《国际企业并购》Ch1- Introduction_updated.pptVIP

Value of United States European Mergers Source: Thomson Financial Securities Data Total Value of MA: Asia Asian MA Deal in Volume Dramatic growth in the 5th merger wave Deal volume is still well below the USA and Europe Caused partially by deregulation in economies such as China, Japan, and Korea, plus dramatic growth in economies such as China and India. Source: Thomson Financial Securities Data Total Value of MA: Central and South America Emerging-Market Acquirers New type of bidder that became important in the fifth wave and the 2000s India-based Mittal Steel grew thru acquiring global peers, even in 2006 taking over Europe-based Arcelor to form ArcelorMittal Group, the No. 1 steel maker in the World. On Jan. 27, 2006, Mittal Steel announced that it has launched an offer to the shareholders of Arcelor which will create the world’s first 100 million ton plus steel producer. The offer values each Arcelor share at €28.21 which represents a 27% premium over the closing price and all time high on Arcelor shares on 26 January 2006, a 55% premium over the volume weighted average share price in the preceding 12 months… Emerging-Market Acquirers of the Developed -Market Targets 2005 – 2011 Emerging-Market Acquirers of the Developed-Market Targets 2005 – 2011 Leveraged Buyouts LBO LBO has several appealing characteristics: 1 Tax advantages based on debt financing, 2 Strategic flexibility without the scrutiny of being public or a captive division of a larger parent, 3 The ability to take advantage of a liquidity event without ceding operational influence or sacrificing day-to-day involvement, 4 The opportunity for managers to become owners of a significant share of a firm’s equity. LBO’s Definition: A leveraged buyout is the acquisition of a company or division of a firm with a substantial portion of borrowed funds. Worldwide Leveraged Buyouts, 1980-2006 Source: Thomson Financial Securities Data * * * * * * * * * * * * * * * ? MERGERS, ACQUISITIONS,