft drink Tab in sales.

Diet Coke was sweetened with aspartame after the sweetener became available in the United States in 1983;[2] to save money, this was originally in a blend with saccharin. After Diet Rite cola advertised its 100 percent use of aspartame, and the manufacturer of NutraSweet (then, G. D. Searle & Company) warned that the NutraSweet trademark would not be made available to a blend of sweeteners, Coca-Cola switched the formula to 100 percent NutraSweet. Diet Coke from fountain dispensers still contains some saccharin to extend shelf life. [3]

In other countries, in which cyclamates are not banned (as they were in the U.S. in 1970[4][5]), Diet Coke or Coca-Cola Light may be sweetened with a blend containing cyclamates, aspartame, and acesulfame potassium.

In 2005, under pressure from retailer Walmart (which was impressed with the popularity of Splenda sweetener), the company released a new formulation called "Diet Coke sweetened with Splenda". [6] Sucralose and acesulfame potassium replace aspartame in this version. Early sales were weaker than anticipated; however, Coca-Cola did little advertising for the brand, investing money and advertising in Coca-Cola Zero instead. By late 2009, some distributors had stopped supplying Diet Coke sweetened with Splenda.

Diet Coke does not use a modified form of the Coca-Cola recipe, but instead an entirely different formula. The controversial New Coke, introduced in 1985, used a version of the Diet Coke recipe that contained high fructose corn syrup and had a slightly different balance of ingredients. In 2004, Coca-Cola introduced Coca-Cola C2, which it claims tastes much closer to Coca-Cola but contains half the carbohydrates. In 2005, the company introduced Coca-Cola Zero, a sugar-free variation of regular Coca-Cola.

When Tab was released in 1963, the Coca-Cola Company refused to release a diet soda with the Coca-Cola name, fearing that its flagship brand might suffer. Its rival Pepsi had no such qualms, and after the long-term success of its sugar-freeDiet Pepsi (launched in 1964) became clear, Coca-Cola decided to launch a competing sugar-free brand under the Coca-Cola name, which could be marketed more easily than Tab.

Diet Coke and Diet Pepsi have capitalized on the markets of people who require low sugar regimens, such as diabetics and people concerned with calorie intake. In the UK, a 330 ml can of Diet Coke contains around 1.3 calories (5 kilojoules) compared to 142 calories (595 kJ) for a regular can of Coca-Cola.

Ventajas173 millones de cargos anuales de Monsanto en contra de Nutrasweet El producto debe ser N veces más dulce que el azucar

HSC proclama que su método para producir Aspartime es menos costoso de Nutrasweet

HSC descubrió que Coca Cola y Pepsi firmaron convenios con Nutrasweet de por vida.HSC decidió interponer un reclamo por este tipo de convenios ante la Comisión Europea.

Acelfumase-K producido por Hoechts, Alemanes. 200 veces mas dulceSucralose, 500 veces más dulce Tate & Lyle, británica. Conocido como Splenda en USA y Japon

 produced and distributed by The Coca-Cola Company. It was first introduced in the United States on August 9, 1982,[1] as the first new brand since 1886 to use theCoca-Cola trademark. The product quickly overtook the soft drink Tab in sales.

 after the sweetener became available in the United States in 1983;[2] to save money, this was originally in a blend with saccharin. After Diet Rite cola advertised its 100 percent use of aspartame, and the manufacturer of NutraSweet (then, G. D. Searle & Company) warned that the NutraSweet trademark would not be made available to a blend of sweeteners, Coca-Cola switched the formula to 100 percent NutraSweet. Diet Coke from fountain dispensers still contains some saccharin to extend shelf life. [3]

 are not banned (as they were in the U.S. in 1970[4][5]), Diet Coke or Coca-Cola Light may be sweetened with a blend containing cyclamates, aspartame, and acesulfame potassium.

 (which was impressed with the popularity of Splenda sweetener), the company released a new formulation called "Diet Coke sweetened with Splenda". [6] Sucralose and acesulfame potassium replace aspartame in this version. Early sales were weaker than anticipated; however, Coca-Cola did little advertising for the brand, investing money and advertising in Coca-Cola Zero instead. By late 2009, some distributors had stopped supplying Diet Coke sweetened with Splenda.

Diet Coke does not use a modified form of the Coca-Cola recipe, but instead an entirely different formula. The controversial New Coke, introduced in 1985, used a version of the Diet Coke recipe that contained high fructose corn syrup and had a slightly different balance of ingredients. In 2004, Coca-Cola introduced Coca-Cola C2, which it claims tastes much closer to Coca-Cola but contains half the carbohydrates. In 2005, the company introduced Coca-Cola Zero, a sugar-free variation of regular Coca-Cola.

When Tab was released in 1963, the Coca-Cola Company refused to release a diet soda with the Coca-Cola name, fearing that its flagship brand might suffer. Its rival Pepsi had no such qualms, and after the long-term success of its sugar-freeDiet Pepsi (launched in 1964) became clear, Coca-Cola decided to launch a competing sugar-free brand under the Coca-Cola name, which could be marketed more easily than Tab.

Diet Coke and Diet Pepsi have capitalized on the markets of people who require low sugar regimens, such as diabetics and people concerned with calorie intake. In the UK, a 330 ml can of Diet Coke contains around 1.3 calories (5 kilojoules) compared to 142 calories (595 kJ) for a regular can of Coca-Cola.

El producto debe ser N veces más dulce que el azucar

 as the first new brand since 1886 to use theCoca-Cola trademark. The product quickly overtook the soft drink Tab in sales.

 cola advertised its 100 percent use of aspartame, and the manufacturer of NutraSweet (then, G. D. Searle & Company) warned that the NutraSweet trademark would not be made available to a blend of sweeteners, Coca-Cola switched the formula to 100 percent NutraSweet. Diet Coke from fountain dispensers still contains some saccharin to extend shelf life. [3]

Sucralose and acesulfame potassium replace aspartame in this version. Early sales were weaker than anticipated; however, Coca-Cola did little advertising for the brand, investing money and advertising in Coca-Cola Zero instead. By late 2009, some distributors had stopped supplying Diet Coke sweetened with Splenda.

, introduced in 1985, used a version of the Diet Coke recipe that contained high fructose corn syrup and had a slightly different balance of ingredients. In 2004, Coca-Cola introduced Coca-Cola C2, which it claims tastes much closer to Coca-Cola but contains half the carbohydrates. In 2005, the company introduced Coca-Cola Zero, a sugar-free variation of regular Coca-Cola.

 had no such qualms, and after the long-term success of its sugar-freeDiet Pepsi (launched in 1964) became clear, Coca-Cola decided to launch a competing sugar-free brand under the Coca-Cola name, which could be marketed more easily than Tab.

Diet Coke and Diet Pepsi have capitalized on the markets of people who require low sugar regimens, such as diabetics and people concerned with calorie intake. In the UK, a 330 ml can of Diet Coke contains around 1.3 calories (5 kilojoules) compared to 142 calories (595 kJ) for a regular can of Coca-Cola.

) warned that the NutraSweet trademark would not be made available to a blend of sweeteners, Coca-Cola switched the formula to 100 percent NutraSweet. Diet Coke from fountain dispensers still contains some saccharin to extend shelf life. [3]

 replace aspartame in this version. Early sales were weaker than anticipated; however, Coca-Cola did little advertising for the brand, investing money and advertising in Coca-Cola Zero instead. By late 2009, some distributors had stopped supplying Diet Coke sweetened with Splenda.

 and had a slightly different balance of ingredients. In 2004, Coca-Cola introduced Coca-Cola C2, which it claims tastes much closer to Coca-Cola but contains half the carbohydrates. In 2005, the company introduced Coca-Cola Zero, a sugar-free variation of regular Coca-Cola.

 (launched in 1964) became clear, Coca-Cola decided to launch a competing sugar-free brand under the Coca-Cola name, which could be marketed more easily than Tab.

Diet Coke and Diet Pepsi have capitalized on the markets of people who require low sugar regimens, such as diabetics and people concerned with calorie intake. In the UK, a 330 ml can of Diet Coke contains around 1.3 calories (5 kilojoules) compared to 142 calories (595 kJ) for a regular can of Coca-Cola.

) warned that the NutraSweet trademark would not be made available to a blend of sweeteners, Coca-Cola switched the formula to 100 percent NutraSweet. Diet Coke from fountain dispensers still contains some saccharin to extend shelf life. [3]

 instead. By late 2009, some distributors had stopped supplying Diet Coke sweetened with Splenda.

. In 2005, the company introduced Coca-Cola Zero, a sugar-free variation of regular Coca-Cola.

Ajinomoto Co., Inc. Financial Data(Yen millions)

Financial Summary1982 1983 1984

Net Sales 444,509 470,169 482,307 Cost of Goods Sold 335,128 356,498 359,880 SG&A 83,829 84,667 87,561 Operating Income (Loss) 25,552 29,004 34,866 Interest Income (Expense) -6,415 -7,009 -6,644 Provision for Income taxes 12,182 14,024 18,401 Other Income (Expense) 3,174 2,844 3,234 Net Income 10,129 10,815 13,055

Total Asstes 368,050 380,545 395,337 Log-Term obligations 73,968 73,101 68,775 Shareholders' Equity 145,785 161,948 171,196 Current Assets 208,691 211,364 224,580 Current Liabilities 147,741 145,493 155,362

Sales by Bussiness Segment (Yen billions)1982 1983 1984

Seasonings 136.6 137.1 128.7 Edible oils 86.5 87.1 90.3 Processed foods 147.9 153.1 160.0

45.0 59.4 67.2 Other products 28.5 33.5 36.2

Amino acids, pharmaceuticals, and specialty chemicals

1985 1986 510,788 515,062 378,877 387,737 94,819 96,280 37,092 31,045 -6,575 -7,062 20,760 17,163 5,277 8,266 15,034 15,086

438,240 492,193 89,197 130,816 188,675 210,741 252,464 272,832 160,366 150,633

1985 1986

133.5 137.7 93.2 86.3 166.6 177.2

78.3 75.5 39.2 38.4

Monsanto Corporation Finanacial Data ($ millions)

Financial Summary1982 1983 1984

Net Sales 6,325 6,299 6,691 Cost of Goods Solds 4,824 4,734 4,839 Marketing and Administrative Expenses 691 681 722 Technology Expenses 329 359 446 Amortization of Intangibles Assets - 4 7 Restructuring Expenses (Income) - - - Operating Income (Loss) 501 521 677 Interest Income (Expense) -19 -23 -8 Provision for Income taxes 172 201 268 Other Income (Expense) 42 71 38 Net Income 352 368 439

Total Asstes 6,077 6,427 6,373 Log-Term obligations 524 590 1,537 Shareholders' Equity 3,512 3,671 3,810 Current Assets 2,454 2,755 2,597 Current Liabilities 951 1,220 1,202

Bussiness Segment Results1982 1983 1984

Net SalesAgricultural Products 1,250 1,338 Chemicals 4,148 4,360 Electronic Materials 120 220 Fisher Controls 535 550 Nutrasweet - - Pharmaceuticals - 15 Oil & Gas 241 203 Biotechnology Product Discovery - - Corporate 5 5 TOTAL 6,299 6,691

Operating Incomes (Loss)Agricultural Products 366 389 Chemicals 230 336 Electronic Materials -56 4 Fisher Controls 24 27 Nutrasweet - - Pharmaceuticals -15 -30 Oil & Gas 41 27 Biotechnology Product Discovery -21 -24

Corporate -48 -52 TOTAL 521 677

Research and DevelopmentAgricultural Products 92 129 Chemicals 14 22 Electronic Materials 112 131 Fisher Controls 13 23 Nutrasweet - - Pharmaceuticals 15 24 Oil & Gas 21 - Biotechnology Product Discovery 21 24 Corporate 23 25 TOTAL 311 378

Total AssetsAgricultural Products 1,401 1,420 Chemicals 3,201 3,222 Electronic Materials 253 280 Fisher Controls 503 536 Nutrasweet - - Pharmaceuticals 3 80 Oil & Gas 543 578 Biotechnology Product Discovery 15 31 Non-operating assets 508 226 TOTAL 6,427 6,373

Capital ExpenditureAgricultural Products 169 119 Chemicals 213 279 Electronic Materials 26 47 Fisher Controls 29 32 Nutrasweet - - Pharmaceuticals 4 7 Oil & Gas 101 107 Biotechnology Product Discovery 15 17 Non-operating assets 3 6 TOTAL 560 614

Depreciation and AmortizationAgricultural Products 90 100 Chemicals 298 273 Electronic Materials 28 30 Fisher Controls 20 21 Nutrasweet - - Pharmaceuticals 1 7 Oil & Gas 85 69 Biotechnology Product Discovery 1 1

Corporate 1 2 TOTAL 524 503

1985 1986 6,747 6,879 4,841 4,344 919 1,244 548 596 88 218 949 -158 -598 636 -115 -160 -170 203 445 161 -98 433

8,877 8,269 3,092 2,772 3,651 3,781 3,277 2,808 2,378 1,716

1985 1986

1,152 1,153 4,051 3,548 137 154 652 645 317 711 262 665 172 - - - 4 3 6,747 6,879

243 283 234 613 -67 -139 36 -66 58 142 -84 -119 16 - -31 -41

-54 -38 351 635

142 135 32 105 128 15 20 21 11 25 96 177 - - 31 39 26 9 486 526

1,235 1,156 2,982 2,704 302 228 636 612 1,862 1,883 1,438 1,394 - - 33 50 389 242 8,877 8,269

115 88 291 244 55 51 53 38 4 39 33 53 85 - 3 6 6 1 645 520

110 105 248 236 37 122 28 36 73 205 39 67 59 - 2 7

3 2 599 780

Anexo 5Tosoh Corporation: Financial Data

Resumen financiero1982 1983 1984

Net sales 206,121 208,137 252,661Cost of Good Sold 169,734 167,661 195,283SG & A 30,550 31,179 37,234Operating Income 5,837 9,297 20,144Interest income (Expense) -15,671 -17,167 -17,305Provision for income taxes 100 0 150Other income (Expense) -3,495 5,349 4,682Net income -13,429 -2,521 7,371

Total assests 273,881 270,681 309,789Long-term obligations 98,479 95,044 87,276Shareholder´Equity 21,468 21,662 33,383Current Assets 120,316 116,618 156,149Current Liabilities 137,509 139,881 185,797

Ventas por segmento de negocio1982 1983 1984

Net salesChemical products 50350 52851 49490Petrochemicals 72670 72805 92342Portland cement 34997 31153 28470Fertilizers 10007 7752 7147Metal products 13068 13486 14246Fine Chemicals and Specialty Products 25029 30090 32636Other 0 0 28330TOTAL 206121 208137 224331

1985 1986251,722 246,565184,155 181,245

41,675 46,01825,892 19,302

-16,365 -16,2203,036 4,4065,007 5,964

11,498 4,640

325,036 348,09472,766 84,14445,374 49,172

161,647 160,199203,865 211,890

1985 1986

42589 4086992084 8968427195 26037

6475 638215463 1431739165 4090928751 28367

222971 218198

Anexo 6N.V. DSM

Resumen financiero1982 1983 1984

Net sales 18,172 19,750 22,530Cost of Good Sold n/a n/a 20,243SG & A n/a n/a 1,268Operating Income n/a n/a 1,019Interest income (Expense) n/a n/a -210Provision for income taxes n/a n/a 256Other income (Expense) n/a n/a -90Net income -188 164 463

Total assests 9,188 10,241 12,297Long-term obligations n/a n/a 2,500Shareholder´Equity 2,088 2,163 2,625Current Assets n/a n/a 7,054Current Liabilities n/a n/a 6,061

Ventas por segmento de negocio1982 1983 1984

Ventas netasAgro n/a n/a 3211Chemical Products n/a n/a 2655Plastics n/a n/a 3687Resins n/a n/a 1090Plastics Products n/a n/a 754Energy and Other n/a n/a 12750Eliminations n/a n/a -1617TOTAL 18172 19750 22530

1982 1983 1984Ventas netas por destinoHolanda n/a n/a 8447Otros Países EC n/a n/a 10506Resto de Europa n/a n/a 739Norteamérica n/a n/a 1404Resto del mundo n/a n/a 1434TOTAL 18172 19750 22530

1985 198623,667 17,71221,585 15,7431,243 1,242839 727-145 -83263 216-29 -16402 412

13,375 10,0302,084 2,0062,838 2,9798,279 4,9947,010 3,786

1985 1986

9065 686111611 8847

676 4771101 5541214 973

23667 17712-1944 -145623667 17712

1985 1986

9065 686111611 8847

676 4771101 5541214 973

23667 17712