Creating Value from Mergers 兼并收购的价值.ppt

Creating Value from Mergers Acquisitions 如何通过兼并收购创造价值 Global MA activity has been breaking records for several years Average transaction sizes have increased significantly Major 1998 MA transactions Key drivers continue to stimulate MA activity across the industry spectrum Key Drivers of MA Activity However, there is evidence that over past most mergers and acquisitions have hurt companies and shareholders* Penalties from Post-deal failure Declines in market share from competitor opportunism Loss of critical people and know-how Unrealized synergies Uncontrolled costs Strategic confusion, unrealized vision Loss of confidence Customers Employees Financial markets Creating Value from Mergers Acquisitions We believe that merger success largely depends on successfully addressing three key factors We support our clients almost along the entire Mergers Acquisitions Value Chain Creating Value from Mergers Acquisitions During the screening and selection process we start with clarifying the strategic rationale Acquisition targets are selected based on their value creation potential Our global network ensures global access to important industry and company information Access to a large number of data sources supports the screening process Creating Value from Mergers Acquisitions The mutual assessment addresses a number of key issues Content of an Merger Justification (example) The strategic rationale of the merger The drivers of the final decision (Answers with respect to the key questions/decision criteria of the two boards) The strategic opportunities the merger offers versus stand-alone The sources for value creation including a first-cut business plan of the new company The vision of the combined entity Market opportunities Integration benefits/synergies and costs The required operational and organizational conditions including the structure of the combined entity Management Structure Top-Level Organizational Structure (incl. divisional structure, regional plant