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The ''Value of Control'' in Mergers and Acquisitions

External growth is a way of development effected for a long time by the firms in the capitalistic advances economies. In fact, the operations of mergers and acquisitions, with which the control of a firm is acquired by another firm to give life to a single resultant entity or to a group of firms, has modified the industrial structure of some countries from the end of last century.
Consequently, the economic literature has studied the causes and the effects of these operations. Analysis concerns new models, and the greatest availability of data allows new empirical evidence to explain this diffused and complex phenomenon.
The present work has the goal to describe, under the qualitative and quantitative profile, the advantages of the synergies and of the control value acquired through the operations of mergers and acquisitions.
The first chapter provides the introductory concepts of the phenomenon of acquisitions and their evaluation, the principal phases in acquisition valuation and the benefits produced by these operations.
The second chapter introduces an examination on the equity and firm valuation, and therefore, the fundamental methods to proceed to a coherent valuation of the synergies advantages and of the control value in the acquisitions.
Once analyzed the presuppositions, the third chapter enters in the heart of this work with the individualization, the classification and the evaluation of the synergies, which arouse particular interest in the transfer of business unit or business complexes. "The synergies between two or more systems, allow to produce combined effects superior to the simple sum of the effects that derive from independent operating of systems (stand alone)” .
The fourth chapter, logically connected to the preceding chapter, presents the effects of the control value following from the changing management, element that allows the passage from the economic capital to the strategic capital. The attention is paid to the determining factors of the changing control and the most important empirical evidence with the goal to have an idea of what it happens in the reality.
Strong companies usually buy other companies to create a more competitive, cost-efficient company. The companies will come together hoping to gain a greater market share or to achieve greater efficiency. Because of these potential benefits, target companies will often agree to be purchased when they know they cannot survive alone.
Valuing a firm for a takeover is not an easy task. In addition to all the complexities associated with standards valuation, there are other road-blocks that have to be negotiated before arriving at a final answer.

Mostra/Nascondi contenuto.
4 INTRODUCTION External growth is a way of development effected for a long time by the firms in the capitalistic advances economies. In fact, the operations of mergers and acquisitions, with which the control of a firm is acquired by another firm to give life to a single resultant entity or to a group of firms, has modified the industrial structure of some countries from the end of last century. Consequently, the economic literature has studied the causes and the effects of these operations. Analysis concerns new models, and the greatest availability of data allows new empirical evidence to explain this diffused and complex phenomenon. The present work has the goal to describe, under the qualitative and quantitative profile, the advantages of the synergies and of the control value acquired through the operations of mergers and acquisitions. The first chapter provides the introductory concepts of the phenomenon of acquisitions and their evaluation, the principal phases in acquisition valuation and the benefits produced by these operations. The second chapter introduces an examination on the equity and firm valuation, and therefore, the fundamental methods to proceed to a coherent valuation of the synergies advantages and of the control value in the acquisitions.

Laurea liv.I

Facoltà: Economia

Autore: Emmanuela Argenio Contatta »

Composta da 86 pagine.

 

Questa tesi ha raggiunto 301 click dal 20/09/2010.

 

Consultata integralmente una volta.

Disponibile in PDF, la consultazione è esclusivamente in formato digitale.