Download or read book Determinants of European Cross border Mergers and Acquisitions written by Miriam Manchin and published by . This book was released on 2004 with total page 56 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book The Determinants of Cross border Mergers and Acquisitions for the Countries of Central and Eastern Europe written by Martin Ian Clarke and published by . This book was released on 2002 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Determinants of Eruopean Cross border Mergers and Acquisitions written by Miriam Manchin and published by . This book was released on 2004 with total page 36 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Determinants of the Success of Cross border Mergers and Acquisitions with an Analysis of the European Environment written by Nicholas Coyle and published by . This book was released on 1994 with total page 75 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book European Cross Border Mergers and Reorganisations written by Jérôme Vermeylen and published by OUP Oxford. This book was released on 2012-03-29 with total page 1587 pages. Available in PDF, EPUB and Kindle. Book excerpt: The most comprehensive guide to all techniques available to European companies, European Cross-Border Mergers and Reorganisations is the ideal reference tool for lawyers, auditors, notaries and scholars working in the field. Providing everything a practitioner needs to co-ordinate a successful cross-border merger, the book analyses the EU Directives and how they have been applied in each of the main EU/EEA member states. The diverging rules for each jurisdiction are highlighted and explained enabling quick comparisons to be made between countries for assessing feasibility of the chosen technique. As well as the requirements, formalities and potential pitfalls of cross-border mergers, each country analysis addresses the relevant aspects of corporate, employment and tax law such as informing shareholders and employees, verification of the legality of the merger, and language requirements. The book also considers other cross-border reorganisation techniques, such as demergers, partial demergers, the transfer of branches of activity, the creation of a Societas Europaea, or a Societas Cooperativa Europea, and the cross-boarder transfer of a company's head office or registered office, providing a practical guide to the best possible solution for a practitioner's client. European Cross-Border Reorganisations: Law and Practice is an easy-to-use reference work for legal, tax and audit professionals involved in mergers.

Download or read book Success Factors of International Mergers and Acquisitions written by Eduard Fuchs and published by GRIN Verlag. This book was released on 2010-09 with total page 29 pages. Available in PDF, EPUB and Kindle. Book excerpt: Essay from the year 2010 in the subject Business economics - Economic Policy, grade: 1,7, University of Kent (Kent Business School), language: English, abstract: The history of mankind is marked by the striving of a person to surpass oneself. In the early days growth was mainly achieved by enlarging the own family, and during the times of sedentarisation growth was achieved by claiming more areas of arable land. These two human characteristics have survived to the present day and have been transferred into modern world economy - on the one hand striving for more and on the other hand the increase of own power or influence. Nowadays those men are called entrepreneurs, and they take care of these things in the economic world through Mergers and Acquisitions. Therefore, it is hardly surprising that this kind of enterprise growth has found more and more approval in the course of the last years. It is easy to recognize that development by comparing the impressively increasing transaction volumes. That this trend will obviously continue has been confirmed by one of the most recent surveys conducted by the Boston Consulting Group (Kronimus et al., 2009). According to the survey every fifth company in Europe plans an acquisition in the year 2010 - in spite of the continuing economic crisis. These figures look impressive, but if one gets deeper into the subject, one realises that almost 70% of these mergers do not achieve the intended objectives (Palmer, n.d.), or are even regarded as a complete failure (Habeck et al., 2000). Remarkable is the fact that there are even unsuccessful mergers involving financially sound companies. Therefore, it can be concluded that the success of a merger or a takeover not only depends on the financial evaluation of the involved organisations but rather that there must be other factors which play a significant role. These other factors will be identified in this paper and their importance will be critically discussed.

Download or read book Institutional Setting as a Determinant of Economic Effects of Cross border Mergers and Acquisitions in European Transitions Countries written by Jelena Zvezdanović Lobanova and published by . This book was released on 2017 with total page 154 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Determinants of Cross Border M As in Developing Countries Investments in the BRICS Countries written by Maximilian D. Thomas and published by GRIN Verlag. This book was released on 2020-12-17 with total page 97 pages. Available in PDF, EPUB and Kindle. Book excerpt: Master's Thesis from the year 2020 in the subject Business economics - Investment and Finance, grade: 1,3, University of Bremen, language: English, abstract: The aim of this thesis is to identify country-specific factors that represent determinants for merger and acquisitions. On the one hand, findings on country-specific determinants might be helpful to explain why some countries (e.g. China) receive more cross-border M&As than others (e.g. India). On the other hand, the results reveal which interests transnational companies pursue and how they change. Drawing on this evidence, policy makers and companies may be able to influence the determining factors in order to stimulate or impede inbound investments in form of M&As. During the last three decades, the importance of cross-border mergers and acquisitions (M&As) as a favourite top-level managerial strategy of multinational enterprises (MNEs) and national champions has increased significantly. The global value of cross-border M&As has grown from around USD 100 billion in 1990 to USD 815 billion in 2018, peaking in 2007 with over USD 1 trillion just before the outbreak of the global financial crisis. This development is not surprising, since the ongoing globalization and the changing global market landscape lead to more complex challenges for companies. In order to face the increasing intensity of competition that accompanies the global integration of markets, cross-border M&As constitute an appropriate way of maintaining competitiveness and creating added value. The acquisition of pre-existing foreign assets enables MNEs not only to exploit synergies and growth opportunities but also to overcome latecomer disadvantages. In addition, M&As offer a time advantage over organic growth strategies such as greenfield investments, which is particularly important considering the dynamic market conditions and the shortening product life cycles. This thesis examines the research question of which country-specific factors determine the volume of inbound cross-border M&As in developing economies. In general, the choice of a cross-border acquisition as an entry mode into a foreign market is influenced by three types of factors: (1) firm-specific factors such as prior acquisition experience, product diversity and core competences; (2) industry-specific factors such as technological, sales and marketing intensity; and (3) country-specific factors such as market size and institutional quality. While firm- and industry-specific factors also play a role in domestic M&As, country-specific factors are a peculiarity in cross-border M&As.

Download or read book Cross border Mergers and Acquisitions written by O. Morresi and published by Springer. This book was released on 2014-11-19 with total page 253 pages. Available in PDF, EPUB and Kindle. Book excerpt: Since their explosion in the mid-1990s, mergers and acquisitions (M&As) have turned into a global phenomenon with growing prevalence. A large number of theoretical and empirical studies focus on cross-border deals from several perspectives, such as motives, strategic issues, and performance. Most books treat these studies as specific characteristics of M&As, paying little attention to the distinctive elements that differentiate them from domestic operations. In short, there is now a real need for a fresh review and categorization of cross-border deals. Cross-Border Mergers and Acquisitions is the first book to provide readers with a complete guide to understanding the main concepts, theories, and results driving cross-border M&As. Morresi and Pezzi present an original framework that ties together the growing body of theoretical and empirical studies on the topic. This work describes the relevance of the phenomenon in terms of its economical, geographical, and historical impact, and analyzes the market- and accounting-based performance of cross-border deals.

Download or read book Influences of Firm and Macro Level Determinants on the Probability of Cross Border Mergers and Acquisitions written by Ricardo Falter and published by GRIN Verlag. This book was released on 2015-07-23 with total page 74 pages. Available in PDF, EPUB and Kindle. Book excerpt: Master's Thesis from the year 2015 in the subject Business economics - Investment and Finance, grade: 8,5, Erasmus University Rotterdam (Rotterdam School of Management), language: English, abstract: While the influences of macro-level determinants on cross-border transactions have been investigated in several studies before, firm-level determinants have mostly been excluded in those studies. This study finds that firm-level determinants have a substantial influence on the probability a firm’s decision to acquire a company in a foreign country. The result is even more pronounced in transactions where the acquirer’s and the target’s business operations are related to each other. In unrelated transactions, it was found that acquirers are more influenced by domestic and foreign stock market valuations as well as the relative value of their currency. This seems to proof the fire-sale theory as well as the risk reduction through diversification theory. It is concluded that unrelated transactions are more opportunistic, while related transactions are based on firm-specific business strategic reasons. A firm’s amount of excess cash has been included as a firm-level determinant into the probit model of this study. This variable is fairly new to this kind of studies and its results offer deeper insights into the relationship between transaction probability, determinants and relatedness. This study extents the existing body of academic literature on cross-border mergers and acquisitions by investigating firm- as well as macro-level determinants, while simultaneously taking the relatedness between the transaction parties into account. In order to verify the results, further research into this area is strongly encouraged.

Download or read book International Strategic Alliances and Cross Border Mergers Acquisitions written by Anne Richter and published by GRIN Verlag. This book was released on 2009 with total page 89 pages. Available in PDF, EPUB and Kindle. Book excerpt: Research Paper (undergraduate) from the year 2008 in the subject Business economics - Economic Policy, grade: 1,7, University of Applied Sciences Berlin, course: International Business Strategy, language: English, abstract: Over the past 30 years, there were two main vehicles through which companies have globalised: international strategic alliances and cross-border Mergers & Acquisitions (M&As). Both vehicles are instruments used by companies to increase their global reach and competitiveness. In the new economy, alliances and M&As seem to be the normal way of doing business. Although strategic alliances and M&As are not a recent phenomena, their pace of growth and the variety of their forms has been increasing. When dealing with strategic alliances and M&As, four main questions arise: What are the drivers of strategic alliances and M&As? Which sources of success and failure offer these two growth vehicles? Are there specific determinants that are decisive in the process of establishing a strategic alliance or doing a merger or acquisition? And why do so many M&A fail? To answer these questions chapter 1 deals with the rationale for strategic alliances and M&As by outlining key points of the past development. Chapter two clarifies the different types of international alliances and their advantages and disadvantages. It also describes success criteria being important for forming strategic alliances by clarifying the major steps in analysing strategic alliances. To combine theory and praxis, chapter three ends with a short case study about the Renault-Nissan Alliance stating the key success factors. The chapter three is about cross-border M&As by focussing on their the two phases - the pre-acquisition phase and the post-acquisition phase. It describes how companies should decide, give value and negotiate the deal and underlines important managerial processes involved in the integration of the merged company. By analysing the rea

Download or read book The high failure rates of cross border mergers due to the focus of companies on hard factors written by Tracey Roberts and published by GRIN Verlag. This book was released on 2009-10-21 with total page 72 pages. Available in PDF, EPUB and Kindle. Book excerpt: Bachelor Thesis from the year 2005 in the subject Business economics - Business Management, Corporate Governance, grade: 2.0, New College Durham, course: Strategic Business Management, language: English, abstract: In today’s economy of globalization, technological change, an increase in innovation and shorter product life cycles have led to intensified international competition. The result is an increase in productivity and capital requirements due to high R&D and growing quality costs. Cross-border mergers have become a predominant form of global expansion and a common possibility of adapting to changing market conditions (Buchner, 2002, p. 21). As the described economic development will continue and may become even stronger, the requirement for cross-border mergers exists (Gösche, 1991, p. 153). However, statistics show that the failure rate has been quite high (see p.13, 2.3). The author will investigate critical success factors, that are often neglected and the main cause of failure. By failure the author does not mean a complete failure, but that the merged company has not achieved its expected goals. Based on preliminary research and existing knowledge, the analysis of critical success factors will mainly refer to soft factors. In cross-border mergers cultural issues in the form of organizational and national culture play an important role (Gertsen et al., Cultural Dimensions in International Mergers and Acquisitions, 1998). Furthermore, the author will focus on change management, as mergers bring along major changes that have enormous impact on managers and employees. In this context the effect of knowledge management and communication will also be analysed (Buchner, Der Mensch im Merger, 2002). As these issues will have to be considered at certain stages within the merging process, emphasis will also be laid on due diligence and the integration process (Galpin & Herndon, The Complete Guide to Mergers and Acquisitons, 2000).

Download or read book Determinants of Cross Border M As in Developing Countries written by Maximilian Thomas and published by . This book was released on 2020-07-21 with total page 102 pages. Available in PDF, EPUB and Kindle. Book excerpt: During the last three decades, the importance of cross-border mergers and acquisitions (M&As) as a favourite top-level managerial strategy of multinational enterprises (MNEs) and national champions has increased significantly. The global value of cross-border M&As has grown from around USD 100 billion in 1990 to USD 815 billion in 2018, peaking in 2007 with over USD 1 trillion just before the outbreak of the global financial crisis. This development is not surprising, since the ongoing globalization and the changing global market landscape lead to more complex challenges for companies. In order to face the increasing intensity of competition that accompanies the global integration of markets, cross-border M&As constitute an appropriate way of maintaining competitiveness and creating added value. The acquisition of pre-existing foreign assets enables MNEs not only to exploit synergies and growth opportunities but also to overcome latecomer disadvantages. In addition, M&As offer a time advantage over organic growth strategies such as greenfield investments, which is particularly important considering the dynamic market conditions and the shortening product life cycles. This thesis examines the research question of which country-specific factors determine the volume of inbound cross-border M&As in developing economies. In general, the choice of a cross-border acquisition as an entry mode into a foreign market is influenced by three types of factors: (1) firm-specific factors such as prior acquisition experience, product diversity and core competences; (2) industry-specific factors such as technological, sales and marketing intensity; and (3) country-specific factors such as market size and institutional quality. While firm- and industry-specific factors also play a role in domestic M&As, country-specific factors are a peculiarity in cross-border M&As. According to the research question, the aim of this thesis is to identify country-specific factors that represent det

Download or read book The Determinants of Successful Integration in Cross border Mergers and Acquisitions written by Gwenola Muller Bigot de Morogues and published by . This book was released on 1999 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Reviewing Cross Border Mergers and Acquisitions for Competition and National Security written by Kevin B. Goldstein and published by . This book was released on 2012 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This Article takes a comparative look at how governments review cross-border mergers for both competition and national security concerns. In particular, key factors are the institutional mechanisms through which these two reviews are separated or combined and how “national security” is defined in the context of economic activity. The focus is on the three major economic markets: the U.S., the EU (using the example of the UK as a member state), and China, with particular emphasis on China's rapidly developing system. In the U.S., antitrust review is wholly separate from the national security review conducted by the Committee on Foreign Investment in the United States (“CFIUS”). In Europe, large mergers are notified to the EC Directorate General for Competition, however individual Member States may raise national security exceptions within the same competition review process. Though China has reviewed foreign investment for years, comprehensive competition review began when the Antimonopoly Law became effective in 2008. Recently, China's State Council has implemented an interdepartmental national security review system for foreign mergers and acquisitions. This Article examines the existent U.S. and EU systems alongside the emerging Chinese system of national security review. Examples demonstrate that national security review in the U.S. has often become politicized, though primarily by the U.S. Congress and not by CFIUS. Politicized mergers result in uncertainty for businesses and can harm diplomatic relations with key trading partners. The UK has had success avoiding the pitfalls of politicized reviews, however the European system could not be successfully replicated by the U.S. or China due to their more centralized political systems. Ultimately, the definition of “national security” will have the greatest impact on which cross-border mergers receive clearance. Though China has not explicitly defined national security, concerns about foreign investment relate to military defense, strategic economic security, and what has been called cultural security. The U.S. and EU have historically limited their definitions of national security to the defense arena. However, the Foreign Investment and National Security Act of 2007 significantly broadened the U.S.'s definition to include many sectors of the economy previously beyond CFIUS's purview. This new definition and other changes make U.S. practice more likely to appeal to Chinese lawmakers and are likely to influence the emerging Chinese national security review committee. Early merger reviews under the Antimonopoly Law, especially the Coca-Cola and Huiyuan case, have drawn criticism for apparently allowing factors other than competition to influence the Ministry of Commerce Antimonopoly Bureau's decisions. China's new national security review is likely to have a positive impact on the internal politics that may have influence the Antimonopoly Bureau. While politicization of merger reviews is likely to continue in the future, adopting a CFIUS-type interdepartmental review system can act as a lightning rod, freeing the Antimonopoly Bureau from pressure to consider non-competition factors. This will enhance transparency and improve external perceptions by investors and trading partners. This Article concludes that the CFIUS model, taking account of the great increase in authority since 2007, is a good fit for China's political climate. If properly implemented, creation of a national security review system will provide substantial, though limited, benefits to China.

Download or read book Cross Border Mergers and Acquisitions written by Scott C. Whitaker and published by John Wiley & Sons. This book was released on 2016-04-18 with total page 469 pages. Available in PDF, EPUB and Kindle. Book excerpt: Navigate cross border M&A for a flawless integration execution Cross Border Mergers and Acquisitions is a practical toolbox for corporate strategy and development professionals dealing with the many challenges involved in cross border M&A. With a detailed discussion of key market specifics and broadly-applicable critical insight, this book demystifies the cross border M&A process and provides a host of practical tools that ease strategic implementation. A geographical overview explains the trends in major M&A markets including Australia, Brazil, China, Russia, the U.K., and the U.S., and industry-specific guidance covers Financial Services, Aerospace and Defense, Health Care, Tech, Manufacturing, and more. Leading experts relate lessons learned while managing actual PMI (post merger integration) processes, and the discussion of cultural impacts and specific situational needs provides deep insight into the type of leadership a flawless integration requires. Corporate restructuring and internationalization efforts are increasingly relying on cross border mergers and acquisitions. Strategies, motives, and consequences are a complex navigational minefield, but this insightful guide provides solid, actionable guidance for leading a successful integration. Understand the region-specific details that make an impact Overcome common challenges and manage complex deals Gain practical insight and valuable tools for leading integration Learn the most current best practices for PMI® processes Cross border M&A is complex, with myriad challenges and obstacles inherent to the situation. Successful integration and a smooth transition are critical, and there's little wiggle room—it's a situation where you have only one chance to get it right. Cross Border Mergers and Acquisitions is an essential guide to the process, with key tools for execution.

Download or read book Determinants of Outbound Cross border Mergers and Acquisitions by Emerging Asian Acquirers written by Somrat Punurai and published by . This book was released on 2014 with total page 171 pages. Available in PDF, EPUB and Kindle. Book excerpt: