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Название THE PRINCIPAL COMPONENTS OF THE M&A PROCESS. ACTUAL M&A EXAMPLES
Количество страниц 31
ВУЗ МГАПИ
Год сдачи 2010
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Содержание CONTENT
INTRODUCTION…………………………………………………………2
1. M&A PROCESS………………………………………………………..3
1.1 A general description of the M&A notion…………………………….3
1.2 The difference between mergers and acquisitions…………………….5
1.3 Synergy as a basic part of the M&A process………………………….6
1.4 Phases of the M&A process…………………………………………...7
1.5 Levels of integration. Approaches for integration……………….….....10
2. THE PRINCIPAL COMPONENTS OF THE M&A PROCESS………13
2.1 Organizational development…………………………………………...13
2.2 Individual life and career planning………………………………….....15
2.3 Group dynamics……………………………………………………….15
2.4 Types of parachutes: golden, silver, tin……………………………….20
3. ACTUAL M&A EXAMPLES………………………………………....23
3.1 The first example…………………………………..………………..23
3.2 The second example………………………………………………...24
3.3 The third example…………………………………………………..25
3.4 The forth example……………………………………………….….26
3.5 The fifth example………………………………………………….….27
LITERATURE………………………………………………..…………29


INTRODUCTION
Some of the greatest in the world companies, and a lot of smaller ones, owe the most part of their success to the privileges received from mergers and acquisitions (M&A). The phrase "mergers and acquisition", refers to a business strategy of purchasing or combining companies to get cost savings, expansion, an improved capital structure and other purposes. Unfortunately, mergers and acquisitions landscape is also littered with corporate combinations that fail to thrive because of the bad strategic planning, inadequate diligence and other problems. M&A professionals can help to avoid these pitfalls and to guarantee, that these two companies join successfully.
A newly combined entity has a real possibility to elevate its station in the market, to enrich its stakeholders, employees and clients, and to provide shareholder value. Although a lot of transactions successfully reach their planned purposes, a considerable quantity ends with unfavourable results. During the negotiations process a lack of foresight, improper due diligence, or imprudent expectations can reduce the possibilities to increase the income and to understand cost synergies. After a deal closes, clashing corporate cultures or diluted corporate identities loom as a threat. Fortunately, properly prepared M&A professionals can help merging companies to transition successfully, avoiding potential problems and helping to guarantee favourable result for all parties involved.
Thus, the topic of our course paper is to examine the M&A process in detail.
The subject: M&A process
The object of our investigation is economic conditions in different countries.
As the economic situation in the country constantly changes and a number of preconditions of companies’ mergers and acquisitions differs, that is why studying of this phenomenon becomes very actual, especially in the conditions of an economic crisis.

Список литературы 1Robert Schoenberger, (2008).”National City execs get golden parachutes” Cleveland Business newspaper, Oct 24, p. 4

LITERATURE

1. Avram Davis, (2009). “P&G Spins Off Pharma Unit" Mergers Unleashed Journal, Aug 24, p. 3
2. Birkinshaw, J. Bresman, H., and Hakanson, L. (2000), " Managing the post-acquisition integration process: How the human integration and task integration process interact to foster value creation”, Journal of Management Studies, 37, 3, pp. 395-425
3. Björkman, I., Stahl, G.K. and Vaara, E. (2007), " Cultural differ3encies and capability transfer in cross-border acquisitions: the mediating roles of capability complementarity, absorptive capacity, and social integration", Journal of International Business Studies, 38, pp. 658-672
4. EncartaWorld English Dictionary .North American Edition. 2009
5. Forsyth, D.R. (2006) "Group Dynamics" 4th Edition". Belmont, CA: Thomson Wadsworth
6. James, (2008). “Mergers and Acquisitions Career; What is involved and is it for you? Investment Banking. May, 22, pp. 42-45
7. Jemison, D.B., Sitkin, S.B., (1986). "Corporate Acquisitions: A Process Perspective." Academy of Management Review 11, pp.145-163
8. Hofstede G. (2005), Cultures and organizations. Software of the mind, London: McGraw-Hill
9. Human Capital Institute Webcast, Driving Growth in M&A: The Role of Leadership and Culture, January 16, 2007
10. Integrated Solutions Pave The Way To More Sophisticated M&A Management by Daniel Krauss, Pascal Matzke with Thomas Mendel, Ph.D., Charles Green
11. Kruger, J., Dunning, D., (1999). "Unskilled and Unaware of It: How Difficulties in Recognizing One's Own Incompetence Lead to Inflated Self-Assessments." Journal of Personality & Social Psychology 77, pp. 1121-1134
12.McFadzean, A.O.L.E., (1999). "Toward a holistic theory of strategic problem solving." Team Performance Management 5, pp.103-120
13. Pablo, A. L. (1994), “Determinants of acquisition integration level: A decision-making perspective”. The Academy of Management Journal, 37, 4, pp.803-836
14.Randy Myers, (2001). “Minimize Parachute Penalties” Journal of Accountancy. Oct. 01, pp. 12-15
15.Robert Schoenberger , (2008).”National City execs get golden parachutes” Cleveland Business newspaper, Oct 24,p. 4
16. Richard M. Able, 2007. “The Importance of Leadership and Culture to M&A Success”. Jan 16, pp. 2-6
17. Robert F. Bruner, Applied Mergers and Acquisitions (Wiley Finance) Wiley, 2004. 1056 p.
18. Robert Schoenberger, (2008). ”National City execs get golden parachutes” Cleveland Business newspaper, Oct 24, p. 4
19. Schweiger, D.M. & Very, P. (2003), “Creating value through merger and acquisition integration”, Advances in mergers and acquisitions, vol.2, pp.1-26
20. Schweiger, D.M. (2002). M&A Integation; A Framework for Executives and Managers. New York: McGraw-Hill
21. Shelton, L.M., (1988). "Strategic Business Fits and Corporate Acquisition: Empirical Evidence." Strategic Management Journal 9, pp. 279-287
22. Slywotzky, A.J., Wise, R., 2002. "The Growth Crisis - and How to Escape It." Harvard Business Review 80, pp.72-82
23. Stahl, G.K. & Voigt, A. (2005), “Impact of cultural differences on merger and acquisition performance: a critical research review and an integrative model”. Advances in Mergers and Acquisitions vol.4. – p.72
24. The Emerging M&A Management Tools Market September 9, 2008
25. Towers Perrin, (2009). “Mergers and Acquisitions, and capital rising”. Life insurance CFO survey, 22, p. 1
26. Ulrich Steger and Christopher Kummer, (2007). “Why Merger and Acquisition (M&A) Waves Reoccur? - The Vicious Circle from Pressure to Failure” July, p. 17
27. van Wegberg, M., (1994). "Why do Mergers Occur in Waves? Business Cycles, Bandwagons and the Merger for Market Power Paradox." METEOR Discussion Paper
28. Very, P. & Schweiger, D.M. (2001), " The acquisition process as a learning process: Evidence from a study of critical problems and solutions in domestic and cross-border deals”, Journal of World Business, 36, 1.pp.11-31
29. Webster's New World College Dictionary, 2005
30. Wall Street Words: An A to Z Guide to Investment Terms for Today's Investor by David L. Scott.
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