Mergers, Acquisitions, and Corporate Restructurings. Gaughan Patrick А.
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Название: Mergers, Acquisitions, and Corporate Restructurings

Автор: Gaughan Patrick А.

Издательство: Автор

Жанр: Зарубежная образовательная литература

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isbn: 9781119063360

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СКАЧАТЬ of this trend. Another is the Dubai-based Ports World, which in 2006 took over the venerable Peninsular & Oriental Navigation Co. (P&O) in a $6.8 billion acquisition. Still another is the Mumbai-based Tata Group, then led by Ratan N. Tata. The company he created is an international conglomerate that includes not only one of the world's largest sellers of coffee and tea but also luxury hotels, soft drinks, and a telecommunications business. In October 2006, the company acquired the British-owned Corus Group, which made the Tata Group one of the largest steel companies in the world. Later in 2008 the Tata Group acquired the Range Rover and Jaguar brands from the Ford Motor Company as that company fought to become a smaller, less diverse, and profitable enterprise.

Table 2.5 Largest Worldwide Steel Companies: 2004 and 2008 Production

      Sources: Mittal Steel, Paul Glader, “Mittal, Arcelor Clash on Strategy in Takeover Battle,” Wall Street Journal, March 10, 2006, A2 and the World Steel Association.

      The significance of the arrival of large bids from emerging market companies is that the M&A business has now become truly a worldwide phenomenon. While not that long ago most of the large bids came from U.S. bidders, the field has become truly globalized, with large, well-financed bidders coming from not only developed countries but also emerging markets. These emerging market companies have come to establish large worldwide market shares, making them highly credible bidders.

European Protectionism during the 2000s

      Several European nations have difficulty allowing foreign bidders to acquire major national companies. In several instances European nations have stepped in to erect barriers to impede takeovers of national champions. For example, this was the case in 2006, when the French government arranged a hasty marriage between two French utilities, Suez SA and Gaz de France SA, as a way of fending off an unwanted bid from Italian utility Enel SpA. Spain also implemented a new takeover law to try to prevent German E.ON AG's takeover of Spanish utility Endesa SA. The European Commission ruled that Spain violated European merger rules by applying conditions that violated the spirit of these regulations. Many European countries want free markets to allow their own indigenous companies to expand beyond their own borders. At the same time they want the ability to prevent free market access when it comes to hostile bids by other nations. In several instances in the 2000s, nationalism has overpowered the pursuit of free markets.

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      1

      Simi Kidia, “Vodafone Air Touch's Bid for Mannesmann,” Harvard Business School Case Study #9-201-096, August 22, 2003.

      2

      Martin Hopner and Gregory Jackson, “More In-Depth Discussion of the Mannesmann Takeover,” Max Planck Institut für Gesellschaftsforschung, Cologne, Germany, January 2004.

      3

      Martin Hopner and Gregory Jackson, “Revisiting the Mannesmann Takeover: How Markets for Corporate Control Emerge,” European Management Re

1

Simi Kidia, “Vodafone Air Touch's Bid for Mannesmann,” Harvard Business School Case Study #9-201-096, August 22, 2003.

2

Martin Hopner and Gregory Jackson, “More In-Depth Discussion of the Mannesmann Takeover,” Max Planck Institut für Gesellschaftsforschung, Cologne, Germany, January 2004.

3

Martin Hopner and Gregory Jackson, “Revisiting the Mannesmann Takeover: How Markets for Corporate Control Emerge,” European Management Review 3 (2006): 142–155.

The total volume of deals in South and Central America (see Figure 1.3 and Table 1.4) is small compared to the United States and Europe. However, in South America, M&A growth was in some years stronger than other regions. Argentina has continued to be plagued by a dysfunctional economy but the Brazilian economy and M&A grew for a while until it fell into recession.

4

Patrick A. Gaughan, Maximizing Corporate Value through Mergers and Acquisitions: A Strategic Growth Guide (Hoboken, NJ: John Wiley & Sons, 2013), 160–163.

5

Sris Chatterjee and An Yan, “Why Do Some Firms Pay with Contingent Value Rights,” Journal of Financial and Quantitative Analysis 43, no. 4 (December 2008): 1001–1036.

6

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7

Martin Marietta Materials, Inc. v. Vulcan Materials Co., C.A. 7102-CS (Del. Ch. May 4, 2012) (Strine, C.), May 4, 2012.

8

Basic, Inc. v. Levinson, 485 U.S. 224 (1988). The U.S. Supreme Court revisited this case in 2014 and addressed the case's reliance on the efficiency of markets in processing information. The Court declined to reverse Basic on this issue.

9

Huff Fund Investment Partnership v. CKx, Inc., C.A, No, 6844-VCG (Del Ch. Nov. 1, 2013).

10

Smith v. Van Gorkom, 488 A.2d 858, 3 EXC 112 (Del. 1985).

11

Delaware General Corporation Law Section 141(e).

12

In re Southern Peru Copper Corp. Shareholder Derivative Litigation, C.A. No. 961-CS (Del. Ch. Oct 14, 2011).

13

Daniel Feldman, Reverse Mergers (New York: Bloomberg Press, 2009), 27–33.

14

Tim Jenkinson and Miguel Sousa, “Why SPAC Investors Should Listen to the Market,” Journal of Applied Finance 21, no. 2 (September 2011): 38–57.

15

Mark Mitchell and J. H. Mulherin, “The Impact of Industry Shocks on Takeover and Restructuring Activity,” Journal of Financial Economics 41, no. 2 (June 1996): 193–229.

16

Jarrad Harford, “What Drives Merger Waves,” Journal of Financial Economics 77, no. 3 (September 2005): 529–560.

17

Matthew Rhodes-Kropf, David T. Robinson, and S. Viswanathan, “Valuation Waves and Merger Activity: The Empirical Evidence,” Journal of Financial Economics 77, no. 3 (September 2005): 561–603.

18

Panambur Raghavendra Rau and Aris Stouraitis, “Patterns in the Timing of Corporate Event Waves,” Journal of Financial and Quantitative Analysis 46, no. 1 (February 2011): 209–246.

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