WorldWideScience

Sample records for mergers and acquisitions

  1. Mergers and Acquisitions

    OpenAIRE

    Frasch, Manfred; Leptin, Maria

    2000-01-01

    Mergers and acquisitions (M&As) are booming a strategy of choice for organizations attempting to maintain a competitive advantage. Previous research on mergers and acquisitions declares that acquirers do not normally benefit from acquisitions. Targets, on the other hand, have a tendency of gaining positive returns in the few days surrounding merger announcements due to several characteristic on the acquisitions deal. The announcement period wealth effect on acquiring firms, however, is as cle...

  2. Mergers and Acquisitions

    DEFF Research Database (Denmark)

    Risberg, Annette

    Introduction to the study of mergers and acquisitions. This book provides an understanding of the mergers and acquisitions process, how and why they occur, and also the broader implications for organizations. It presents issues including motives and planning, partner selection, integration......, employee experiences and communication. Mergers and acquisitions remain one of the most common forms of growth, yet they present considerable challenges for the companies and management involved. The effects on stakeholders, including shareholders, managers and employees, must be considered as well...... by editorial commentaries and reflects the important organizational and behavioural aspects which have often been ignored in the past. By providing this in-depth understanding of the mergers and acquisitions process, the reader understands not only how and why mergers and acquisitions occur, but also...

  3. Indexing mergers and acquisitions

    OpenAIRE

    Gang, Jianhua; Guo, Jie (Michael); Hu, Nan; Li, Xi

    2017-01-01

    We measure the efficiency of mergers and acquisitions by putting forward an index (the ‘M&A Index’) based on stochastic frontier analysis. The M&A Index is calculated for each takeover deal and is standardized between 0 and 1. An acquisition with a higher index encompasses higher efficiency. We find that takeover bids with higher M&A Indices are more likely to succeed. Moreover, the M&A Index shows a strong and positive relation with the acquirers’ post-acquisition stock perfo...

  4. Internationalize Mergers and Acquisitions

    OpenAIRE

    Zhou, Lili

    2017-01-01

    As globalization processes, an increasing number of companies use mergers and acquisitions as a tool to achieve company growth in the international business world. The purpose of this thesis is to investigate the process of an international M&A and analyze the factors leading to success. The research started with reviewing different academic theory. The important aspects in both pre-M&A phase and post-M&A phase have been studied in depth. Because of the complexity in international...

  5. Mergers & Acquisitions and Intangibles

    OpenAIRE

    Ott, Christian

    2012-01-01

    This dissertation explores the disclosure on intangibles acquired in Mergers & Acquisitos. The related empirical analyses are based on a sample of M&As that are accounted for under the International Financial Reporting Standards (IFRS) and United States Generally Accepted Accounting Principles (US-GAAP). In three different research papers I answer three distinct research questions. In order to enable capital providers and other external stakeholders to evaluate the PPA, the International Fina...

  6. Essays on mergers and acquisitions

    NARCIS (Netherlands)

    Faelten, A.I.

    2016-01-01

    “Essays on Mergers and Acquisitions" tackles some of the most prominent business challenges related to M&A activity. The Introduction examines the reasons why deals fail through well-known case studies; Chapter 1 presents a new index measuring countries M&A maturity worldwide; Chapter 2 focus on the

  7. Mergers and Acquisitions in India

    OpenAIRE

    Agarwal, Ankita

    2009-01-01

    From the past few decades, Mergers and Acquisitions (M&A) have dominated the environment in which the companies operate. Whenever there is an announcement about a merger, there is an excitement and expectation among the shareholders. This expectation may or may not convert into an abnormal return. It is useful to have some kind of research activity on the performance of M&A, as both bidders and target firms will gain from it. The results have revealed that on average, the returns to the targ...

  8. Mergers and acquisitions: valuation and risk assessment

    International Nuclear Information System (INIS)

    McVeigh, C.A.

    1996-01-01

    An overview of various aspects of mergers and acquisition transactions in the petroleum industry were presented. Incentives to mergers and acquisitions were reviewed and discussed, among them value opportunity, critical size, incremental tax pools, financial distress, shareholder dissatisfaction, strategic infrastructure position, complementary assets, and undeveloped land inventory. Current trends in mergers and acquisitions were highlighted. An industry checklist for risk assessments discussing financial position, engineering forecasts, and taxation was also included

  9. Disclosure requirements for merger and acquisition transactions

    International Nuclear Information System (INIS)

    Holm, D.I.

    1998-01-01

    The legal disclosure requirements for merger and acquisition transactions involving Canadian public companies are described. The focus is on issues regarding merger and acquisition related disclosure, including the potential consequences of failing to provide proper information, Ontario Securities Commission Policy 9.1 considerations regarding valuation, review, and approval, cross border considerations and financing a merger and acquisition transaction. Legal and practical consequences for failing to provide proper disclosure, including the steps involved in establishing the due diligence defence, are also discussed

  10. Essays on mergers and acquisitions

    OpenAIRE

    Faelten, A.I.

    2016-01-01

    “Essays on Mergers and Acquisitions" tackles some of the most prominent business challenges related to M&A activity. The Introduction examines the reasons why deals fail through well-known case studies; Chapter 1 presents a new index measuring countries M&A maturity worldwide; Chapter 2 focus on the importance of corporate governance when conducting deals in unknown territories; whilst Chapter 3 and 4 conduct research on companies’ decision to tap capital markets and their subsequent M&A acti...

  11. Risks of Mergers and Acquisitions Processes

    Directory of Open Access Journals (Sweden)

    Skitsko Volodymyr I.

    2017-06-01

    Full Text Available Despite structural changes both in the economies of individual countries and in the world at large, the size of the merger/acquisition market is not declining and is tending to grow further. However, uncertainty in the global environment increases the importance of proper analysis, assessment and risk management in merger/acquisition transactions. Using the relevant research and publications by various authors, we have built a general ranking of the significance of merger and acquisition risks according to phases of the indicated process, with comparison of individual risk ratings, based on the publications by authors from Central and Eastern Europe and other countries around the world. The ranking of risks and threats of mergers/acquisitions proposed in this work can be considered one of the most complete for today. Further research needs to focus on the analysis, evaluation, and modeling of merger/acquisition risks, which occupy the top of the ranking, presented by the article.

  12. Mergers + acquisitions.

    Science.gov (United States)

    Hoppszallern, Suzanna

    2002-05-01

    The hospital sector in 2001 led the health care field in mergers and acquisitions. Most deals involved a network augmenting its presence within a specific region or in a market adjacent to its primary service area. Analysts expect M&A activity to increase in 2002.

  13. LEGAL CONSEQUENCES OF MERGERS AND ACQUISITIONS

    Directory of Open Access Journals (Sweden)

    Amelia-Raluca ONIŞOR

    2016-05-01

    Full Text Available The research analyses the legal effects of mergers and acquisitions from the Romanian Company Law perspective, underlining certain general principles, the procedure of annulment of such a legal transformation of companies and the protection of the employees of companies participating in the merger according to the Law no. 67/2006. These consequences of mergers and acquisions are to be seen in the broader light of the most important purpose of this legal instrument, maximizing financial and organizational efficiencies, thus legal certainty is a desirable goal to be assumed by any merger regulation.

  14. French bank mergers and acquisitions performance

    Directory of Open Access Journals (Sweden)

    Houda Ben Said

    2017-11-01

    Full Text Available In this paper, we empirically investigate the impact of mergers and acquisitions on French bank performance. Performance is measured by potential gains in efficiency and value creation. We first analyzed efficiency using the data envelopment analysis (DEA under input oriented with variable returns to scale to obtain the efficiency scores. Second, we analyzed the impact on French bank value creation following mergers-acquisitions operations of a set of control variables (model 1 and explicative variables measuring strategic similarities between bidders and targets (model 2. The sample studied is composed of French bank mergers-acquisitions happening between 1996 and 2006 and implying one of the 14 greatest French banking groups. Empirical result showed that mergers and acquisitions have been traduced by an improvement in the overall efficiency by 17.82% and a shareholder value reduction by 5.14%

  15. Analysis of International Mergers and Acquisitions in the Pharmaceutical Industry

    Directory of Open Access Journals (Sweden)

    Božo Matić

    2011-07-01

    Full Text Available There are numerous researches which analyze mergers and acquisitions, but most of them do not focus on a certain industry, but their sample considers companies from different industries. This paper focuses on mergers and acquisitions in the pharmaceutical industry. It is assumed that pharmaceutical companies with no experience in mergers and acquisitions achieve better results in relatively small and domestic mergers and acquisitions while pharmaceutical companies with greater experience in mergers and acquisitions are successful even in bigger and international mergers and acquisitions. Bigger mergers and acquisitions and international mergers and acquisitions are more risky for the companies so lack of experience in mergers and acquisitions additionally increases risks during the process of mergers and acquisitions. On average, such increase of the risk results in lower returns for stock owners of pharmaceutical companies.

  16. Mergers & Acquisitions

    DEFF Research Database (Denmark)

    Fomcenco, Alex

    This dissertation is a legal dogmatic thesis, the goal of which is to describe and analyze the current state of law in Europe in regard to some relevant selected elements related to mergers and acquisitions, and the adviser’s counsel in this regard. Having regard to the topic of the dissertation...... and fiscal neutrality, group-related issues, holding-structure issues, employees, stock exchange listing issues, and corporate nationality....

  17. ROLE OF INTERNATIONAL MERGERS AND ACQUISITIONS IN CORPORATE INTEGRATION

    OpenAIRE

    Lucia P. BLĂJUȚ

    2015-01-01

    This paper highlights the role of international mergers and acquisitions in corporate integration. The factors that stimulate mergers and acquisitions activities bring real changes in the world economy. Mergers and acquisitions are a form of expansion: mergers can take place either as a statutory merger or consolidation and minority, majority or full acquisitions dominate the international market. It is very important to not confuse the meaning of the two terms. Multinational companies are fo...

  18. Mergers and acquisitions: valuation and risk assessment

    International Nuclear Information System (INIS)

    Calvin, B.N.

    1996-01-01

    An independent review of all facets of risk management, as it pertains to mergers and acquisitions within the petroleum industry, with no transactional motivation, was provided by a representative of a firm specializing in all phases of risk assessment. The following topics received attention: (1) the forward curve versus industry expectations, (2) investor expectations, (3) financial versus physical transactions, and (4) synthetic debt

  19. The problems of assessing the value of mergers and acquisitions

    Directory of Open Access Journals (Sweden)

    Borovikov A.D.

    2017-04-01

    Full Text Available the article discusses some questions concerning mergers and acquisitions of companies. The essential foundation of any mergers and acquisitions is always the competitive environment, more precisely, its constant changes.

  20. Mergers and acquisitions involving equine veterinary practices.

    Science.gov (United States)

    Jackman, Brad R; McCafferty, Owen E

    2009-12-01

    This article discusses mergers and acquisitions involving equine veterinary practices. Combining practices can be professionally and economically advantageous but requires a great deal of thought, planning, and implementation. If due diligence is performed and true business teamwork is undertaken, the benefits can be enormous and rewarding.

  1. Cross-border Mergers and Acquisitions

    DEFF Research Database (Denmark)

    Wang, Daojuan

    This paper focuses on three topics in cross-border mergers and acquisitions (CBM&As) field: motivations for CBM&As, valuation techniques and CBM&A performance (assessment and the determinants). By taking an overview of what have been found so far in academic field and investigating...

  2. Merger and Acquisition in the Banking Sector

    Directory of Open Access Journals (Sweden)

    Anna Szewczyk

    2008-12-01

    Full Text Available The article presents situation on mergers and acquisitions (MA in banking sector during last twenty years. The main motives are selected and analyzed. All is explained on the base on research reports of the Deutsche Bundesbank and the European Central Bank.

  3. Technology-based Mergers and Acquisitions

    DEFF Research Database (Denmark)

    Wang, Daojuan; Moini, Hamid

    2014-01-01

    The purpose of this chapter is to provide an updated review of what is known about the performance of technology-based mergers and acquisitions (TBM&As) and their determinants. This review brings together papers published from 1990 to 2012 in top-rated academic journals within nearly all fields...

  4. 7 CFR 1735.62 - Approval of acquisitions and mergers.

    Science.gov (United States)

    2010-01-01

    ... 7 Agriculture 11 2010-01-01 2010-01-01 false Approval of acquisitions and mergers. 1735.62 Section 1735.62 Agriculture Regulations of the Department of Agriculture (Continued) RURAL UTILITIES SERVICE... Mortgage Controls on Acquisitions and Mergers § 1735.62 Approval of acquisitions and mergers. (a) If a...

  5. Railroad mergers and acquisitions take shape

    Energy Technology Data Exchange (ETDEWEB)

    Fiscor, S.

    1995-12-01

    This year has been one of the most exciting years in recent history concerning US railroads and coal transportation, as mergers and acquisitions narrow the field for Western coal carriers. The views on the mergers and how they will affect coal transportation are mixed. The coal industry`s growth in the West and its stability in the East is the basis for the most recent changes in the rail industry. Restructuring US coal markets to confirm to environmental policy has had a profound effect on much more than the coal industry itself. Deregulation of rail transport has also been an important factor. 1 fig., 3 tabs.

  6. The importance of partnerships, mergers and acquisitions

    Energy Technology Data Exchange (ETDEWEB)

    Trabandt, C.A. [Merrill Lynch, New York, NY (United States)

    1998-09-01

    An overview of the electric utility industry was presented. The main factors driving mergers and acquisitions in the industry were identified as being consolidation, disaggregation, convergence and international expansion. To prove the point, statistics from recent merger and acquisition transactions in the U.S. were presented. The importance of disaggregation of the utility business and convergence as the major themes of the electricity and natural gas industries were demonstrated. They are driven by a new competitive marketplace and fewer regulations. The driving forces behind them were explained, buttressing the arguments with recent statistics reflecting an upsurge in convergence transactions. Significant opportunities abroad and recent foreign acquisitions by U. S. utilities were also reviewed. With regard to convergence, it was shown to be occurring in both the generation/wholesale and distribution/retail marketing segment of the electric power industry. 3 figs.

  7. Surviving mergers & acquisitions.

    Science.gov (United States)

    Dixon, Diane L

    2002-01-01

    Mergers and acquisitions are never easy to implement. The health care landscape is a minefield of failed mergers and uneasy alliances generating great turmoil and pain. But some mergers have been successful, creating health systems that benefit the communities they serve. Five prominent leaders offer their advice on minimizing the difficulties of M&As.

  8. A scoreboard of mergers and acquisitions

    Energy Technology Data Exchange (ETDEWEB)

    Parent, L.V

    1989-08-01

    In the late 70s and early 80s when market growth was not a viable alternative and price deregulation was imminent, new strategies were sought that would provide some basis for survival in a deregulated environment, and merger/acquisition strategy took on new significance. According to the author, eight mega gas pipe line companies have evolved. The strategic objectives behind these merges is analyzed.

  9. Mergers and acquisitions in the oil and gas industries

    International Nuclear Information System (INIS)

    Corlay, C.; Huby, D.

    1999-01-01

    This paper focuses on mergers and acquisitions in the oil and gas industries, and lists the most important mergers in terms of transaction value for the period 1981-1997, and plots oil and gas mergers and acquisitions activity by sector and by major region. The mean operation indicator in 1998 in terms of reserves, production and refining capacity of the major companies are tabulated. The impact of the mergers on the oil and gas markets are examined, and issues concerning these mergers and acquisitions are explored. (UK)

  10. Mergers and acquisitions in the oil and gas industries

    Energy Technology Data Exchange (ETDEWEB)

    Corlay, C.; Huby, D. [Institut Francais du Petrole, Rueil-Malmaison (France)

    1999-07-01

    This paper focuses on mergers and acquisitions in the oil and gas industries, and lists the most important mergers in terms of transaction value for the period 1981-1997, and plots oil and gas mergers and acquisitions activity by sector and by major region. The mean operation indicator in 1998 in terms of reserves, production and refining capacity of the major companies are tabulated. The impact of the mergers on the oil and gas markets are examined, and issues concerning these mergers and acquisitions are explored. (UK)

  11. Strategy and Tactics of International Mergers and Acquisitions

    Directory of Open Access Journals (Sweden)

    Denys Kiriakov

    2011-12-01

    Full Text Available The article reviews contemporary strategy and tactics issues in terms of international mergers and acquisitions, along with displaying cyclical waves of mergers and acquisitions over the last century as well as motivation thereof. Five strategies adhered to by international companies initiating conclusion of such agreements as well as challenges accompanying execution thereof have been analyzed. Modern strategic and tactical tools of international mergers and acquisitions process management have been researched on exemplary buyer (a corporation case-study.

  12. Mergers and acquisitions: a most strategic decision.

    Science.gov (United States)

    Laine, Mike; Tyler, David

    2007-11-01

    Five steps are basic to successfully concluding (or deciding not to conclude) a merger or acquisition: Identify targets. Begin with the end in mind. Choose a transaction team. Perform due diligence. Commit to the deal--or to no deal.

  13. Mergers and acquisitions for the radiologist.

    Science.gov (United States)

    Fleishon, Howard B

    2008-05-01

    In 2006 and the first half of 2007, the rapid pace of global activity contributed to the popularity of mergers and acquisitions (M&A). In fact, the medical imaging industry has a significant history in M&A as well. Along with the expectation of continued growth in medical imaging utilization and other industry trends, radiologists may become more involved in M&A transactions. There is little in the radiology literature dealing with the logistics and pitfalls of M&A. This article is an introduction for radiologists who might consider buying or selling their practices or merging with strategic partners. Although there are significant differences in the approaches of buy or sell situations compared with mergers, they do share several concepts that are outlined. One key to success in M&A transactions is the "process" or approach, which is described with some practical guidelines. Some basic terms and suggestions are also presented for reference.

  14. Maximizing value through mergers and acquisitions in the petroleum industry

    International Nuclear Information System (INIS)

    Anon.

    1996-01-01

    An 'Insight' conference was held in February 1996 to help understand the economics of mergers and acquisitions in the petroleum industry. Speaking notes, overhead projection slides and full text of the presentations (where available) from seven contributors at the conference were combined in this volume of proceedings. Specific topics of discussion included a review of the current scene in mergers and acquisitions, assessing management and employees, optimizing tax advantages, looking for synergies, the value of human perspective in mergers and acquisitions, tips on analyzing the engineering report, and the market's perception of merger and acquisition reporting. tabs., figs

  15. Maximizing value through mergers and acquisitions in the petroleum industry

    Energy Technology Data Exchange (ETDEWEB)

    NONE

    1996-12-01

    An `Insight` conference was held in February 1996 to help understand the economics of mergers and acquisitions in the petroleum industry. Speaking notes, overhead projection slides and full text of the presentations (where available) from seven contributors at the conference were combined in this volume of proceedings. Specific topics of discussion included a review of the current scene in mergers and acquisitions, assessing management and employees, optimizing tax advantages, looking for synergies, the value of human perspective in mergers and acquisitions, tips on analyzing the engineering report, and the market`s perception of merger and acquisition reporting. tabs., figs.

  16. Performance Assessment of Mergers and Acquisitions

    DEFF Research Database (Denmark)

    Wang, Daojuan; Moini, Hamid

    2012-01-01

    on the performance measures and benchmarks adopted in M&A research field and the relevant empirical results. We find that the definitions of performance varied in terms of accounting, financial, operational and perceptual metrics. And performance assessment is sensitive to the definition of performance, methodology......Corporate mergers and acquisitions (M&As) have been increasing popular during these decades. However, a majority of research show failure rate (40% - 80%) has not significantly changed. This “success paradox” triggers us to reflect on performance assessment of M&As: how the performance of M...

  17. The human resources in mergers and acquisitions

    Directory of Open Access Journals (Sweden)

    Noemí Martínez Caraballo

    2007-07-01

    Full Text Available In view of intangible resources -and, among them, human capital- play a significant role in the managerial strategy, this article aims to analyze the fit of human resources in companies that has been target of mergers and/or acquisitions processes. In this sense, the present paper will be centered in carrying out a state of the art of this topic and in showing some evidences about the top managers perceptions of the target company with the purpose of better understanding which are the reasons for the departure and the permanence of them.

  18. Mergers and Acquisitions in Europe

    NARCIS (Netherlands)

    Martynova, M.; Renneboog, L.D.R.

    2006-01-01

    Abstract: This paper provides a comprehensive overview of the European takeover market. We characterize the main features of the domestic and cross-border corporate takeovers involving European companies in the period 1993-2001. We provide detailed and comparable information on the size and dynamics

  19. of Mergers and Acquisitions on the Human Resource Department

    OpenAIRE

    mohatta, maulshree

    2007-01-01

    Mergers and acquisitions take place in all forms of industries and businesses, however small or large. They have and impact on almost all the areas and departments of business. One department in any business or industry on which a merger or an acquisition has a major impact is the human recourse department or the personnel of the companies which have undergone a merger, or have acquired, or have been acquired. The following dissertation represents an analysis of the research carried out...

  20. STRUCTURAL ANALYSIS OF MERGERS AND ACQUISITIONS IN THE FOOD INDUSTRY

    OpenAIRE

    Adams, Wendi L.; Love, H. Alan; Capps, Oral, Jr.

    1997-01-01

    Determinants of merger and acquisition activity in the food industry are analyzed using logit regression analysis. Factors affecting the food processing, food retailing and food service sectors are considered. Results indicate merger and acquisition activity in all three sectors are significantly influenced by antitrust activity, profitability and real gross domestic product.

  1. Mergers and acquisitions's impact on financial performance: an ...

    African Journals Online (AJOL)

    Mergers and acquisitions's impact on financial performance: an evaluation with perspective of time. ... Journal Home > Vol 9, No 5S (2017) > ... are firms are able to convert these qualitative aspects into quantitative form and if yes than ... Keywords: mergers and acquisitions; du pont analysis; long run; financial performance; ...

  2. Analyzing and executing mergers and acquisitions.

    Science.gov (United States)

    Woodard, M A; Lindstrom, K

    1997-05-01

    Healthcare organization are consolidating at an unprecedented rate. With the number of mergers and acquisitions not likely to abate, healthcare organizations will need to become involved in strategic planning to manage the effects of this transaction activity and exert more control over the direction it will take. In particular, healthcare organizations need to know how to respond when their organizations are approached about a consolidation opportunity and how to determine whether a consolidation transaction would be strategically advantageous. Healthcare organizations can increase the chances that a consolidation will be successful by following six steps: performing a business inventory; determining the desire business profile; setting criteria for selecting a partner; identifying potential buyers and sellers; negotiating terms; and closing the transaction.

  3. Financial Synergy in Mergers and Acquisitions in Saudi Arabia

    Directory of Open Access Journals (Sweden)

    Basmah Al Qudaiby (Basmah, A. Q.,

    2013-11-01

    Full Text Available Businesses today consider mergers and acquisitions a new strategy for their company’s growth. Companies aim to grow through sales’ increase, assets purchase, profits’ accumulation and market share gains. The better way for achieving these targets is by getting into either a Merger or an Acquisition. As a matter of fact, growth through mergers and acquisitions has been a critical part of the success of many companies operating in the new economy. Mergers and Acquisitions are an important factor in building up market capitalization. Based on three detailed and in depth structured interviews with major Saudi Arabian banks it has been found that, Mergers motivated by economies of scale should be approached cautiously. Companies should also approach vertical mergers cautiously because it is often difficult to gain synergy through a vertical merger and firms should also seek out mergers which allow the firm to acquire specialized knowledge. It has also been found that the firms should look for mergers that increase market power and avoid unrelated or conglomerate mergers.

  4. Synergy disclosures in mergers and acquisitions

    NARCIS (Netherlands)

    M.D.R.P. Dutordoir (Marie); P.G.J. Roosenboom (Peter); M. Teixeira de Vasconcelos (Manuel)

    2013-01-01

    textabstractWe examine bidding firms’ motives for disclosing a synergy forecast when announcing a merger or acquisition. Our sample consists of 1,990 M&A deals, of which 345 announce synergy estimates. Our results suggest that synergy disclosures serve to obtain a more favorable market reception for

  5. EUROPEAN CROSS-BORDER MERGERS AND ACQUISITIONS- REALITIES AND PERSPECTIVES

    Directory of Open Access Journals (Sweden)

    Vancea Mariana

    2011-07-01

    Full Text Available This paper analyses the impact of the economic and financial crisis on merger and acquisition activity in Europe and the latest trends manifested on the cross-border merger and acquisition market involving European companies. Thus, a first objective of this research is to reveal the evolution of the European cross-border merger and acquisition activity in terms of dynamics, volume and structure. Another objective of this research is to reveal the short and medium term perspectives on mergers and acquisitions in Europe. Thus, under the continuous economic recovery of the European countries and the other worldwide economies, the recovery of financial markets and the growth of corporate profits, we shall witness an intensive cross-border merger and acquisition activity in Europe. The expansion engine of these operations seems to be represented by the emerging economies. This research is based on a systematic, logical and comparative analysis of scientific literature and statistical data regarding the cross-border mergers and acquisitions that involve European companies in recent years. This paper is part of the doctoral thesis Mergers and acquisitions- strategies of growth and development of enterprises. European and national particularities, coordinated by professor Ph.D. Alina Bădulescu from University of Oradea, Faculty of Economics. The doctoral research is supported by The Sectorial Operational Program for Human Resources Development 2007-2013, Contract POSDRU 59/1.5/S/1- Romanian researchers through modern and efficient doctoral programs.

  6. ROLE OF INTERNATIONAL MERGERS AND ACQUISITIONS IN CORPORATE INTEGRATION

    Directory of Open Access Journals (Sweden)

    Lucia P. BLĂJUȚ

    2015-04-01

    Full Text Available This paper highlights the role of international mergers and acquisitions in corporate integration. The factors that stimulate mergers and acquisitions activities bring real changes in the world economy. Mergers and acquisitions are a form of expansion: mergers can take place either as a statutory merger or consolidation and minority, majority or full acquisitions dominate the international market. It is very important to not confuse the meaning of the two terms. Multinational companies are forced by the competitive environment to adopt new strategies to penetrate a particular market and decrease the position of competition on global market or to counteract competitor action on the other market. Cross-border M and A is functionally classified in horizontal, vertical, concentric and conglomerate. The balance between these types of M and A has been changing over time and the distinction among these four categories is not always clear-cut.

  7. Mergers and acquisitions: new arrangements in health care. Part 1.

    Science.gov (United States)

    Grant, E A

    1988-02-01

    Mergers and acquisitions are assuming a more important role in the healthcare industry today. These transactions require various issues be considered, such as valuation, capital planning, and so forth. In this article, the first in a five-part series on mergers and acquisitions, the fundamental methods and techniques of valuation are discussed. Some of these valuation methods, including comparative market transactions and free cash flow, are explained and examples are used to help potential purchasers and sellers to determine an organization's true value. Other articles in this series will include legal issues, tax implications, purchase investigations, and capital planning for mergers and acquisitions.

  8. Mergers and Acquisitions By China's Petroleum and Chemical Companies

    Institute of Scientific and Technical Information of China (English)

    Peter Zong

    2007-01-01

    @@ In the world of mergers and acquisitions (M&A), deals by Asian players usually account for around 15% of the activity.In 2005 and 2006, however, this proportion increased and was estimated to be 18% - 20%.

  9. Financing and Regulatory Frictions in Mergers and Acquisitions

    NARCIS (Netherlands)

    Q. Zhang (Quxian)

    2018-01-01

    markdownabstractThis dissertation studies how financial frictions and regulatory costs affect mergers and acquisitions (M&A). The first conclusion is that financial distress drives firms to make diversifying acquisitions. Acquisitions made by distressed firms in recent years are economically

  10. The effect of mergers and acquisitions on behavioral health care.

    Science.gov (United States)

    Lazarus, A

    1995-01-01

    The consolidation of America's managed health care industry rivals any corporate raider scenario. Unlike previous merger booms, however, health care unions in the 1990s have been strategically planned. Particular attention is paid to merger activity in the behavioral health care field. Ultimately, the author writes, mergers will bring greater efficiency and lower costs to health care but also less choice for patients. Unless providers and payers pay close attention to the human side of mergers and acquisitions, new alliances are likely to fall short of their goals.

  11. Understanding Information Systems Integration Deficiencies in Mergers and Acquisitions

    DEFF Research Database (Denmark)

    Henningsson, Stefan; Kettinger, William J.

    2017-01-01

    Information systems (IS) integration is a critical challenge for value-creating mergers and acquisitions. Appropriate design and implementation of IS integration is typically a precondition for enabling a majority of the anticipated business benefits of a combined organization. Often...

  12. Risk Management in Mergers and Acquisitions

    Directory of Open Access Journals (Sweden)

    Dmitry O. Verdiev

    2015-01-01

    Full Text Available M&A statistics show that less than a third of newly merged companies has realized their planned synergistic effects and increased shareholder value. According to the author, such disgusting situation is due to improper planning and failure of corporate management to understand the importance of risk management in M&A. Lack of practice in identification, evaluation, mitigation and regular monitoring of risks leads to the situation when many companies merge despite the fact that the merger bears substantial risks. Corporate management fails to include risk mitigation expenses in merger costs. In many cases, risk mitigation expenses may be so substantive that the merger loses its attractiveness. Only few companies implement risk management methodology while planning M&A activity. This methodology may anticipate and minimize the consequences of various risk factors that negatively influence integration process. The article suggests an implementation of risk management best practice. This risk management best practice may act as an effective tool of successful realization of synergistic effects in M&A and may be helpful in increasing shareholder value in post-merger period. Risk management is conducted throughout the stages of merger and includes identification, analysis, assessment, management and monitoring of risks. Implementation of risk management at early stages of merger planning significantly decreases uncertainty in relation to achievement of financial and operational goals of newly merged company. The article provides with typical M&A risk matrix that may be adapted for specific M&A project. Risk matrix includes a register of risks sorted by stages of M&A deal, quality assessment of their probability, influence and impact on merger as well as risk mitigation methods.

  13. AN OVERVIEW ON THE DETERMINANTS OF MERGERS AND ACQUISITIONS WAVES

    Directory of Open Access Journals (Sweden)

    Vancea Mariana

    2012-12-01

    Full Text Available This paper concentrates on the presentation of the economic dimension of the mergers and acquisitions from a macroeconomic perspective. Thus, the objective of this paper is to reveal the main drivers of merger and acquisition activity. These operations take place in waves, which enters the context of changing the competition game marked by economic changes, technological evolutions, changes generated by the phenomenon of globalization, and by regulating changes. On the other side, a series of studies in the literature argue the existence of a connection between evaluating the securities and the merger and acquisition activity. This research is based on a systematic, logical and comparative analysis of scientific literature regarding the macroeconomic determinants of mergers and acquisitions.

  14. Evaluating mergers and acquisitions with a purchase investigation.

    Science.gov (United States)

    Grant, E A; Giniat, E J

    1988-04-01

    Mergers and acquisitions are risk transactions. Therefore, a well-planned and executed purchase investigation that considers financial, personnel, legal and risk management, third-party payer, and medical staff issues is imperative. Organizations that can successfully complete a purchase investigation will be able to make better informed, lower risk, financial decisions, and will have a competitive advantage in achieving strategic goals. This article is the third in a series on mergers and acquisitions. Other articles will include legal issues and capital planning.

  15. Making operational sense of mergers and acquisitions

    Energy Technology Data Exchange (ETDEWEB)

    Anderson, J.E.

    1999-09-01

    Mergers and acquisitions place a new requirement on many utilities. Not only must they be operationally efficient, but they must also be able to effectively manage internal change projects that results in the integration of new and acquired businesses. Evidence from US industry suggests that this is not an easy feat. However, careful planning of integration strategy, as well as taking the proper steps to design, develop, and implement integrated overhead functions, contribute significantly to successful M and A. Fundamentally, this means choosing the right integration organizational structure, picking the right overhead functions for integration, developing complete plans for integration, and thoroughly executing those plans. For the many utilities that are attempting to develop shared services operations, a number of specific steps can be taken to avoid common pitfalls. Key among these is to develop plans in a manner very similar to the establishment of new ventures. Communicating these efforts to the affected staff and garnering executive buy-in are key aspects of the change effort. Ultimately, utilities must track the impacts of these change efforts in cost savings and service quality improvements.

  16. Integrated delivery systems: mergers and acquisitions.

    Science.gov (United States)

    Pinkerton, S

    1999-01-01

    Mergers and acquisitions are usually the way an IDS is built. The CNO and/or CNOs/DONs have an integral role in the resolution of the M/A process. During this time of significant change, during which there may even be chaos, the CNOs work to maintain stability so there is as little impact as possible on patient outcomes, a core responsibility of the CNOs. The CNOs should focus on identifying and working with the highly skilled individuals in the organization to get to the recovery stage of the M/A process, at which time a high-performing organization is achieved. To build this new organization or IDS, the old organizations of the M/A must be changed (Moss Kanter, 1994). The successful CNOs will manage the trade-offs and will become experts in collaboration. The CNO's goals are to maximize the quality of patient care, the professional satisfaction of the nurse, and the goals of achieving cost effectiveness for the system (Clifford, 1998), and keeping this focus through the M/A process will yield success.

  17. Energy mergers, acquisitions and trusts : no end in sight

    International Nuclear Information System (INIS)

    Shiry, J.

    1998-01-01

    An overview of Canadian export of natural gas to the U.S. and mergers in the Canadian gas industry was presented. Issues discussed included: (1) the Canadian role in U.S. gas markets, (2) growth, returns, and reinvestment rates in the Canadian gas industry, (3) current and historical mergers and acquisitions activity, (4) the driving forces of continued mergers, and (5) the role of trusts in mergers and acquisitions. It was stressed that the recent trend of energy industry mergers is reshaping the industry. Canadian gas producers are currently finding themselves in a high risk, low-return, capital intensive industry caught in a 10-year major growth trend driven by U.S. exports. Unfortunately, for the immediate future there is no end in sight. figs

  18. Energy mergers, acquisitions and trusts : no end in sight

    Energy Technology Data Exchange (ETDEWEB)

    Shiry, J. [Woodside Research Ltd., Calgary, AB (Canada)

    1998-08-01

    An overview of Canadian export of natural gas to the U.S. and mergers in the Canadian gas industry was presented. Issues discussed included: (1) the Canadian role in U.S. gas markets, (2) growth, returns, and reinvestment rates in the Canadian gas industry, (3) current and historical mergers and acquisitions activity, (4) the driving forces of continued mergers, and (5) the role of trusts in mergers and acquisitions. It was stressed that the recent trend of energy industry mergers is reshaping the industry. Canadian gas producers are currently finding themselves in a high risk, low-return, capital intensive industry caught in a 10-year major growth trend driven by U.S. exports. Unfortunately, for the immediate future there is no end in sight. figs.

  19. Impact of HMO mergers and acquisitions on financial performance.

    Science.gov (United States)

    Weech-Maldonado, Robert

    2002-01-01

    This study examines the effect of health maintenance organization (HMO) mergers and acquisitions on financial performance, as indicated by cash flow returns, profitability ratios, and efficiency indicators. Pooled, cross-sectional files of financial performance data were created for HMO mergers occurring in the period of 1988 to 1994. The study uses a time-series design involving the analysis of pre- and post-acquisition financial performance measured over a period of four years. Change scores for the industry-adjusted financial performance measures were calculated and then evaluated using t-tests. The study showed that HMO mergers had a positive effect on financial performance and efficiency. This effect disappeared, however, after adjusting for HMO industry returns. Potential synergies arising from HMO mergers have been largely illusory. Mergers may have been a result of non-value enhancing motives or management overconfidence.

  20. Mergers and acquisitions in the international banking sector

    Directory of Open Access Journals (Sweden)

    Botis, S.

    2013-06-01

    Full Text Available The economic crisis emphasized the risks that banks assume and run. Reducing them is a strong reason for the acceleration of mergers and acquisitions in the international banking field. The merger of banking entities has established itself as a modern method of global credit risk management within every country and internationally. The main objective of this article is to highlight the latest developments on the bank mergers and acquisitions market in the U.S. and EU and on emerging market trends.

  1. Merger mania: mergers and acquisitions in the generic drug sector from 1995 to 2016.

    Science.gov (United States)

    Gagnon, Marc-André; Volesky, Karena D

    2017-08-22

    Drug shortages and increasing generic drug prices are associated with low levels of competition. Mergers and acquisitions impact the level of competition. Record merger and acquisition activity was reported for the pharmaceutical sector in 2014/15, yet information on mergers and acquisitions in the generic drug sector are absent from the literature. This information is necessary to understand if and how such mergers and acquisitions can be a factor in drug shortages and increasing prices. Data on completed merger and acquisition deals that had a generic drug company being taken over (i.e. 'target') were extracted from Bloomberg Finance L.P. The number and announced value of deals are presented globally, for the United States, and globally excluding the United States annually from 1995 to 2016 in United States dollars. Generic drug companies comprised 9.3% of the value of all deals with pharmaceutical targets occurring from 1995 to 2016. Globally, in 1995 there were no deals, in 2014 there were 22 deals worth $1.86 billion, in 2015 there were 34 deals totalling $33.56 billion, and in 2016 there were 42 deals worth in excess of $44 billion. This substantial increase was partially attributed to Teva's 2016 acquisition of Allergan's generic drug business. The surge in mergers and acquisitions for 2015/16 was driven by deals in the United States, where they represented 89.7% of the dollar value of deals in those years. The recent blitz in mergers and acquisitions signals that the generic drug industry is undergoing a transformation, especially in the United States. This restructuring can negatively affect the level of competition that might impact prices and shortages for some products, emphasizing the importance of updating regulations and procurement policies.

  2. Efficiency Effects of Bank Mergers and Acquisitions

    NARCIS (Netherlands)

    H.P. Huizinga; J.H.M. Nelissen (Jan); R. Vander Vennet

    2001-01-01

    textabstractNext to technological progress and deregulation, the introduction of the euro is widely considered to be an important catalyst for bank consolidation in Europe. In order to assess the public policy issues surrounding bank mergers, this paper analyzes the efficiency effects of 52

  3. Recent mergers and acquisitions changes face of RSA coal

    Energy Technology Data Exchange (ETDEWEB)

    NONE

    1998-10-01

    During the last two years, the South African coal industry has altered dramatically, with several major mergers and acquisitions taking place affecting production and Richards Bay Coal Terminal (RBCT) entitlement. This article summarises the current position, as it happened. Events discussed include: the merger of Trans-Natal and Randcoal; Sasol becoming a member of RBCT; Tavistock`s Shell acquisition; the Duiker Mining-Lonrho acquisition; Amcoal`s purchase of Gold Fields Coal; the sale of Welgedacht Exploration Company to the Kangra Group and the formation of New Coal by Amcoal and Ingwe. 2 tabs., 2 photos.

  4. Mergers and acquisitions: some implications of cultural change.

    Science.gov (United States)

    Cavanaugh, S J

    1996-01-01

    A result of recent National Health Service reforms is the need to investigate, and possibly change, the culture of the professional working relationship between members of staff and their employer. This is particularly the case in situations of mergers and acquisitions where staff working from different cultural environments must work together. Mergers are becoming a feature of health service provision, perhaps this becomes most obvious with the recent moves by colleges of nursing and midwifery into the higher education sector and amalgamations of some purchasing authorities. Mergers highlight the practical issues of bringing together different organizational and work cultures to deliver a high quality service. This article discusses some aspects of the nature of organizational culture, the human impact of mergers and acquisitions and offers strategies for managing these events.

  5. A comprehensive, holistic people integration process for mergers and acquisitions

    Directory of Open Access Journals (Sweden)

    Rina P. Steynberg

    2011-03-01

    Research purpose: To develop and validate a comprehensive, holistic model for the people integration process during mergers and acquisitions. Motivation for the study: The literature on a comprehensive, holistic people integration process for mergers and acquisitions is sparse and fragmented. Research design, approach and method: A qualitative approach was adopted consisting of a three step process which solicited the views of seasoned M&A Practioners; these views were compared against the available literature. Finally, practioners were asked to critique the final model from a practice perspective. The utility of the final model was assessed against two mergers and acquisitions case studies. Main findings: A comprehensive, holistic people integration process model for mergers and acquisitions was developed and validated. However, this model will only significantly enhance mergers and acquisitions value realisation if it is applied from the appropriate vantage point. Practical/managerial implications: The proposed approach will increase the probability of a successful M&A people-wise and M&A value realisation. Contribution/value add: Theoretically, the development and validation of a M&A people process integration model; practically, guidelines for successful people integration; organisationally, significantly enhancing the chances of M&A success; and community wise, the reduction of the negative effects of M&A failure on communities.

  6. MERGERS, ACQUISITIONS AND BANKING CONSOLIDATION IN CENTRAL AND EASTERN EUROPE

    Directory of Open Access Journals (Sweden)

    Andreea Nicoleta Popovici

    2013-12-01

    Full Text Available Acquisitions and mergers are the growth and expansion strategies that are commonly used by the companies in all over the world because of several reasons such as increasing the profit, sales and market share, entering into new markets, operating with economics of scale, coping with managerial problems and so on. This article underlines the characteristics of mergers and acquisitions (M&A, the different types of M&A, the challenges and opportunities for the banking system in Central and Eastern Europe and we analyze the implications of the recently observed sharp expansion of foreign banks in the Central and Eastern European Countries.

  7. A Framework for Operational Due Diligence in Mergers and Acquisitions

    DEFF Research Database (Denmark)

    Porsgaard, Chris Berg; Haubjerg, Mathias; Herbert-Hansen, Zaza Nadja Lee

    The number of mergers and acquisitions (M&As) has over the last five years increased greatly (Institute of Mergers, Acquisitions and Alliances, 2016). Furthermore, private equity professionals point to operational performance gains to drive an acquisition decision and attribute cost reductions...... as the most important lever for value creation, after a private equity firm acquires a company (PwC, 2016). However, the overall success rate of M&A activity remains low and the approach to understand an acquisition target’s operating model remains non-exhaustive and unstandardized. This paper investigates...... the pivotal eterminants for assessing operational performance and identifying improvement potentials in an acquisition target. The research question is: “What are the fundamental operational determinants influencing the acquisition decision for private equity firms in the due diligence phase?” This paper...

  8. Mergers & Acquisitions

    DEFF Research Database (Denmark)

    Fomcenco, Alex

    , on the one hand, the methods of M&A and, on the other hand, several selected key elements. Any participating party - as well as their respective advisers - must be aware of these elements prior, throughout, and after the transaction: consideration, succession, taxes and fiscal neutrality, group...

  9. Mergers, Acquisitions, and Access: STM Publishing Today

    Science.gov (United States)

    Robertson, Kathleen

    Electronic publishing is changing the fundamentals of the entire printing/delivery/archive system that has served as the distribution mechanism for scientific research over the last century and a half. The merger-mania of the last 20 years, preprint pools, and publishers' licensing and journals-bundling plans are among the phenomena impacting the scientific information field. Science-Technology-Medical (STM) publishing is experiencing a period of intense consolidation and reorganization. This paper gives an overview of the economic factors fueling these trends, the major STM publishers, and the government regulatory bodies that referee this industry in Europe, Canada, and the USA.

  10. Hospital mergers and acquisitions: does market consolidation harm patients?

    Science.gov (United States)

    Ho, V; Hamilton, B H

    2000-09-01

    Debate continues on whether consolidation in health care markets enhances efficiency or instead facilitates market power, possibly damaging quality. We compare the quality of hospital care before and after mergers and acquisitions in California between 1992 and 1995. We analyze inpatient mortality for heart attack and stroke patients, 90-day readmission for heart attack patients, and discharge within 48 h for normal newborn babies. Recent mergers and acquisitions have not had a measurable impact on inpatient mortality, although the associated standard errors are large. Readmission rates and early discharge increased in some cases. The adverse consequences of increased market power on the quality of care require further substantiation.

  11. Information Quality and Risk Around Mergers and Acquisition ...

    African Journals Online (AJOL)

    We consolidate our understanding of the link between risk and quality of new around information intensive periods for a sample of 169 stocks from London Stock Exchange by using mergers and acquisitions announcements as a source of unscheduled news disclosure. We document that volatility of stock returns around ...

  12. EFFECTIVE SCHEMES OF FINANCING MERGERS AND ACQUISITIONS OF INTERNATIONAL CORPORATIONS

    Directory of Open Access Journals (Sweden)

    Vladimir Momot

    2013-10-01

    Full Text Available The article considers the question of a choice of the optimum scheme of financing mergers and acquisitions (M&As in the environment of international corporations. Methods and ways of financing integration transactions are considered and key factors and system processes of realization of these transactions are defined.

  13. Mergers and Acquisitions in Selected Frontier Markets of Asia

    Directory of Open Access Journals (Sweden)

    Farhan Ahmed

    2018-01-01

    Full Text Available This paper aims to provide contemporary and comparative information on mergers and acquisition activities. The findings have shown that Vietnam is very active in mergers and acquisitions activities, for instance in Vietnam 2946 transactions were announced, and 2114 completed in the last decade. Furthermore, Vietnam has a distinctive element of merging local firms; Out of top 20 deals, in 18 transactions target firms and acquirer both were from Vietnam. On the other hand, Sri Lanka has the highest percentage of completed M&A transactions in the last decade compared to Pakistan and Vietnam. In case of Pakistan, the findings suggest that Pakistan has had the highest number of value-based Mergers and Acquisitions deals in comparison to Sri Lanka and Vietnam. Interestingly, even though the number of transactions is higher compared to Sri Lanka and Vietnam; however, mergers and acquisition have had no significant impact on the profitability of Pakistan companies.DOI: 10.15408/sjie.v7i1.6074

  14. Impact of information technology infrastructure flexibility on mergers and acquisitions

    NARCIS (Netherlands)

    Benitez, Jose; Ray, Gautam; Henseler, Jörg

    2018-01-01

    Although mergers and acquisitions (M&A) are a common strategy to reduce costs and pursue growth, the variance in returns from M&A is very high. This research examines how information technology (IT) infrastructure flexibility affects M&A. We use a combination of secondary as well as matched-pair

  15. Impact of Mergers and Acquisitions on the Performance of ...

    African Journals Online (AJOL)

    This research study examined the impact of mergers and acquisition on the performance of manufacturing firms in Nigeria. A total of thirty-five (35) companies formed the population of this study and questionnaire was used to collect data for this research work. Data generated from the study were analysed descriptively ...

  16. 17 CFR 230.145 - Reclassification of securities, mergers, consolidations and acquisitions of assets.

    Science.gov (United States)

    2010-04-01

    ..., mergers, consolidations and acquisitions of assets. 230.145 Section 230.145 Commodity and Securities... § 230.145 Reclassification of securities, mergers, consolidations and acquisitions of assets.... A statutory merger or consolidation or similar plan or acquisition in which securities of such...

  17. Downsizings, Mergers, and Acquisitions: Perspectives of Human Resource Development Practitioners

    Science.gov (United States)

    Shook, LaVerne; Roth, Gene

    2011-01-01

    Purpose: This paper seeks to provide perspectives of HR practitioners based on their experiences with mergers, acquisitions, and/or downsizings. Design/methodology/approach: This qualitative study utilized interviews with 13 HR practitioners. Data were analyzed using a constant comparative method. Findings: HR practitioners were not involved in…

  18. Impacts of Mergers and Acquisitions on Acquirer Banks’ Performance

    Directory of Open Access Journals (Sweden)

    Burhan Ali Shah

    2017-09-01

    Full Text Available This study investigates the effects of mergers and acquisitions (M & A on the operating performance of the acquirer banks in Pakistan. For this purpose, a sample of 18 transactions, involving acquirer banks, listed on the Karachi Stock Exchange, is used. The Financial Ratio Analysis (FRA is used to determine the effects of M & A. The significance of change in the operating performances is tested through a paired sample t-test. The results indicate deterioration in the performances of the acquirer banks in the post-merger period.

  19. A Marketing Perspective on Mergers and Acquisitions : How Marketing Integration Affects Postmerger Performance

    OpenAIRE

    Homburg, Christian; Bucerius, Matthias

    2004-01-01

    Previous research on mergers and acquisitions (M&A) has neglected marketing issues by and large. This paper examines the effects of post merger integration (PMI) in marketing (ex tent and speed of marketing integration) on M&A performance mediated by integration outcomes (magnitude of cost savings and market-related performance). Results from a survey of 232 horizontal mergers and acquisitions show that market-related performance after the merger or acquisition has a much stronger impac...

  20. Success Factors of the Companies Mergers and Acquisitions

    Directory of Open Access Journals (Sweden)

    Maria Sierpińska

    2007-01-01

    Full Text Available Mergers and acquisitions (MA are one of the most important phenomenons influencing dynamics of the world economy growth. At the same time, big number of acquisitions turns out to be unsuccessful which induces one to examine reasons for failures and factors having influence on success of MA. In the article an attempt to systematize researchers and specialists-practitioners opinions on factors that play a key role in acquisition success was made, as complexity of MA processes causes that only actions resulting from reliable analysis, that are afterwards well planned and carried out may bring results expected by the entities.

  1. International accounting standards and their effect on mergers and acquisitions

    Directory of Open Access Journals (Sweden)

    Blanca I. Vega Castro

    2007-09-01

    Full Text Available The main objective of this paper is to investigate whether the international accounting harmonization has favored the globalization process. This investigation examined the relationship between international accounting standards and the international merger and acquisition activities in Argentina, Brazil, Chile, México, Peru and Venezuela from 1995 to 2004. This research tested four hypotheses and used analytics such as panel data analysis, correlation, nonparametric tests and logistic regression.

  2. Healthcare mergers and acquisitions: strategies for consolidation.

    Science.gov (United States)

    Zuckerman, Alan M

    2011-01-01

    The passage of federal healthcare reform legislation, in combination with other factors, makes it likely that the next few years will be a major period of consolidation for healthcare organizations. This article examines the seven key forces reshaping healthcare delivery--from insurance industry consolidation to cost inflation to the increasing gap between financially strong and struggling providers--and provides advice for organizations on both sides of an acquisition.

  3. Mergers and acquisitions : the case of Kraft Foods and Cadbury

    OpenAIRE

    Ribeiro, Sara Isabel de Paula

    2013-01-01

    The aim of this dissertation is to focus on a determinant aspect of Corporate Finance that is Mergers and Acquisitions (M&A). This dissertation not only provides a practical analysis of main issued regarding a process of M&A, but also provides a theoretical framework about M&A. Specifically, this dissertation explores the real case of Kraft Foods - world’s second largest manufacturer and packager food products – and Cadbury - the world’s second largest confectionery firm. ...

  4. Merger and Acquisition Market: from World Experience to National Practice

    Directory of Open Access Journals (Sweden)

    Hrechana Svitlana I.

    2014-03-01

    Full Text Available The goal of the article lies in identification of tendencies and prospects of development of the merger and acquisition market of Ukraine in the context of influence of the world M and A experience upon this process under conditions of globalisation. In the result of the study the article analyses the most significant merger and acquisition operations that took place in the world practice and in Ukraine in recent years. The article reveals and deeply assesses the variety of motives and mechanisms of their realisation from the position of practice of developed countries and trans-national corporations and also domestic associations of enterprises. It shows that transactions of tough or forced character of acquisition prevail in Ukraine, specific features of which are not only the reduced cost but also direct belonging of buyers to oligarchic-political structures. It explains negative influence of these specific features upon volume and activity of the national M and A market. It formulates and offers a system of state and economic subjects measures, immediate application of which would allow creation of favourable conditions for development of the national merger and acquisition market.

  5. Tax Competition and Double Tax Treaties with Mergers and Acquisitions

    OpenAIRE

    Siggelkow, Benjamin Florian

    2013-01-01

    In a two-period tax competition model with provision of local public goods, we analyze efficiency properties of double taxation reliefs incorporating either the exemption method, the tax credit system or the full taxation after deduction system. Foreign direct investments are presumed to be one-way and characterized by long-term mergers and acquisitions. We find that in case of (i) tax revenue maximization the exemption method implies inefficiently low tax rates, whereas the fu...

  6. Tax Implication of Structuring and Financing Mergers and Acquisitions

    Directory of Open Access Journals (Sweden)

    Cristian Ianca

    2008-09-01

    Full Text Available The structuring and financing of mergers and acquisitions has substantial tax consequences. The decision to acquire the assets or the shares of the target company should take into consideration, on one hand, the capital gains taxation at the transaction time and, on the other hand, the tax planning opportunities for the future. The tax burden can also be minimized by an optimum selection of the acquisition vehicle. The choice of a financing alternative should take into account the interest deductibility and the specific tax regulations of each jurisdiction concerned.

  7. Elucidate Innovation Performance of Technology-driven Mergers and Acquisitions

    Energy Technology Data Exchange (ETDEWEB)

    Huang, L.; Wang, K.; Yu, H.; Shang, L.; Mitkova, L.

    2016-07-01

    The importance and value of Mergers and Acquisitions (M&As) have increased with the expectancy to obtain key technology capabilities and rapid impact on innovation. This article develops an original analytical framework to elucidate the impact of the technology and product relatedness (similarity/complementarity) of the Technology-driven M&A’ partners on post-innovation performance. We present results drawing on a multiple case studies of Chinese High-Tech firms from three industries. (Author)

  8. Nestlé Group acquires Starbucks Corporation : mergers and acquisitions

    OpenAIRE

    Köhler, Charlotte

    2014-01-01

    This paper will analyze the possibility of creating additional shareholder value through mergers and acquisition between Nestlé Group and Starbucks Corporation at the end of the first quarter of 2013. Nestlé, the current market leader, has been under attack on its position as number one in the industry. At the same time, Starbucks has established itself as the leading speciality coffee shop chain worldwide. By using Discounted Cash Flow, a Dividend Discounted model and Relative Valuation, ...

  9. Analysis of Economic Performance in Mergers and Acquisition

    Institute of Scientific and Technical Information of China (English)

    王立杰; 孙涛

    2003-01-01

    Based on the methods of financial analysis, the direct earnings in mergers and acquisition M&A, profit or loss from stock price fluctuation, influence on the earning per stock(EPS) and revenue growth after M&A were analyzed in detail. And several quantitative models were established in relevant part accordingly. It can be useful to improve the present low efficiency in the M&A performance in Chinese capital market.

  10. Mergers and acquisitions: A synthesis of theories and directions for future research

    Directory of Open Access Journals (Sweden)

    Wissal Ben Letaifa

    2017-02-01

    Full Text Available The purpose of this paper is to review a synthesis of theories and empirical studies dealing with the mergers and acquisitions in the recent decay in an attempt to provide directions for future research. The review focuses on four main streams including: first, the motives for mergers-acquisitions; which are the strategic profits, the overconfidence of managers and the desire to create a big empire resulting from merger. From second, corporate characteristics of firms that did merger or acquisition; third, the economic consequences of the operation of merger and acquisition and finally; fourth, the implication on the market with the impact of merger on the value of the firm. We think that this article can give another idea about the information disclosed by any company choosing to merge and can be analyzed by practitioners by giving them the theoretical background of the merger and acquisition problem.

  11. Impact of Merger and Acquisition on University Performance.

    Science.gov (United States)

    Mohamadi Bolbanabad, Amjad; Mosadeghrad, Ali Mohammad; Arab, Mohammad; Majdzadeh, Reza

    2017-08-01

    Merger and acquisitions (M&A) widen access to higher education, improve quality of teaching and research, and increase efficiency of higher education institutions. Three big medical universities in Iran merged in 2010. The purpose of this study was to highlight the impact of this acquisition on the performance of Tehran University of Medical Sciences. This qualitative study was conducted using semi-structured in-depth interviews with 60 participants from April 2015 to November 2015. Purposeful sampling was used to recruit participants. Data analysis was performed using MAXQDA software (V. 10). The reasons for acquisition of IUMS by TUMS were to enhance the position of TUMS worldwide, and to increase its efficiency. The acquisition improved the organization and management of the newly formed TUMS, enhanced its academic position and market recognition. However, the achieved benefits did not come without shortcomings and unanticipated consequences. The merger and acquisition in higher education has some advantages and disadvantages. A well planned and carefully implemented M&A gives cutting edge to the higher education institutes.

  12. Mergers and acquisitions: valuation and risk assessment; CD-ROM ed.

    Energy Technology Data Exchange (ETDEWEB)

    McVeigh, C.A. [Currie Coopers and Lybrand, Toronto, ON (Canada)

    1996-04-01

    An overview of various aspects of mergers and acquisition transactions in the petroleum industry were presented. Incentives to mergers and acquisitions were reviewed and discussed, among them value opportunity, critical size, incremental tax pools, financial distress, shareholder dissatisfaction, strategic infrastructure position, complementary assets, and undeveloped land inventory. Current trends in mergers and acquisitions were highlighted. An industry checklist for risk assessments discussing financial position, engineering forecasts, and taxation was also included.

  13. The effects of Mergers and Acquisition on the Profitability and Cost Efficiency of Malaysian Banks.

    OpenAIRE

    Paul Palasupramaniam, Edward Thangaratnam

    2009-01-01

    The research conducted in this study is to investigate the impact of mergers and acquisitions on local banks in Malaysia. This is especially important as there are few studies done in this field and the number of banks going through the mergers and acquisition process is increasing. In this study a quantitative method will be used to evaluate the newly formed banks to measure their efficiency and profitability. A survey of available literature on mergers and acquisitions in Malaysia shows tha...

  14. Mergers and acquisitions: director and consultant liability exposure.

    Science.gov (United States)

    Waxman, J M

    1995-02-01

    Corporate directors and their consultants must make decisions in an uncertain and changing health care environment. The losses each may face as a result of an incomplete analysis of the true value of the entities involved in mergers or acquisitions may extend beyond the failure of the transaction to the creation of personal liability as well. Accordingly, objective, careful, detailed, and fair decision-making based upon adequate information is more critical than ever for directors if they are to be able to take advantage of the business judgment rule, and also for consultants to avoid their own liability when transactions fail to deliver the values they have estimated.

  15. Cross-border mergers and acquisitions and European integration

    OpenAIRE

    Coeurdacier, Nicolas; de Santis, Roberto A.; Aviat, Antonin

    2009-01-01

    Cross-border mergers and acquisitions activities (M&As) sharply increased over the last two decades, partly as a result of financial liberalization policies, government policies and regional agreements. In this paper, we identify some of the main forces driving M&As, using a unique database on bilateral cross-border M&As at the sectoral level (in manufacturing and services) over the period 1985-2004. The key empirical findings are: (1) EMU helped the restructuring of capital within the same s...

  16. Trade Liberalization, Mergers and Acquisitions, and Intra-Industry Reallocations

    DEFF Research Database (Denmark)

    Bache, Peter Arendorf

    This paper presents a Melitz-type model of international trade in final goods and Grossman-Hart-Antràs input sourcing by heterogeneous firms. We show how firms self-select into different organizational forms in a continuum of industries with different characteristics. Next, we show how a liberali...... a liberalization of trade leads to short run increases in the number of firm mergers and acquisitions and potentially new gains from trade. Finally, we show how the relative prevalence of integrating firms is increasing in some industries while constant in all others....

  17. BANK MERGERS AND ACQUISITIONS IN ROMANIA AFTER 1989

    Directory of Open Access Journals (Sweden)

    Copil Crina Angela

    2014-07-01

    Full Text Available In this paper I proposed to myself to analyse the main bank acquisitions and mergers from Romania after 1989, causes that led to their appearance, their effects on the bank system and their future perspectives on the Romanian bank market. In the context of adherence to the European bank system a solution for the Romanian banks is the concentration of the bank system by mergers and acquisitions or the increase of the bank capitals because in the period of transition the smaller banks are vulnerable, don’t dispose of an infrastructure that would alow them to offer financial services comparable to those offered by the great bank groups, can’t offer large credits and is addressing to the smaller and average enterprise, which in their turn are exposed to all the shocks that are felt in the economy. The strategies of concentration and consolidation applied by the banks in this period implemented by the transactions with mergers and acquisitions are essential because of their success depends the existence of the bank, the rank it will have on the market, the profit of the bank, the efficiency, the increase of the satisfaction degree of the clients and the increase of the shares’ value. The increase of the interest of the investor in mergers and acquisitions determined the creating of the great financial conglomerates that offer a large range of services, operates simultaneously on many markets and include beside the bank activity insurance, leasing subsidiaries, investment funds, pension funds, subsidiaries specialized in credit saving. In the last decades the Romanian bank financial system suffered significant changes, registering an ample consolidation process, the number of bank institutions decreased and in the context of the present financial crisis, the continuing of the process of restructuring is anticipated.The main reason for choosing this subject if the fact that in the evolution of the concentration the bank mergers and acquisitions

  18. HiQ International Company: A Case Study of Operational Effectiveness post Merger and Acquisition

    OpenAIRE

    Belle Selene Xia

    2014-01-01

    Mergers and acquisitions occur in a dynamic process in which resource allocation and organization structures are restructured in response to new challenges. Analyzing mergers and acquisitions in the technology sector using the empirical case of HiQ International Ab shows that management efficiency post merger and acquisition requires the reallocation of resources where traditions and culture are broken resulting in numerous side effects of change. In addition, the management morale in the bus...

  19. Application of the Maximum Entropy Method to Risk Analysis of Mergers and Acquisitions

    Science.gov (United States)

    Xie, Jigang; Song, Wenyun

    The maximum entropy (ME) method can be used to analyze the risk of mergers and acquisitions when only pre-acquisition information is available. A practical example of the risk analysis of China listed firms’ mergers and acquisitions is provided to testify the feasibility and practicality of the method.

  20. 78 FR 6326 - Formations of, Acquisitions by, and Mergers of Bank Holding Companies

    Science.gov (United States)

    2013-01-30

    ... FEDERAL RESERVE SYSTEM Formations of, Acquisitions by, and Mergers of Bank Holding Companies The... owned merger subsidiary, NM Lobo Acquisition Corporation, and thereby acquire First National Bank of... standards enumerated in the BHC Act (12 U.S.C. 1842(c)). If the proposal also involves the acquisition of a...

  1. 76 FR 68458 - Formations of, Acquisitions by, and Mergers of Bank Holding Companies

    Science.gov (United States)

    2011-11-04

    ... FEDERAL RESERVE SYSTEM Formations of, Acquisitions by, and Mergers of Bank Holding Companies The... acquisition of a nonbanking company, the review also includes whether the acquisition of the nonbanking... a result of the merger, to increase its ownership of West One Bank, Kalispell, Montana, from 34.92...

  2. The Impact of Mergers and Acquisitions on the Market Value of Shares of Erste Bank Group

    Directory of Open Access Journals (Sweden)

    Popovici Andreea Nicoleta

    2014-06-01

    Full Text Available Mergers and acquisitions are ways used by banks to improve their profitability and to obtain other advantages. The purpose of this study is to analyze the impact of mergers and acquisitions on the performance of the bidder bank. For this study, I have chosen to research the impact of acquisitions and mergers of Erste Group during 2000-2011, considering the target bank is in Central and Eastern Europe. Using the event study methodology, the result of the study shows that a merger or an acquisition does not improve the value market of the shares of the bidder bank.

  3. Merger and acquisition in the international oil industry

    Energy Technology Data Exchange (ETDEWEB)

    Imai, Yoshiichi

    1988-07-01

    Outlines are given of the background and evaluation of recent giant mergers and acquisitions in the international oil industry and of future trends of them. The petroleum exporting countries or OPEC nationalized oil resourses in the first half of 1970's and acquired the crude oil deposits that had been controlled by the seven majors. The percentage of the seven majors' crude oil deposits in the free world was about 70% in 1968, but decreased sharply down to about 6% in 1978 to 1979, when the world experienced the second oil crisis. The decrease of Texaco, COCAL, and Mobil was remarkable. That was the background of these three companies' giant acquisitions in 1984. For the oil companies suffering from decrease of oil deposits, the inexpensive and dependable way to secure deposits was to take over developed reserves of other companies. Although there are the pros and cons in the evaluation of the merger and acquisition, these trends continues, including the oil exporting countries, and are very likely to move to the international reconstraction of the oil industry. (10 tabs)

  4. MERGER AND ACQUISITION IN THE FINANCIAL SERVICES INDUSTRY

    Directory of Open Access Journals (Sweden)

    Éva PINTÉR

    2011-01-01

    Full Text Available The paper analyses the driving forces of the convergence in the financial sector, focused on banking and insurance companies, in terms of strategic cross-sector and cross-border mergers and acquisitions (M As. New tendencies such globalization, integration, disintermediation and deregulation give the basis for new dimensions in the financial services industry. Based on the data, the banking industry has experienced an enormous level of consolidation as M As. We find that the penetration process, so the entry into insurance services industry is mostly driven by banks. We analyse whether this risky strategic process is beneficial or necessary in the financial services industry.

  5. Current trends in hospital mergers and acquisitions.

    Science.gov (United States)

    Brown, Thomas C; Werling, Krist A; Walker, Barton C; Burgdorfer, Rex J; Shields, J Jordan

    2012-03-01

    Healthcare reform will impact hospital consolidation in three key areas: Payment rates will decrease, indirectly encouraging consolidation by forcing hospitals to find new ways to reduce costs and increase negotiating clout with suppliers and payers. The cost of doing business will increase as hospitals spend more on compliance, technology, and physician employment. The ACO model will encourage hospital network formation by rewarding integrated healthcare systems that can reduce costs and improve quality.

  6. Mergers and acquisitions: what has changed.

    Science.gov (United States)

    2011-01-01

    The Healthcare Financial Management Association's Principles and Practices (P&P) Board prepares background papers to provide views on an issue from a variety of sources and is intended to produce a thorough understanding of the issue. The purpose of this background paper is to provide clarity around certain issues arising in business combinations of not-for-profit entities.

  7. In Search of Value Drivers in Mergers and Acquisitions

    DEFF Research Database (Denmark)

    Rose, Caspar; Sørheim, Daniel; Lerkerød, Magnus

    2017-01-01

    The international literature on M&As is extensive, but surprisingly little evidence exists for the Nordic countries. This article attempts to fill the gap by studying 184 merger announcements from 1995 to 2014. Our findings differ in a number of ways. “First, we extend the current literature since...... we find that diversifying acquisitions” generate a higher bidder abnormal return compared with focused transactions. A possible explanation is that in diversifying acquisitions acquirers overpay for target firms within their core industry because they overestimate operational synergies...... with excessive free cash flows experience negative returns prior to an announcement. Furthermore, our results imply that a bidder company must be able convincingly to justify an acquisition to the market by communicating the presence of a sound and coherent integration plan....

  8. Mergers and acquisitions: Guidelines for consideration by state public utility commissions

    Energy Technology Data Exchange (ETDEWEB)

    Graniere, R.J.; Burns, R.E.

    1996-11-01

    This is the first of a series of reports on utility mergers and acquisitions published by NRRI; because it was completed Nov. 1996, it does not cover FERC Order 592 (policy statement on merger policy under Federal Power Act). Since cost-benefit analyses are expensive, state regulators need guidelines that efficiently streamline the review process for mergers and acquisitions. Purpose of this paper is to suggest such guidelines; they are applicable only to mergers and acquisitions of vertically integrated electric utilities or combination electric/gas utilities.

  9. 26 CFR 1.401(k)-5 - Special rules for mergers, acquisitions and similar events. [Reserved

    Science.gov (United States)

    2010-04-01

    ... 26 Internal Revenue 5 2010-04-01 2010-04-01 false Special rules for mergers, acquisitions and similar events. [Reserved] 1.401(k)-5 Section 1.401(k)-5 Internal Revenue INTERNAL REVENUE SERVICE... Bonus Plans, Etc. § 1.401(k)-5 Special rules for mergers, acquisitions and similar events. [Reserved] [T...

  10. ENHANCING THE INTERNATIONALIZATION OF THE GLOBAL INSURANCE MARKET: CHANGING DRIVERS OF MERGERS AND ACQUISITIONS

    Directory of Open Access Journals (Sweden)

    D. Rasshyvalov

    2014-03-01

    Full Text Available One-third of worldwide mergers and acquisitions involving firms from different countries make M&A one of the key drivers of internationalization. Over the past five years insurance cross-border merger and acquisition activities have globally paralleled deep financial crisis.

  11. 26 CFR 1.401(m)-4 - Special rules for mergers, acquisitions and similar events. [Reserved

    Science.gov (United States)

    2010-04-01

    ... 26 Internal Revenue 5 2010-04-01 2010-04-01 false Special rules for mergers, acquisitions and similar events. [Reserved] 1.401(m)-4 Section 1.401(m)-4 Internal Revenue INTERNAL REVENUE SERVICE... Bonus Plans, Etc. § 1.401(m)-4 Special rules for mergers, acquisitions and similar events. [Reserved] ...

  12. Role of Human Resources in the Mergers and Acquisitions Processes

    Directory of Open Access Journals (Sweden)

    Anna Szewczyk

    2007-06-01

    Full Text Available The human resources are one of the most important topics when you talk about the value and importance of a company itself. The article tries to show the different aspects where the human resource affects a merger in the different states of a merger process, especially to the pre-merger-phase, and to which problems it can lead when you not pay attention to it. Finally the question, which is indeed the most important aim concerning mergers namely: how and in which degree the human resource effects the goodwill, is tried to answer.

  13. More Mergers,More Acquisitions

    Institute of Scientific and Technical Information of China (English)

    2010-01-01

    China aims to maintain sound development of the national economy through M&As Anew round of corporate mergers and acquisitions (M&As) is on the way. On September 6, the State Council announced that it would require companies in the automobile, iron and steel, cement, machinery manufacturing, electro- lytic aluminum and rare earth industries to accelerate M&As.

  14. More Mergers,More Acquisitions

    Institute of Scientific and Technical Information of China (English)

    LAN XINZHEN

    2010-01-01

    @@ A new round of corporate mergers and acquisitions(M&As)is on the way.On September 6,the State Council announced that it would require companies in the automobile,iron and steel,cement,machinery manufacturing,electrolytic aluminum and rare earth industries to accelerate M&As.

  15. Company Mergers and Acquisitions on the Edge of Unlawful Competition

    Directory of Open Access Journals (Sweden)

    Elena - Mădălina Rotaru

    2016-01-01

    Full Text Available In the field of economy, transactions represent one of the fastest means available for improvingany company’s commercial and strategic position in the market. The context of technologicaldevelopments in recent years and the trend of globalization have largely influenced work in thefields of goods and services. Currently, geographical factors are no longer an obstacle andcompanies can expand their production without being influenced by state frontiers. Internationalmergers and acquisitions are, most often, joined by a true "cultural shock" [1] and must comply withregulations on competition both nationally and internationally. Since the penalties imposed byauthorities in charge of competition regulations are substantial, both internationally andnationally, this means that, when making mergers, one should be very cautious.

  16. Merger & Acquisition and Capital Expenditure in Health Care

    Science.gov (United States)

    Ouyang, Wenjing; Hilsenrath, Peter E.

    2017-01-01

    Investment, especially through merger and acquisition (M&A), is a leading topic of concern among health care managers. In addition, the implications of this activity for organization and market concentration are of great interest to policy makers. Using a sample of 2256 firm-year observations in the health care industry during the period from 1985 to 2011, this article provides novel evidence that managers learn from financial markets in making capital expenditure (CAPEX) and M&A investment decisions. Within the industry, managers in the Drugs subsector are most likely to do so, whereas managers in the Medical Equipment and Supplies are least likely to do so. We find informative stock prices improve firm financial performance. This article highlights the importance of financial markets for real economic activity in the health care industry. PMID:28220717

  17. 75 FR 1784 - Formations of, Acquisitions by, and Mergers of Bank Holding Companies

    Science.gov (United States)

    2010-01-13

    ... FEDERAL RESERVE SYSTEM Formations of, Acquisitions by, and Mergers of Bank Holding Companies The... involves the acquisition of a nonbanking company, the review also includes whether the acquisition of the... Market Street, San Francisco, California 94105-1579: 1. BW Acquisition, LLC, and Teach and Save, LLC (as...

  18. Post-Mergers and Acquisitions: The Motives, Success Factors and Key Success Indicators

    OpenAIRE

    Hatem El Zuhairy; Ahmed Taher; Ingy Shafei

    2015-01-01

    There is a wide body of evidence showing a significant increase in the adoption of mergers and acquisitions (M&A) worldwide. Moreover, research confirms that the integration and implementation stage (post-M&A) has a major impact on the success or failure of a merger or acquisition. Therefore it has become increasingly important to explore the post-M&A phase further in order to support the management teams of organizations pursuing a merger or acquisition in meeting all their desired objective...

  19. The linkages between cultural differences, psychological states, and performance in international mergers and acquisitions

    NARCIS (Netherlands)

    Weber, Yaakov; Drori, Israel

    2008-01-01

    A model focusing on the role of the individual in national and corporate culture clash situations, during post-merger integration, is presented. The theory of psychological contract is adapted to explain different individual expectations in domestic versus international mergers and acquisitions

  20. Integrating organizational and human behavior perspectives on mergers and acquisitions: Looking inside the black box

    NARCIS (Netherlands)

    Weber, Yaakov; Drori, Israel

    2011-01-01

    This article presents a conceptual framework for investigating merger and acquisition (M&A) performance through a multistage and multilevel approach. First, human resource challenges during the integration process following a merger are explored to help explain the inconsistencies among empirical

  1. NEW OPPORTUNITIES ON THE MARKET OF MERGERS AND ACQUISITIONS FOR 2014

    Directory of Open Access Journals (Sweden)

    Alina MOLDOVAN-MADAN

    2013-12-01

    Full Text Available Mergers and acquisitions activity at global level could begin during 2014. Confidence in the economic environment, the availability of cash and credit, the restoration of confidence in local economies – all of these factors signals new opportunities on mergers and acquisitions market. However, caution still dominate this area and this is understandable, given the occurring of unprecedented economic crisis. In this context, the market remains very sensitive to geopolitical issues - any shock could extend short-term interruptions of the flow of transactions. However, while organic growth measures only provide diminishing returns, mergers and acquisitions activity may be the only practical way of increasing for companies.

  2. Electric utility mergers and acquisitions seen in a larger perspective

    Energy Technology Data Exchange (ETDEWEB)

    Hawes, D.W.

    1995-10-01

    Merger negotiations are intricate and sensitive dances which, far more often than not, may end in failure. The famed prediction of {open_quotes}50 in five{close_quotes} may prove correct - though it may be 50 utilities in 2005. Still, mergers are only a partial hedge against what may, after all, be 10 years of better prices for customers and tougher times for shareholders.

  3. Mergers and acquisitions in the natural gas industry

    Energy Technology Data Exchange (ETDEWEB)

    Burkhardt, D.A.; Brown, M.L.

    1984-04-26

    Three examples of natural gas distribution companies involved in merger activity illustrate how the distribution as well as the transmission side of the industry may be attractive to potential acquiring companies seeking diversification. Although the mergers are a new phenonmenon, the acquiring firms are attracted by the overlapping service areas and the operating efficiency of the regulated distributors. They also see a possible outlet for surplus natural gas. 1 table.

  4. World and Russian Market of Mergers and Acquisitions

    Directory of Open Access Journals (Sweden)

    Natalya S. Zagrebel’Naya

    2015-01-01

    Full Text Available This article analyzes the global and Russian markets of mergers and acquisitions (M&A. The article also presents the dynamics of M&A deals in the world and in Russia for the period 2010-2014, the geography of transactions and their sectoral structure. The overall analysis is supported by the examples of ten largest M&A deals in the world and in Russia, committed in 2014. In the market economy many companies, mostly large, consider M&A as means to improve the material and the production sector, increase profitability, sustainability, creating a positive image. Such transactions could improve a company's development, make business more competitive and profitable. In today's global economy we could observe the growing trend of global integration, which is manifested in the access of various types of companies into new markets, as well as the concentration of capital and consolidation of business, on the one hand. However, on the other hand, there is deterioration in the conditions of the companies due to the ongoing financial, economic and political crises and economic sanctions. This leads to changes in the activity on the world and Russian markets of M&A. Thus, to study its dynamics and trends in the contemporary world and in Russia is one of the most important and actual issues.

  5. EMPIRICAL EVIDENCE ON THE RELATIONSHIP BETWEEN MERGERS AND ACQUISITIONS AND THE ROMANIAN STOCK MARKET

    Directory of Open Access Journals (Sweden)

    Iamandi Irina Eugenia

    2010-12-01

    Full Text Available Based on empirical studies and theoretical evidence, the paper investigates the relationship between mergers and acquisitions in Romania and Romanian stock market, described by the BET and BET-C indexes. By using the Granger causality test for the number of mergers and acquisitions, the research results suggest that, for the market and period considered, one way and both ways relationships are present.

  6. The Growth in Mergers and Acquisitions in the United States Publishing Industry: 1984-1988.

    Science.gov (United States)

    Greco, Albert N.

    This paper argues that because of a recent, sizable increase in the number of mergers and acquisitions, especially by foreign corporations in the United States, it is possible that a small number of firms could dominate the publishing and information processing industry in the world. The paper outlines briefly the patterns of mergers and…

  7. Growth and development of companies in the function mergers and acquisitions

    Directory of Open Access Journals (Sweden)

    Vidović Aleksandra B.

    2015-01-01

    Full Text Available The author affirms the need: Acquisitions and mergers as an element of growth and development of companies. This paper provides a critical overview of contributions to the given topic. The main objective of the paper is to identify the importance of strategic aspects of mergers and acquisitions as a growth strategy and company development. These two strategies enable companies to adapt to business and achieve greater financial effects of the present conditions of business as globalization requires.

  8. Mergers and Acquisitions-1998 M&A: The Year in Review.

    Science.gov (United States)

    Defendeifer, Linda

    1999-01-01

    Discusses mergers and acquisitions in the publishing industry, including alliances among the largest publishers and printers; planned and abandoned deals; issues in academia, including rising scholarly journal prices and electronic journals; smaller firm alliances; magazine publishing; and newspaper consolidations. (LRW)

  9. A study on the impact of mergers & acquisitions on shareholders’ wealth and efficiency

    Directory of Open Access Journals (Sweden)

    Li Tianqi

    2016-01-01

    Full Text Available As nowadays mergers & acquisitions are becoming more and more prevalent, this paper concerns the impact of mergers & acquisition on shareholders’ wealth and efficiency. Choosing mergers & acquisitions events in bank industry, we apply literature analysis to see what previous scholars have found and CAPM model to calculate their CAR, which reflects the change of shareholders’ values (positive CAR means shareholders gain positive returns from mergers & acquisitions and vice versa. And finally, we find that bank mergers and acquisitions do create shareholder wealth for the target bank acquired and that in many cases the acquiring firm’s shareholders tend to lose out because their ownership in the newly formed bank is severely diluted and the same is with the efficiency. What’s more, when we take the financial crisis into consideration, mergers are seen to be a safe haven. Besides that, senior management must be skilled at corporate restructuring within the newly merged banks for merged banks to survive post-merger activity.

  10. Global Trends of International Mergers and Acquisitions in the Energy Sector

    OpenAIRE

    Liubov Galperina; Yuliia Klen

    2017-01-01

    The article explores conditions, factors and results of mergers and acquisitions in international business with the example of the energy industry. The directions of world energy market transformation in the framework of PESTLE analysis have been determined by the factors influencing the efficiency and future of the companies that have effected mergers and acquisitions. The transformation of the global energy market is associated with changes in the main market parameters that ...

  11. An Overview of Three Decades of Mergers and Acquisitions Research

    Directory of Open Access Journals (Sweden)

    Nuno Rosa Reis

    2015-09-01

    Full Text Available Mergers and acquisitions (M&A have long attracted managers’ attention and have been researched in different perspectives and using different theories. In this study we grasp the wealth of extant research in the field of M&As. We conducted a bibliometric study of 635 articles on strategic management and international business research published in 34 highly ranked management journals between 1983 and 2012. We performed citation, co-citation and factor analyses to uncover the issues examined by scholars, the main theoretical approaches and themes researched. The results show a relative shift from economic and financial approaches to knowledge-based and organizational learning perspectives in recent years. There was also an evolution from assessing the performance of firms after an M&A to seeking an understanding of what may drive synergy creation after the integration process. Furthermore we observed an increasing interest in cross-border M&As. We discuss our findings, identifying gaps and suggesting paths for future research.

  12. Growth Effects of Cross-border Mergers and Acquisitions in European Transition Countries

    Directory of Open Access Journals (Sweden)

    Zvezdanović Lobanova Jelena

    2016-12-01

    Full Text Available This paper deals with the economic effect of cross-border mergers and acquisitions on GDP per capita in European transition countries for the 2000- 2014 period. Our analysis shows that cross-border mergers and acquisitions have a negative effect on GDP per capita in the current period, whereas their lagged level positively impacts output performance. We found that transition countries characterized by a higher quality of institutional setting have achieved a positive impact on GDP per capita.

  13. 77 FR 64338 - Formations of, Acquisitions by, and Mergers of Bank Holding Companies

    Science.gov (United States)

    2012-10-19

    ... FEDERAL RESERVE SYSTEM Formations of, Acquisitions by, and Mergers of Bank Holding Companies The... standards enumerated in the BHC Act (12 U.S.C. 1842(c)). If the proposal also involves the acquisition of a nonbanking company, the review also includes whether the acquisition of the nonbanking company complies with...

  14. 78 FR 40739 - Formations of, Acquisitions by, and Mergers of Bank Holding Companies

    Science.gov (United States)

    2013-07-08

    ... FEDERAL RESERVE SYSTEM Formations of, Acquisitions by, and Mergers of Bank Holding Companies The... standards enumerated in the BHC Act (12 U.S.C. 1842(c)). If the proposal also involves the acquisition of a nonbanking company, the review also includes whether the acquisition of the nonbanking company complies with...

  15. 76 FR 13191 - Formations of, Acquisitions by, and Mergers of Bank Holding Companies

    Science.gov (United States)

    2011-03-10

    ... FEDERAL RESERVE SYSTEM Formations of, Acquisitions by, and Mergers of Bank Holding Companies The... standards enumerated in the BHC Act (12 U.S.C. 1842(c)). If the proposal also involves the acquisition of a nonbanking company, the review also includes whether the acquisition of the nonbanking company complies with...

  16. 77 FR 52737 - Formations of, Acquisitions by, and Mergers of Bank Holding Companies

    Science.gov (United States)

    2012-08-30

    ... FEDERAL RESERVE SYSTEM Formations of, Acquisitions by, and Mergers of Bank Holding Companies The... standards enumerated in the BHC Act (12 U.S.C. 1842(c)). If the proposal also involves the acquisition of a nonbanking company, the review also includes whether the acquisition of the nonbanking company complies with...

  17. 77 FR 38631 - Formations of, Acquisitions by, and Mergers of Bank Holding Companies

    Science.gov (United States)

    2012-06-28

    ... FEDERAL RESERVE SYSTEM Formations of, Acquisitions by, and Mergers of Bank Holding Companies The... standards enumerated in the BHC Act (12 U.S.C. 1842(c)). If the proposal also involves the acquisition of a nonbanking company, the review also includes whether the acquisition of the nonbanking company complies with...

  18. 78 FR 52530 - Formations of, Acquisitions by, and Mergers of Bank Holding Companies

    Science.gov (United States)

    2013-08-23

    ... FEDERAL RESERVE SYSTEM Formations of, Acquisitions by, and Mergers of Bank Holding Companies The... standards enumerated in the BHC Act (12 U.S.C. 1842(c)). If the proposal also involves the acquisition of a nonbanking company, the review also includes whether the acquisition of the nonbanking company complies with...

  19. 75 FR 78705 - Formations of, Acquisitions by, and Mergers of Bank Holding Companies

    Science.gov (United States)

    2010-12-16

    ... FEDERAL RESERVE SYSTEM Formations of, Acquisitions by, and Mergers of Bank Holding Companies The... standards enumerated in the BHC Act (12 U.S.C. 1842(c)). If the proposal also involves the acquisition of a nonbanking company, the review also includes whether the acquisition of the nonbanking company complies with...

  20. 75 FR 16808 - Formations of, Acquisitions by, and Mergers of Bank Holding Companies

    Science.gov (United States)

    2010-04-02

    ... FEDERAL RESERVE SYSTEM Formations of, Acquisitions by, and Mergers of Bank Holding Companies The... standards enumerated in the BHC Act (12 U.S.C. 1842(c)). If the proposal also involves the acquisition of a nonbanking company, the review also includes whether the acquisition of the nonbanking company complies with...

  1. 76 FR 28435 - Formations of, Acquisitions by, and Mergers of Bank Holding Companies

    Science.gov (United States)

    2011-05-17

    ... FEDERAL RESERVE SYSTEM Formations of, Acquisitions by, and Mergers of Bank Holding Companies The... standards enumerated in the BHC Act (12 U.S.C. 1842(c)). If the proposal also involves the acquisition of a nonbanking company, the review also includes whether the acquisition of the nonbanking company complies with...

  2. 78 FR 17206 - Formations of, Acquisitions by, and Mergers of Bank Holding Companies

    Science.gov (United States)

    2013-03-20

    ... FEDERAL RESERVE SYSTEM Formations of, Acquisitions by, and Mergers of Bank Holding Companies The companies listed in this notice have applied to the Board for approval, pursuant to the Bank Holding Company... involves the acquisition of a nonbanking company, the review also includes whether the acquisition of the...

  3. 76 FR 77534 - Formations of, Acquisitions by, and Mergers of Bank Holding Companies

    Science.gov (United States)

    2011-12-13

    ... FEDERAL RESERVE SYSTEM Formations of, Acquisitions by, and Mergers of Bank Holding Companies The... standards enumerated in the BHC Act (12 U.S.C. 1842(c)). If the proposal also involves the acquisition of a nonbanking company, the review also includes whether the acquisition of the nonbanking company complies with...

  4. 78 FR 61845 - Formations of, Acquisitions by, and Mergers of Bank Holding Companies

    Science.gov (United States)

    2013-10-04

    ... FEDERAL RESERVE SYSTEM Formations of, Acquisitions by, and Mergers of Bank Holding Companies The... standards enumerated in the BHC Act (12 U.S.C. 1842(c)). If the proposal also involves the acquisition of a nonbanking company, the review also includes whether the acquisition of the nonbanking company complies with...

  5. 76 FR 77229 - Formations of, Acquisitions by, and Mergers of Bank Holding Companies

    Science.gov (United States)

    2011-12-12

    ... FEDERAL RESERVE SYSTEM Formations of, Acquisitions by, and Mergers of Bank Holding Companies The... standards enumerated in the BHC Act (12 U.S.C. 1842(c)). If the proposal also involves the acquisition of a nonbanking company, the review also includes whether the acquisition of the nonbanking company complies with...

  6. 77 FR 71420 - Formations of, Acquisitions by, and Mergers of Bank Holding Companies

    Science.gov (United States)

    2012-11-30

    ... FEDERAL RESERVE SYSTEM Formations of, Acquisitions by, and Mergers of Bank Holding Companies The... standards enumerated in the BHC Act (12 U.S.C. 1842(c)). If the proposal also involves the acquisition of a nonbanking company, the review also includes whether the acquisition of the nonbanking company complies with...

  7. 75 FR 70004 - Formations of, Acquisitions by, and Mergers of Bank Holding Companies

    Science.gov (United States)

    2010-11-16

    ... FEDERAL RESERVE SYSTEM Formations of, Acquisitions by, and Mergers of Bank Holding Companies The... standards enumerated in the BHC Act (12 U.S.C. 1842(c)). If the proposal also involves the acquisition of a nonbanking company, the review also includes whether the acquisition of the nonbanking company complies with...

  8. 76 FR 66719 - Formations of, Acquisitions by, and Mergers of Bank Holding Companies

    Science.gov (United States)

    2011-10-27

    ... FEDERAL RESERVE SYSTEM Formations of, Acquisitions by, and Mergers of Bank Holding Companies The... standards enumerated in the BHC Act (12 U.S.C. 1842(c)). If the proposal also involves the acquisition of a nonbanking company, the review also includes whether the acquisition of the nonbanking company complies with...

  9. 77 FR 26759 - Formations of, Acquisitions by, and Mergers of Bank Holding Companies

    Science.gov (United States)

    2012-05-07

    ... FEDERAL RESERVE SYSTEM Formations of, Acquisitions by, and Mergers of Bank Holding Companies The... standards enumerated in the BHC Act (12 U.S.C. 1842(c)). If the proposal also involves the acquisition of a nonbanking company, the review also includes whether the acquisition of the nonbanking company complies with...

  10. 78 FR 22263 - Formations of, Acquisitions by, and Mergers of Bank Holding Companies

    Science.gov (United States)

    2013-04-15

    ... FEDERAL RESERVE SYSTEM Formations of, Acquisitions by, and Mergers of Bank Holding Companies The... standards enumerated in the BHC Act (12 U.S.C. 1842(c)). If the proposal also involves the acquisition of a nonbanking company, the review also includes whether the acquisition of the nonbanking company complies with...

  11. 78 FR 59689 - Formations of, Acquisitions by, and Mergers of Bank Holding Companies

    Science.gov (United States)

    2013-09-27

    ... FEDERAL RESERVE SYSTEM Formations of, Acquisitions by, and Mergers of Bank Holding Companies The... standards enumerated in the BHC Act (12 U.S.C. 1842(c)). If the proposal also involves the acquisition of a nonbanking company, the review also includes whether the acquisition of the nonbanking company complies with...

  12. 78 FR 46334 - Formations of, Acquisitions by, and Mergers of Bank Holding Companies

    Science.gov (United States)

    2013-07-31

    ... FEDERAL RESERVE SYSTEM Formations of, Acquisitions by, and Mergers of Bank Holding Companies The... standards enumerated in the BHC Act (12 U.S.C. 1842(c)). If the proposal also involves the acquisition of a nonbanking company, the review also includes whether the acquisition of the nonbanking company complies with...

  13. 75 FR 65631 - Formations of, Acquisitions by, and Mergers of Bank Holding Companies

    Science.gov (United States)

    2010-10-26

    ... FEDERAL RESERVE SYSTEM Formations of, Acquisitions by, and Mergers of Bank Holding Companies The... standards enumerated in the BHC Act (12 U.S.C. 1842(c)). If the proposal also involves the acquisition of a nonbanking company, the review also includes whether the acquisition of the nonbanking company complies with...

  14. 78 FR 41063 - Formations of, Acquisitions by, and Mergers of Bank Holding Companies

    Science.gov (United States)

    2013-07-09

    ... FEDERAL RESERVE SYSTEM Formations of, Acquisitions by, and Mergers of Bank Holding Companies The companies listed in this notice have applied to the Board for approval, pursuant to the Bank Holding Company... acquisition of a nonbanking company, the review also includes whether the acquisition of the nonbanking...

  15. 75 FR 30405 - Formations of, Acquisitions by, and Mergers of Bank Holding Companies

    Science.gov (United States)

    2010-06-01

    ... FEDERAL RESERVE SYSTEM Formations of, Acquisitions by, and Mergers of Bank Holding Companies The companies listed in this notice have applied to the Board for approval, pursuant to the Bank Holding Company... involves the acquisition of a nonbanking company, the review also includes whether the acquisition of the...

  16. 78 FR 33093 - Formations of, Acquisitions by, and Mergers of Bank Holding Companies

    Science.gov (United States)

    2013-06-03

    ... FEDERAL RESERVE SYSTEM Formations of, Acquisitions by, and Mergers of Bank Holding Companies The... standards enumerated in the BHC Act (12 U.S.C. 1842(c)). If the proposal also involves the acquisition of a nonbanking company, the review also includes whether the acquisition of the nonbanking company complies with...

  17. 77 FR 26760 - Formations of, Acquisitions by, and Mergers of Bank Holding Companies

    Science.gov (United States)

    2012-05-07

    ... FEDERAL RESERVE SYSTEM Formations of, Acquisitions by, and Mergers of Bank Holding Companies The... standards enumerated in the BHC Act (12 U.S.C. 1842(c)). If the proposal also involves the acquisition of a nonbanking company, the review also includes whether the acquisition of the nonbanking company complies with...

  18. 78 FR 42523 - Formations of, Acquisitions by, and Mergers of Bank Holding Companies

    Science.gov (United States)

    2013-07-16

    ... FEDERAL RESERVE SYSTEM Formations of, Acquisitions by, and Mergers of Bank Holding Companies The... standards enumerated in the BHC Act (12 U.S.C. 1842(c)). If the proposal also involves the acquisition of a nonbanking company, the review also includes whether the acquisition of the nonbanking company complies with...

  19. 76 FR 62807 - Formations of, Acquisitions by, and Mergers of Bank Holding Companies

    Science.gov (United States)

    2011-10-11

    ... FEDERAL RESERVE SYSTEM Formations of, Acquisitions by, and Mergers of Bank Holding Companies The... standards enumerated in the BHC Act (12 U.S.C. 1842(c)). If the proposal also involves the acquisition of a nonbanking company, the review also includes whether the acquisition of the nonbanking company complies with...

  20. 78 FR 34384 - Formations of, Acquisitions by, and Mergers of Bank Holding Companies

    Science.gov (United States)

    2013-06-07

    ... FEDERAL RESERVE SYSTEM Formations of, Acquisitions by, and Mergers of Bank Holding Companies The... standards enumerated in the BHC Act (12 U.S.C. 1842(c)). If the proposal also involves the acquisition of a nonbanking company, the review also includes whether the acquisition of the nonbanking company complies with...

  1. 77 FR 29643 - Formations of, Acquisitions by, and Mergers of Bank Holding Companies

    Science.gov (United States)

    2012-05-18

    ... FEDERAL RESERVE SYSTEM Formations of, Acquisitions by, and Mergers of Bank Holding Companies The... standards enumerated in the BHC Act (12 U.S.C. 1842(c)). If the proposal also involves the acquisition of a nonbanking company, the review also includes whether the acquisition of the nonbanking company complies with...

  2. 78 FR 37222 - Formations of, Acquisitions by, and Mergers of Bank Holding Companies

    Science.gov (United States)

    2013-06-20

    ... FEDERAL RESERVE SYSTEM Formations of, Acquisitions by, and Mergers of Bank Holding Companies The companies listed in this notice have applied to the Board for approval, pursuant to the Bank Holding Company... involves the acquisition of a nonbanking company, the review also includes whether the acquisition of the...

  3. 76 FR 21367 - Formations of, Acquisitions by, and Mergers of Bank Holding Companies

    Science.gov (United States)

    2011-04-15

    ... FEDERAL RESERVE SYSTEM Formations of, Acquisitions by, and Mergers of Bank Holding Companies The... standards enumerated in the BHC Act (12 U.S.C. 1842(c)). If the proposal also involves the acquisition of a nonbanking company, the review also includes whether the acquisition of the nonbanking company complies with...

  4. 78 FR 42777 - Formations of, Acquisitions by, and Mergers of Bank Holding Companies

    Science.gov (United States)

    2013-07-17

    ... FEDERAL RESERVE SYSTEM Formations of, Acquisitions by, and Mergers of Bank Holding Companies The... standards enumerated in the BHC Act (12 U.S.C. 1842(c)). If the proposal also involves the acquisition of a nonbanking company, the review also includes whether the acquisition of the nonbanking company complies with...

  5. 77 FR 1490 - Formations of, Acquisitions by, and Mergers of Bank Holding Companies

    Science.gov (United States)

    2012-01-10

    ... FEDERAL RESERVE SYSTEM Formations of, Acquisitions by, and Mergers of Bank Holding Companies The... standards enumerated in the BHC Act (12 U.S.C. 1842(c)). If the proposal also involves the acquisition of a nonbanking company, the review also includes whether the acquisition of the nonbanking company complies with...

  6. 78 FR 11884 - Formations of, Acquisitions by, and Mergers of Bank Holding Companies

    Science.gov (United States)

    2013-02-20

    ... FEDERAL RESERVE SYSTEM Formations of, Acquisitions by, and Mergers of Bank Holding Companies The... standards enumerated in the BHC Act (12 U.S.C. 1842(c)). If the proposal also involves the acquisition of a nonbanking company, the review also includes whether the acquisition of the nonbanking company complies with...

  7. 77 FR 10529 - Formations of, Acquisitions by, and Mergers of Bank Holding Companies

    Science.gov (United States)

    2012-02-22

    ... FEDERAL RESERVE SYSTEM Formations of, Acquisitions by, and Mergers of Bank Holding Companies The... standards enumerated in the BHC Act (12 U.S.C. 1842(c)). If the proposal also involves the acquisition of a nonbanking company, the review also includes whether the acquisition of the nonbanking company complies with...

  8. 76 FR 61359 - Formations of, Acquisitions by, and Mergers of Bank Holding Companies

    Science.gov (United States)

    2011-10-04

    ... FEDERAL RESERVE SYSTEM Formations of, Acquisitions by, and Mergers of Bank Holding Companies The... standards enumerated in the BHC Act (12 U.S.C. 1842(c)). If the proposal also involves the acquisition of a nonbanking company, the review also includes whether the acquisition of the nonbanking company complies with...

  9. 77 FR 41788 - Formations of, Acquisitions by, and Mergers of Bank Holding Companies

    Science.gov (United States)

    2012-07-16

    ... FEDERAL RESERVE SYSTEM Formations of, Acquisitions by, and Mergers of Bank Holding Companies The... standards enumerated in the BHC Act (12 U.S.C. 1842(c)). If the proposal also involves the acquisition of a nonbanking company, the review also includes whether the acquisition of the nonbanking company complies with...

  10. 78 FR 27966 - Formations of, Acquisitions by, and Mergers of Bank Holding Companies

    Science.gov (United States)

    2013-05-13

    ... FEDERAL RESERVE SYSTEM Formations of, Acquisitions by, and Mergers of Bank Holding Companies The... standards enumerated in the BHC Act (12 U.S.C. 1842(c)). If the proposal also involves the acquisition of a nonbanking company, the review also includes whether the acquisition of the nonbanking company complies with...

  11. 77 FR 21981 - Formations of, Acquisitions by, and Mergers of Bank Holding Companies

    Science.gov (United States)

    2012-04-12

    ... FEDERAL RESERVE SYSTEM Formations of, Acquisitions by, and Mergers of Bank Holding Companies The... standards enumerated in the BHC Act (12 U.S.C. 1842(c)). If the proposal also involves the acquisition of a nonbanking company, the review also includes whether the acquisition of the nonbanking company complies with...

  12. 77 FR 27061 - Formations of, Acquisitions by, and Mergers of Bank Holding Companies

    Science.gov (United States)

    2012-05-08

    ... FEDERAL RESERVE SYSTEM Formations of, Acquisitions by, and Mergers of Bank Holding Companies The... standards enumerated in the BHC Act (12 U.S.C. 1842(c)). If the proposal also involves the acquisition of a nonbanking company, the review also includes whether the acquisition of the nonbanking company complies with...

  13. 78 FR 50056 - Formations of, Acquisitions by, and Mergers of Bank Holding Companies

    Science.gov (United States)

    2013-08-16

    ... FEDERAL RESERVE SYSTEM Formations of, Acquisitions by, and Mergers of Bank Holding Companies The... standards enumerated in the BHC Act (12 U.S.C. 1842(c)). If the proposal also involves the acquisition of a nonbanking company, the review also includes whether the acquisition of the nonbanking company complies with...

  14. 77 FR 74662 - Formations of, Acquisitions by, and Mergers of Bank Holding Companies

    Science.gov (United States)

    2012-12-17

    ... FEDERAL RESERVE SYSTEM Formations of, Acquisitions by, and Mergers of Bank Holding Companies The... standards enumerated in the BHC Act (12 U.S.C. 1842(c)). If the proposal also involves the acquisition of a nonbanking company, the review also includes whether the acquisition of the nonbanking company complies with...

  15. 77 FR 73466 - Formations of, Acquisitions by, and Mergers of Bank Holding Companies

    Science.gov (United States)

    2012-12-10

    ... FEDERAL RESERVE SYSTEM Formations of, Acquisitions by, and Mergers of Bank Holding Companies The... standards enumerated in the BHC Act (12 U.S.C. 1842(c)). If the proposal also involves the acquisition of a nonbanking company, the review also includes whether the acquisition of the nonbanking company complies with...

  16. 77 FR 65190 - Formations of, Acquisitions by, and Mergers of Bank Holding Companies

    Science.gov (United States)

    2012-10-25

    ... FEDERAL RESERVE SYSTEM Formations of, Acquisitions by, and Mergers of Bank Holding Companies The... standards enumerated in the BHC Act (12 U.S.C. 1842(c)). If the proposal also involves the acquisition of a nonbanking company, the review also includes whether the acquisition of the nonbanking company complies with...

  17. 77 FR 18246 - Formations of, Acquisitions by, and Mergers of Bank Holding Companies

    Science.gov (United States)

    2012-03-27

    ... FEDERAL RESERVE SYSTEM Formations of, Acquisitions by, and Mergers of Bank Holding Companies The... standards enumerated in the BHC Act (12 U.S.C. 1842(c)). If the proposal also involves the acquisition of a nonbanking company, the review also includes whether the acquisition of the nonbanking company complies with...

  18. 75 FR 17142 - Formations of, Acquisitions by, and Mergers of Bank Holding Companies

    Science.gov (United States)

    2010-04-05

    ... FEDERAL RESERVE SYSTEM Formations of, Acquisitions by, and Mergers of Bank Holding Companies The... standards enumerated in the BHC Act (12 U.S.C. 1842(c)). If the proposal also involves the acquisition of a nonbanking company, the review also includes whether the acquisition of the nonbanking company complies with...

  19. 77 FR 47070 - Formations of, Acquisitions by, and Mergers of Bank Holding Companies

    Science.gov (United States)

    2012-08-07

    ... FEDERAL RESERVE SYSTEM Formations of, Acquisitions by, and Mergers of Bank Holding Companies The... standards enumerated in the BHC Act (12 U.S.C. 1842(c)). If the proposal also involves the acquisition of a nonbanking company, the review also includes whether the acquisition of the nonbanking company complies with...

  20. 78 FR 38039 - Formations of, Acquisitions by, and Mergers of Bank Holding Companies

    Science.gov (United States)

    2013-06-25

    ... FEDERAL RESERVE SYSTEM Formations of, Acquisitions by, and Mergers of Bank Holding Companies The... standards enumerated in the BHC Act (12 U.S.C. 1842(c)). If the proposal also involves the acquisition of a nonbanking company, the review also includes whether the acquisition of the nonbanking company complies with...

  1. 75 FR 65485 - Formations of, Acquisitions by, and Mergers of Bank Holding Companies

    Science.gov (United States)

    2010-10-25

    ... FEDERAL RESERVE SYSTEM Formations of, Acquisitions by, and Mergers of Bank Holding Companies The... standards enumerated in the BHC Act (12 U.S.C. 1842(c)). If the proposal also involves the acquisition of a nonbanking company, the review also includes whether the acquisition of the nonbanking company complies with...

  2. 77 FR 53202 - Formations of, Acquisitions by, and Mergers of Bank Holding Companies

    Science.gov (United States)

    2012-08-31

    ... FEDERAL RESERVE SYSTEM Formations of, Acquisitions by, and Mergers of Bank Holding Companies The... standards enumerated in the BHC Act (12 U.S.C. 1842(c)). If the proposal also involves the acquisition of a nonbanking company, the review also includes whether the acquisition of the nonbanking company complies with...

  3. 78 FR 59938 - Formations of, Acquisitions by, and Mergers of Bank Holding Companies

    Science.gov (United States)

    2013-09-30

    ... FEDERAL RESERVE SYSTEM Formations of, Acquisitions by, and Mergers of Bank Holding Companies The... standards enumerated in the BHC Act (12 U.S.C. 1842(c)). If the proposal also involves the acquisition of a nonbanking company, the review also includes whether the acquisition of the nonbanking company complies with...

  4. 77 FR 22577 - Formations of, Acquisitions by, and Mergers of Bank Holding Companies

    Science.gov (United States)

    2012-04-16

    ... FEDERAL RESERVE SYSTEM Formations of, Acquisitions by, and Mergers of Bank Holding Companies The... standards enumerated in the BHC Act (12 U.S.C. 1842(c)). If the proposal also involves the acquisition of a nonbanking company, the review also includes whether the acquisition of the nonbanking company complies with...

  5. 77 FR 30535 - Formations of, Acquisitions by, and Mergers of Bank Holding Companies

    Science.gov (United States)

    2012-05-23

    ... FEDERAL RESERVE SYSTEM Formations of, Acquisitions by, and Mergers of Bank Holding Companies The... standards enumerated in the BHC Act (12 U.S.C. 1842(c)). If the proposal also involves the acquisition of a nonbanking company, the review also includes whether the acquisition of the nonbanking company complies with...

  6. 75 FR 57023 - Formations of, Acquisitions by, and Mergers of Bank Holding Companies

    Science.gov (United States)

    2010-09-17

    ... FEDERAL RESERVE SYSTEM Formations of, Acquisitions by, and Mergers of Bank Holding Companies The... standards enumerated in the BHC Act (12 U.S.C. 1842(c)). If the proposal also involves the acquisition of a nonbanking company, the review also includes whether the acquisition of the nonbanking company complies with...

  7. 77 FR 31855 - Formations of, Acquisitions by, and Mergers of Bank Holding Companies

    Science.gov (United States)

    2012-05-30

    ... FEDERAL RESERVE SYSTEM Formations of, Acquisitions by, and Mergers of Bank Holding Companies The... standards enumerated in the BHC Act (12 U.S.C. 1842(c)). If the proposal also involves the acquisition of a nonbanking company, the review also includes whether the acquisition of the nonbanking company complies with...

  8. 78 FR 31550 - Formations of, Acquisitions by, and Mergers of Bank Holding Companies

    Science.gov (United States)

    2013-05-24

    ... FEDERAL RESERVE SYSTEM Formations of, Acquisitions by, and Mergers of Bank Holding Companies The... standards enumerated in the BHC Act (12 U.S.C. 1842(c)). If the proposal also involves the acquisition of a nonbanking company, the review also includes whether the acquisition of the nonbanking company complies with...

  9. 75 FR 66763 - Formations of, Acquisitions by, and Mergers of Bank Holding Companies

    Science.gov (United States)

    2010-10-29

    ... FEDERAL RESERVE SYSTEM Formations of, Acquisitions by, and Mergers of Bank Holding Companies The... standards enumerated in the BHC Act (12 U.S.C. 1842(c)). If the proposal also involves the acquisition of a nonbanking company, the review also includes whether the acquisition of the nonbanking company complies with...

  10. 78 FR 7430 - Formations of, Acquisitions by, and Mergers of Bank Holding Companies

    Science.gov (United States)

    2013-02-01

    ... FEDERAL RESERVE SYSTEM Formations of, Acquisitions by, and Mergers of Bank Holding Companies The companies listed in this notice have applied to the Board for approval, pursuant to the Bank Holding Company... involves the acquisition of a nonbanking company, the review also includes whether the acquisition of the...

  11. 76 FR 40366 - Formations of, Acquisitions by, and Mergers of Bank Holding Companies

    Science.gov (United States)

    2011-07-08

    ... FEDERAL RESERVE SYSTEM Formations of, Acquisitions by, and Mergers of Bank Holding Companies The... standards enumerated in the BHC Act (12 U.S.C. 1842(c)). If the proposal also involves the acquisition of a nonbanking company, the review also includes whether the acquisition of the nonbanking company complies with...

  12. 77 FR 38816 - Formations of, Acquisitions by, and Mergers of Bank Holding Companies

    Science.gov (United States)

    2012-06-29

    ... FEDERAL RESERVE SYSTEM Formations of, Acquisitions by, and Mergers of Bank Holding Companies The companies listed in this notice have applied to the Board for approval, pursuant to the Bank Holding Company... involves the acquisition of a nonbanking company, the review also includes whether the acquisition of the...

  13. 77 FR 26280 - Formations of, Acquisitions by, and Mergers of Bank Holding Companies

    Science.gov (United States)

    2012-05-03

    ... FEDERAL RESERVE SYSTEM Formations of, Acquisitions by, and Mergers of Bank Holding Companies The... standards enumerated in the BHC Act (12 U.S.C. 1842(c)). If the proposal also involves the acquisition of a nonbanking company, the review also includes whether the acquisition of the nonbanking company complies with...

  14. 76 FR 22705 - Formations of, Acquisitions by, and Mergers of Bank Holding Companies

    Science.gov (United States)

    2011-04-22

    ... FEDERAL RESERVE SYSTEM Formations of, Acquisitions by, and Mergers of Bank Holding Companies The... standards enumerated in the BHC Act (12 U.S.C. 1842(c)). If the proposal also involves the acquisition of a nonbanking company, the review also includes whether the acquisition of the nonbanking company complies with...

  15. 77 FR 64993 - Formations of, Acquisitions by, and Mergers of Bank Holding Companies

    Science.gov (United States)

    2012-10-24

    ... FEDERAL RESERVE SYSTEM Formations of, Acquisitions by, and Mergers of Bank Holding Companies The companies listed in this notice have applied to the Board for approval, pursuant to the Bank Holding Company... involves the acquisition of a nonbanking company, the review also includes whether the acquisition of the...

  16. 78 FR 69680 - Formations of, Acquisitions by, and Mergers of Bank Holding Companies

    Science.gov (United States)

    2013-11-20

    ... FEDERAL RESERVE SYSTEM Formations of, Acquisitions by, and Mergers of Bank Holding Companies The... standards enumerated in the BHC Act (12 U.S.C. 1842(c)). If the proposal also involves the acquisition of a nonbanking company, the review also includes whether the acquisition of the nonbanking company complies with...

  17. 78 FR 7783 - Formations of, Acquisitions by, and Mergers of Bank Holding Companies

    Science.gov (United States)

    2013-02-04

    ... FEDERAL RESERVE SYSTEM Formations of, Acquisitions by, and Mergers of Bank Holding Companies The... standards enumerated in the BHC Act (12 U.S.C. 1842(c)). If the proposal also involves the acquisition of a nonbanking company, the review also includes whether the acquisition of the nonbanking company complies with...

  18. 77 FR 69454 - Formations of, Acquisitions by, and Mergers of Bank Holding Companies

    Science.gov (United States)

    2012-11-19

    ... FEDERAL RESERVE SYSTEM Formations of, Acquisitions by, and Mergers of Bank Holding Companies The companies listed in this notice have applied to the Board for approval, pursuant to the Bank Holding Company... acquisition of a nonbanking company, the review also includes whether the acquisition of the nonbanking...

  19. 78 FR 38715 - Formations of, Acquisitions by, and Mergers of Bank Holding Companies

    Science.gov (United States)

    2013-06-27

    ... FEDERAL RESERVE SYSTEM Formations of, Acquisitions by, and Mergers of Bank Holding Companies The... standards enumerated in the BHC Act (12 U.S.C. 1842(c)). If the proposal also involves the acquisition of a nonbanking company, the review also includes whether the acquisition of the nonbanking company complies with...

  20. 76 FR 35893 - Formations of, Acquisitions by, and Mergers of Bank Holding Companies

    Science.gov (United States)

    2011-06-20

    ... FEDERAL RESERVE SYSTEM Formations of, Acquisitions by, and Mergers of Bank Holding Companies The... standards enumerated in the BHC Act (12 U.S.C. 1842(c)). If the proposal also involves the acquisition of a nonbanking company, the review also includes whether the acquisition of the nonbanking company complies with...

  1. 77 FR 48156 - Formations of, Acquisitions by, and Mergers of Bank Holding Companies

    Science.gov (United States)

    2012-08-13

    ... FEDERAL RESERVE SYSTEM Formations of, Acquisitions by, and Mergers of Bank Holding Companies The companies listed in this notice have applied to the Board for approval, pursuant to the Bank Holding Company... involves the acquisition of a nonbanking company, the review also includes whether the acquisition of the...

  2. 75 FR 29760 - Formations of, Acquisitions by, and Mergers of Bank Holding Companies

    Science.gov (United States)

    2010-05-27

    ... FEDERAL RESERVE SYSTEM Formations of, Acquisitions by, and Mergers of Bank Holding Companies The... standards enumerated in the BHC Act (12 U.S.C. 1842(c)). If the proposal also involves the acquisition of a nonbanking company, the review also includes whether the acquisition of the nonbanking company complies with...

  3. 75 FR 32779 - Formations of, Acquisitions by, and Mergers of Bank Holding Companies

    Science.gov (United States)

    2010-06-09

    ... FEDERAL RESERVE SYSTEM Formations of, Acquisitions by, and Mergers of Bank Holding Companies The... standards enumerated in the BHC Act (12 U.S.C. 1842(c)). If the proposal also involves the acquisition of a nonbanking company, the review also includes whether the acquisition of the nonbanking company complies with...

  4. 76 FR 25693 - Formations of, Acquisitions by, and Mergers of Bank Holding Companies

    Science.gov (United States)

    2011-05-05

    ... FEDERAL RESERVE SYSTEM Formations of, Acquisitions by, and Mergers of Bank Holding Companies The... standards enumerated in the BHC Act (12 U.S.C. 1842(c)). If the proposal also involves the acquisition of a nonbanking company, the review also includes whether the acquisition of the nonbanking company complies with...

  5. 77 FR 69623 - Formations of, Acquisitions by, and Mergers of Bank Holding Companies

    Science.gov (United States)

    2012-11-20

    ... FEDERAL RESERVE SYSTEM Formations of, Acquisitions by, and Mergers of Bank Holding Companies The... standards enumerated in the BHC Act (12 U.S.C. 1842(c)). If the proposal also involves the acquisition of a nonbanking company, the review also includes whether the acquisition of the nonbanking company complies with...

  6. 78 FR 70945 - Formations of, Acquisitions by, and Mergers of Bank Holding Companies

    Science.gov (United States)

    2013-11-27

    ... FEDERAL RESERVE SYSTEM Formations of, Acquisitions by, and Mergers of Bank Holding Companies The... standards enumerated in the BHC Act (12 U.S.C. 1842(c)). If the proposal also involves the acquisition of a nonbanking company, the review also includes whether the acquisition of the nonbanking company complies with...

  7. 78 FR 31549 - Formations of, Acquisitions by, and Mergers of Bank Holding Companies

    Science.gov (United States)

    2013-05-24

    ... FEDERAL RESERVE SYSTEM Formations of, Acquisitions by, and Mergers of Bank Holding Companies The... standards enumerated in the BHC Act (12 U.S.C. 1842(c)). If the proposal also involves the acquisition of a nonbanking company, the review also includes whether the acquisition of the nonbanking company complies with...

  8. 77 FR 58834 - Formations of, Acquisitions by, and Mergers of Bank Holding Companies

    Science.gov (United States)

    2012-09-24

    ... FEDERAL RESERVE SYSTEM Formations of, Acquisitions by, and Mergers of Bank Holding Companies The... standards enumerated in the BHC Act (12 U.S.C. 1842(c)). If the proposal also involves the acquisition of a nonbanking company, the review also includes whether the acquisition of the nonbanking company complies with...

  9. 77 FR 13127 - Formations of, Acquisitions by, and Mergers of Bank Holding Companies

    Science.gov (United States)

    2012-03-05

    ... FEDERAL RESERVE SYSTEM Formations of, Acquisitions by, and Mergers of Bank Holding Companies The... standards enumerated in the BHC Act (12 U.S.C. 1842(c)). If the proposal also involves the acquisition of a nonbanking company, the review also includes whether the acquisition of the nonbanking company complies with...

  10. 77 FR 29348 - Formations of, Acquisitions by, and Mergers of Bank Holding Companies

    Science.gov (United States)

    2012-05-17

    ... FEDERAL RESERVE SYSTEM Formations of, Acquisitions by, and Mergers of Bank Holding Companies The... standards enumerated in the BHC Act (12 U.S.C. 1842(c)). If the proposal also involves the acquisition of a nonbanking company, the review also includes whether the acquisition of the nonbanking company complies with...

  11. 77 FR 70439 - Formations of, Acquisitions by, and Mergers of Bank Holding Companies

    Science.gov (United States)

    2012-11-26

    ... FEDERAL RESERVE SYSTEM Formations of, Acquisitions by, and Mergers of Bank Holding Companies The... standards enumerated in the BHC Act (12 U.S.C. 1842(c)). If the proposal also involves the acquisition of a nonbanking company, the review also includes whether the acquisition of the nonbanking company complies with...

  12. 77 FR 56209 - Formations of, Acquisitions by, and Mergers of Bank Holding Companies

    Science.gov (United States)

    2012-09-12

    ... FEDERAL RESERVE SYSTEM Formations of, Acquisitions by, and Mergers of Bank Holding Companies The... standards enumerated in the BHC Act (12 U.S.C. 1842(c)). If the proposal also involves the acquisition of a nonbanking company, the review also includes whether the acquisition of the nonbanking company complies with...

  13. 76 FR 51980 - Formations of, Acquisitions by, and Mergers of Bank Holding Companies

    Science.gov (United States)

    2011-08-19

    ... FEDERAL RESERVE SYSTEM Formations of, Acquisitions by, and Mergers of Bank Holding Companies The... standards enumerated in the BHC Act (12 U.S.C. 1842(c)). If the proposal also involves the acquisition of a nonbanking company, the review also includes whether the acquisition of the nonbanking company complies with...

  14. 77 FR 42312 - Formations of, Acquisitions by, and Mergers of Bank Holding Companies

    Science.gov (United States)

    2012-07-18

    ... FEDERAL RESERVE SYSTEM Formations of, Acquisitions by, and Mergers of Bank Holding Companies The companies listed in this notice have applied to the Board for approval, pursuant to the Bank Holding Company... acquisition of a nonbanking company, the review also includes whether the acquisition of the nonbanking...

  15. 78 FR 65312 - Formations of, Acquisitions by, and Mergers of Bank Holding Companies

    Science.gov (United States)

    2013-10-31

    ... FEDERAL RESERVE SYSTEM Formations of, Acquisitions by, and Mergers of Bank Holding Companies The... standards enumerated in the BHC Act (12 U.S.C. 1842(c)). If the proposal also involves the acquisition of a nonbanking company, the review also includes whether the acquisition of the nonbanking company complies with...

  16. 75 FR 36657 - Formations of, Acquisitions by, and Mergers of Bank Holding Companies

    Science.gov (United States)

    2010-06-28

    ... FEDERAL RESERVE SYSTEM Formations of, Acquisitions by, and Mergers of Bank Holding Companies The... standards enumerated in the BHC Act (12 U.S.C. 1842(c)). If the proposal also involves the acquisition of a nonbanking company, the review also includes whether the acquisition of the nonbanking company complies with...

  17. 77 FR 29347 - Formations of, Acquisitions by, and Mergers of Bank Holding Companies

    Science.gov (United States)

    2012-05-17

    ... FEDERAL RESERVE SYSTEM Formations of, Acquisitions by, and Mergers of Bank Holding Companies The... standards enumerated in the BHC Act (12 U.S.C. 1842(c)). If the proposal also involves the acquisition of a nonbanking company, the review also includes whether the acquisition of the nonbanking company complies with...

  18. 77 FR 52738 - Formations of, Acquisitions by, and Mergers of Bank Holding Companies

    Science.gov (United States)

    2012-08-30

    ... FEDERAL RESERVE SYSTEM Formations of, Acquisitions by, and Mergers of Bank Holding Companies The... standards enumerated in the BHC Act (12 U.S.C. 1842(c)). If the proposal also involves the acquisition of a nonbanking company, the review also includes whether the acquisition of the nonbanking company complies with...

  19. 75 FR 26961 - Formations of, Acquisitions by, and Mergers of Bank Holding Companies

    Science.gov (United States)

    2010-05-13

    ... FEDERAL RESERVE SYSTEM Formations of, Acquisitions by, and Mergers of Bank Holding Companies The companies listed in this notice have applied to the Board for approval, pursuant to the Bank Holding Company... involves the acquisition of a nonbanking company, the review also includes whether the acquisition of the...

  20. 77 FR 77078 - Formations of, Acquisitions by, and Mergers of Bank Holding Companies

    Science.gov (United States)

    2012-12-31

    ... FEDERAL RESERVE SYSTEM Formations of, Acquisitions by, and Mergers of Bank Holding Companies The... standards enumerated in the BHC Act (12 U.S.C. 1842(c)). If the proposal also involves the acquisition of a nonbanking company, the review also includes whether the acquisition of the nonbanking company complies with...

  1. Analyzing the Impacts of Implementation of Human Resource Information System in Mergers and Acquisitions

    Institute of Scientific and Technical Information of China (English)

    QIN; YIWEN

    2016-01-01

    Mergers&Acquisitions(M&A)have become very popular throughout the world in the recent years,due to globalization,liberalization,technological developments and intensely competitive business environment.Inchoately,it suggests that strategic or financial terms are the main issues result in the failure of M&A.In this paper,it analyses the challenges of mergers and acquisitions and the implementation of HRIS from the perspective of timing,data entry,staff training,and security.Through the analysis,it is clear how to make sure the post-merger organization development successfully.

  2. Differences between “exploration” and “exploitation” of cross-border mergers & acquisitions and its value creation effect

    OpenAIRE

    Yang Xingrui

    2016-01-01

    This paper adopts the case study method to respectively research the value creation in the exploration and exploitation type of China’s four cross-border mergers & acquisitions, and discusses the similarities and differences between the value creation in the utilization and exploration type of mergers & acquisitions, and finds that the former type of mergers and acquisitions is suitable for a medium or higher level of integration in the aspect of the organization structure, culture, human res...

  3. Mergers and acquisitions. Frequently asked questions and answers.

    Science.gov (United States)

    Lin, S M; Smeltzer, C H; Thomas, C

    2000-03-01

    This article is structured in a question/answer format based on interviews with Dr. Carolyn Hope Smeltzer and Salima Manji Lin of PricewaterhouseCoopers, Chicago, and Chuck Thomas of Hinshaw & Culbertson, Rockford. The questions come from CEO's, healthcare executives, and nurse executives at hospitals that are contemplating mergers or that have both succeeded and failed to merge their institutions. The experts share their knowledge.

  4. BANKING MERGERS AND ACQUISITIONS MARKET AND ITS PROSPECTS

    Directory of Open Access Journals (Sweden)

    Matvey D. Bondarenko

    2014-01-01

    Full Text Available The paper studies features of the development of the world market of mergers andacquisitions (M&A. Research results ofsome M&A practitioners and theoristson the USA M&A market developmentthrough “waves” during 1897-2007 areconsidered. Special attention in the workis paid to the identification of trends and prospects of the global banking M&Amarket, and its role in the overall market, as well as the factors that determine its development.

  5. Completion or abandonment of mergers and acquisitions : Evidence from the newspaper industry, 1981-2000

    NARCIS (Netherlands)

    Muehlfeld, Katrin; Sahib, Padma Rao; van Witteloostuijn, Arjen

    2007-01-01

    Regulatory and technological changes have resulted in a surge in merger and acquisition (M&A) activity in the newspaper industry since the 1980s. This study investigates the "success" of these activities focusing on a particular facet of acquisition performance. We study the completion likelihood of

  6. Global Trends of International Mergers and Acquisitions in the Energy Sector

    Directory of Open Access Journals (Sweden)

    Liubov Galperina

    2017-03-01

    Full Text Available The article explores conditions, factors and results of mergers and acquisitions in international business with the example of the energy industry. The directions of world energy market transformation in the framework of PESTLE analysis have been determined by the factors influencing the efficiency and future of the companies that have effected mergers and acquisitions. The transformation of the global energy market is associated with changes in the main market parameters that affect the sectoral and regional structure of international mergers and acquisitions. Including: growing demand for energy from the growing population of the planet, including due to an increase in the middle class share; fluctuation of world oil market prices; the growth of supply of shale oil changing the transnational flows of trade in primary petroleum products; rising demand for renewable energy as a result of cheapening technologies and diversification policies; the growth of renewable energy sources supply; increase in demand for atomic energy; improvement of energy infrastructure; introduction of energy efficient and low carbon technologies; introduction of safe technologies by energy companies; reduction of transaction costs in power grids due to optimization of modes at application of Smart Grid at all levels (local, on-site, regional, national, international; the expansion of the world-leading countries in the primary energy markets; demonopolization of national energy markets and liberalization of energy markets of the EU, USA, Japan, South Korea, Australia, etc. The world market of mergers and acquisitions has been characterized with the definition of key features of its development. International mergers and acquisitions in the energy sector are analysed on the basis of regional and industry characteristics. The international mergers and acquisitions in the energy sector has been analysed, taking into account the main scenarios for the development of the

  7. Development of mergers and acquisitions in the conditions of the Czech economy 2001–2010

    Directory of Open Access Journals (Sweden)

    Jaroslav Sedláček

    2011-01-01

    Full Text Available This paper presents the first results of a research project which has the aims to identify the problems appearing during the preparation of mergers in compliance with valid Czech regulations and to analyze economic causes and consequences of mergers. At the first stage it was necessary to compile a basic dataset in a structure needed for a statistical analysis. The aim of the analysis presented in this paper is to ascertain, both theoretically and empirically, how the external environment affected the development of mergers of trading companies in the conditions of the Czech economy. The covered period is the past ten years, i.e. 2001–2010, when the development of the global economy was affected by the bank crisis in the USA and the economic recession. The analysis of the development of mergers and acquisitions focuses on three groups of factors affecting activities in the field of company combinations. These are mergers and acquisitions which are subject to approval by regulatory bodies, the effect of new regulations of financing (financial factors and the effect of the macroeconomic situation in the form of GDP indicator and PX index. Macroeconomic indicators are related to mergers whose development has not been published or explored within scientific research. The results of the analysis allowed us to describe the dependence of activities in the field of company mergers which took place in the Czech Republic in the past decade on the selected factors of the external environment.

  8. Effects of Mergers and Acquisitions on Shareholder Wealth: Event Study for Latin American Airlines

    OpenAIRE

    Cortés, Lina M.; García, John J.; Agudelo, David

    2015-01-01

    This study analyzes the effectof changes in corporate controlon the way shareholdersbenefit from the announcements of selling and buying airlines, thus contributing to the literature on mergers and acquisitions (M&As) in emerging markets. Using a methodologyof event study, including GARCH and OLS models, we find evidence that some selling companies obtain abnormal returns that are statisticallysignificant after the announcement of the M&A. However, when the merger is not strategic, the compan...

  9. Modeling the Impact of Mergers and Acquisitions of Companies on their Capitalization

    Directory of Open Access Journals (Sweden)

    Kolodiazhna Tatiana V.

    2017-07-01

    Full Text Available In the context of economic globalization, the most common approaches to creating powerful companies that have high market value are those that use mergers and acquisitions. In Ukraine, such processes also have been considerably intensified in recent years. However, in the national economic science, the problems of evaluating the impact of mergers and acquisitions of companies on their capitalization, as well as on the concentration and competitiveness of the country’s economy, have not been solved to date. The article is aimed at analyzing the market capitalization of the world’s largest companies and modeling the impact of their mergers and acquisitions on the capitalization of their economies. As a result of the study, it has been determined that modeling the impact of the mergers and acquisitions of the world’s companies on the level of capitalization of their economies has proved the hypothesis that the countries of the world, where mergers and acquisitions of companies are more extensive, also have larger capitalization level.

  10. Exploring the Impact of Mergers and Acquisitions on Supply Chain Relationships

    DEFF Research Database (Denmark)

    Chakkol, Mehmet; Finne, Max; Raja, Jawwad

    Whilst there is a surge of mergers and acquisitions across different industries, little is known about their supply chain implications. This research investigates how supply chains can be reconfigured during post-merger period. In so doing, a recent M&A was investigated using a supply chain...... perspective. The research contributes to the literature by developing an empirically grounded, theory-based narrative of post-merger supply chain integration process. In particular, the paper demonstrates how the supply chain as a whole drew on structural, cognitive and relational elements of social capital...

  11. Determinants of premiums in aerospace mergers and acquisitions: A preliminary analysis

    Science.gov (United States)

    Bryant, John K.

    There is a large body of literature on different aspects of premiums as they relate to mergers and acquisitions. However, there is very little literature that specifically discusses the determinants of premiums in aerospace. Few industries have experienced the prolonged consolidation that the aerospace industry has seen. Today, the industry is dominated by a few large firms, but there is still merger activity continuing especially with second-tier firms attempting to secure their future through growth. This paper examines several determinants as applied to 18 aerospace mergers of publicly held companies and divisions from 1991 through April of 2002.

  12. Training and Development Professionals and Mergers and Acquisitions: What Is the Story on Their Involvement?

    Science.gov (United States)

    Rifai, Rana; Waight, Consuelo L.

    2006-01-01

    This study explored the involvement of 15 training and development (T & D) professionals during mergers and acquisitions (M & A). The study found that T & D professionals are highly involved in orientation and management training and organization development related activities such as communication and diagnosis and blending of organizational…

  13. The processes of mergers and acquisitions in the Russian banking business

    Directory of Open Access Journals (Sweden)

    Gritsenko S. E.

    2017-02-01

    Full Text Available the article is dedicated to the changes in the banking sector due to sales and aggregation of the small and medium-sized banks. This paper describes the processes of consolidation and aggregation of the banking sector in Russia, it analyses the dynamics of the M&A deals and identifies the main trends in this market segment for 2017–2018. Based on the overview of the Russian M&A market (M&A means mergers and acquisitions in the banking sector for the past years a conclusion is drawn about the aims and rationale of the modern processes of mergers and acquisitions in the Russian banking business.

  14. Factors affecting the Long-Term Post-Acquisition Performance of BRICS Firms Engaging in Cross-Border Mergers and Acquisitions

    Directory of Open Access Journals (Sweden)

    Damilola Oyetade

    2017-04-01

    Full Text Available The purpose of the paper is to examine factors that affect the long-term performance of listed firms from Brazil, Russia, India, China and South Africa (BRICS that engage in cross-border mergers and acquisitions. This paper adds to the existing literature on the performance of mergers and acquisitions from emerging economies by examining the performance of mergers and acquisitions activities on acquirers from individual BRICS countries and examining whether intra-BRICS acquisitions are more beneficial than non-BRICS acquisitions. The system generalised method of moments estimation technique was employed in order to control for unobservable heterogeneity and potential endogeneity problems using accounting data and merger deal information collected from the Bloomberg online database for the period January 2000 to December 2012.The results obtained indicate that there is persistence in the profits, suggesting that BRICS acquirers continue to profit as they engage in mergers and acquisitions, and firm size significantly impacts the profits of acquirers.

  15. 78 FR 36189 - Formations of, Acquisitions by, and Mergers of Savings and Loan Holding Companies

    Science.gov (United States)

    2013-06-17

    ... FEDERAL RESERVE SYSTEM Formations of, Acquisitions by, and Mergers of Savings and Loan Holding... CFR part 239), and all other applicable statutes and regulations to become a savings and loan holding... savings association and nonbanking companies owned by the savings and loan holding company, including the...

  16. VersaCold: Analysis of Change Management in Mergers & Acquisitions

    OpenAIRE

    Eslami, Sara

    2011-01-01

    Many firms use mergers and acquisitions as a corporate strategy to increase shareholder value. Therefore, understanding such a widely exercised strategy and its implications on corporate change would be critical for organizations that wish to pursue this strategy. This study provides an in depth review of mergers and acquisitions and introduces best practices for managing changes that result from mergers and acquisitions. Next, the concepts are applied to two cases of acquisitions in VersaCol...

  17. Motivations, Valuation, and Performance Assessment in Cross-border Mergers and Acquisitions

    DEFF Research Database (Denmark)

    Wang, Daojuan; Moini, Hamid

    2016-01-01

    This chapter focuses on three topics in cross-border mergers and acquisitions (CBM&As) field: motivations for CBM&As, valuation techniques and CBM&A performance (assessment and the determinants). By taking an overview of what have been found so far in academic field and investigating...

  18. On Managing Cultural Integration and Cultural Change Processes in Mergers and Acquisitions

    NARCIS (Netherlands)

    Bijlsma-Frankema, K.M.

    2001-01-01

    This article discusses success factors of cultural integration and cultural change processes in mergers and acquisitions. The focus of the project is on the effects of frictions between structure and cultures, and frictions between different cultures, on the functioning of the organisation. The

  19. The impact of horizontal mergers and acquisitions on cost and quality in health care.

    Science.gov (United States)

    Taylor, M J; Porper, R W; Manji, S

    1995-12-01

    Mergers and acquisitions among HMOs, hospitals and other health care providers can be disconcerting to benefits staff and employees, but they can be successfully managed. They may offer an employer the opportunity to improve the quality of care provided and to do so at reduced costs.

  20. 76 FR 60494 - Formations of, Acquisitions by, and Mergers of Savings and Loan Holding Companies; Correction

    Science.gov (United States)

    2011-09-29

    ... FEDERAL RESERVE SYSTEM Formations of, Acquisitions by, and Mergers of Savings and Loan Holding Companies; Correction This notice corrects a notice (FR Doc. 2011-24388) published on page 58812 of the... with Polonia Bancorp, Inc., Baltimore, Maryland, which proposes to become a savings and loan holding...

  1. Organizational Factors of Justice and Culture Leading to Organizational Identification in Merger and Acquisition

    Science.gov (United States)

    Ismail, Maimunah; Umar Baki, Nordahlia

    2017-01-01

    Purpose: This paper aims to examine the influence of two organizational factors, namely, organizational justice and organizational culture, on organizational identification as perceived by employees following merger and acquisition (M&A) in Malaysia. Design/methodology/approach: The study, which adopts the Social Identity Theory as its…

  2. Mergers and acquisitions: valuation and risk assessment; CD-ROM ed.

    Energy Technology Data Exchange (ETDEWEB)

    Calvin, B.N.

    1996-04-01

    An independent review of all facets of risk management, as it pertains to mergers and acquisitions within the petroleum industry, with no transactional motivation, was provided by a representative of a firm specializing in all phases of risk assessment. The following topics received attention: (1) the forward curve versus industry expectations, (2) investor expectations, (3) financial versus physical transactions, and (4) synthetic debt.

  3. The dynamics of mergers and acquisitions: ancestry as the seminal determinant.

    Science.gov (United States)

    Viegas, Eduardo; Cockburn, Stuart P; Jensen, Henrik J; West, Geoffrey B

    2014-11-08

    Understanding the fundamental mechanisms behind the complex landscape of corporate mergers and acquisitions is of crucial importance to economies across the world. Adapting ideas from the fields of complexity and evolutionary dynamics to analyse business ecosystems, we show here that ancestry, i.e. the cumulative sum of historical mergers across all ancestors, is the key characteristic to company mergers and acquisitions. We verify this by comparing an agent-based model to an extensive range of business data, covering the period from the 1830s to the present day and a range of industries and geographies. This seemingly universal mechanism leads to imbalanced business ecosystems, with the emergence of a few very large, but sluggish 'too big to fail' entities, and very small, niche entities, thereby creating a paradigm where a configuration akin to effective oligopoly or monopoly is a likely outcome for free market systems.

  4. A new wave of merger and acquisitions of energy industry: reasons, effects, policy

    International Nuclear Information System (INIS)

    Clo, Alberto

    2005-01-01

    A new wave of merger and acquisitions is interesting the energy industry. Many enterprises will disappear and markets will become more and more monopolistic. Once removed all barriers (foreign and domestic), who has remained in their own boundaries will not last for long. In this view, what is the market position of Italian enterprises and what political issues is carrying out our Country? [it

  5. Genesis of the concept "mergers and acquisitions" in the world scientific knowledge

    Directory of Open Access Journals (Sweden)

    T. V. Reshetnikova

    2017-09-01

    Full Text Available The authors examine the genesis of the concepts of "merger" and "acquisition" in terms of their essence, the need for implementation in the modern economy, the role in the restructuring of the company or business as a whole, the forms of manifestation in the market of corporate control. The authors compare the classical approaches to the examination of essential characteristics in the foreign economic literature with those available in Russian economic literature and used in Russian practice. Both foreign and Russian literature have two clearly distinguished, fundamentally different positions of scientists on the considered definition. Herewith, the first group of researchers separates the terms "merger" and "acquisition", understanding by merging such a transaction between companies in which only one of the involved parties survives, usually the initiator of the transaction. The rest of the companies leave the markets (financial and commodity. This researches consider acquisition as such a process, after which the absorbed company continues to be present in the markets as a subsidiary of the company initiating the transaction. The authors justify new challenges in the M&A market, and reveal the reasons for their appearance. The article presents the genesis of the concepts of mergers and acquisitions from the point of view of their classification by essential characteristics, and reveals common features that practically all foreign and Russian researchers in this field of knowledge identify. The article also shows the distinctive features noted by scientists that expand the possibilities for business restructuring taking into account the processes of corporate control market. The authors study the classification of mergers and acquisitions with the substantiation own position on the sufficiency/insufficiency of the criterion for classifying the studied concepts to different groups; substantiate appearance of definition "transboundary mergers and

  6. 77 FR 76039 - Formations of, Acquisitions by, and Mergers of Bank Holding Companies

    Science.gov (United States)

    2012-12-26

    ... York, with and into Flushing Commercial Bank, North New Hyde Park, New York, which will become a New York State-chartered commercial bank and change its name to Flushing Bank. Comments on this proposal... FEDERAL RESERVE SYSTEM Formations of, Acquisitions by, and Mergers of Bank Holding Companies The...

  7. 78 FR 71613 - Formations of, Acquisitions by, and Mergers of Bank Holding Companies

    Science.gov (United States)

    2013-11-29

    ... FEDERAL RESERVE SYSTEM Formations of, Acquisitions by, and Mergers of Bank Holding Companies The companies listed in this notice have applied to the Board for approval, pursuant to the Bank Holding Company Act of 1956 (12 U.S.C. 1841 et seq.) (BHC Act), Regulation Y (12 CFR part 225), and all other applicable statutes and regulations to become a...

  8. 77 FR 73654 - Formations of, Acquisitions by, and Mergers of Bank Holding Companies

    Science.gov (United States)

    2012-12-11

    ... FEDERAL RESERVE SYSTEM Formations of, Acquisitions by, and Mergers of Bank Holding Companies The companies listed in this notice have applied to the Board for approval, pursuant to the Bank Holding Company Act of 1956 (12 U.S.C. 1841 et seq.) (BHC Act), Regulation Y (12 CFR Part 225), and all other applicable statutes and regulations to become a...

  9. 78 FR 9917 - Formations of, Acquisitions by, and Mergers of Bank Holding Companies

    Science.gov (United States)

    2013-02-12

    ... FEDERAL RESERVE SYSTEM Formations of, Acquisitions by, and Mergers of Bank Holding Companies The companies listed in this notice have applied to the Board for approval, pursuant to the Bank Holding Company Act of 1956 (12 U.S.C. 1841 et seq.) (BHC Act), Regulation Y (12 CFR part 225), and all other applicable statutes and regulations to become a...

  10. 77 FR 47844 - Formations of, Acquisitions by, and Mergers of Bank Holding Companies

    Science.gov (United States)

    2012-08-10

    ... FEDERAL RESERVE SYSTEM Formations of, Acquisitions by, and Mergers of Bank Holding Companies The companies listed in this notice have applied to the Board for approval, pursuant to the Bank Holding Company Act of 1956 (12 U.S.C. 1841 et seq.) (BHC Act), Regulation Y (12 CFR part 225), and all other applicable statutes and regulations to become a...

  11. 78 FR 23934 - Formations of, Acquisitions by, and Mergers of Bank Holding Companies

    Science.gov (United States)

    2013-04-23

    ... FEDERAL RESERVE SYSTEM Formations of, Acquisitions by, and Mergers of Bank Holding Companies The companies listed in this notice have applied to the Board for approval, pursuant to the Bank Holding Company Act of 1956 (12 U.S.C. 1841 et seq.) (BHC Act), Regulation Y (12 CFR Part 225), and all other applicable statutes and regulations to become a...

  12. 78 FR 53457 - Formations of, Acquisitions by, and Mergers of Bank Holding Companies

    Science.gov (United States)

    2013-08-29

    ... FEDERAL RESERVE SYSTEM Formations of, Acquisitions by, and Mergers of Bank Holding Companies The companies listed in this notice have applied to the Board for approval, pursuant to the Bank Holding Company Act of 1956 (12 U.S.C. 1841 et seq.) (BHC Act), Regulation Y (12 CFR part 225), and all other applicable statutes and regulations to become a...

  13. 77 FR 67012 - Formations of, Acquisitions by, and Mergers of Bank Holding Companies

    Science.gov (United States)

    2012-11-08

    ... FEDERAL RESERVE SYSTEM Formations of, Acquisitions by, and Mergers of Bank Holding Companies The companies listed in this notice have applied to the Board for approval, pursuant to the Bank Holding Company Act of 1956 (12 U.S.C. 1841 et seq.) (BHC Act), Regulation Y (12 CFR part 225), and all other applicable statutes and regulations to become a...

  14. 77 FR 65888 - Formations of, Acquisitions by, and Mergers of Bank Holding Companies

    Science.gov (United States)

    2012-10-31

    ... FEDERAL RESERVE SYSTEM Formations of, Acquisitions by, and Mergers of Bank Holding Companies The companies listed in this notice have applied to the Board for approval, pursuant to the Bank Holding Company Act of 1956 (12 U.S.C. 1841 et seq.) (BHC Act), Regulation Y (12 CFR part 225), and all other applicable statutes and regulations to become a...

  15. 78 FR 63476 - Formations of, Acquisitions by, and Mergers of Bank Holding Companies

    Science.gov (United States)

    2013-10-24

    ... FEDERAL RESERVE SYSTEM Formations of, Acquisitions by, and Mergers of Bank Holding Companies The companies listed in this notice have applied to the Board for approval, pursuant to the Bank Holding Company Act of 1956 (12 U.S.C. 1841 et seq.) (BHC Act), Regulation Y (12 CFR part 225), and all other applicable statutes and regulations to become a...

  16. 78 FR 52915 - Formations of, Acquisitions by, and Mergers of Bank Holding Companies

    Science.gov (United States)

    2013-08-27

    ... FEDERAL RESERVE SYSTEM Formations of, Acquisitions by, and Mergers of Bank Holding Companies The companies listed in this notice have applied to the Board for approval, pursuant to the Bank Holding Company Act of 1956 (12 U.S.C. 1841 et seq.) (BHC Act), Regulation Y (12 CFR part 225), and all other applicable statutes and regulations to become a...

  17. 77 FR 65690 - Formations of, Acquisitions by, and Mergers of Bank Holding Companies

    Science.gov (United States)

    2012-10-30

    ... FEDERAL RESERVE SYSTEM Formations of, Acquisitions by, and Mergers of Bank Holding Companies The companies listed in this notice have applied to the Board for approval, pursuant to the Bank Holding Company Act of 1956 (12 U.S.C. 1841 et seq.) (BHC Act), Regulation Y (12 CFR Part 225), and all other applicable statutes and regulations to become a...

  18. 78 FR 72086 - Formations of, Acquisitions by, and Mergers of Bank Holding Companies

    Science.gov (United States)

    2013-12-02

    ... FEDERAL RESERVE SYSTEM Formations of, Acquisitions by, and Mergers of Bank Holding Companies The companies listed in this notice have applied to the Board for approval, pursuant to the Bank Holding Company Act of 1956 (12 U.S.C. 1841 et seq.) (BHC Act), Regulation Y (12 CFR part 225), and all other applicable statutes and regulations to become a...

  19. 78 FR 68840 - Formations of, Acquisitions by, and Mergers of Bank Holding Companies

    Science.gov (United States)

    2013-11-15

    ... FEDERAL RESERVE SYSTEM Formations of, Acquisitions by, and Mergers of Bank Holding Companies The companies listed in this notice have applied to the Board for approval, pursuant to the Bank Holding Company Act of 1956 (12 U.S.C. 1841 et seq.) (BHC Act), Regulation Y (12 CFR Part 225), and all other applicable statutes and regulations to become a...

  20. 78 FR 9694 - Formations of, Acquisitions by, and Mergers of Bank Holding Companies

    Science.gov (United States)

    2013-02-11

    ... FEDERAL RESERVE SYSTEM Formations of, Acquisitions by, and Mergers of Bank Holding Companies The companies listed in this notice have applied to the Board for approval, pursuant to the Bank Holding Company Act of 1956 (12 U.S.C. 1841 et seq.) (BHC Act), Regulation Y (12 CFR part 225), and all other applicable statutes and regulations to become a...

  1. 78 FR 59031 - Formations of, Acquisitions by, and Mergers of Bank Holding Companies

    Science.gov (United States)

    2013-09-25

    ... FEDERAL RESERVE SYSTEM Formations of, Acquisitions by, and Mergers of Bank Holding Companies The companies listed in this notice have applied to the Board for approval, pursuant to the Bank Holding Company Act of 1956 (12 U.S.C. 1841 et seq.) (BHC Act), Regulation Y (12 CFR part 225), and all other applicable statutes and regulations to become a...

  2. 78 FR 61960 - Formations of, Acquisitions by, and Mergers of Bank Holding Companies

    Science.gov (United States)

    2013-10-08

    ... FEDERAL RESERVE SYSTEM Formations of, Acquisitions by, and Mergers of Bank Holding Companies The companies listed in this notice have applied to the Board for approval, pursuant to the Bank Holding Company Act of 1956 (12 U.S.C. 1841 et seq.) (BHC Act), Regulation Y (12 CFR Part 225), and all other applicable statutes and regulations to become a...

  3. 78 FR 11186 - Formations of, Acquisitions by, and Mergers of Bank Holding Companies

    Science.gov (United States)

    2013-02-15

    ... FEDERAL RESERVE SYSTEM Formations of, Acquisitions by, and Mergers of Bank Holding Companies The companies listed in this notice have applied to the Board for approval, pursuant to the Bank Holding Company Act of 1956 (12 U.S.C. 1841 et seq.) (BHC Act), Regulation Y (12 CFR part 225), and all other applicable statutes and regulations to become a...

  4. 78 FR 23935 - Formations of, Acquisitions by, and Mergers of Bank Holding Companies

    Science.gov (United States)

    2013-04-23

    ... FEDERAL RESERVE SYSTEM Formations of, Acquisitions by, and Mergers of Bank Holding Companies The companies listed in this notice have applied to the Board for approval, pursuant to the Bank Holding Company Act of 1956 (12 U.S.C. 1841 et seq.) (BHC Act), Regulation Y (12 CFR Part 225), and all other applicable statutes and regulations to become a...

  5. 78 FR 69416 - Formations of, Acquisitions by, and Mergers of Bank Holding Companies

    Science.gov (United States)

    2013-11-19

    ... FEDERAL RESERVE SYSTEM Formations of, Acquisitions by, and Mergers of Bank Holding Companies The companies listed in this notice have applied to the Board for approval, pursuant to the Bank Holding Company Act of 1956 (12 U.S.C. 1841 et seq.) (BHC Act), Regulation Y (12 CFR Part 225), and all other applicable statutes and regulations to become a...

  6. 78 FR 18340 - Formations of, Acquisitions by, and Mergers of Bank Holding Companies

    Science.gov (United States)

    2013-03-26

    ... FEDERAL RESERVE SYSTEM Formations of, Acquisitions by, and Mergers of Bank Holding Companies The companies listed in this notice have applied to the Board for approval, pursuant to the Bank Holding Company Act of 1956 (12 U.S.C. 1841 et seq.) (BHC Act), Regulation Y (12 CFR part 225), and all other applicable statutes and regulations to become a...

  7. 78 FR 44122 - Formations of, Acquisitions by, and Mergers of Bank Holding Companies

    Science.gov (United States)

    2013-07-23

    ... FEDERAL RESERVE SYSTEM Formations of, Acquisitions by, and Mergers of Bank Holding Companies The companies listed in this notice have applied to the Board for approval, pursuant to the Bank Holding Company Act of 1956 (12 U.S.C. 1841 et seq.) (BHC Act), Regulation Y (12 CFR Part 225), and all other applicable statutes and regulations to become a...

  8. 78 FR 69852 - Formations of, Acquisitions by, and Mergers of Bank Holding Companies

    Science.gov (United States)

    2013-11-21

    ... FEDERAL RESERVE SYSTEM Formations of, Acquisitions by, and Mergers of Bank Holding Companies The companies listed in this notice have applied to the Board for approval, pursuant to the Bank Holding Company Act of 1956 (12 U.S.C. 1841 et seq.) (BHC Act), Regulation Y (12 CFR Part 225), and all other applicable statutes and regulations to become a...

  9. 77 FR 37907 - Formations of, Acquisitions by, and Mergers of Bank Holding Companies

    Science.gov (United States)

    2012-06-25

    ... FEDERAL RESERVE SYSTEM Formations of, Acquisitions by, and Mergers of Bank Holding Companies The companies listed in this notice have applied to the Board for approval, pursuant to the Bank Holding Company Act of 1956 (12 U.S.C. 1841 et seq.) (BHC Act), Regulation Y (12 CFR part 225), and all other applicable statutes and regulations to become a...

  10. 78 FR 77684 - Formations of, Acquisitions by, and Mergers of Bank Holding Companies

    Science.gov (United States)

    2013-12-24

    ... FEDERAL RESERVE SYSTEM Formations of, Acquisitions by, and Mergers of Bank Holding Companies The companies listed in this notice have applied to the Board for approval, pursuant to the Bank Holding Company Act of 1956 (12 U.S.C. 1841 et seq.) (BHC Act), Regulation Y (12 CFR part 225), and all other applicable statutes and regulations to become a...

  11. 78 FR 57854 - Formations of, Acquisitions by, and Mergers of Bank Holding Companies

    Science.gov (United States)

    2013-09-20

    ... FEDERAL RESERVE SYSTEM Formations of, Acquisitions by, and Mergers of Bank Holding Companies The companies listed in this notice have applied to the Board for approval, pursuant to the Bank Holding Company Act of 1956 (12 U.S.C. 1841 et seq.) (BHC Act), Regulation Y (12 CFR part 225), and all other applicable statutes and regulations to become a...

  12. 78 FR 76146 - Formations of, Acquisitions by, and Mergers of Bank Holding Companies

    Science.gov (United States)

    2013-12-16

    ... FEDERAL RESERVE SYSTEM Formations of, Acquisitions by, and Mergers of Bank Holding Companies The companies listed in this notice have applied to the Board for approval, pursuant to the Bank Holding Company Act of 1956 (12 U.S.C. 1841 et seq.) (BHC Act), Regulation Y (12 CFR Part 225), and all other applicable statutes and regulations to become a...

  13. 78 FR 58538 - Formations of, Acquisitions by, and Mergers of Bank Holding Companies

    Science.gov (United States)

    2013-09-24

    ... FEDERAL RESERVE SYSTEM Formations of, Acquisitions by, and Mergers of Bank Holding Companies The companies listed in this notice have applied to the Board for approval, pursuant to the Bank Holding Company Act of 1956 (12 U.S.C. 1841 et seq.) (BHC Act), Regulation Y (12 CFR part 225), and all other applicable statutes and regulations to become a...

  14. 78 FR 77465 - Formations of, Acquisitions by, and Mergers of Bank Holding Companies

    Science.gov (United States)

    2013-12-23

    ... FEDERAL RESERVE SYSTEM Formations of, Acquisitions by, and Mergers of Bank Holding Companies The companies listed in this notice have applied to the Board for approval, pursuant to the Bank Holding Company Act of 1956 (12 U.S.C. 1841 et seq.) (BHC Act), Regulation Y (12 CFR Part 225), and all other applicable statutes and regulations to become a...

  15. 78 FR 54896 - Formations of, Acquisitions by, and Mergers of Bank Holding Companies

    Science.gov (United States)

    2013-09-06

    ... FEDERAL RESERVE SYSTEM Formations of, Acquisitions by, and Mergers of Bank Holding Companies The companies listed in this notice have applied to the Board for approval, pursuant to the Bank Holding Company Act of 1956 (12 U.S.C. 1841 et seq.) (BHC Act), Regulation Y (12 CFR part 225), and all other applicable statutes and regulations to become a...

  16. 78 FR 54647 - Formations of, Acquisitions by, and Mergers of Bank Holding Companies

    Science.gov (United States)

    2013-09-05

    ... FEDERAL RESERVE SYSTEM Formations of, Acquisitions by, and Mergers of Bank Holding Companies The companies listed in this notice have applied to the Board for approval, pursuant to the Bank Holding Company Act of 1956 (12 U.S.C. 1841 et seq.) (BHC Act), Regulation Y (12 CFR Part 225), and all other applicable statutes and regulations to become a...

  17. 78 FR 28597 - Formations of, Acquisitions by, and Mergers of Bank Holding Companies

    Science.gov (United States)

    2013-05-15

    ... FEDERAL RESERVE SYSTEM Formations of, Acquisitions by, and Mergers of Bank Holding Companies The companies listed in this notice have applied to the Board for approval, pursuant to the Bank Holding Company Act of 1956 (12 U.S.C. 1841 et seq.) (BHC Act), Regulation Y (12 CFR Part 225), and all other applicable statutes and regulations to become a...

  18. 78 FR 66006 - Formations of, Acquisitions by, and Mergers of Bank Holding Companies

    Science.gov (United States)

    2013-11-04

    ... FEDERAL RESERVE SYSTEM Formations of, Acquisitions by, and Mergers of Bank Holding Companies The companies listed in this notice have applied to the Board for approval, pursuant to the Bank Holding Company Act of 1956 (12 U.S.C. 1841 et seq.) (BHC Act), Regulation Y (12 CFR part 225), and all other applicable statutes and regulations to become a...

  19. 78 FR 5179 - Formations of, Acquisitions by, and Mergers of Bank Holding Companies

    Science.gov (United States)

    2013-01-24

    ... FEDERAL RESERVE SYSTEM Formations of, Acquisitions by, and Mergers of Bank Holding Companies The companies listed in this notice have applied to the Board for approval, pursuant to the Bank Holding Company Act of 1956 (12 U.S.C. 1841 et seq.) (BHC Act), Regulation Y (12 CFR part 225), and all other applicable statutes and regulations to become a...

  20. 78 FR 62302 - Formations of, Acquisitions by, and Mergers of Bank Holding Companies

    Science.gov (United States)

    2013-10-15

    ... FEDERAL RESERVE SYSTEM Formations of, Acquisitions by, and Mergers of Bank Holding Companies The companies listed in this notice have applied to the Board for approval, pursuant to the Bank Holding Company Act of 1956 (12 U.S.C. 1841 et seq.) (BHC Act), Regulation Y (12 CFR Part 225), and all other applicable statutes and regulations to become a...

  1. 78 FR 73862 - Formations of, Acquisitions by, and Mergers of Bank Holding Companies

    Science.gov (United States)

    2013-12-09

    ... FEDERAL RESERVE SYSTEM Formations of, Acquisitions by, and Mergers of Bank Holding Companies The companies listed in this notice have applied to the Board for approval, pursuant to the Bank Holding Company Act of 1956 (12 U.S.C. 1841 et seq.) (BHC Act), Regulation Y (12 CFR part 225), and all other applicable statutes and regulations to become a...

  2. 78 FR 35930 - Formations of, Acquisitions by, and Mergers of Bank Holding Companies

    Science.gov (United States)

    2013-06-14

    ... FEDERAL RESERVE SYSTEM Formations of, Acquisitions by, and Mergers of Bank Holding Companies The companies listed in this notice have applied to the Board for approval, pursuant to the Bank Holding Company Act of 1956 (12 U.S.C. 1841 et seq.) (BHC Act), Regulation Y (12 CFR Part 225), and all other applicable statutes and regulations to become a...

  3. 78 FR 65649 - Formations of, Acquisitions by, and Mergers of Bank Holding Companies

    Science.gov (United States)

    2013-11-01

    ... FEDERAL RESERVE SYSTEM Formations of, Acquisitions by, and Mergers of Bank Holding Companies The companies listed in this notice have applied to the Board for approval, pursuant to the Bank Holding Company Act of 1956 (12 U.S.C. 1841 et seq.) (BHC Act), Regulation Y (12 CFR part 225), and all other applicable statutes and regulations to become a...

  4. 78 FR 68445 - Formations of, Acquisitions by, and Mergers of Bank Holding Companies

    Science.gov (United States)

    2013-11-14

    ... FEDERAL RESERVE SYSTEM Formations of, Acquisitions by, and Mergers of Bank Holding Companies The companies listed in this notice have applied to the Board for approval, pursuant to the Bank Holding Company Act of 1956 (12 U.S.C. 1841 et seq.) (BHC Act), Regulation Y (12 CFR part 225), and all other applicable statutes and regulations to become a...

  5. 77 FR 60996 - Formations of, Acquisitions by, and Mergers of Bank Holding Companies

    Science.gov (United States)

    2012-10-05

    ... FEDERAL RESERVE SYSTEM Formations of, Acquisitions by, and Mergers of Bank Holding Companies The companies listed in this notice have applied to the Board for approval, pursuant to the Bank Holding Company Act of 1956 (12 U.S.C. 1841 et seq.) (BHC Act), Regulation Y (12 CFR part 225), and all other applicable statutes and regulations to become a...

  6. 78 FR 64498 - Formations of, Acquisitions by, and Mergers of Bank Holding Companies

    Science.gov (United States)

    2013-10-29

    ... FEDERAL RESERVE SYSTEM Formations of, Acquisitions by, and Mergers of Bank Holding Companies The companies listed in this notice have applied to the Board for approval, pursuant to the Bank Holding Company Act of 1956 (12 U.S.C. 1841 et seq.) (BHC Act), Regulation Y (12 CFR Part 225), and all other applicable statutes and regulations to become a...

  7. 78 FR 41929 - Formations of, Acquisitions by, and Mergers of Bank Holding Companies

    Science.gov (United States)

    2013-07-12

    ... FEDERAL RESERVE SYSTEM Formations of, Acquisitions by, and Mergers of Bank Holding Companies The companies listed in this notice have applied to the Board for approval, pursuant to the Bank Holding Company Act of 1956 (12 U.S.C. 1841 et seq.) (BHC Act), Regulation Y (12 CFR part 225), and all other applicable statutes and regulations to become a...

  8. 78 FR 15952 - Formations of, Acquisitions by, and Mergers of Bank Holding Companies

    Science.gov (United States)

    2013-03-13

    ... FEDERAL RESERVE SYSTEM Formations of, Acquisitions by, and Mergers of Bank Holding Companies The companies listed in this notice have applied to the Board for approval, pursuant to the Bank Holding Company Act of 1956 (12 U.S.C. 1841 et seq.) (BHC Act), Regulation Y (12 CFR part 225), and all other applicable statutes and regulations to become a...

  9. 78 FR 19709 - Formations of, Acquisitions by, and Mergers of Bank Holding Companies

    Science.gov (United States)

    2013-04-02

    ... FEDERAL RESERVE SYSTEM Formations of, Acquisitions by, and Mergers of Bank Holding Companies The companies listed in this notice have applied to the Board for approval, pursuant to the Bank Holding Company Act of 1956 (12 U.S.C. 1841 et seq.) (BHC Act), Regulation Y (12 CFR part 225), and all other applicable statutes and regulations to become a...

  10. 78 FR 73539 - Formations of, Acquisitions by, and Mergers of Bank Holding Companies

    Science.gov (United States)

    2013-12-06

    ... FEDERAL RESERVE SYSTEM Formations of, Acquisitions by, and Mergers of Bank Holding Companies The companies listed in this notice have applied to the Board for approval, pursuant to the Bank Holding Company Act of 1956 (12 U.S.C. 1841 et seq.) (BHC Act), Regulation Y (12 CFR part 225), and all other applicable statutes and regulations to become a...

  11. 78 FR 67363 - Formations of, Acquisitions by, and Mergers of Bank Holding Companies

    Science.gov (United States)

    2013-11-12

    ... FEDERAL RESERVE SYSTEM Formations of, Acquisitions by, and Mergers of Bank Holding Companies The companies listed in this notice have applied to the Board for approval, pursuant to the Bank Holding Company Act of 1956 (12 U.S.C. 1841 et seq.) (BHC Act), Regulation Y (12 CFR part 225), and all other applicable statutes and regulations to become a...

  12. 78 FR 71612 - Formations of, Acquisitions by, and Mergers of Bank Holding Companies

    Science.gov (United States)

    2013-11-29

    ... FEDERAL RESERVE SYSTEM Formations of, Acquisitions by, and Mergers of Bank Holding Companies The companies listed in this notice have applied to the Board for approval, pursuant to the Bank Holding Company Act of 1956 (12 U.S.C. 1841 et seq.) (BHC Act), Regulation Y (12 CFR Part 225), and all other applicable statutes and regulations to become a...

  13. 78 FR 37541 - Formations of, Acquisitions by, and Mergers of Bank Holding Companies

    Science.gov (United States)

    2013-06-21

    ... FEDERAL RESERVE SYSTEM Formations of, Acquisitions by, and Mergers of Bank Holding Companies The companies listed in this notice have applied to the Board for approval, pursuant to the Bank Holding Company Act of 1956 (12 U.S.C. 1841 et seq.) (BHC Act), Regulation Y (12 CFR part 225), and all other applicable statutes and regulations to become a...

  14. 78 FR 21949 - Formations of, Acquisitions by, and Mergers of Bank Holding Companies

    Science.gov (United States)

    2013-04-12

    ... FEDERAL RESERVE SYSTEM Formations of, Acquisitions by, and Mergers of Bank Holding Companies The companies listed in this notice have applied to the Board for approval, pursuant to the Bank Holding Company Act of 1956 (12 U.S.C. 1841 et seq.) (BHC Act), Regulation Y (12 CFR part 225), and all other applicable statutes and regulations to become a...

  15. 78 FR 17930 - Formations of, Acquisitions by, and Mergers of Bank Holding Companies

    Science.gov (United States)

    2013-03-25

    ... FEDERAL RESERVE SYSTEM Formations of, Acquisitions by, and Mergers of Bank Holding Companies The companies listed in this notice have applied to the Board for approval, pursuant to the Bank Holding Company Act of 1956 (12 U.S.C. 1841 et seq.) (BHC Act), Regulation Y (12 CFR part 225), and all other applicable statutes and regulations to become a...

  16. 78 FR 1212 - Formations of, Acquisitions by, and Mergers of Bank Holding Companies

    Science.gov (United States)

    2013-01-08

    ... FEDERAL RESERVE SYSTEM Formations of, Acquisitions by, and Mergers of Bank Holding Companies The companies listed in this notice have applied to the Board for approval, pursuant to the Bank Holding Company Act of 1956 (12 U.S.C. 1841 et seq.) (BHC Act), Regulation Y (12 CFR part 225), and all other applicable statutes and regulations to become a...

  17. 78 FR 51726 - Formations of, Acquisitions by, and Mergers of Bank Holding Companies

    Science.gov (United States)

    2013-08-21

    ... FEDERAL RESERVE SYSTEM Formations of, Acquisitions by, and Mergers of Bank Holding Companies The companies listed in this notice have applied to the Board for approval, pursuant to the Bank Holding Company Act of 1956 (12 U.S.C. 1841 et seq.) (BHC Act), Regulation Y (12 CFR part 225), and all other applicable statutes and regulations to become a...

  18. 77 FR 35681 - Formations of, Acquisitions by, and Mergers of Bank Holding Companies

    Science.gov (United States)

    2012-06-14

    ... FEDERAL RESERVE SYSTEM Formations of, Acquisitions by, and Mergers of Bank Holding Companies The companies listed in this notice have applied to the Board for approval, pursuant to the Bank Holding Company Act of 1956 (12 U.S.C. 1841 et seq.) (BHC Act), Regulation Y (12 CFR part 225), and all other applicable statutes and regulations to become a...

  19. 78 FR 62363 - Formations of, Acquisitions by, and Mergers of Bank Holding Companies

    Science.gov (United States)

    2013-10-21

    ... FEDERAL RESERVE SYSTEM Formations of, Acquisitions by, and Mergers of Bank Holding Companies The companies listed in this notice have applied to the Board for approval, pursuant to the Bank Holding Company Act of 1956 (12 U.S.C. 1841 et seq.) (BHC Act), Regulation Y (12 CFR Part 225), and all other applicable statutes and regulations to become a...

  20. 78 FR 11647 - Formations of, Acquisitions by, and Mergers of Bank Holding Companies

    Science.gov (United States)

    2013-02-19

    ... FEDERAL RESERVE SYSTEM Formations of, Acquisitions by, and Mergers of Bank Holding Companies The companies listed in this notice have applied to the Board for approval, pursuant to the Bank Holding Company Act of 1956 (12 U.S.C. 1841 et seq.) (BHC Act), Regulation Y (12 CFR part 225), and all other applicable statutes and regulations to become a...

  1. 78 FR 21368 - Formations of, Acquisitions by, and Mergers of Bank Holding Companies

    Science.gov (United States)

    2013-04-10

    ... FEDERAL RESERVE SYSTEM Formations of, Acquisitions by, and Mergers of Bank Holding Companies The companies listed in this notice have applied to the Board for approval, pursuant to the Bank Holding Company Act of 1956 (12 U.S.C. 1841 et seq.) (BHC Act), Regulation Y (12 CFR part 225), and all other applicable statutes and regulations to become a...

  2. 77 FR 19287 - Formations of, Acquisitions by, and Mergers of Bank Holding Companies

    Science.gov (United States)

    2012-03-30

    ... FEDERAL RESERVE SYSTEM Formations of, Acquisitions by, and Mergers of Bank Holding Companies The companies listed in this notice have applied to the Board for approval, pursuant to the Bank Holding Company Act of 1956 (12 U.S.C. 1841 et seq.) (BHC Act), Regulation Y (12 CFR Part 225), and all other applicable statutes and regulations to become a...

  3. 77 FR 20022 - Formations of, Acquisitions by, and Mergers of Bank Holding Companies

    Science.gov (United States)

    2012-04-03

    ... FEDERAL RESERVE SYSTEM Formations of, Acquisitions by, and Mergers of Bank Holding Companies The companies listed in this notice have applied to the Board for approval, pursuant to the Bank Holding Company Act of 1956 (12 U.S.C. 1841 et seq.) (BHC Act), Regulation Y (12 CFR part 225), and all other applicable statutes and regulations to become a...

  4. 78 FR 15014 - Formations of, Acquisitions by, and Mergers of Bank Holding Companies

    Science.gov (United States)

    2013-03-08

    ... FEDERAL RESERVE SYSTEM Formations of, Acquisitions by, and Mergers of Bank Holding Companies The companies listed in this notice have applied to the Board for approval, pursuant to the Bank Holding Company Act of 1956 (12 U.S.C. 1841 et seq.) (BHC Act), Regulation Y (12 CFR part 225), and all other applicable statutes and regulations to become a...

  5. Liberalizaiton of Cross-Border Mergers and Acquisitions in Korea: Economic Impacts

    Directory of Open Access Journals (Sweden)

    Yunjong Wang

    1997-12-01

    Full Text Available Most OECD Member countries have made the main part of the world's direct investment - international mergers and acquisitions (M & A completely liberalized, on the contrary, South Korea still has several limitations to this. Investment agreement is expected to take effect in the multi-January 1999, South Korea's liberalization of the international merger and acquisition system will grow significantly. Especially with the securities and investment liberalization, hostile of M&A transactions (which is also called male-fide merger and acquiring will be liberalized. It is expected that the liberalization of international mergers and acquisitions will make foreign direct investment increase substantially. Upon the foreign superior enterprises penetration into the Korean market, there will positive effects which likely improve market competition, the domestic industrial restructuring accelerated, advanced technology and advanced management concept allows the transfer of advanced technology companies in Korea. In addition, in response to the liberalization of hostile international acquisitions, and in order to make the business more efficient and reasonable way to gain a firm foothold, we should develop ideal model for company controlling that takes into account the specifics of Korea as the country in whole and economy apart.

  6. The effects of mergers and acquisitions on stock price behavior in banking sector of Pakistan

    Directory of Open Access Journals (Sweden)

    Zahoor Rahman

    2018-03-01

    Full Text Available Mergers and Acquisitions are considered as one of the useful strategies for growth and expansion of businesses. These strategies have widely been adopted in developed economies while are quite often practiced in developing countries like Pakistan. This study aims to explore the effect of Mergers and Acquisitions on stock price behavior of banking sector in Pakistan by using event study analysis for the period of 2002–2012. Market Study Method was used to compute the abnormal and cumulative abnormal returns for analyzing pre and post events effect of the phenomenon on share prices. The results reveal mixed observations of the activity of mergers and acquisitions on stock price performance. Our findings indicate that most of the firms experienced negative while some firms have shown positive abnormal and cumulative abnormal returns following the activity. Overall, the results indicate that the market responded negatively towards the phenomenon of mergers and acquisition in Banking sector of Pakistan. The results would be useful in providing new insights to the investors and management in making their investment related decisions.

  7. Managing in turbulent times: issues and challenges in health care mergers and acquisitions.

    Science.gov (United States)

    Jones, S A

    1999-09-01

    The environment of the health care system in the present and foreseeable future has been described as a revolution whose impetus comes from Wall Street. The new system of health care is characterized by mergers, acquisitions, and joint ventures. For-profit conversions and mergers of religious and secular organizations were almost unheard of before the last decade. The challenges facing nursing leadership in these turbulent times are (1) dealing with the human dynamics associated with creating new organizational cultures, (2) shifting focus away from event-driven cost avoidance and protecting institutional assets, and (3) shifting focus toward stewardship of community resources and nursing practice beyond institutional boundaries.

  8. 75 FR 37804 - Formations of, Acquisitions by, and Mergers of Bank Holding Companies

    Science.gov (United States)

    2010-06-30

    ... FEDERAL RESERVE SYSTEM Formations of, Acquisitions by, and Mergers of Bank Holding Companies The...: 1. Woori Finance Holdings Co., Ltd, Seoul, Korea; to acquire at least 51 percent of the voting shares of Hanmi Financial Corp., Los Angeles, California, and thereby indirectly acquire Hanmi Bank, Los...

  9. 75 FR 13763 - Formations of, Acquisitions by, and Mergers of Bank Holding Companies

    Science.gov (United States)

    2010-03-23

    ... FEDERAL RESERVE SYSTEM Formations of, Acquisitions by, and Mergers of Bank Holding Companies The..., California 94105-1579: 1. North Asia Investment Corporation, Seoul, Korea; to become a bank holding company by acquiring 100 percent of the voting shares of Pacific City Financial Corporation, and Pacific City...

  10. The DySIIM Model for Managing IS Integration in Mergers and Acquisitions

    DEFF Research Database (Denmark)

    Henningsson, Stefan; Carlsson, Sven

    2011-01-01

    Corporate mergers and acquisitions (M&As) are prominent means for corporate strategy. In many M&As information systems (IS), integration is critical for achieving the intended goals. By integrating previous research on M&A and IS integration, we develop a six-dimensional theoretical framework...

  11. 77 FR 17479 - Formations of, Acquisitions by, and Mergers of Bank Holding Companies

    Science.gov (United States)

    2012-03-26

    ... Bank, also of Encino. CU Bancorp also has applied to acquire Premier Commercial Bancorp, and thereby indirectly acquire Premier Commercial Bank, N.A., both of Anaheim, California. Board of Governors of the... FEDERAL RESERVE SYSTEM Formations of, Acquisitions by, and Mergers of Bank Holding Companies The...

  12. 75 FR 35030 - Formations of, Acquisitions by, and Mergers of Bank Holding Companies

    Science.gov (United States)

    2010-06-21

    ... outstanding shares of Paragon Commercial Corporation, and its subsidiary, Paragon Commercial Bank, both of... FEDERAL RESERVE SYSTEM Formations of, Acquisitions by, and Mergers of Bank Holding Companies The companies listed in this notice have applied to the Board for approval, pursuant to the Bank Holding Company...

  13. 78 FR 15015 - Formations of, Acquisitions by, and Mergers of Bank Holding Companies; Correction

    Science.gov (United States)

    2013-03-08

    ... FEDERAL RESERVE SYSTEM Formations of, Acquisitions by, and Mergers of Bank Holding Companies; Correction This notice corrects a notice (FR Doc. 2013-03831) published on page 11884 of the issue for Wednesday, February 20, 2013. Under the Federal Reserve Bank of San Francisco heading, the entry for One PacificCoast Foundation and One PacificCoast...

  14. Cross-border merger & acquisition activity and revealed comparative advantage in manufacturing industries

    NARCIS (Netherlands)

    Brakman, Steven; Garretsen, Harry; van Marrewijk, Charles; van Witteloostuijn, Arjen

    2013-01-01

    We estimate an important implication of oligopolistic international trade modeling for the predicted pattern of cross-border mergers and acquisitions (M&As). Our core argument is that cross-border M&As are, among other factors, driven by cross-country differences in comparative advantage. We find

  15. The transition from strategic technology alliances to mergers and acquisitions: an exploratory study

    NARCIS (Netherlands)

    Hagedoorn, J.; Sadowski, B.M.

    1999-01-01

    This paper studies a number of research topics derived from the basic question: do interfirm alliances change into mergers and acquisitions as companies that were previously co-operating become integrated? The analysis is limited to the group of strategic technology alliances, i.e. those interfirm

  16. 77 FR 48983 - Formations of, Acquisitions by, and Mergers of Bank Holding Companies

    Science.gov (United States)

    2012-08-15

    ..., Vice President) 33 Liberty Street, New York, New York 10045-0001: 1. Hana Financial Group Inc., Seoul, Korea; to become a bank holding company by acquiring 71.37 percent of the voting shares of BNB Financial... FEDERAL RESERVE SYSTEM Formations of, Acquisitions by, and Mergers of Bank Holding Companies The...

  17. 77 FR 3774 - Formations of, Acquisitions by, and Mergers of Bank Holding Companies

    Science.gov (United States)

    2012-01-25

    ..., Dupont, Indiana. River Valley Financial Bank, Madison, Indiana, the existing thrift subsidiary of... FEDERAL RESERVE SYSTEM Formations of, Acquisitions by, and Mergers of Bank Holding Companies The companies listed in this notice have applied to the Board for approval, pursuant to the Bank Holding Company...

  18. 76 FR 67190 - Formations of, Acquisitions by, and Mergers of Bank Holding Companies

    Science.gov (United States)

    2011-10-31

    ... Bank, Dover, Ohio, a thrift, upon its conversion to a national bank. B. Federal Reserve Bank of Atlanta... FEDERAL RESERVE SYSTEM Formations of, Acquisitions by, and Mergers of Bank Holding Companies The companies listed in this notice have applied to the Board for approval, pursuant to the Bank Holding Company...

  19. 75 FR 11888 - Formations of, Acquisitions by, and Mergers of Bank Holding Companies

    Science.gov (United States)

    2010-03-12

    ... acquiring 87.31 percent of the voting shares of People's Bank of Seneca, Seneca, Missouri. B. Federal... FEDERAL RESERVE SYSTEM Formations of, Acquisitions by, and Mergers of Bank Holding Companies The companies listed in this notice have applied to the Board for approval, pursuant to the Bank Holding Company...

  20. Expanded Understanding of IS/IT Related Challenges in Mergers and Acquisitions

    DEFF Research Database (Denmark)

    Toppenberg, Gustav

    2015-01-01

    Organizational Mergers and Acquisitions (M&As) occur at an increasingly frequent pace in today’s business life. Paralleling this development, M&As has increasingly attracted attention from the Information Systems (IS) domain. This emerging line of research has started form an understanding...

  1. 75 FR 13129 - Formations of, Acquisitions by, and Mergers of Bank Holding Companies

    Science.gov (United States)

    2010-03-18

    ... acquiring 100 percent of Circle Bank upon conversion of the bank from an industrial bank to a commercial... FEDERAL RESERVE SYSTEM Formations of, Acquisitions by, and Mergers of Bank Holding Companies The companies listed in this notice have applied to the Board for approval, pursuant to the Bank Holding Company...

  2. 78 FR 57154 - Formations of, Acquisitions by, and Mergers of Bank Holding Companies

    Science.gov (United States)

    2013-09-17

    ..., Maryland, to a state chartered commercial bank. B. Federal Reserve Bank of Dallas (E. Ann Worthy, Vice... FEDERAL RESERVE SYSTEM Formations of, Acquisitions by, and Mergers of Bank Holding Companies The companies listed in this notice have applied to the Board for approval, pursuant to the Bank Holding Company...

  3. 76 FR 63923 - Formations of, Acquisitions by, and Mergers of Bank Holding Companies

    Science.gov (United States)

    2011-10-14

    ... Security Bank of Washington, Mountlake Terrace, Washington, from a state savings bank to a commercial bank... FEDERAL RESERVE SYSTEM Formations of, Acquisitions by, and Mergers of Bank Holding Companies The companies listed in this notice have applied to the Board for approval, pursuant to the Bank Holding Company...

  4. 78 FR 63476 - Formations of, Acquisitions by, and Mergers of Bank Holding Companies; Correction

    Science.gov (United States)

    2013-10-24

    ... FEDERAL RESERVE SYSTEM Formations of, Acquisitions by, and Mergers of Bank Holding Companies; Correction This notice corrects a notice (FR Doc. 2013-24511) published on page 62363 of the issue for Monday, October 21, 2013. Under the Federal Reserve Bank of Dallas heading, the entry for WCM-Parkway, Ltd, Dallas, Texas, is revised to read as...

  5. Mergers and acquisitions in the global food processing industry in 1986–2006

    NARCIS (Netherlands)

    Muehlfeld, K.; Weitzel, G.U.; Witteloostuijn, A. van

    2011-01-01

    Food systems around the world experienced increased merger and acquisition (M&A) activity over the past decades. Based on a sample of 13,911M&A attempts worldwide during 1986–2006, this study provides an analysis of major determinants of M&A completion in the food processing industry. Friendly

  6. The Wage Premium of Globalization: Evidence from European Mergers and Acquisitions

    OpenAIRE

    Oberhofer, Harald; Stöckl, Matthias; Winner, Hannes

    2012-01-01

    We provide evidence on the impact of globalization on labor market outcomes analyzing pay differences between foreign-acquired and domestically-owned firms. For this purpose, we use firm level data from 16 European countries over the time period 1999 to 2006. Applying propensity score matching techniques we estimate positive wage premia of cross-boarder merger and acquisitions (M&As), suggesting that foreign acquired firms exhibit higher short-run (post-acquisition) wages than their domestic ...

  7. Impact Of Merger And Acquisition On Debt Management Ratio: A Case Study In Malaysian Banking Sectors

    OpenAIRE

    Mohammad Talha; Abdullah Sallehhuddin

    2011-01-01

    This study based on efficiency theory of shareholders wealth maximization of acquisition principle attempted to investigate the debt management ratio of ten Malaysian anchor banks after undergoing mega merger and acquisition program which was completed in the year of 2000. As efficiency theory consists of three elements that are financial synergy, operation synergy and managerial synergy, the study will primarily focus its analysis on financial synergy (debt management). Using accounting tech...

  8. Return on shares of steel companies under the influence of mergers and acquisitions

    Directory of Open Access Journals (Sweden)

    J. Zuzik

    2015-01-01

    Full Text Available The present article intends to asses returns on shares of the steel companies that were formed based on either merger or acquisition. The analysis included 14 operations in the steel industry. Attention was paid to returns of the companies performing acquisitions, as well as to the returns on shares that presented the acquisition target. The analysis was performed based on the “event study” method, and the analysed event was the announcement or notification of realization of an acquisition. Shares of the target steel companies as well as acquirers are attaining higher returns, but the change was not statistical significant.

  9. Value Creation through ICT Integration in Merger & Acquisition Processes

    DEFF Research Database (Denmark)

    Holm Larsen, Michael

    2005-01-01

    As deals are becoming more complex, and as technology, and the people supporting it, are becoming key drivers of merger and acquisition processes, planning of information and communication technologies in early stages of the integration process is vital to the realization of benefits of an Merger...... & Acquisition process. This statement is substantiated through review of literature from academics as well as practitioners, and case exemplifications of the financial service organization, the Nordea Group. Keywords: ICT Integration, Mergers & Acquisitions, Nordea Group....

  10. The Fallacies of Mergers Being Acquisitions: Fact or Fiction?

    OpenAIRE

    Maneckji, Hilla Shahpur

    2006-01-01

    The goal of this dissertation study was to examine the fallacies of mergers being acquisitions, which is a very new topic, and that hasn’t been investigated in detail before. The aim of this research was to investigate if major global mergers were acquisitions in camouflage and were only created to portray a false perception. The study was conducted to understand the differences and characteristics between mergers and acquisitions that were further examined taking into account live case studi...

  11. Mergers and Acquisitions in the Banking Sector: The Case of Western Balkan Countries / BKT Albania

    Directory of Open Access Journals (Sweden)

    Lulzim Rashiti

    2016-11-01

    Full Text Available This paper aims to explain the financial system which is the engine force for the development of a trade economy. This system ensures payment means in economy and has an impact on its real activity, through the implementation of financial intermediation, acquisitions and mergers in the banking industry that have occurred in recent years in the Western Balkan countries, and monetary policy transmission in these countries. In developing countries, among which are also: Serbia, Macedonia, Albania, Montenegro, etc., banking industry is o" en almost the most important area in the financial system. Therefore, this paper will focus on the way the acquisitions and mergers occurred in the banking system, by assuming that many of the conclusions are applicable to the entire financial system in the Western Balkans. This paper will elaborate on this aspect a case study that deals with the acquisition of Banka Kombetare Tregtare (National Commercial Bank in Albania by the Turkish company Calik Holding (Akif Bank.

  12. Mergers and acquisitions - an empirical analysis of the German energy sector; Mergers and Acquisitions. Eine empirische Analyse der Energieindustrie in Deutschland

    Energy Technology Data Exchange (ETDEWEB)

    Misirlioglu, Cem [Technische Univ. Berlin (Germany). Fachgebiet Innovationsoekonomie

    2013-07-15

    Growth strategies have become an essential component of corporate planning since the onset of market liberalisation and deregulation. The present article analyses the use of mergers and acquisitions as an external market strategy (M and A) in the period from 2000 until 2010. It transpires that the development of M and A has gained momentum and will probably see even greater dynamism in the future as a result of changing political framework conditions as well as further developments in the market for conventional and renewable energies.

  13. Mergers and acquisitions: A comparative review of literature

    Directory of Open Access Journals (Sweden)

    Ghosh Sohini

    2016-01-01

    Full Text Available The paper aims to review scholastic research on the effect of M&As on firm performance and present a comparative analysis of Indian M&As vis­a-vis those occurring in other nations. 108 articles in referred journals published between 2005 and 2015 have been surveyed with a focus on comparing firm performance parameters prior and post the M&A. Firm performance has been inspected via three measures i.e. accounting measures, stock market performance measures and qualitative measures. On the basis of these three measures, literature on mergers in India with those occurring in another 23 countries was compared. The review has shown that irrespective of the nation, M&As may impact the accounting and stock market performance measures of the acquirer and target firms in a positive, negative or mixed manner. M&As in nations other than India have received more academic attention with respect to the effect on qualitative issues like cultural compatibility, downsizing and innovation. Cultural incompatibility and downsizing are problems of M&As in India as well as other nations. Indian domestic M&As have resulted in greater market share whereas majority of the M&As in other nations have lost customer base. Although literature studying the outcomes of M&As on firm performance from a pre-post perspective are multifarious, a comparative assessment of the studies on M&As occurring in India with those carried out in other nations of the world is a novel attempt.

  14. Assessment of Market Efficiency in Argentina, Brazil and Chile: an Event Study of Mergers and Acquisitions

    Directory of Open Access Journals (Sweden)

    Mario Domingues Simões

    2012-04-01

    Full Text Available This paper presents an investigation into the relationship between the announcement of mergers and acquisitions, the existence of positive abnormal returns for shares of these firms, and market efficiency in Argentina, Brazil and Chile. Statistically significant Standardized Abnormal Returns were present in the event announcement and the following days in Argentina and Chile and on the event day in Brazil, confirming value creation signaling. Furthermore, the significance of abnormal returns in the event window, namely in the 5 days following the event in Argentina and Chile and the absence of such in Brazil suggests a more efficient market exists in Brazil, in keeping with the semi-strong market efficiency hypothesis. The absence of semi-strong efficient market behavior could prove valuable to investors who could use a window of a few days after the event announcement to accumulate abnormal returns, provided the appropriate research into news of possible mergers or acquisitions has been made.

  15. Panorama 2016 - The revival of mergers and acquisitions in the oil and gas sector

    International Nuclear Information System (INIS)

    Fosse, Florian; Hache, Emmanuel; Portenart, Philomene

    2015-12-01

    The oil and gas sector remains fertile ground for mergers and acquisitions (M and A). This sector represented between 5% and 15% of total transactions from 2008 to 2014. Since 2008, M and A transactions in the sector have been dominated by a triad made up of a region (North America), a business segment (upstream oil and gas) and a type of key player (independent operators). (authors)

  16. Differences between “exploration” and “exploitation” of cross-border mergers & acquisitions and its value creation effect

    Directory of Open Access Journals (Sweden)

    Yang Xingrui

    2016-01-01

    Full Text Available This paper adopts the case study method to respectively research the value creation in the exploration and exploitation type of China’s four cross-border mergers & acquisitions, and discusses the similarities and differences between the value creation in the utilization and exploration type of mergers & acquisitions, and finds that the former type of mergers and acquisitions is suitable for a medium or higher level of integration in the aspect of the organization structure, culture, human resources and supply chain, so as to realize the value creation through the improvement of synergies and market forces; the latter type of mergers and acquisitions is suitable for higher level of integration in the aspect of the supply chain, research & development, brand and channel, so as to create value by broadening the marketing channel and enhancing innovation capability.

  17. Measurement Bases for Acquisitions and Mergers in Financial Accounting and in Commercial Law

    OpenAIRE

    Vomáčková, Hana

    2011-01-01

    In association with transactions involving businesses, acquisitions and mergers, etc., commercial law stipulates the new measurement of business assets and thus also net business assets. Similarly, financial accounting stipulates the new measurement of assets, liabilities and net assets with an impact on the amount and structure of equity. It is a principal question as to whether the new measurement bases required by both commercial law and financial accounting are in principal identical. Pra...

  18. Health care mergers and acquisitions: implications of robbers cave realistic conflict theory and prisoner's dilemma game theory.

    Science.gov (United States)

    Creasy, Todd; Kinard, Jerry

    2013-01-01

    Many health care mergers and acquisitions have proven highly successful because of the geographic proximity of the institutions, coalignment strategies, complementary services, and improved financial performance. Other health care mergers and acquisitions, however, have been dismal failures. This article seeks to explain a primary cause of less successful mergers or acquisitions through the prism of a multiscale, iterative prisoner's dilemma that occurs between department managers. Aspects of "Coping Theory," "Resource (Conservation) Theory," and "Social Comparison Theory" are used to analyze the experience of employees charged with making mergers or acquisitions successful. Lastly, this article suggests possible culture clash remedies drawn from the realistic conflict experiment conducted by Muzafer Sherif near Robbers Cave State Park in Oklahoma.

  19. MERGERS AND ACQUISITIONS IN AGRICULTURAL-FOOD INDUSTRY IN THE WORLD BETWEEN 1990 AND 2012

    Directory of Open Access Journals (Sweden)

    Magdalena Jaworska

    2013-12-01

    Full Text Available Taking into consideration the specification of the sector, distinct tendencies in FDI flows can be expected both in the short and long term. The aforementioned assumption constituted the basis for the research the aiming at of which the presentation of the level, dynamics and structure of cross-border mergers and acquisitions in agricultural-food industry and exploration, on their basis, of the tendencies and directions in which they are going to change as well as to specify the place and role of agriculture and food industry in global flows of FDI. In order to reach the aforementioned goal, ex-post empiric analysis of capital flows in the form of mergers and acquisitions was applied (1990-2012 together with chosen statistical methods (measurements of placement and variation and with indicators of structure and dynamics. The results of the analysis showed that M&As, in the long term, was specified by a relatively high cyclical nature as well as by a growing trend with short-term fluctuations around the trend distinct from those specifying other sectors. Moreover, the research proved that mergers and acquisitions constituted an important form of FDI flows and their implementation had a marginal meaning when considering the whole sector. 

  20. Post-Mergers and Acquisitions: The Motives, Success Factors and Key Success Indicators

    Directory of Open Access Journals (Sweden)

    Hatem El Zuhairy

    2015-07-01

    Full Text Available There is a wide body of evidence showing a significant increase in the adoption of mergers and acquisitions (M&A worldwide. Moreover, research confirms that the integration and implementation stage (post-M&A has a major impact on the success or failure of a merger or acquisition. Therefore it has become increasingly important to explore the post-M&A phase further in order to support the management teams of organizations pursuing a merger or acquisition in meeting all their desired objectives. This paper proposes a framework to help in the successful execution of M&A. The framework contains three main elements: the motives, success factors and key success indicators (KSI. A qualitative research approach using the multiple case study methodology was conducted to test the framework. Ten case studies were selected from the industrial sector in Egypt and used to validate the research. The final version of the M&A framework was provided after applying the research results. Considering the practical implications of the M&A framework, a tool was proposed for its application in light of the balanced scorecard (BSC methodology. The proposed M&A scorecard tool should be used in the strategic planning and execution of M&A. Both the proposed M&A framework and the M&A scorecard tool should be used to guide the implementation of M&A in order to increase the success rate enjoyed by organizations.

  1. Mergers and acquisitions in professional organizations: a complex adaptive systems approach.

    Science.gov (United States)

    Walls, M E; McDaniel, R R

    1999-09-01

    Nurse managers face unique challenges as they cope with mergers and acquisitions among health care organizations. These challenges can be better understood if it is recognized that health care institutions are professional organizations and that the transformations required are extremely difficult. These difficulties are caused, in part, by the institutionalized nature of professional organizations, and this nature is explicated. Professional organizations are stubborn. They are repositories of expertise and values that are societal in origin and difficult to change. When professional organizations are understood as complex adaptive systems, complexity theory offers insight that provide strategies for managing mergers and acquisitions that may not be apparent when more traditional conceptualizations of professional organizations are used. Specific managerial techniques consistent with both the institutionalized characteristics and the complex adaptive systems characteristics of professional organizations are offered to nurse managers.

  2. Executing on Integration: The Key to Success in Mergers and Acquisitions.

    Science.gov (United States)

    Bradley, Carol

    2016-01-01

    Health care mergers and acquisitions require a clearly stated vision and exquisite planning of integration activities to provide the best possible conditions for a successful transaction. During the due diligence process, key steps can be taken to create a shared vision and a plan to inspire confidence and build enthusiasm for all stakeholders. Integration planning should include a defined structure, roles and responsibilities, as well as a method for evaluation.

  3. A statistical approach to the analysis of merger and acquisition efficiency in the Russian industry

    Directory of Open Access Journals (Sweden)

    Karelina M.

    2017-01-01

    Full Text Available At present, the success of economic institution transformations, as well as creating an efficient economic system with a fundamental new nature of corporate relationships are impossible without the statistical recording of factors contributing to the efficiency of merger and acquisition transactions in the Russian industry. The paper proposes a method for analyzing the efficiency of merger and acquisition transactions of enterprises in the industrial sector of the Russian economy, based on simulation methods. The methodical approach developed to analyze the efficiency of the integration transactions of Russian industrial companies allows one to consider individual preferences of investors, as well as to give a complex statistical evaluation of the strategic economic benefits from M&A transactions. This method enables to evaluate the probability and stability of the synergistic effect values within the increase of competitiveness of Russian industrial enterprises on the domestic and foreign markets.

  4. Case study : Mergers and acquisitions blending EHS cultures

    Energy Technology Data Exchange (ETDEWEB)

    Shoji-Lee, L.A. [Duke Energy Gas Transmission, Vancouver, BC (Canada)

    2003-06-03

    In September 2001, Duke Energy acquired the assets of Westcoast Energy Inc. (WEI). Duke Energy's expertise lies in gas gathering, processing, transportation, storage, distribution and marketing. It also specializes in electric generation, transmission and distribution. Westcoast Energy managed a portfolio of natural gas and electric supply, delivery and trading, with international assets in Mexico, Indonesia and China. Since the acquisition of WEI, Duke Energy has adopted an Environment, Health and Safety (EHS) model that will provide assistance in the transition to dealing with different cultures. The integration is meant to identify steps to evaluate and integrate new assets into a common EHS Management System, and to identify areas of discrepancy and opportunities for synergies. This report describes the EHS Management System, with respect to compliance, assurance and performance standards for air issues, waste management, contaminated sites, emergency response, and performance indicators. tabs., figs.

  5. Selecting and assessing a target firm for an international merger or acquisition

    OpenAIRE

    Veselinova, Elena; Gogova Samonikov, Marija; Matlievska, Margarita; Sajnoski, Krste

    2011-01-01

    International mergers and acquisitions (M & A) as a way of restructuring the companies represent an important part of the world of corporate finance. Every day the Wall Street investment bankers arrange M & A transactions in which individual companies are merging together to form larger and stronger companies than they are. Not surprisingly, such activities often appear on the news. These contracts totaled hundreds of millions, even billions of dollars. They determine the future of the compan...

  6. Mergers and Acquisitions in the Spanish Banking Industry: some Empirical Evidence.

    OpenAIRE

    Ignacio Fuentes; Teresa Sastre

    1999-01-01

    Since the late eighties, the Spanish banking system has been undergoing major changes that have affected both its structure and the nature of strategic interaction among banking institutions. Various different strategies have been adopted to tackle the demands of this new operating environment, one such strategy having been consolidation via mergers and acquisitions. This paper attempts to provide some empirical evidence on the impact of the consolidation process on the monetary transmission ...

  7. Impact of mergers and acquisitions on the efficiency of banking in Colombia

    Directory of Open Access Journals (Sweden)

    Miguel Sarmiento

    2018-04-01

    Full Text Available This article evaluates the efficiency of Colombian banking using nonparametric border models. The results indicate that there has been a gradual increase in efficiency and that the global financial crisis of 2008 affected this trend. Since 2009 there has been a rapid recovery of efficiency measures, except for cost efficiency. This suggests that, in the face of external shocks, the adjustment costs of banks are greater. Mergers and acquisitions contribute to the increase in banking efficiency.

  8. Empirical Analysis of Effects of Bank Mergers and Acquisitions on Small Business Lending in Nigeria

    Science.gov (United States)

    Ita, Asuquo Akabom

    2012-11-01

    Mergers and acquisitions are the major instruments of the recent banking reforms in Nigeria.The effects and the implications of the reforms on the lending practices of merged banks to small businesses were considered in this study. These effects were divided into static and dynamic effects (restructuring, direct and external). Data were collected by cross-sectional research design and were subsequently analyzed by the ordinary least square (OLS) method.The analyses show that bank size, financial characteristics and deposit of non-merged banks are positively related to small business lending. While for the merged banks, the reverse is the case. From the above result, it is evident that merger and acquisition have not only static effect on small business lending but also dynamic effect, therefore, given the central position of small businesses in the current government policy on industrialization in Nigeria, policy makers in Nigeria, should consider both the static and dynamic effects of merger and acquisition on small business lending in their policy thrust.

  9. Quantification of the evolution of firm size distributions due to mergers and acquisitions.

    Science.gov (United States)

    Lera, Sandro Claudio; Sornette, Didier

    2017-01-01

    The distribution of firm sizes is known to be heavy tailed. In order to account for this stylized fact, previous economic models have focused mainly on growth through investments in a company's own operations (internal growth). Thereby, the impact of mergers and acquisitions (M&A) on the firm size (external growth) is often not taken into consideration, notwithstanding its potential large impact. In this article, we make a first step into accounting for M&A. Specifically, we describe the effect of mergers and acquisitions on the firm size distribution in terms of an integro-differential equation. This equation is subsequently solved both analytically and numerically for various initial conditions, which allows us to account for different observations of previous empirical studies. In particular, it rationalises shortcomings of past work by quantifying that mergers and acquisitions develop a significant influence on the firm size distribution only over time scales much longer than a few decades. This explains why M&A has apparently little impact on the firm size distributions in existing data sets. Our approach is very flexible and can be extended to account for other sources of external growth, thus contributing towards a holistic understanding of the distribution of firm sizes.

  10. Quantification of the evolution of firm size distributions due to mergers and acquisitions

    Science.gov (United States)

    Sornette, Didier

    2017-01-01

    The distribution of firm sizes is known to be heavy tailed. In order to account for this stylized fact, previous economic models have focused mainly on growth through investments in a company’s own operations (internal growth). Thereby, the impact of mergers and acquisitions (M&A) on the firm size (external growth) is often not taken into consideration, notwithstanding its potential large impact. In this article, we make a first step into accounting for M&A. Specifically, we describe the effect of mergers and acquisitions on the firm size distribution in terms of an integro-differential equation. This equation is subsequently solved both analytically and numerically for various initial conditions, which allows us to account for different observations of previous empirical studies. In particular, it rationalises shortcomings of past work by quantifying that mergers and acquisitions develop a significant influence on the firm size distribution only over time scales much longer than a few decades. This explains why M&A has apparently little impact on the firm size distributions in existing data sets. Our approach is very flexible and can be extended to account for other sources of external growth, thus contributing towards a holistic understanding of the distribution of firm sizes. PMID:28841683

  11. Quantification of the evolution of firm size distributions due to mergers and acquisitions.

    Directory of Open Access Journals (Sweden)

    Sandro Claudio Lera

    Full Text Available The distribution of firm sizes is known to be heavy tailed. In order to account for this stylized fact, previous economic models have focused mainly on growth through investments in a company's own operations (internal growth. Thereby, the impact of mergers and acquisitions (M&A on the firm size (external growth is often not taken into consideration, notwithstanding its potential large impact. In this article, we make a first step into accounting for M&A. Specifically, we describe the effect of mergers and acquisitions on the firm size distribution in terms of an integro-differential equation. This equation is subsequently solved both analytically and numerically for various initial conditions, which allows us to account for different observations of previous empirical studies. In particular, it rationalises shortcomings of past work by quantifying that mergers and acquisitions develop a significant influence on the firm size distribution only over time scales much longer than a few decades. This explains why M&A has apparently little impact on the firm size distributions in existing data sets. Our approach is very flexible and can be extended to account for other sources of external growth, thus contributing towards a holistic understanding of the distribution of firm sizes.

  12. THE EFFECTS OF CROSS-BORDER BANK MERGERS AND ACQUISITIONS ON THE PRODUCTIVITY OF CREDIT INSTITUTIONS

    Directory of Open Access Journals (Sweden)

    Andreea N. POPOVICI

    2014-06-01

    Full Text Available The purpose of the current research is to study bank mergers and acquisitions (M-A and to see whether they have implications on the productivity of the target banks, and also for the bidder bank. The aim of this paper is to see if, during 2002-2008 period, three banks from the European banking system, Banca Comerciala Romana from Romania, Slovenskásporiteľňa from Slovakia and Erste Bank Group from Austria improved their productivity due to the fact that all of them were involved in a process of cross-border merger or acquisitions, even if the bank is the purchaser or the target. To reach our goal, we used DEA method, by estimating the productivity achieved by these three banks during the period pre-M-A, post M-A, but we also estimated the productivity for entire period of seven years. Using Malquist DEA method, we show that, on average, the merger or acquisition in which a bank was involved improved the Total Factor Productivity of all analyzed banks.

  13. Financial risk identification and control of cross border merger and acquisition enterprises

    Directory of Open Access Journals (Sweden)

    Adelina DUMITRESCU – PECULEA

    2016-12-01

    Full Text Available Mergers and acquisitions are basic channels for modern companies’ growth. With globalization speeding up, multinational companies increasingly take on M_A activities to strengthen global market positions and raise competitiveness. In recent years, M_A activities have played an important role in Chinese companies. Financial risk is inherent to M_A processes in cross-border companies. Also, more than 50% of Chinese companies did not achieve their M_A goals. Therefore, recognizing and controlling financial risk is essential. This paper analyses the financial risk from different perspectives and then provides suggestions by analysing a typical M_A case: Bohai Leasing merger with Seaco Company. Complete due diligence and clear M_A strategies, combination of various financing instrument, strategic paying methods and finance integration are some ways for controlling and decreasing finance risk.

  14. The Effect of Merger and Acquisition Announcements on Stock Price Behaviour and Financial Performance Changes: a Case of Banks in Malaysia

    OpenAIRE

    Harjito, D. Agus; Sulong, Zunaidah

    2006-01-01

    This study attempts to examine the effect of mergers and acquisitions completion announcements on the stock price behavior for two anchor banks; Hong Leong Bank Berhad and Arab Malaysian Bank Berhad. The analysis uses the event study technique, the Naïve Model, a model that is based on Market Model with constrained  = 0 and  = 1 to compute the abnormal returns surrounding the mergers and acquisitions completion announcement date; also to evaluate the effect of mergers and acquisitions ...

  15. The Effect of Merger and Acquisition Announcements on Stock Price Behaviour and Financial Performance Changes: A Case of Banks in Malaysia

    OpenAIRE

    Harjito, D. Agus; Sulong, Zunaidah

    2009-01-01

    This study attempts to examine the effect of mergers and acquisitions completion announcements on the stock price behavior for two anchor banks; Hong Leong Bank Berhad and Arab Malaysian Bank Berhad. The analysis uses the event study technique, the Naïve Model, a model that is based on Market Model with constrained  = 0 and  = 1 to compute the abnormal returns surrounding the mergers and acquisitions completion announcement date; also to evaluate the effect of mergers and acquisitions compl...

  16. Implications of mergers and acquisitions in gas and electric markets: The role of yardstick competition in merger analysis

    International Nuclear Information System (INIS)

    Reiter, H.L.

    1999-01-01

    There has been no shortage of proposed and consummated mergers of regulated utilities in the electric, natural gas, and telecommunication industries over the last decade. For example, the National Rural Electric Cooperative Association states that there have been thirty electric utility mergers since 1992 and dozens of so-called convergence mergers between electric and gas utilities during that period. Yardstick competition or the competition that occurs when the regulator can compare the relative performances of utilities it regulates with other utilities it regulates or with neighboring utilities in other jurisdictions, places pressure on the regulated utilities to perform better for fear of coming up short in the comparison process. There are three important questions regulators may ask about the importance of yardstick competition as regulatory tool and the weight regulators should give to diminution of yardstick competition in the merger context. First, does it make that much difference? In the electric industry, for example, distribution costs typically comprise less than ten percent of the delivered price of electricity. Second, to preserve theoretical yardstick competition, are regulators then going to block mergers that bring other efficiencies? And finally, are there sound tools at the regulators' disposal should they be inclined to take yardstick competition seriously as a factor in regulation of utilities?

  17. Implications of mergers and acquisitions in gas and electric markets: The role of yardstick competition in merger analysis

    Energy Technology Data Exchange (ETDEWEB)

    Reiter, H.L.

    1999-06-30

    There has been no shortage of proposed and consummated mergers of regulated utilities in the electric, natural gas, and telecommunication industries over the last decade. For example, the National Rural Electric Cooperative Association states that there have been thirty electric utility mergers since 1992 and dozens of so-called convergence mergers between electric and gas utilities during that period. Yardstick competition or the competition that occurs when the regulator can compare the relative performances of utilities it regulates with other utilities it regulates or with neighboring utilities in other jurisdictions, places pressure on the regulated utilities to perform better for fear of coming up short in the comparison process. There are three important questions regulators may ask about the importance of yardstick competition as regulatory tool and the weight regulators should give to diminution of yardstick competition in the merger context. First, does it make that much difference? In the electric industry, for example, distribution costs typically comprise less than ten percent of the delivered price of electricity. Second, to preserve theoretical yardstick competition, are regulators then going to block mergers that bring other efficiencies? And finally, are there sound tools at the regulators' disposal should they be inclined to take yardstick competition seriously as a factor in regulation of utilities?

  18. THE INFLUENCE OF HOME COUNTRY MACROECONOMIC FACTORS ON INWARD CROSS-BORDER MERGERS AND ACQUISITIONS: THE CASE OF ROMANIA

    Directory of Open Access Journals (Sweden)

    Sehleanu Mariana

    2015-07-01

    Full Text Available Expanding abroad and entering on foreign markets is a natural step in the process of growth and development of firms. Cross-border mergers and acquisitions represent, currently, an important tool in the competitive struggle, which is increasingly intense due to the globalization of economies, and also the driving force behind the growth of Foreign Direct Investments (FDI flows globally. In Romania, the share of cross-border mergers and acquisitions inflows in the total FDI inflows increased progressively, reaching 46,6% in 2006, when the highest value of these transactions was registered (5.308 million dollars, according to UNCTAD. The aim of this empirical research is to study the correlation between the number of inward cross-border mergers acquisitions and a series of other variables, considered factors of influence, over the period 1992-2013. Using simple regression models, the study reveals that economic factors such as Gross domestic product (GDP, stock market capitalization (as a percentage of GDP, interest rate, exchange rate, M2 monetary aggregate and inflation have an important role in explaining cross-border mergers and acquisitions inflows. Between the number of inward cross-border mergers and acquisitions and GDP, M2 monetary aggregate, market capitalization, respectively the exchange rate, there is a direct and linear correlation and between the number of inward mergers and acquisitions and the interest rate, respectively the inflation, there is an inverse linear correlation. The research conducted reveals the important role played by macroeconomic factors with regard to the cross-border mergers and acquisitions inflows, as an entry mode of FDI in Romania.

  19. Cross-border mergers and acquisitions: Mature markets vs. emerging markets—with special reference to the USA and India

    Directory of Open Access Journals (Sweden)

    Geeta Rani Duppati

    2015-12-01

    Full Text Available Due to the differences in the merger waves across markets, the market for cross-border mergers and acquisitions by Indian companies differs in context and situations from those of the mature markets. Post-acquisition performance is critical to the success of companies involved in overseas investments. This paper uses event study methodology to analyse the long-term performance of Indian-acquiring companies by undertaking 30 outward foreign direct investment (OFDI-related deals, during 2000–2008 period. Further, it compares the empirical findings from India with the prior findings from the USA. It is evident from the empirical results that the stock markets reacted positively in the short run following the announcements of the OFDI-related mergers and acquisitions by Indian companies. The empirical findings also showed positive results in the post-acquisition period following the overseas deals.

  20. Rural Hospital Mergers and Acquisitions: Which Hospitals Are Being Acquired and How Are They Performing Afterward?.

    Science.gov (United States)

    Noles, Marissa J; Reiter, Kristin L; Boortz-Marx, Jonathan; Pink, George

    2015-01-01

    The number of stand-alone rural hospitals has been shrinking as larger health systems target these hospitals for mergers and acquisitions (M and As). However, little research has focused specifically on rural hospital M and A transactions. Using data from Irving Levin Associates' Healthcare M and A Report and Medicare Cost Reports from 2005 to 2012, we examined two research questions: (1) What were the characteristics of rural hospitals that merged or were acquired, and (2) were there changes in rural hospital financial performance, staffing, or services after an M and A transaction? We used logistic regression to identify factors predictive of merger, and we used multiple regression to examine various hospital measures after an M or A. Study results showed that hospitals with weaker financial performance but lower staffing levels and staffing costs were more likely to merge or be acquired. Statistically weak evidence suggested that operating margins declined after the merger; stronger evidence suggested reductions in salary expense. There was no statistically significant evidence of changes to the number of full-time equivalent (FTE) employees, the service lines that were included in the study, capital expenditures, or the amount of debt financing among the hospitals that merged or were acquired. M and A may not result in a rapid influx of capital, a relief of debt burden, or an improvement in bottom-line profitability. However, M and A may be a viable option for maintaining the hospital and the access to care it provides.

  1. Selected issues relating to target companies and their boards in the context of merger and acquisition transactions

    International Nuclear Information System (INIS)

    Allen, F.R.

    1998-01-01

    Some of the practical, legal and regulatory issues which the board of directors of a target company should bear in mind in their deliberations concerning a take-over bid are reviewed. Directors of such companies will require compliance with and adherence to standard legal and regulatory rules of conduct. Developing a team to deal with the myriad details of a take-over, acquisition or merger, preparing and compiling and maintaining a manual of relevant information are highly recommended. Fiduciary duties of directors and its relevance to mergers and acquisitions are illustrated by reference to a number of recent actual court cases involving these issues. Relevant Canadian and U.S. Case Law is reviewed. It is emphasized throughout the paper that take-over transactions, mergers and acquisitions are complex and time consuming processes. It is essential and customary for senior management to be active participants in most merger and acquisition matters to provide the strategic input which drives the efforts of all involved. Equally important is to establish appropriate governance practices and to prepare and equip the corporation's mergers and acquisitions team in advance, should such events arise on short notice by design or otherwise. 38 refs

  2. Mergers and acquisitions in the European electricity sector. Cases and patterns

    International Nuclear Information System (INIS)

    Codognet, M.K.; Glachant, J.M.; Leveque, F.; Plagnet, M.A.

    2002-08-01

    This report surveys 96 mergers and acquisitions of electric power companies in the European Union from January 1998 to August 2002. Cases are described in part 1 and patterns in part 2. The companies in concern are: E.ON (Germany), Powergen (UK), RWE (Germany), National Power (UK), Innogy (UK), Electricite de France (EdF), Edison (Italy), EnBW (Germany), Electricidade de Portugal (EdP), Suez (France), Endesa (Spain), Enel (Italy), Vattenfall (Sweden), Bewag (Germany), Hafslund ASA (Norway), FORTUM (Finland), STATKRAFT (Norway), British Energy (UK), Scottish and Southern Energy (UK), National Grid Transco (UK), Centrica (UK), Sydvest Energi (Denmark), Essent (Netherlands) and Nuon (Netherlands). (J.S.)

  3. Mergers and Acquisitions and Banks Performance in Nigeria ...

    African Journals Online (AJOL)

    In order to strengthen the competitive and operational capabilities of banks in Nigeria with a view towards returning global and public confidence to the Nigerian banking sector and the economy in general, the Central Bank of Nigeria instituted a banking reform in 2004, which saw most of the then existing 89 banks merging ...

  4. The Study of Airline Merger and Acquisition in the Great China Area

    Science.gov (United States)

    Shon, Zhengyi

    2003-01-01

    The Asian financial crisis in the late 20 th century has some long lasting effect on the air transportation industry in Asia, especially in the Great China Area. Starting from 1998, airlines in both China and Taiwan suffered some serious financial losses due to the diminishing travel demand caused by the economic recession. Airlines were forced to cut price to attract passengers and hence crashed the market discipline. A number of airline mergers and acquisitions were then driven by the markets and the governments. After China and Taiwan have both entered the World Trade Organization, some mega-merging cases were finalized in late 2002 for better fitting the world's aviation competitions. This paper reviews the nine merging and acquiring cases in the Great China Area in the past 5 years. Almost all the airlines in the area were involved. The new groups of airlines and the survival airlines are introduced. Market response to the airline mergers will also be examined. A general look over the performance of the new airlines will be discussed. And the future of the market will also be analyzed. Finally, the practices and the impacts of current inter-state mergers in the Great China Area will be examined. The study has expected a highly concentrated domestic market in both China and Taiwan. Each of the market will be dominated by three major airline groups of their own. Cross-holding equity within these 6 leading aviation groups would also be possible after further deregulations.

  5. Do Merger And Acquisition Affect On Company’s Financial Performance?

    Directory of Open Access Journals (Sweden)

    Novia Dian Larasati

    2018-02-01

    Full Text Available This research aims to determine whether there are differences in the company's financial performance before and after merger and acquisition are conducted. The design of this researchis quantitative research. This research was conducted on the listing company in the Indonesian Stock Exchange 2010-2014. The data source was obtained from secondary data; the data obtained from the financial conditionments. The total final samples used were 24 companies by usingpurposive sampling method. The data used were analyzed using the Wilcoxon Signed Ranked Test. The results of this research indicate that current ratio (CR,debt to equity ratio (DER,net profit margin(NPM,price earnings ratio (PER, total asset turnover (TATO had no significant difference on the company before and after merger and acquisitionon the listing company in the Indonesian Stock Exchange (merger and acquisitionof 2010-2014.

  6. The convergence of electric power and natural gas industries. Mergers and acquisitions in the United States

    International Nuclear Information System (INIS)

    Meritet, S.

    2000-01-01

    Deep transformations have taken place in the US electric power industry, in terms of organisation and competition. The reforms of the regulation of this sector have changed the operation rules and, as an answer, the companies have adapted their behaviour. The reorganization is characterized by the combination between new competitive markets with new occupations. The deregulation and the technical progress accelerate the reconfiguration of the industry with the convergence of the natural gas and electric power activities. Since 1996, the numerous mergers-acquisitions between companies are representative of the tight links existing between the two energy sources. In this work, the convergence of the natural gas and power industries in the US is examined. The study of the reconciliation between power and gas companies (mainly the utilities) stresses on the improvement of the combined companies efficiency. The first part deals with the reconfiguration of the US power industry. The second part analyzes the consequences of the gas-electricity mergers and acquisitions. It includes the exploitation of financial data and a classical econometric test about the 'size-scale-spread' relation. The re-composition of the value chain is at the center of the industrial economy problem: it gives the opportunity for new forms of markets and firms. (J.S.)

  7. Mergers and acquisitions of downstream facilities by producing countries

    Energy Technology Data Exchange (ETDEWEB)

    Ligon, D.R.

    1988-01-01

    The author discusses a phenomenon that he calls the ''re-integration'' or ''re-coupling'' of the worldwide oil industry, as foreign, particularly OPEC, producers are becoming directly involved with downstream operations in their most important markets. This phenomenon already has produced some far-reaching consequences that will become even more important and pervasive in the near future. First, he describes the factors and logic that led to these arrangements. Next, he outlines some of their practical considerations and implications. While some of the market factors described are applicable to any non-integrated producer, he spends most of his time discussing OPEC and ''neo-OPEC'' producers such as Mexico. These are the people doing the deals and are therefore probably of greatest interest.

  8. Impact of Mergers and Acquisitions on the Performance of ...

    African Journals Online (AJOL)

    DR Nneka

    have become the fashion for corporate organization around the world. Corporate ... unfortunate political environment and inconsistent economic policies over the years, thus, the economy started to .... Therefore, analysis was based on fifty (50).

  9. Mergers, Acquisitions and Export Competitiveness: Experience of Indian Manufacturing Sector

    Directory of Open Access Journals (Sweden)

    Mishra Pulak

    2012-03-01

    Full Text Available In the context of economic reforms in general and subsequent wave of M&A in particular, this paper attempts to examine the impact of M&A on the export competitiveness of firms in the Indian manufacturing sector. By using a panel dataset of 33 industries from the period of 2000-01 to 2007-08, it is found that, the wave of M&A has enhanced the export competitiveness of firms. The industries with larger number of M&A have greater penetration in the international market. The other factors that have significantly contributed to export competitiveness include the presence of MNCs and import of foreign technology. Export competiveness is higher in the industries that have larger presence of MNCs and greater foreign technology purchase intensity. On the other hand, industries with higher capital intensity or greater selling efforts by firms have limited penetration in the international market. However, this paper did not find any significant influence of market concentration, competition from imports, in-house efforts, or profitability on export competitiveness of firms. Therefore, the findings from this paper have important policy implications in relation to the regulation of M&A and entry of MNCs as well as the import of capital goods.

  10. Migrating Legacy Systems in the Global Merger & Acquisition Environment

    Science.gov (United States)

    Katerattanakul, Pairin; Kam, Hwee-Joo; Lee, James J.; Hong, Soongoo

    2009-01-01

    The MetaFrame system migration project at WorldPharma, while driven by merger and acquisition, had faced complexities caused by both technical challenges and organizational issues in the climate of uncertainties. However, WorldPharma still insisted on instigating this post-merger system migration project. This project served to (1) consolidate the…

  11. Is Speed of Integration really a Success Factor of Mergers and Acquisitions? : An Analysis of the Role of Internal and External Relatedness

    OpenAIRE

    Homburg, Christian; Bucerius, Matthias

    2006-01-01

    Previous research on mergers and acquisitions (M&A) has neglected the issue of speed of post merger integration (PMI) by and large. This paper argues that there are benefits and detriments associated with speed of integration. Thus, in some situations speed may be highly beneficial whereas in others it may be harmful to the success of a merger or acquisition. It is argued that the benefits and detriments of speed of integration depend on the magnitude of internal and external relatedness ...

  12. American Health Information Management Association. Position statement. Issue: managing health information in facility mergers and acquisitions.

    Science.gov (United States)

    1994-04-01

    Healthcare facility mergers and acquisitions are becoming more common as the industry consolidates. Many critical issues must be considered in mergers and acquisitions, including the management of patient health information. In addition to operational issues, licensure, regulatory, and accreditation requirements must be addressed. To ensure availability of health information to all legitimate users, patient records should be consolidated or linked in the master patient index. A record retention policy should be developed and implemented to meet user needs and assure compliance with legal, regulatory, and accreditation requirements. If health information from closed facilities will be stored for a period of time, its integrity and confidentiality must be preserved, and it must be readily accessible for patient care. The compatibility and functionality of existing information systems should be assessed, and a plan should be formulated for integration of the systems to the extent possible. Such integration may be essential for the organization to successfully meet the demands of integrated delivery systems. Existing databases should be maintained in an accessible form to meet anticipated future needs.

  13. An Analysis of French Mergers and Acquisitions in Different Sectors of the Czech Economy

    Directory of Open Access Journals (Sweden)

    Eric Thivant

    2017-04-01

    Full Text Available Over the past two decades, French enterprises have been heavily investing in the Czech Republic. Today, France is the fifth biggest investor to the Czech Republic, and French companies are among the most important employers. The aim of this study is to analyze the presence of French firms in Czech Republic by look at the example the French-Czech mergers and acquisitions (M&A, and to explain the main motivation of the location of French firms in the country. Using a review of documents and secondary data analysis, we observe that French enterprises have invested especially in the Czech manufacturing sector, energy & power, consumer staples and financial services. In this study, we evaluate if French corporations try to optimize their production process within so-called global value chains, and if French companies have invested in their own strategic domain area or another strategic area by using the diversification growth approach. Finally, we present examples of successful mergers and acquisitions of French firms realized in the Czech Republic.

  14. EXTERNAL CORPORATE GOVERNANCE MECHANISMS: MERGERS AND ACQUISITIONS ON THE BRAZILIAN MARKET

    Directory of Open Access Journals (Sweden)

    Mario Augusto Parente Monteiro

    2014-08-01

    Full Text Available The research aims to answer the following question: What is the effectiveness of mergers and acquisitions in the Brazilian market as external corporate governance mechanism? The main objective of the study is to verify if mergers and acquisitions operations in Brazilian market may act as an external mechanism of corporate governance, replacing managers and, as a consequence of changes in management, improving financial performance. The study is exploratory, qualitative in its approach, supported by documentary research on secondary data concerning an intentional sample of Brazilian companies aiming to identify the effect of M&A operations on the corporate governance structure of the acquired firm and on its financial results. Data obtained on the website of the Brazilian Securities and Exchange Commission (CVM, related to Brazilian M&A operations in the period 2005-2010, were analyzed. Although M&A operations in Brazil were found to have disciplinary nature in our sample of firms in the studied period, our results are inconclusive regarding the effectiveness of these transactions and external governance mechanisms.

  15. Optimizing asset value (OAV) -- A decision tool for mergers and acquisitions

    Energy Technology Data Exchange (ETDEWEB)

    Blanchard, D.; Brinsfield, W.; Franklin, E. [Tenera Energy, LLC, San Francisco, CA (United States); Turnage, J. [US Generating Co., Bethesda, MD (United States)

    1999-11-01

    As the energy industry restructures and realigns, companies are increasingly engaged in all aspects of mergers, acquisitions, and divestiture. Successful transactions are no accident, and new insights are emerging daily. This paper describes a tool called Optimizing Asset Value (OAV) that provides support to the Valuation phase of the merger, acquisition, and divestiture process. The methodology is based upon a quantitative, risk-based approach that is used to calculate the impact of equipment operation and operations/maintenance practices upon the ability to generate maximum revenue. By combining probabilistic reliability data with the economic consequences of plant derating, equipment can be prioritized as to its importance to revenue generation. Savvy buyers can apply OAV to plants under consideration for purchase to estimate where the plant is on its revenue generation capability curve, and thus gain a better understanding as to the risks, or opportunities for improvement, that exist. This information can be used along with other pro forma analyses to set the bid price for the asset.

  16. How do Mergers and Acquisitions Affect Bondholders in Europe? Evidence on the Impact and Spillover of Governance and Legal Standards

    NARCIS (Netherlands)

    Renneboog, L.D.R.; Szilagyi, P.G.

    2006-01-01

    This paper contributes to the comparative corporate governance literature by showing how cross-country differences in governance and legal standards affect the bondholder wealth effects of European merger and acquisitions (M&As).Using investment-grade Eurobonds, we find some remarkable

  17. How Do Mergers and Acquisitions Affect Bondholders in Europe? Evidence on the Impact and Spillover of Governance and Legal Standards

    NARCIS (Netherlands)

    Renneboog, L.D.R.; Szilagyi, P.G.

    2006-01-01

    Abstract: This paper contributes to the comparative corporate governance literature by showing how cross-country differences in governance and legal standards affect the bondholder wealth effects of European merger and acquisitions (M&As). Using investment-grade Eurobonds, we find some remarkable

  18. EFFECTS OF MERGERS AND ACQUISITIONS ON FINANCIAL PERFORMANCE OF THE TARGET COMPANY

    Directory of Open Access Journals (Sweden)

    ADRIANA DUŢESCU

    2013-05-01

    Full Text Available Many studies revealed the fact that mergers and acquisitions are a risky business. Disregarding the M&A advisers’ fees, evaluations show that most of the companies completing M&A transactions disappoint to deliver on promised financial performance. But, as many would say, it is an investment and the highest risks produce the highest results - whether they're good or bad. Within this paper, we were intending to analyse the rate of success of relevant M&A transactions that took place in 2007 in Romania, by comparing the financial statements of the target companies before and after the acquisition, in the current economic context. The main objective of this study is to generally determine the successfulness of the M&A transactions, starting from assessing changes induced by the M&A transaction to the target company, with the help of three important financial ratios: profit margin, ROE and receivable collection period. Even though the study may present some bias, we have tried to be as objective as possible and not influence its outcome: that 80% of 10 most important private Mergers and Acquisitions taking place in Romania in 2007 and that meet several conditions: o The target is part of the consumer goods and services market (mainly trade and tourism and is an important player in its industry o The target is a Romanian private company, and its shares are not listed on the stock exchange o The acquirer is majority shareholder after the transaction The target company remained as a sole entity and was not integrated into the mother company after the transaction were not successful.

  19. THE IMPACT OF MERGER AND ACQUISITION TRANSACTIONS AT THE COMPANY AND INDUSTRY LEVEL

    Directory of Open Access Journals (Sweden)

    Elif Akben Selçuk

    2016-04-01

    Full Text Available The objective of this study is to provide a literature review consisting of studies investigating the impact of mergers and acquisition (M&A transactions at the micro and macro levels. The review has three different parts. In the first part, the focus is on the macro effects of M&A transactions and the impact of these transactions at the industry and market levels as well as their determinants are investigated. The second part comprises studies analyzing the effects of M&A transactions on the financial performance of the acquirer and target companies. In the third and final section, the factors affecting the financial performance changes as a result of M&A transactions are discussed.

  20. Domestic banking sector development and cross border mergers and acquisitions in Africa

    Directory of Open Access Journals (Sweden)

    Elikplimi K. Agbloyor

    2012-01-01

    Full Text Available Recently, economists have started taking a closer look at cross border mergers and acquisitions (M&As due to its phenomenal rise in the past two decades. This study investigates the relation between banking sector development and cross M&As in Africa. Our sample consists of 11 African countries with data covering the period, 1993–2008. We use a Baltagi panel instrumental variable Error Component Two Stage Least Squares (EC2SLS estimator with the Baltagi-Chang estimators of the variance components to deal with endogeneity. The results of the study indicate that banking sector development promotes cross border M&A activity in Africa. We also document evidence suggesting that cross border M&A activity drives banking sector development in Africa. Overall, our evidence suggests a two-way causation between banking sector development and cross border M&As.

  1. 78 FR 57853 - Change in Bank Control Notices; Formations of, Acquisitions by, and Mergers of Bank Holding...

    Science.gov (United States)

    2013-09-20

    ... FEDERAL RESERVE SYSTEM Change in Bank Control Notices; Formations of, Acquisitions by, and Mergers of Bank Holding Companies; Correction This notice corrects a notice (FR Doc. 2013-22047) published on pages 55716 and 55717 of the issue for Wednesday, September 11, 2013. Under the Federal Reserve Bank of New York heading, the entry for Donald J....

  2. Mergers, acquisitions, divestitures, and applications for market-based rates in a deregulating electric utility industry

    International Nuclear Information System (INIS)

    Cox, A.J.

    1999-01-01

    In this article, the author reviews FERC's current procedures for undertaking competitive analysis. The current procedure for evaluating the competitive impact of transactions in the electric utility industry is described in Order 592, in particular Appendix A. These procedures effectively revised criteria that had been laid out in Commonwealth Edison and brought its merger policy in line with the EPAct and the provisions of Order 888. Order 592 was an attempt to provide more certainty and expedition in handling mergers. It established three criteria that had to be satisfied for a merger to be approved: Post-merger market power must be within acceptable thresholds or be satisfactorily mitigated, acceptable customer protections must be in place (to ensure that rates will not go up as a result of increased costs) and any adverse effect on regulation must be addressed. FERC states that its Order 592 Merger Policy Statement is based upon the Horizontal Merger Guidelines issued jointly by the Federal Trade Commission and the Antitrust Division Department of Justice (FTC/DOJ Merger Guidelines). While it borrows much of the language and basic concepts of the Merger Guidelines, FERC's procedures have been criticized as not following the methodology closely enough, leaving open the possibility of mistakes in market definition

  3. Mergers, acquisitions, divestitures, and applications for market-based rates in a deregulating electric utility industry

    Energy Technology Data Exchange (ETDEWEB)

    Cox, A.J.

    1999-05-01

    In this article, the author reviews FERC's current procedures for undertaking competitive analysis. The current procedure for evaluating the competitive impact of transactions in the electric utility industry is described in Order 592, in particular Appendix A. These procedures effectively revised criteria that had been laid out in Commonwealth Edison and brought its merger policy in line with the EPAct and the provisions of Order 888. Order 592 was an attempt to provide more certainty and expedition in handling mergers. It established three criteria that had to be satisfied for a merger to be approved: Post-merger market power must be within acceptable thresholds or be satisfactorily mitigated, acceptable customer protections must be in place (to ensure that rates will not go up as a result of increased costs) and any adverse effect on regulation must be addressed. FERC states that its Order 592 Merger Policy Statement is based upon the Horizontal Merger Guidelines issued jointly by the Federal Trade Commission and the Antitrust Division Department of Justice (FTC/DOJ Merger Guidelines). While it borrows much of the language and basic concepts of the Merger Guidelines, FERC's procedures have been criticized as not following the methodology closely enough, leaving open the possibility of mistakes in market definition.

  4. The state of case study approach in mergers and acquisitions literature: A bibliometric analysis

    Directory of Open Access Journals (Sweden)

    K.S. Reddy

    2015-12-01

    Full Text Available The purpose of this paper is to survey the state of case study research in mergers and acquisitions (M&A literature. Thus, it is an original attempt at presenting the current state and review of the case method in M&A research, provided no earlier study claims this. The stylized review reveals that 93 journal articles adopted the case method of which 66 (27 articles examined developed (emerging markets, and single (multiple case based studies were 44 (46 and remaining three adopted survey and interview method during survey period 1991–2015. Albeit, very few studies accomplished the purpose of case study research in business management, that is, testing extant theory and building new theory. Lastly, we recall various methodological guidelines to establish the sound research environment in the qualitative case method.

  5. 77 FR 65690 - Change in Bank Control Notices; Formations of, Acquisitions by, and Mergers of Bank Holding...

    Science.gov (United States)

    2012-10-30

    ... FEDERAL RESERVE SYSTEM Change in Bank Control Notices; Formations of, Acquisitions by, and Mergers of Bank Holding Companies; Correction This notice corrects a notice (FR Doc. 2012-26297) published on page 65190 of the issue for Thursday, October 25, 2012. Under the Federal Reserve Bank of Dallas heading, the entry for Bryon Dirk Bagenstos,...

  6. 77 FR 21100 - Change in Bank Control Notices; Formations of, Acquisitions by, and Mergers of Bank Holding...

    Science.gov (United States)

    2012-04-09

    ... FEDERAL RESERVE SYSTEM Change in Bank Control Notices; Formations of, Acquisitions by, and Mergers of Bank Holding Companies; Correction This notice corrects a notice (FR Doc. 2012-7210) published on page 17478 of the issue for Monday, March 26, 2012. Under the Federal Reserve Bank of Richmond heading, the entry for U.S. Immigration Investment...

  7. 78 FR 2996 - Change in Bank Control Notices; Formations of, Acquisitions by, and Mergers of Bank Holding...

    Science.gov (United States)

    2013-01-15

    ... FEDERAL RESERVE SYSTEM Change in Bank Control Notices; Formations of, Acquisitions by, and Mergers of Bank Holding Companies; Correction Correction This notice corrects a notice (FR Doc. 2013-00331) published on page 2273 of the issue for Thursday, January 10, 2013. Under the Federal Reserve Bank of Kansas City heading, the entry for Whitewater...

  8. 78 FR 62633 - Change in Bank Control Notices; Formations of, Acquisitions by, and Mergers of Bank Holding...

    Science.gov (United States)

    2013-10-22

    ... FEDERAL RESERVE SYSTEM Change in Bank Control Notices; Formations of, Acquisitions by, and Mergers of Bank Holding Companies; Correction This notice corrects a notice (FR Doc. 2013-24477) published on page 62333 of the issue for Thursday, October 17, 2013. Under the Federal Reserve Bank of Minneapolis heading, the entry for Karen Neidhardt, Tamp...

  9. Merger and Acquisition Activity as Driver of Spatial Clustering : The Spatial Evolution of the Dutch Banking Industry, 1850-1993

    NARCIS (Netherlands)

    Boschma, Ron; Hartog, Matté

    2014-01-01

    This article investigates the extent to which merger and acquisition (M&A) activity contributed to the spatial clustering of the Dutch banking industry in Amsterdam. This analysis is based on a unique database of all banks in the Netherlands that existed in the period 1850-1993. We found that

  10. Motives for Cross-border Mergers and Acquisitions: Some Evidence from Danish Firms

    DEFF Research Database (Denmark)

    Wang, Daojuan; Moini, Hamid

    2012-01-01

    from Danish firms, Synergy Theory, Resource Dependence Theory, and Resource-based View are supported for explaining the motives for CBM&As. Besides, overconfidence and imitation sometimes play a role in the firms’ decision-making process. However, agency problems cannot be identified. It seems, CBM......This study addresses two questions based on Danish firms’ practices: first, what are motives for cross-border mergers and acquisitions (CBM&As)? Second, how the external and internal factors influence the firms’ decisions? According to the results of survey questionnaire and multiple-case study....... In addition, we found the nature of the firms’ core businesses mainly determines their motives for conducting CBM&As....

  11. Selection of Mergers and Acquisitions by Foreign Capital in Open Economies

    Institute of Scientific and Technical Information of China (English)

    ZHENG Ying-fei; CHEN Hong-min; XU Li

    2007-01-01

    By a linear Cournot model, the factors associated with the integration of two firms are discussed in terms of their effects on the private surplus and the social welfare in economies with varying extent of openness. Meanwhile, the trade policy of the host government is taken into account. It is concluded that the more open the economy and the more intense the competition, the less profitable the integration; the most important determinant to the changes of the domestic social welfare is the industry strength of the host country. The host authority can enhance the domestic social welfare in two ways: to adjust the trade policy and to only approve the socially desirable cross-border mergers and acquisitions.

  12. MERGERS AND ACQUISITIONS THAT STRENGTHEN THE BANKING SYSTEMS DURING THE CRISIS

    Directory of Open Access Journals (Sweden)

    RADULESCU MAGDALENA

    2014-08-01

    Full Text Available A number of reasons have been advanced in order to explain why banks began to expand worldwide. There were several aspects that were aimed such as the client-bank relationship, the need for people to cooperate with these institutions and financial intermediaries in the host country. Mergers seek to improve the revenue derived from services performed later, but the increase is offset by personnel costs increase, while acquisitions are observed in order to restructure the acquired bank's loan portfolio and on the application of the improved lending policies that lead to higher profits. These things were best observed during the current crisis period. Regardless of the negative effects of the crisis, there were some banks which were not impacted. The large banking groups merged and by this means they managed to gain the power to dominate and control the entire activity of the field.

  13. European Retail Payments Market: New Opportunities to Mergers and Acquisition Transactions

    Directory of Open Access Journals (Sweden)

    Lina Novickytė

    2011-04-01

    Full Text Available Most of European banks will not be able to allocate funds successfully participating in the SEPA. Some of them have to look for opportunities to reduce the cost in collaboration with other institutions in the execution of the payment or provision of services to carry out transmission of the third party. The other part will have to find a merger partner. In future there can be more active participants in the market lead to acquisitions. In order to assess possible changes in the payment market, noted that its participants – service providers – consolidation will be inevitable. The assessment of the Lithuanian bank sector shows that banks with the parent banks that invest and develop the activities of subsidiaries of banks, are likely to remain in the market. However, banks that are not ready to participate and get involved in a single market, will be taken over or disappear.Article in Lithuanian

  14. 浅议陕西煤化集团并购重组工作%Discussion of mergers and acquisitions work in Shaanxi Coal and Chemical Industry Group

    Institute of Scientific and Technical Information of China (English)

    邹贵武

    2015-01-01

    This paper introduced the main methods of mergers and acquisitions work , summarized the experiences of mergers and acquisitions work and analyzed the effects of mergers and acquisitions work during the development process of Shaanxi Coal and Chemical Industry Group .%介绍了陕煤化集团在发展过程中,实施并购重组工作的主要做法,总结了开展并购重组工作经验,并以具体实例说明了集团实施并购重组工作的效果。

  15. An integrated approach for a higher success rate in mergers and acquisitions

    Directory of Open Access Journals (Sweden)

    Andrej Bertoncelj

    2007-05-01

    Full Text Available The paper outlines the importance of balanced management of hard and soft key success factors, combining the economic logic of corporate performance and human capital through an integrated approach to mergers and acquisitions. The study, based on a questionnaire and interviews, suggests that the achievement level ofmergers and acquisitions’ objectives of acquiring companies in Slovenia should be comparable to findings of similar studies; namely, the objectives that drove the deal were met only half the time. The results indicate that five hard success factors – a professional target search and due diligence, a realistic assessment of synergies, theright mix of financial sources, a detailed post-acquisition integration plan already prepared in the pre-deal phase and its speedy implementation – and five soft success factors – a new “combined” organizational culture, a competent management team, innovative employees, efficient and consistent communication and a creative business environment – are becoming increasingly relevant. Even though they differ in their importance for individual companies in the sample, they are all considered essential to increasing the success rate of corporate combinations

  16. Proceed With Caution China adopts security review system for foreign mergers and acquisitions of domestic companies

    Institute of Scientific and Technical Information of China (English)

    LAN XINZHEN

    2011-01-01

    China's Ministry of Commerce (MOFCOM) recently gave Nestle the nod of approval for the international food giant's acquisition of Yinlu Food Group.A signing ceremony was held on September 8 in Xiamen,southeast China's Fujian Province,where Yinlu is headquartered.This is the first merger and acquisition (M&A) case of a domestic enterprise by a foreign investor since the Provisions on the Safety Review System for M&As of Domestic Enterprises by Foreign Investors came into effect on September 1,2011.Nestle,the largest food and nutrition company in the world,has been accelerating its development in the Chinese market in recent years.On April 18,2011,it announced plans to purchase a 60-percent stake in Yinlu,a family-owned food maker with sales of 5.46billion yuan ($854 million) in 2010.The deal was submitted to MOFCOM's for anti-monopoly review on May 24 and was approved after a three-month review period.In July,the food conglomerate said it would buy a 60-percent stake in leading Chinese confectioner Hsu Fu Chi International.MOFCOM's approval of the deal is still pending.

  17. Development of mergers and acquisitions in the conditions of the Czech economy 2001–2010

    OpenAIRE

    Jaroslav Sedláček; Zuzana Křížová; Eva Hýblová

    2011-01-01

    This paper presents the first results of a research project which has the aims to identify the problems appearing during the preparation of mergers in compliance with valid Czech regulations and to analyze economic causes and consequences of mergers. At the first stage it was necessary to compile a basic dataset in a structure needed for a statistical analysis. The aim of the analysis presented in this paper is to ascertain, both theoretically and empirically, how the external environment aff...

  18. Management practices and performance of mergers and acquisitions in Pakistan: mediating role of psychological contract.

    Science.gov (United States)

    Bari, Muhammad Waseem; Fanchen, Meng; Baloch, Muhammad Awais

    2016-01-01

    The objective of this study is to examine the direct and indirect effect of management practices (procedural justice, coordination approach, communication system, integration strategy, and coping programs) on merger and acquisition (M&A) performance in the Pakistan banking industry. Psychological contract (PC) acts as a mediator between Management practices and M&A performance. The Present study distributes a structured questionnaire to 700 bank employees of different management cadres. The useful response rate is 76 % (536 employees). It uses PLS-SEM technique for data analysis. (1) procedural justice is a key strategy which has highly significant direct and indirect effect on M&A performance; however integration strategy and the communication system have an only direct effect. (2) PC performs partial mediation at different levels between management practices and M&A financial and non-financial performance. This study provides an effective solution to solve the soft issues during and post-M&A process. This is one of the few studies which effectively integrate the five constructs into a single framework to study their effects on M&A performance. Limitations and future research directions are presented in the last section of the study.

  19. A Study on Cross-Border Mergers and Acquisitions and Their Implications to Market Contestability

    Directory of Open Access Journals (Sweden)

    Yunjong Wang

    1998-06-01

    Full Text Available In order to motivate the industry and market to transfer from old to new one, we should activate enterprise's going in and out of the market. Mergers and Acquisitions (M&A is an important method for their going in & out to be more flexible and for the whole market to improve its competitiveness. But if the purpose of M&A is to exclude competitiveness, we have to work out some control measures from the prospect of competition policy in order to make sure the M&A does not stand in the way of the competitiveness of the whole market. On the other side, it is predictable that after the financial crisis, multi-national M&A will not only be the channel for foreign investment preparation, but also will help transfer the monopolistic and closed market structure in Korea to be an more competitive and open one, thus make positive effects to the Korean market. Especially in terms of International market competitiveness, it is expected that the liberalization of multi-national M&A is more and more important as the motive power for leading world's economy to unite together.

  20. Acquisition and Merger Process Through the Eyes of Employees : A Case Study on How Change Management and Integration Process Affected the Employees of Company X

    OpenAIRE

    Maidell, Terhi

    2015-01-01

    This study is a case study about acquisition and merger process, which took place in February 2014, when Company X(name changed) bought three magazines and 42 employees were transferred from Company Y (name changed). The topic covers such issues as; change management during acquisition and merger from the employees’ point of view, how employees react to change and how they experience the change management process. The aim of the study is to understand the employee side of the story during cha...

  1. Analysis of factors determining enterprise value of company merger and acquisition: A case study of coal in Kalimantan, Indonesia

    Science.gov (United States)

    Candra, Ade; Pasasa, Linus A.; Simatupang, Parhimpunan

    2015-09-01

    The main purpose of this paper is looking at the relationship between the factors of technical, financial and legal with enterprise value in mergers and acquisitions of coal companies in Kalimantan, Indonesia over the last 10 years. Data obtained from secondary data sources in the company works and from published data on the internet. The data thus obtained are as many as 46 secondary data with parameters resources, reserves, stripping ratio, calorific value, distance from pit to port, and distance from ports to vessels, production per annum, the cost from pit to port, from port to vessel costs, royalties, coal price and permit status. The data was analysis using structural equation modeling (SEM) to determine the factors that most significant influence enterprise value of coal company in Kalimantan. The result shows that a technical matter is the factor that most affects the value of enterprise in coal merger and acquisition company. Financial aspect is the second factor that affects the enterprise value.

  2. Spatio-Temporal Patterns of the International Merger and Acquisition Network.

    Science.gov (United States)

    Dueñas, Marco; Mastrandrea, Rossana; Barigozzi, Matteo; Fagiolo, Giorgio

    2017-09-07

    This paper analyses the world web of mergers and acquisitions (M&As) using a complex network approach. We use data of M&As to build a temporal sequence of binary and weighted-directed networks for the period 1995-2010 and 224 countries (nodes) connected according to their M&As flows (links). We study different geographical and temporal aspects of the international M&A network (IMAN), building sequences of filtered sub-networks whose links belong to specific intervals of distance or time. Given that M&As and trade are complementary ways of reaching foreign markets, we perform our analysis using statistics employed for the study of the international trade network (ITN), highlighting the similarities and differences between the ITN and the IMAN. In contrast to the ITN, the IMAN is a low density network characterized by a persistent giant component with many external nodes and low reciprocity. Clustering patterns are very heterogeneous and dynamic. High-income economies are the main acquirers and are characterized by high connectivity, implying that most countries are targets of a few acquirers. Like in the ITN, geographical distance strongly impacts the structure of the IMAN: link-weights and node degrees have a non-linear relation with distance, and an assortative pattern is present at short distances.

  3. Parametrically Guided Generalized Additive Models with Application to Mergers and Acquisitions Data.

    Science.gov (United States)

    Fan, Jianqing; Maity, Arnab; Wang, Yihui; Wu, Yichao

    2013-01-01

    Generalized nonparametric additive models present a flexible way to evaluate the effects of several covariates on a general outcome of interest via a link function. In this modeling framework, one assumes that the effect of each of the covariates is nonparametric and additive. However, in practice, often there is prior information available about the shape of the regression functions, possibly from pilot studies or exploratory analysis. In this paper, we consider such situations and propose an estimation procedure where the prior information is used as a parametric guide to fit the additive model. Specifically, we first posit a parametric family for each of the regression functions using the prior information (parametric guides). After removing these parametric trends, we then estimate the remainder of the nonparametric functions using a nonparametric generalized additive model, and form the final estimates by adding back the parametric trend. We investigate the asymptotic properties of the estimates and show that when a good guide is chosen, the asymptotic variance of the estimates can be reduced significantly while keeping the asymptotic variance same as the unguided estimator. We observe the performance of our method via a simulation study and demonstrate our method by applying to a real data set on mergers and acquisitions.

  4. Merger and Acquisition Target Selection Based on Interval Neutrosophic Multigranulation Rough Sets over Two Universes

    Directory of Open Access Journals (Sweden)

    Chao Zhang

    2017-07-01

    Full Text Available As a significant business activity, merger and acquisition (M&A generally means transactions in which the ownership of companies, other business organizations or their operating units are transferred or combined. In a typical M&A procedure, M&A target selection is an important issue that tends to exert an increasingly significant impact on different business areas. Although some research works based on fuzzy methods have been explored on this issue, they can only deal with incomplete and uncertain information, but not inconsistent and indeterminate information that exists universally in the decision making process. Additionally, it is advantageous to solve M&A problems under the group decision making context. In order to handle these difficulties in M&A target selection background, we introduce a novel rough set model by combining interval neutrosophic sets (INSs with multigranulation rough sets over two universes, called an interval neutrosophic (IN multigranulation rough set over two universes. Then, we discuss the definition and some fundamental properties of the proposed model. Finally, we establish decision making rules and computing approaches for the proposed model in M&A target selection background, and the effectiveness of the decision making approach is demonstrated by an illustrative case analysis.

  5. Modeling the factors that influence knowledge transfer in mergers and acquisitions

    Institute of Scientific and Technical Information of China (English)

    YU Haiyan; LIANG Zhanping

    2010-01-01

    This paper constructs a model on the factors that influence knowledge transfer in mergers and acquisitions (M&A) and validates it via questionnaire surveys.Using 125 valid collected questionnaires,multiple linear regression analysis and hierarchical regression analysis showed that five out of the ten factors had a positive effect on knowledge transfer effect.The ranking of factor importance,from high to low,was knowledge explicitness,relationship quality,learning intent,advanced transfer activities,and learning capability,which is fairly consistent with positive factors observed in other interorganizational knowledge transfer researches.Our results also showed that one of the control variables (size of acquired firm) had neither a direct or indirect effect on knowledge transfer in M&A.Additionally,our research found that knowledge distance and degree of M&A integration had a positive influence on knowledge transfer effect at the early stage after M&A,but had a negative influence at the late stage.Based on this research,several suggestions for knowledge transfer in M&A are proposed.

  6. Modeling the factors that influence knowledge transfer in mergers and acquisitions

    Institute of Scientific and Technical Information of China (English)

    YU; Haiyan; LIANG; Zhanping

    2010-01-01

    This paper constructs a model on the factors that influence knowledge transfer in mergers and acquisitions(M&A)and validates it via questionnaire surveys.Using 125valid collected questionnaires,multiple linear regression analysis and hierarchical regression analysis showed that five out of the ten factors had a positive effect on knowledge transfer effect.The ranking of factor importance,from high to low,was knowledge explicitness,relationship quality,learning intent,advanced transfer activities,and learning capability,which is fairly consistent with positive factors observed in other interorganizational knowledge transfer researches.Our results also showed that one of the control variables(size of acquired firm)had neither a direct or indirect effect on knowledge transfer in M&A.Additionally,our research found that knowledge distance and degree of M&A integration had a positive influence on knowledge transfer effect at the early stage after M&A,but had a negative influence at the late stage.Based on this research,several suggestions for knowledge transfer in M&A are proposed.

  7. Mergers and acquisitions in Western European health care: exploring the role of financial services organizations.

    Science.gov (United States)

    Angeli, Federica; Maarse, Hans

    2012-05-01

    Recent policy developments in Western European health care - for example in the Netherlands - aim to enhance efficiency and curb public expenditures by strengthening the role of private sector. Mergers and acquisitions (M&As) play an important role in this respect. This article presents an analysis of 1606 acquisition deals targeting health care provider organizations in Western Europe between 1990 and 2009. We particularly investigate the role of financial services organisations as acquirers. Our analysis highlights (a) a rise of M&As in Western Europe since 2000, (b) an increase of M&As with financial service organisations acting as acquirer in absolute terms, and (c) a dominant role of the latter type of M&As in cross-border deals. To explain these developments, we make a distinction between an integration and a diversification rationale for M&As and we argue that the deals with financial services organisations in the role of acquirer are driven by a diversification rationale. We then provide arguments why health care, from the acquirer's perspective, can be considered as an interesting target in a diversification strategy and we advance reasons why health care providers may welcome this development. Although caution in drawing conclusions is needed, our findings suggest a penetration of private capital into health care provision that may be interpreted as a specific form of privatisation. Furthermore, they point to a rising internationalisation of health care. Both findings may entail far-reaching implications for health care, as they may induce both cultural privatisation and cultural internationalisation. Copyright © 2012 Elsevier Ireland Ltd. All rights reserved.

  8. 77 FR 75163 - Formations of, Acquisitions by, and Mergers of Savings and Loan Holding Companies

    Science.gov (United States)

    2012-12-19

    ... the merger of Flushing Savings Bank, FSB, Flushing, New York, with and into Flushing Commercial Bank, North New Hyde Park, New York, which will become a New York State-chartered commercial bank and change... Board, are available for immediate inspection at the Federal Reserve Bank indicated. The application...

  9. Business mergers and acquisitions and the risk of mental disorders: a population-based study.

    Science.gov (United States)

    Wang, JianLi; Patten, Scott; Currie, Shawn; Sareen, Jitender; Schmitz, Norbert

    2012-08-01

    Mergers and acquisitions (M&A) activities are increasing and may negatively affect workers mental health. However, the impact of M&A on the risk of developing a mental disorder, rather than psychiatric symptoms, has not been investigated. The objectives of this study were to estimate and compare the 12-month incidence of depressive and anxiety disorders in workers who had and who had not experienced M&A in the last year. Employees aged 25 and 64 years old were randomly selected from the community and were followed for 1 year (n=3280). Questions about their experience in M&A in the past 12 months were asked. WHO's Composite International Diagnostic Interview-Auto 2.1 was used to assess depressive and anxiety disorders. The 12-month prevalence and 1-year incidence of mental disorders were estimated and compared in relation to M&A. Participants who were exposed to M&A had a significant higher 1-year incidence of generalised anxiety disorder (GAD) (6.7%) than the unexposed (2.4%). They were not different in the incidence of major depressive disorder. The exposed participants were 2.8 times more likely to have had a GAD than others and were about 2.4 times more likely to have developed any anxiety disorders over 1 year. M&A may lead to increased risk of GAD, which may, in return, evolve into major depression. Governments, employers and health professionals should be aware of this and work out plans to reduce the negative health outcomes of M&A.

  10. Sources of Legal Regulation of Mergers, Acquisitions, Consolidations, Joint Stock Companies in Russia and Corporations in the United States

    Directory of Open Access Journals (Sweden)

    Stanislav E. Kuzmin

    2015-01-01

    Full Text Available The article outlines general characteristics of the sources of law, regulating relations associated with mergers, consolidations, acquisitions of joint stock companies in Russia and corporations in the United States respectively in the Russian legislation and the legislation of the United States and individual States. Both in Russia and in the USA there is a constitutional separation of powers between the Federal authorities and the Subjects of the Federation/States respectively. In both countries legal regulation of mergers and acquisitions of corporations is carried out first of all by a number of laws. These laws fall into three main groups: securities laws, antitrust (competition laws and civil and joint-stock legislation in Russia and corporate laws in the US. All the three groups are federal laws in Russia, while in the US the first two are federal too, but the last one is state laws. It is necessary to highlight the important role of judicial decisions in the United States on legal regulation of mergers, acquisitions, takeovers in comparison with Russia, which is due to the differences in the legal systems of the states in question. However, although Russia is not a state of case law, such legal acts as the resolution of the Plenum of the Supreme Commercial Court will undoubtedly have an impact on law enforcement practice and, consequently, on the regulation of relevant relations. Of particular importance are the findings of the Constitutional Court, whose decisions may cancel acts or their separate provisions provided they are recognized as unconstitutional. Such acts are repealed. Decisions of courts and other bodies based on acts or their separate provisions, recognized by the Constitutional Court of the Russian Federation unconstitutional, are not subject to execution and shall be revised in accordance with the Federal law. The US case law implies existence of a hierarchy of precedents according to which decisions adopted by the

  11. Topics in Finance: Part VIII--Mergers & Acquisitions

    Science.gov (United States)

    Laux, Judy

    2012-01-01

    In this series, three key axioms--stockholder wealth maximization, the risk-return tradeoff, and agency conflicts--are applied to the major topics in financial management. The current article looks at mergers and acquisitions, reviewing the presumed motivations, the ethical challenges, and the literature dedicated to this financial activity.

  12. Mergers and acquisitions report. 1995: a record year for hospital deals.

    Science.gov (United States)

    Lutz, S

    Healthcare executives whose organizations didn't do anything this year are the odd men out in an industry that made big news almost daily in 1995. The year included not only the usual smattering of mega-mergers but also featured wrongly amputated limbs, more than the normal trade association positioning, and major Medicare and Medicaid reform proposals.

  13. The rise and fall of stellar across the peak of cosmic star formation history: effects of mergers versus diffuse stellar mass acquisition

    Science.gov (United States)

    Welker, C.; Dubois, Y.; Devriendt, J.; Pichon, C.; Kaviraj, S.; Peirani, S.

    2017-02-01

    Building galaxy merger trees from a state-of-the-art cosmological hydrodynamical simulation, Horizon-AGN, we perform a statistical study of how mergers and diffuse stellar mass acquisition processes drive galaxy morphologic properties above z > 1. By diffuse mass acquisition here, we mean both accretion of stars by unresolved mergers (relative stellar mass growth smaller than 4.5 per cent) as well as in situ star formation when no resolved mergers are detected along the main progenitor branch of a galaxy. We investigate how stellar densities, galaxy sizes and galaxy morphologies (defined via shape parameters derived from the inertia tensor of the stellar density) depend on mergers of different mass ratios. We investigate how stellar densities, effective radii and shape parameters derived from the inertia tensor depend on mergers of different mass ratios. We find strong evidence that diffuse stellar accretion and in situ formation tend to flatten small galaxies over cosmic time, leading to the formation of discs. On the other hand, mergers, and not only the major ones, exhibit a propensity to puff up and destroy stellar discs, confirming the origin of elliptical galaxies. We confirm that mergers grow galaxy sizes more efficiently than diffuse processes (r_{0.5}∝ M_s^{0.85} and r_{0.5}∝ M_s^{0.1} on average, respectively) and we also find that elliptical galaxies are more susceptible to grow in size through mergers than disc galaxies with a size-mass evolution r_{0.5}∝ M_s^{1.2} instead of r_{0.5}∝ M_s^{-0.5}-M^{0.5} for discs depending on the merger mass ratio. The gas content drives the size-mass evolution due to merger with a faster size growth for gas-poor galaxies r_{0.5}∝ M_s2 than for gas-rich galaxies r0.5 ∝ Ms.

  14. Mergers & Acquisitions in Japan : Lessons for Dutch companies

    NARCIS (Netherlands)

    Grotenhuis, F.D.J.

    2009-01-01

    This article deals with lessons learned from mergers and acquisitions in Japan. In general, such combinations are not success stories, since 50–80 percent of them do not bring the benefits that were expected. Several reasons for such failures have been brought up in the literature, but real-life

  15. 企业并购中的财务风险控制研究%Research on Financial Risk Control in Mergers and Acquisitions

    Institute of Scientific and Technical Information of China (English)

    惠红梅

    2012-01-01

    Mergers and acquisitions can enhance the value of the enterprise itself, improve the comprehensive competitiveness of enterprises. With the development of China's market economy, mergers and acquisitions faces a variety of risks, and eventually through mergers and acquisitions cost impact to the financial risk. Therefore, the analysis of mergers and acquisitions of financial risks, the research to examine corresponding measures for mergers and acquisitions in China will play a positive role in guiding.%企业要想提升自身价值,提高综合竞争能力,企业并购是很好的一种方式.在我国市场经济发展中,企业并购有很多风险,但是企业并购的成本最终会影响财务风险.因此,我们来分析研究企业并购财务风险,找到合适的解决办法,对我国企业并购将有很大的帮助.

  16. Creditor-focused corporate governance: Evidence from mergers and acquisitions in Japan

    NARCIS (Netherlands)

    V. Mehrotra (Vikas); D. van Schaik (Dimitri); J. Spronk (Jaap); O.W. Steenbeek (Onno)

    2011-01-01

    textabstractMergers in Japan have the dubious distinction of not creating wealth for shareholders of target firms, in sharp contrast to what occurs in much of the rest of the world. Using a sample of 91 mergers from 1982 through 2003 we document several distinctive features of the merger market in

  17. 安德玛公司与MapMyFitness公司的合并%Mergers and Acquisitions of Under Armour and MapMyFitness

    Institute of Scientific and Technical Information of China (English)

    曹娜娜

    2016-01-01

    在激烈的市场竞争环境中,企业唯有不断发展壮大才可以生存下去,企业取得发展可以通过内部投资,也可以通过并购。近几年,企业并购浪潮愈演愈烈,企业并购已经成为市场经济发展的必然产物。文章选取安德玛并购MapMyFitNess这个案例进行研究,第一部分介绍了安德玛公司和MapMyFitNess的基本情况,以及实现合并的相关信息;第二部分分析了安德玛并购MapMyFitNess的原因,主要从进入壁垒和合并协同效应两个方面进行了分析;第三部分阐述了此次合并给安德玛公司在财务方面产生的影响;第四部分结合安德玛目前的发展证实了此次并购是安德玛公司的明智之举。%In the fierce market competition environment, enterprises need constant development to survive. The internal investment and mergers and acquisitions can make enterprises to develop. In recent years, the merger and acquisition of enterprises are fiercer and fiercer, and mergers and acquisitions have become the inevitable product of the development of the market economy. This paper researches the case of mergers and acquisitions of MapMyFitNess by Under Armour. In this paper, the first part introduces the basic situations of Under Armour and MapMyFitNess and the relevant information of the mergers and acquisitions. The second part analyzes the reasons of the merger and acquisition of MapMyFitNess, mainly from two aspects: entry barriers and merger synergies effect. The third part expounds the influence of the mergers and acquisitions on Under Armour in the financial aspect. The fourth part combines with the current development of Andemar to confirm that this acquisition is wise.

  18. Social Network Mixing Patterns In Mergers & Acquisitions - A Simulation Experiment

    Directory of Open Access Journals (Sweden)

    Robert Fabac

    2011-01-01

    Full Text Available In the contemporary world of global business and continuously growing competition, organizations tend to use mergers and acquisitions to enforce their position on the market. The future organization’s design is a critical success factor in such undertakings. The field of social network analysis can enhance our uderstanding of these processes as it lets us reason about the development of networks, regardless of their origin. The analysis of mixing patterns is particularly useful as it provides an insight into how nodes in a network connect with each other. We hypothesize that organizational networks with compatible mixing patterns will be integrated more successfully. After conducting a simulation experiment, we suggest an integration model based on the analysis of network assortativity. The model can be a guideline for organizational integration, such as occurs in mergers and acquisitions.

  19. Intellectual capital in mergers and acquisitions: a case study in a world-class financial institution

    Directory of Open Access Journals (Sweden)

    Ricardo Vinícius Dias Jordão

    Full Text Available Abstract The objective of the research described in this paper was to analyse the implications of the merger between Itaú and Unibanco banks on the Intellectual Capital (IC of the Itaú Unibanco S/A Bank. The methodology comprised a qualitative and quantitative case study, in a descriptive approach, based on interviews (formal and informal and questionnaires applied to 225 top managers (directors, superintendents, regional managers and commercial general managers originated from these two banks. The research was complemented with direct observation and documental analysis. The following results were found after the merger: (i improvements were noted in all analysed indicators on the constituent elements of the IC (human capital, structural capital and relational capital, (ii Itaú Unibanco S/A Bank created, developed and acquired knowledge and know-how, and (iii these factors influenced corporative IC, supporting improvements in processes, systems, technology, brands, products and mainly in people, corporate image and the relationship of the company with the market, promoting significant financial results.

  20. Avoiding "culture rejection" in healthcare mergers and acquisitions: how New Heights Community Health Centres and York Community Services minimized the culture risk when forming Unison Health and Community Services.

    Science.gov (United States)

    Chan, Jeff

    2013-01-01

    Among the requirements for a successful merger or acquisition are strategic rationale, rigorous due diligence, the right price and revenue and cost synergies. However, bridging the culture gap between organizations is frequently overlooked. The leaders of New Heights Community Health Centres and York Community Services explicitly considered culture in their merger to form Unison Health and Community Services, and they used employee engagement surveys to assess culture in their merger planning and post-merger integration. How Unison Health leaders avoided the risk of culture rejection to achieve a successful merger, and the lessons learned from their experience, is the focus of this article.

  1. The Effects of Cross-border and Cross-industry Mergers and Acquisitions on Home-region and Global Multinational Enterprises

    NARCIS (Netherlands)

    Kling, Gerhard; Ghobadian, Abby; Hitt, Michael A.; Weitzel, Utz; O'Regan, Nicholas

    We examine the effects of international and product diversification through mergers and acquisitions (M&As) on the firm's risk-return profile. We identify the rewards from different types of M&As and investigate whether becoming a global firm is a value-enhancing strategy. Drawing on the theoretical

  2. Risk and prevention mergers and acquisitions financial%企业并购中的财务风险与防范

    Institute of Scientific and Technical Information of China (English)

    车莹

    2015-01-01

    Mergers and acquisitions market economy develops to a certain stage, the competition fierce, full of the inevitable manifestation of the current mergers and acquisitions is widespread, some companies through mergers and acquisitions to achieve the effective integration of the production, management, marketing, competition, and other factors achieve the effect of business development and growth, but there are a lot of mergers and acquisitions in the financial risk, the study from the perspective of merger control financial risk to start thinking, describes the different types of financial risks arising from mergers and acquisitions, corporate mergers and acquisitions process to produce the main causes of the financial risk of a profound analysis and anatomy, provides an entry point to the merger process for financial risk control measures.%企业并购是市场经济发展到一定阶段,竞争激烈化、全面化的必然表现形式,当前我国企业并购十分普遍,一些企业通过并购实现了生产、经营、市场、竞争等各项要素的有效整合,达到了企业发展和壮大的效果,但是企业并购中存在着大量的财务风险,本研究从企业并购财务风险的控制角度展开了思考,阐述了企业并购所产生的不同种类的财务风险,对企业并购过程中产生财务风险的主要成因进行了深刻的分析与解剖,提供了以企业并购过程为切入点的财务风险控制措施。

  3. A conceptual model of individual competency components as one of the predictors of success in mergers and acquisitions

    Directory of Open Access Journals (Sweden)

    Darko Kovač

    2008-12-01

    Full Text Available The increasing challenge of how to balance “soft” human factors with “hard” financial factors in mergers and acquisitions (M&A to be successful is not new. However, the real challenge lies in the question of how, and with which yardstick, to measure and compare the human factor in both the acquiring and the acquired companies in all phases of M&A. In this study, a model for measuring and comparing the human factor with competencies is presented. The model enables the measuring of soft factors with quantitative criteria. A tripartite individual competency components construct is conceived: cognitive, affective and conative, to which the personal value system is added. The model discussed is based on empirical findings and the cases of two companies and literature. The model enables companies to compare differences in competencies and thus to plan activities how to overcome those differences and achieve a higher success rate in M&A.

  4. Effect of mergers and acquisitions on drug discovery: perspective from a case study of a Japanese pharmaceutical company.

    Science.gov (United States)

    Shibayama, Sotaro; Tanikawa, Kunihiro; Fujimoto, Ryuhei; Kimura, Hiromichi

    2008-01-01

    The pharmaceutical industry has experienced intermittent waves of mergers and acquisitions (M&As) since the 1980s and recently appeared to be in yet another wave. Previous studies indicated rather negative impacts of consolidation on research and development, suggesting that they do not necessarily lead to long-term reinforcement of research capabilities, although they may enrich the drug pipeline in the short term. However, recent studies have implied a positive side in terms of knowledge-base transfer. Further micro-organizational studies suggested that scientists learned new knowledge and approaches from partner scientists and improved their performance and innovation. These findings imply that measures for the scientist-level integration after M&As would reinforce fundamental research capabilities in the long term.

  5. Predation and Mergers: Is Merger Law Counterproductive?

    OpenAIRE

    Persson, Lars

    1999-01-01

    This Paper shows that predation might help firms overcome the free riding problem of mergers by changing the acquisition situation in the buyer's favour relative to the firms outside the merger. It is also shown that the bidding competition for the prey's assets is most harmful to predators when the use of the prey's assets exerts strong negative externalities on rivals, i.e. when their use severely reduces competitors' profits. The reason is that potential buyers are then willing to pay a hi...

  6. Pre and Post Merger Valuation- A Study of Tata Corus Merger Deal

    OpenAIRE

    Sumeet Gupta

    2009-01-01

    Indian Economy being characterized as Global Economy leading to inorganic growth through Mergers, Acquisitions, Takeovers and Joint Ventures. Mergers would affect the company’s inflow and outflow of various variables like sales, expenses and cash position etc. It becomes imperative to evaluate the pre merger and post merger conditions of the firms so that successful deal can be carried out. The deal would also affect the shareholders wealth. The prediction of future forecasted sales and other...

  7. 78 FR 19268 - Formations of, Acquisitions by, and Mergers of Savings and Loan Holding Companies

    Science.gov (United States)

    2013-03-29

    ... Owners' Loan Act (12 U.S.C. 1461 et seq.) (HOLA), Regulation LL (12 CFR part 238), and Regulation MM (12... express their views in writing on the standards enumerated in the HOLA (12 U.S.C. 1467a(e)). If the... acquisition of the nonbanking company complies with the standards in section 10(c)(4)(B) of the HOLA (12 U.S.C...

  8. 78 FR 62634 - Formations of, Acquisitions by, and Mergers of Savings and Loan Holding Companies

    Science.gov (United States)

    2013-10-22

    ... Owners' Loan Act (12 U.S.C. 1461 et seq.) (HOLA), Regulation LL (12 CFR part 238), and Regulation MM (12... express their views in writing on the standards enumerated in the HOLA (12 U.S.C. 1467a(e)). If the... acquisition of the nonbanking company complies with the standards in section 10(c)(4)(B) of the HOLA (12 U.S.C...

  9. 78 FR 57638 - Formations of, Acquisitions by, and Mergers of Savings and Loan Holding Companies

    Science.gov (United States)

    2013-09-19

    ... Owners' Loan Act (12 U.S.C. 1461 et seq.) (HOLA), Regulation LL (12 CFR Part 238), and Regulation MM (12... express their views in writing on the standards enumerated in the HOLA (12 U.S.C. 1467a(e)). If the... acquisition of the nonbanking company complies with the standards in section 10(c)(4)(B) of the HOLA (12 U.S.C...

  10. 77 FR 37674 - Formations of, Acquisitions by, and Mergers of Savings and Loan Holding Companies

    Science.gov (United States)

    2012-06-22

    ... Owners' Loan Act (12 U.S.C. 1461 et seq.) (HOLA), Regulation LL (12 CFR part 238), and Regulation MM (12... express their views in writing on the standards enumerated in the HOLA (12 U.S.C. 1467a(e)). If the... acquisition of the nonbanking company complies with the standards in section 10(c)(4)(B) of the HOLA (12 U.S.C...

  11. 77 FR 68122 - Formations of, Acquisitions by, and Mergers of Savings and Loan Holding Companies

    Science.gov (United States)

    2012-11-15

    ... Owners' Loan Act (12 U.S.C. 1461 et seq.) (HOLA), Regulation LL (12 CFR part 238), and Regulation MM (12... express their views in writing on the standards enumerated in the HOLA (12 U.S.C. 1467a(e)). If the... acquisition of the nonbanking company complies with the standards in section 10(c)(4)(B) of the HOLA (12 U.S.C...

  12. 78 FR 26369 - Formations of, Acquisitions by, and Mergers of Savings and Loan Holding Companies

    Science.gov (United States)

    2013-05-06

    ... Owners' Loan Act (12 U.S.C. 1461 et seq.) (HOLA), Regulation LL (12 CFR part 238), and Regulation MM (12... express their views in writing on the standards enumerated in the HOLA (12 U.S.C. 1467a(e)). If the... acquisition of the nonbanking company complies with the standards in section 10(c)(4)(B) of the HOLA (12 U.S.C...

  13. 78 FR 62302 - Formations of, Acquisitions by, and Mergers of Savings and Loan Holding Companies

    Science.gov (United States)

    2013-10-15

    ... Owners' Loan Act (12 U.S.C. 1461 et seq.) (HOLA), Regulation LL (12 CFR Part 238), and Regulation MM (12... express their views in writing on the standards enumerated in the HOLA (12 U.S.C. 1467a(e)). If the... acquisition of the nonbanking company complies with the standards in section 10(c)(4)(B) of the HOLA (12 U.S.C...

  14. 77 FR 15370 - Formations of, Acquisitions by, and Mergers of Savings and Loan Holding Companies

    Science.gov (United States)

    2012-03-15

    ... Owners' Loan Act (12 U.S.C. 1461 et seq.) (HOLA), Regulation LL (12 CFR part 238), and Regulation MM (12... express their views in writing on the standards enumerated in the HOLA (12 U.S.C. 1467a(e)). If the... acquisition of the nonbanking company complies with the standards in section 10(c)(4)(B) of the HOLA (12 U.S.C...

  15. 78 FR 55257 - Formations of, Acquisitions by, and Mergers of Savings and Loan Holding Companies

    Science.gov (United States)

    2013-09-10

    ... Owners' Loan Act (12 U.S.C. 1461 et seq.) (HOLA), Regulation LL (12 CFR part 238), and Regulation MM (12... express their views in writing on the standards enumerated in the HOLA (12 U.S.C. 1467a(e)). If the... acquisition of the nonbanking company complies with the standards in section 10(c)(4)(B) of the HOLA (12 U.S.C...

  16. 78 FR 78958 - Formations of, Acquisitions by, and Mergers of Savings and Loan Holding Companies

    Science.gov (United States)

    2013-12-27

    ... Owners' Loan Act (12 U.S.C. 1461 et seq.) (HOLA), Regulation LL (12 CFR Part 238), and Regulation MM (12... express their views in writing on the standards enumerated in the HOLA (12 U.S.C. 1467a(e)). If the... acquisition of the nonbanking company complies with the standards in section 10(c)(4)(B) of the HOLA (12 U.S.C...

  17. 78 FR 76146 - Formations of, Acquisitions by, and Mergers of Savings and Loan Holding Companies

    Science.gov (United States)

    2013-12-16

    ... Owners' Loan Act (12 U.S.C. 1461 et seq.) (HOLA), Regulation LL (12 CFR Part 238), and Regulation MM (12... express their views in writing on the standards enumerated in the HOLA (12 U.S.C. 1467a(e)). If the... acquisition of the nonbanking company complies with the standards in section 10(c)(4)(B) of the HOLA (12 U.S.C...

  18. 76 FR 61102 - Formations of, Acquisitions by, and Mergers of Savings and Loan Holding Companies

    Science.gov (United States)

    2011-10-03

    ... Owners' Loan Act (12 U.S.C. 1461 et seq.) (HOLA), Regulation LL (12 CFR part 238), and Regulation MM (12... express their views in writing on the standards enumerated in the HOLA (12 U.S.C. 1467a(e)). If the... acquisition of the nonbanking company complies with the standards in section 10(c)(4)(B) of the HOLA (12 U.S.C...

  19. 78 FR 5804 - Formations of, Acquisitions by, and Mergers of Savings and Loan Holding Companies

    Science.gov (United States)

    2013-01-28

    ... Owners' Loan Act (12 U.S.C. 1461 et seq.) (HOLA), Regulation LL (12 CFR part 238), and Regulation MM (12... express their views in writing on the standards enumerated in the HOLA (12 U.S.C. 1467a(e)). If the... acquisition of the nonbanking company complies with the standards in section 10(c)(4)(B) of the HOLA (12 U.S.C...

  20. 78 FR 54648 - Formations of, Acquisitions by, and Mergers of Savings and Loan Holding Companies

    Science.gov (United States)

    2013-09-05

    ... Owners' Loan Act (12 U.S.C. 1461 et seq.) (HOLA), Regulation LL (12 CFR Part 238), and Regulation MM (12... express their views in writing on the standards enumerated in the HOLA (12 U.S.C. 1467a(e)). If the... acquisition of the nonbanking company complies with the standards in section 10(c)(4)(B) of the HOLA (12 U.S.C...

  1. 77 FR 2064 - Formations of, Acquisitions by, and Mergers of Savings and Loan Holding Companies

    Science.gov (United States)

    2012-01-13

    ... Owners' Loan Act (12 U.S.C. 1461 et seq.) (HOLA), Regulation LL (12 CFR Part 238), and Regulation MM (12... express their views in writing on the standards enumerated in the HOLA (12 U.S.C. 1467a(e)). If the... acquisition of the nonbanking company complies with the standards in section 10(c)(4)(B) of the HOLA (12 U.S.C...

  2. 78 FR 57854 - Formations of, Acquisitions by, and Mergers of Savings and Loan Holding Companies

    Science.gov (United States)

    2013-09-20

    ... Owners' Loan Act (12 U.S.C. 1461 et seq.) (HOLA), Regulation LL (12 CFR part 238), and Regulation MM (12... express their views in writing on the standards enumerated in the HOLA (12 U.S.C. 1467a(e)). If the... acquisition of the nonbanking company complies with the standards in section 10(c)(4)(B) of the HOLA (12 U.S.C...

  3. 76 FR 63621 - Formations of, Acquisitions by, and Mergers of Savings and Loan Holding Companies

    Science.gov (United States)

    2011-10-13

    ... Owners' Loan Act (12 U.S.C. 1461 et seq.) (HOLA), Regulation LL (12 CFR part 238), and Regulation MM (12... express their views in writing on the standards enumerated in the HOLA (12 U.S.C. 1467a(e)). If the... acquisition of the nonbanking company complies with the standards in section 10(c)(4)(B) of the HOLA (12 U.S.C...

  4. 77 FR 3476 - Formations of, Acquisitions by, and Mergers of Savings and Loan Holding Companies

    Science.gov (United States)

    2012-01-24

    ... Owners' Loan Act (12 U.S.C. 1461 et seq.) (HOLA), Regulation LL (12 CFR part 238), and Regulation MM (12... express their views in writing on the standards enumerated in the HOLA (12 U.S.C. 1467a(e)). If the... acquisition of the nonbanking company complies with the standards in section 10(c)(4)(B) of the HOLA (12 U.S.C...

  5. 77 FR 76040 - Formations of, Acquisitions by, and Mergers of Savings and Loan Holding Companies

    Science.gov (United States)

    2012-12-26

    ... Owners' Loan Act (12 U.S.C. 1461 et seq.) (HOLA), Regulation LL (12 CFR part 238), and Regulation MM (12... express their views in writing on the standards enumerated in the HOLA (12 U.S.C. 1467a(e)). If the... acquisition of the nonbanking company complies with the standards in section 10(c)(4)(B) of the HOLA (12 U.S.C...

  6. 77 FR 71593 - Formations of, Acquisitions by, and Mergers of Savings and Loan Holding Companies

    Science.gov (United States)

    2012-12-03

    ... Owners' Loan Act (12 U.S.C. 1461 et seq.) (HOLA), Regulation LL (12 CFR part 238), and Regulation MM (12... express their views in writing on the standards enumerated in the HOLA (12 U.S.C. 1467a(e)). If the... acquisition of the nonbanking company complies with the standards in section 10(c)(4)(B) of the HOLA (12 U.S.C...

  7. 78 FR 17931 - Formations of, Acquisitions by, and Mergers of Savings and Loan Holding Companies

    Science.gov (United States)

    2013-03-25

    ... Owners' Loan Act (12 U.S.C. 1461 et seq.) (HOLA), Regulation LL (12 CFR part 238), and Regulation MM (12... express their views in writing on the standards enumerated in the HOLA (12 U.S.C. 1467a(e)). If the... acquisition of the nonbanking company complies with the standards in section 10(c)(4)(B) of the HOLA (12 U.S.C...

  8. 76 FR 58811 - Formations of, Acquisitions by, and Mergers of Savings and Loan Holding Companies

    Science.gov (United States)

    2011-09-22

    ... Owners' Loan Act (12 U.S.C. 1461 et seq.) (HOLA), Regulation LL (12 CFR part 238), and Regulation MM (12... express their views in writing on the standards enumerated in the HOLA (12 U.S.C. 1467a(e)). If the... acquisition of the nonbanking company complies with the standards in section 10(c)(4)(B) of the HOLA (12 U.S.C...

  9. 77 FR 35386 - Formations of, Acquisitions by, and Mergers of Savings and Loan Holding Companies

    Science.gov (United States)

    2012-06-13

    ... Owners' Loan Act (12 U.S.C. 1461 et seq.) (HOLA), Regulation LL (12 CFR part 238), and Regulation MM (12... express their views in writing on the standards enumerated in the HOLA (12 U.S.C. 1467a(e)). If the... acquisition of the nonbanking company complies with the standards in section 10(c)(4)(B) of the HOLA (12 U.S.C...

  10. 77 FR 59195 - Formations of, Acquisitions by, and Mergers of Savings and Loan Holding Companies

    Science.gov (United States)

    2012-09-26

    ... Owners' Loan Act (12 U.S.C. 1461 et seq.) (HOLA), Regulation LL (12 CFR part 238), and Regulation MM (12... express their views in writing on the standards enumerated in the HOLA (12 U.S.C. 1467a(e)). If the... acquisition of the nonbanking company complies with the standards in section 10(c)(4)(B) of the HOLA (12 U.S.C...

  11. 77 FR 37907 - Formations of, Acquisitions by, and Mergers of Savings and Loan Holding Companies

    Science.gov (United States)

    2012-06-25

    ... Owners' Loan Act (12 U.S.C. 1461 et seq.) (HOLA), Regulation LL (12 CFR part 238), and Regulation MM (12... express their views in writing on the standards enumerated in the HOLA (12 U.S.C. 1467a(e)). If the... acquisition of the nonbanking company complies with the standards in section 10(c)(4)(B) of the HOLA (12 U.S.C...

  12. 77 FR 21561 - Formations of, Acquisitions by, and Mergers of Savings and Loan Holding Companies

    Science.gov (United States)

    2012-04-10

    ... Owners' Loan Act (12 U.S.C. 1461 et seq.) (HOLA), Regulation LL (12 CFR part 238), and Regulation MM (12... express their views in writing on the standards enumerated in the HOLA (12 U.S.C. 1467a(e)). If the... acquisition of the nonbanking company complies with the standards in section 10(c)(4)(B) of the HOLA (12 U.S.C...

  13. 77 FR 35681 - Formations of, Acquisitions by, and Mergers of Savings and Loan Holding Companies

    Science.gov (United States)

    2012-06-14

    ... Owners' Loan Act (12 U.S.C. 1461 et seq.) (HOLA), Regulation LL (12 CFR part 238), and Regulation MM (12... express their views in writing on the standards enumerated in the HOLA (12 U.S.C. 1467a(e)). If the... acquisition of the nonbanking company complies with the standards in section 10(c)(4)(B) of the HOLA (12 U.S.C...

  14. 77 FR 38817 - Formations of, Acquisitions by, and Mergers of Savings and Loan Holding Companies

    Science.gov (United States)

    2012-06-29

    ... Owners' Loan Act (12 U.S.C. 1461 et seq.) (HOLA), Regulation LL (12 CFR part 238), and Regulation MM (12... express their views in writing on the standards enumerated in the HOLA (12 U.S.C. 1467a(e)). If the... acquisition of the nonbanking company complies with the standards in section 10(c)(4)(B) of the HOLA (12 U.S.C...

  15. 77 FR 37406 - Formations of, Acquisitions by, and Mergers of Savings and Loan Holding Companies

    Science.gov (United States)

    2012-06-21

    ... Owners' Loan Act (12 U.S.C. 1461 et seq.) (HOLA), Regulation LL (12 CFR part 238), and Regulation MM (12... express their views in writing on the standards enumerated in the HOLA (12 U.S.C. 1467a(e)). If the... acquisition of the nonbanking company complies with the standards in section 10(c)(4)(B) of the HOLA (12 U.S.C...

  16. 78 FR 55717 - Formations of, Acquisitions by, and Mergers of Bank Holding Companies

    Science.gov (United States)

    2013-09-11

    ...., Coffeyville, Kansas; to merge with Coffeyville Financial Corporation, Omaha, Nebraska, and thereby indirectly... Act of 1956 (12 U.S.C. 1841 et seq.) (BHC Act), Regulation Y (12 CFR part 225), and all other... standards enumerated in the BHC Act (12 U.S.C. 1842(c)). If the proposal also involves the acquisition of a...

  17. 78 FR 57854 - Formations of, Acquisitions by, and Mergers of Bank Holding Companies

    Science.gov (United States)

    2013-09-20

    ... President) 1 Memorial Drive, Kansas City, Missouri 64198-0001: 1. Geneva State Company, Geneva, Nebraska; to... Act of 1956 (12 U.S.C. 1841 et seq.) (BHC Act), Regulation Y (12 CFR part 225), and all other... standards enumerated in the BHC Act (12 U.S.C. 1842(c)). If the proposal also involves the acquisition of a...

  18. 76 FR 20350 - Formations of, Acquisitions by, and Mergers of Bank Holding Companies

    Science.gov (United States)

    2011-04-12

    ..., Kansas City, Missouri 64198-0001: 1. Farmers State Bancshares, Inc., Dodge, Nebraska; to become a bank... Act of 1956 (12 U.S.C. 1841 et seq.) (BHC Act), Regulation Y (12 CFR part 225), and all other... standards enumerated in the BHC Act (12 U.S.C. 1842(c)). If the proposal also involves the acquisition of a...

  19. Spillover of Corporate Governance Standards in Cross-Border Mergers and Acquisitions

    NARCIS (Netherlands)

    Martynova, M.; Renneboog, L.D.R.

    2008-01-01

    In cross-border acquisitions, the differences between the bidder and target corporate governance have an important impact on the takeover returns. Our country-level corporate governance indices capture the changes in the quality of the national corporate governance regulations over the past 15

  20. Mergers and acquisitions in the U.S. Electric Industry: State regulatory policies for reviewing today's deals

    Energy Technology Data Exchange (ETDEWEB)

    Peterson, Carl R.; McDermott, Karl A.

    2007-01-15

    Regulators will continue to view mergers through the lens of regulation. However, their standards must be understood in the context of the new market and the proper role of regulators, and their tools should be fashioned accordingly. (author)

  1. Spillover of Corporate Governance Standards in Cross-Border Mergers and Acquisitions

    OpenAIRE

    Martynova, M.; Renneboog, L.D.R.

    2008-01-01

    In cross-border acquisitions, the differences between the bidder and target corporate governance have an important impact on the takeover returns. Our country-level corporate governance indices capture the changes in the quality of the national corporate governance regulations over the past 15 years. When the bidder is from a country with a strong shareholder orientation (relative to the target), part of the total synergy value of the takeover may result from the improvement in the governance...

  2. Cross-Border Mergers and Acquisitions in China: A Test of the Free Cash Flow Hypothesis

    Directory of Open Access Journals (Sweden)

    Yane Chandera

    2014-08-01

    Full Text Available This research investigates whether Chinese cross-border investments have positive impact onshareholders wealth and whether the amount of bidders’ free cash flow influences the shareholderreturns resulted from the acquisitions. The sample is based on 77 top Chinese cross-border investmentsduring the years 2005-2009 with each deal value of minimum US$100 million. The assessmentsof acquisition abnormal returns are based on the event study methodology (Brown & Warner, 1985.Cross-sectional regression analysis is used to determine the bidding firms factors which significantlyaffect the returns. Factors are examined using OLS with White’s heteroscedasticity-corrected standarderrors, since the assumption of homoscedasticity is likely to be violated. The study proves Chinesecross- border acquisitions result in positive abnormal returns which is consistent with synergyhypothesis. The amount of bidders’ free cash flow is also found to be marginally but positively associatedwith shareholders return which is consistent with Myers and Majluf’s pecking order hypothesisbut unsupportive of Jensen’s free cash flow hypothesis.

  3. Current status of mergers and acquisitions (M and A) in the U.S. electric utilities operators; Beikoku koeki denki jigyosha wo meguru M and A no genjo

    Energy Technology Data Exchange (ETDEWEB)

    Hamada, E. [The Institute of Energy Economics, Tokyo (Japan)

    1997-04-01

    Mergers and acquisitions (M and A) are rapidly increasing among the U.S. electric utilities operators. This paper reports from among a large number of cases the mergers with district power distribution companies in England, and movements aiming at building a comprehensive energy corporation by using M and A with gas companies. The purpose of acquiring the British power distribution companies is to seek expanded earnings having become necessary due to little growth in power demand and intensified competition. This may be possible because the cap price is high in the cap price system in England, and can provide a large room for earning more profits. It is also an attempt of utilizing more effectively the experience of deregulation having been done ahead of America, such as introduction of unboundering and pooling systems. Four companies were under acquisition activities in even 1996 alone, and if prior acquisitions are added, actually half of British district power distribution companies have had been acquired. Merger of electric power companies with gas companies is the opening act of movements aimed at obtaining single-handed the oil business to become a comprehensive energy corporation. 4 refs., 14 tabs.

  4. Risk of Chinese Private Enterprise Cross-border Mergers and Acquisitions and Countermeasures%我国民营企业跨国并购的风险以及对策研究

    Institute of Scientific and Technical Information of China (English)

    郭一敏; 欧婷婷

    2013-01-01

    本文研究了中国民营企业跨国并购的现状、特点,分析了中国民营企业跨国并购中所面临的风险,企业跨国并购风险产生的原因,最后得出中国企业跨国并购风险的防范措施,以此来推动我国民营企业今后对外投资的发展。%This article studies the present situation and characteristics of Chinese private enterprise cross-border mergers and acquisitions and analyzes the risks in the mergers and acquisitions and the reasons of enterprise cross-border mergers and acquisitions risk. Finally, the prevention measures for Chinese enterprises cross-border mergers and acquisitions are proposed in order to promote Chinese private enterprises' foreign investment.

  5. Restructuring the Production of Medicines: An Investigation on the Pharmaceutical Sector in China and the Role of Mergers and Acquisitions

    Science.gov (United States)

    Barbieri, Elisa; Huang, Manli; Pi, Shenglei; Tassinari, Mattia

    2017-01-01

    In places like China, an ageing population coupled with changes in living standards and increases in disposable income, imply a shift of the demand for health-related goods and services which is likely to affect the whole organization of the industries that supply such goods and services at the global level. One of the industries most likely to be affected is the pharmaceutical sector. In the early 2000s China was already the second largest global producer of pharmaceutical ingredients. The pharmaceutical sector has become one of the most important industries promoted by the Chinese government and Five-Year Plan of China’s Strategic Emerging Sectors, mergers and acquisition (M&A) activity has been the key strategy to restructure the sector and increase its competitiveness. This paper firstly provides an updated picture of the evolution of M&As in the pharmaceutical sector, compared to other sectors, in China in the period 2005–2013. Secondly, we develop a composite indicator to measure the industrial performance of all Chinese industrial sectors over time, which allows us to assess the performance of the pharmaceutical industry compared to that of other sectors of the Chinese economy. Finally, we develop and estimate an empirical model that tests the relationship between the number of M&A in a sector and its performance, with a particular focus on the pharmaceutical case. The results offer some initial evidence of positive effects from the process of restructuring of the pharmaceutical sector in China. PMID:28981463

  6. Restructuring the Production of Medicines: An Investigation on the Pharmaceutical Sector in China and the Role of Mergers and Acquisitions.

    Science.gov (United States)

    Barbieri, Elisa; Huang, Manli; Pi, Shenglei; Tassinari, Mattia

    2017-10-05

    In places like China, an ageing population coupled with changes in living standards and increases in disposable income, imply a shift of the demand for health-related goods and services which is likely to affect the whole organization of the industries that supply such goods and services at the global level. One of the industries most likely to be affected is the pharmaceutical sector. In the early 2000s China was already the second largest global producer of pharmaceutical ingredients. The pharmaceutical sector has become one of the most important industries promoted by the Chinese government and Five-Year Plan of China's Strategic Emerging Sectors, mergers and acquisition (M&A) activity has been the key strategy to restructure the sector and increase its competitiveness. This paper firstly provides an updated picture of the evolution of M&As in the pharmaceutical sector, compared to other sectors, in China in the period 2005-2013. Secondly, we develop a composite indicator to measure the industrial performance of all Chinese industrial sectors over time, which allows us to assess the performance of the pharmaceutical industry compared to that of other sectors of the Chinese economy. Finally, we develop and estimate an empirical model that tests the relationship between the number of M&A in a sector and its performance, with a particular focus on the pharmaceutical case. The results offer some initial evidence of positive effects from the process of restructuring of the pharmaceutical sector in China.

  7. Restructuring the Production of Medicines: An Investigation on the Pharmaceutical Sector in China and the Role of Mergers and Acquisitions

    Directory of Open Access Journals (Sweden)

    Elisa Barbieri

    2017-10-01

    Full Text Available In places like China, an ageing population coupled with changes in living standards and increases in disposable income, imply a shift of the demand for health-related goods and services which is likely to affect the whole organization of the industries that supply such goods and services at the global level. One of the industries most likely to be affected is the pharmaceutical sector. In the early 2000s China was already the second largest global producer of pharmaceutical ingredients. The pharmaceutical sector has become one of the most important industries promoted by the Chinese government and Five-Year Plan of China’s Strategic Emerging Sectors, mergers and acquisition (M&A activity has been the key strategy to restructure the sector and increase its competitiveness. This paper firstly provides an updated picture of the evolution of M&As in the pharmaceutical sector, compared to other sectors, in China in the period 2005–2013. Secondly, we develop a composite indicator to measure the industrial performance of all Chinese industrial sectors over time, which allows us to assess the performance of the pharmaceutical industry compared to that of other sectors of the Chinese economy. Finally, we develop and estimate an empirical model that tests the relationship between the number of M&A in a sector and its performance, with a particular focus on the pharmaceutical case. The results offer some initial evidence of positive effects from the process of restructuring of the pharmaceutical sector in China.

  8. PERFORMANCE IN CROSS-BORDER MERGERS AND ACQUISITIONS: AN EMPIRICAL ANALYSIS OF THE BRAZILIAN CASE

    Directory of Open Access Journals (Sweden)

    Adriana Bruscato Bortoluzzo

    2014-10-01

    Full Text Available The purpose of this article is to investigate whether the cross-border acquisitions made by Brazilian companies over the past 15 years have improved their financial performance. Drawing on institutional, sociocultural, and organizational learning theories, this study develops and empirically tests several hypotheses on the determinants of M&A performance. The results demonstrate that the cross-border acquisition moves by Brazilian companies actually improve their financial performance. Financial performance tends to be positive when the cultural distance between the countries of the acquiring and acquired companies is low to medium and when the institutional context of the acquired company is a developed one. We also found an inverted-U shape relationship between acquiring companies’ previous international M&A experience and the performance of a new cross-border operation. These findings suggest that research on international M&As should include acquirers’ M&A experience as well as the institutional characteristics of their target countries.

  9. The Influence of Shariah (Islamic Principles) Corporate Governance on Cross-Border Merger and Acquisitions Involving Islamic Companies in the Gulf Countries

    OpenAIRE

    Bindabel, Wardah Abdulrahman

    2017-01-01

    The central aim of the research is to examine whether cross-border Merger and Acquisitions (M&A) involving Islamic financial companies in three Gulf countries and non-Islamic financial companies from the Western countries is influenced by Shariah Corporate Governance (CG). Cross-border M&A is a corporate level strategy to achieve organisational growth and expansion through accessing new markets and additional strategic resources (knowledge, technology and complementary skills). Islamic financ...

  10. Path analysis on China Tobacco’s transnational merger and acquisition%中国烟草跨国并购的路径分析

    Institute of Scientific and Technical Information of China (English)

    王毅敏

    2014-01-01

    Transnational merger and acquisition were reviewed. Feasibility of China Tobacco’s transnational merger and acquisition was analyzed take into consideration of international market situation, risk management. Suggestions were made in such aspects as future target market, implementation path, domestic legal supervision and approval procedures.%阐述了跨国并购的概念及类型,从跨国并购的国际市场环境、风险分析及管控、中国烟草跨国并购的可行性路径分析入手,对未来目标市场、实施路径、国内法律监管及审批流程等方面提出了建议。

  11. The Role of Cross-border Mergers and Acquisitions in Foreign Direct Investment: Evidence from the Chinese Stock Market

    Directory of Open Access Journals (Sweden)

    Yu-Hua An

    2009-12-01

    Full Text Available In this treatise, we provide empirical evidence based on stock and operating performance measures to show how cross-border mergers and acquisitions (M&As are different from domestic transactions from the perspective of foreign acquirers. We analyze the shareholder wealth effect from 663 domestic and international M&As announced by Chinese corporations between 1994 and 2006. We have uncovered some differences between national and cross-border M&As. We find that foreign acquirers experience significantly higher stock and operating performance than transactions carried out only by domestic firms. Higher target gains for cross-border transactions are consistent with the acquirer's ability to correctly value or capture synergies in cross-border takeovers. We also examine the source of wealth gains in Chinese targets of foreign acquirers. We find that the exchange rate and taxes are more important in justifying the target premium in foreign takeovers than in domestic takeovers. Taken together, our results suggest that the realization of synergy is the main motive behind foreign takeovers. We also analyze the role of corporate governance in cross-border M&As. Consistent with our hypothesis, the dummy for B shares or H shares is positively related with the takeover premium, indicating that strong corporate governance standards influence the valuation process in transition economies.

  12. Power Deals. Mergers and acquisitions activity within the global electricity and gas market. 2010 Annual Review

    Energy Technology Data Exchange (ETDEWEB)

    NONE

    2011-02-15

    The global power deal market is finally seeing an upward trend in momentum from the lows reached in 2009, with the total deal value in the non-renewable electricity and gas sectors up 19% year on year from USD 97.6bn to USD 116bn in 2010 - a year which also saw an end to the deal stalemate in the US with a renewed deal flow that looks set to continue this year. Compared to the heady mountain of power deals transacted between 2005-2008, deal values remain low but conditions are in place for a return at least to the foothills of these peaks, according to PwC's annual Power Deals review. Globalisation of the power sector is moving forward on a number of fronts with, for example, companies looking at gaining a larger presence in growth markets, acquisitions of global network asset portfolios with strong international interest in infrastructure assets and signs of greater Chinese involvement, not just from grid companies but also independent power producers.

  13. Private capital investments in health care provision through mergers and acquisitions: from long-term to acute care.

    Science.gov (United States)

    Angeli, Federica; Maarse, Hans

    2016-10-01

    This work aims to test whether different segments of healthcare provision differentially attract private capital and thus offer heterogeneous opportunities for private investors' diversification strategies. Thomson Reuter's SDC Platinum database provided data on 2563 merger and acquisition (M&A) deals targeting healthcare providers in Western Europe between 1990 and 2010. Longitudinal trends of industrial and geographical characteristics of M&As' targets and acquirers are examined. Our analyses highlight: (i) a relative decrease of long-term care facilities as targets of M&As, replaced by an increasing prominence of general hospitals, (ii) a shrinking share of long-term care facilities as targets of financial service organizations' acquisitions, in favor of general hospitals, and (iii) an absolute and relative decrease of long-term care facilities' role as target of cross-border M&As. We explain the decreasing interest of private investors towards long-term care facilities along three lines of reasoning, which take into account the saturation of the long-term care market and the liberalization of acute care provision across Western European countries, regulatory interventions aimed at reducing private ownership to ensure resident outcomes and new cultural developments in favor of small-sized facilities, which strengthen the fragmentation of the sector. These findings advance the literature investigating the effect of private ownership on health outcomes in long-term facilities. Market, policy and cultural forces have emerged over two decades to jointly regulate the presence of privately owned, large-sized long-term care providers, seemingly contributing to safeguard residents' well-being. Copyright © 2016 John Wiley & Sons, Ltd. Copyright © 2016 John Wiley & Sons, Ltd.

  14. 中国企业海外并购问题探讨%A Research on the Overseas Merger and Acquisition of China's Enterprises Practices

    Institute of Scientific and Technical Information of China (English)

    侯永胜

    2011-01-01

    实施海外并购,是有实力的中国企业实现跨越式发展的一条重要战略途径。在当今时代背景下,中国企业实施海外并购,既具有良好的机遇和优势条件,也面临一系列的并购风险。本文着重分析了当前实施海外并购存在的主要风险,并提出了规避风险,顺利实施海外并购的若干对策。%Overseas merger and acquisition is an important strategic approach for China's powerful enterprises to fulfill a leap development.Nowadays,some China's enterprises have good opportunities and advantages,but encounter great risks in overseas merger and acquisition at the same time.This paper emphatically analyzed major risks in overseas merger and acquisition,and suggested some countermeasures to those firms for avoiding the risks.

  15. Causes Analysis of Enterprise Mergers and Acquisitions in Semiconductor Industries%浅析半导体行业内企业并购动因

    Institute of Scientific and Technical Information of China (English)

    周慧

    2011-01-01

    Domestic and international semiconductor companies started wave of mergers and acquisitions in this century, hoping to win in the semiconductor market through the scale and leadership brought by mergers and acquisitions. From the analysis of M & A from different point of economics, the fact that the mergers and acquisitions in semiconductor industry is effected by the economies of scale, synergies, industry cluster.%国内外半导体公司在本世纪展开了并购重组潮,希望通过并购带来的规模和领导力在半导体市场上获胜.本文从经济学中关于企业并购的不同角度分析,对半导体行业内的企业并购行为受规模经济,协同效应,产业集群效应等的影响进行大概的分析.

  16. Human resource processes and the role of the human resources function during mergers and acquisitions in the electricity industry

    Science.gov (United States)

    Dass, Ted K.

    Mergers and acquisitions (M&A) have been a popular strategy for organizations to consolidate and grow for more than a century. However, research in this field indicates that M&A are more likely to fail than succeed, with failure rates estimated to be as high as 75%. People-related issues have been identified as important causes for the high failure rate, but these issues are largely neglected until after the deal is closed. One explanation for this neglect is the low involvement of human resource (HR) professionals and the HR function during the M&A process. The strategic HR management literature suggests that a larger role for HR professionals in the M&A process would enable organizations to identify potential problems early and devise appropriate solutions. However, empirical research from an HR perspective has been scarce in this area. This dissertation examines the role of the HR function and the HR processes followed in organizations during M&A. Employing a case-study research design, this study examines M&A undertaken by two large organizations in the electricity industry through the lens of a "process" perspective. Based on converging evidence, the case studies address three sets of related issues: (1) how do organizations undertake and manage M&A; (2) what is the extent of HR involvement in M&A and what role does it play in the M&A process; and (3) what factors explain HR involvement in the M&A process and, more generally, in the formulation of corporate goals and strategies. Results reveal the complexity of issues faced by organizations in undertaking M&A, the variety of roles played by HR professionals, and the importance of several key contextual factors---internal and external to the organization---that influence HR involvement in the M&A process. Further, several implications for practice and future research are explored.

  17. Acquisitions or Mergers? International Students' Satisfaction with Work Availability

    Science.gov (United States)

    Li, Xiaojie; Lee, Jenny

    2018-01-01

    This study sought to examine international students' satisfaction with work availability while enrolled and the factors that influenced this satisfaction through the acquisitions and mergers framework. The findings indicated that a notable portion of international students might be treated as acquisitions, based on their self-reports of low work…

  18. Mergers and Acquisitions (M&AS by R&D Intensive Firms

    Directory of Open Access Journals (Sweden)

    Shantanu Dutta

    2009-12-01

    Full Text Available In this study, we evaluate the impact of R&D intensity on acquiring firms’ abnormal returns by examining 925 Canadian completed deals between 1993 and 2002 that have information on R&D expenditures. While examining the returns to acquiring firm shareholders in the R&D intensive firms we evaluate two competing hypotheses: ‘growth potential hypothesis’ and ‘integration failure hypothesis’. According to the ‘growth potential hypothesis’, in light of the growth potential of the targets acquired by R&D intensive firms, investors are likely to react positively. ‘Integration failure hypothesis’ focuses on integration difficulties of a target by an R&D intensive firms and suggests that investor might be skeptical of such acquisitions and react negatively. Our results show that R&D intensity (i.e. R&D expenditure by sales has a positive and significant effect on cumulative abnormal returns of the acquiring firms around the announcement dates. This implies that market generally favors the M&A deals by R&D intensive firms. An analysis of the differentiating characteristics reveal that R&D firms have a significantly higher growth potential and undertake more stock financed deals compared to the non R&D firms. Further, our results show that there is no significant change in long-term operating performance subsequent to the M&A deals for both R&D firms and non R&D firms. In general, our results show support for ‘growth potential hypothesis’.

  19. A REVIEW OF ORGANIZATIONAL CULTURE IN THE MERGERS & ACQUISITIONS PROCESS

    Directory of Open Access Journals (Sweden)

    Louis-Caleb REMANDA

    2016-12-01

    Full Text Available Mergers and acquisitions (M&A are the most widespread and most reliable international operations in the strategic market. Theoretically, they can respond to a certain amount of conventional goals like creating intrinsic value and performance. Integrating an organizational culture in an M&A process can help top management from both organizations understand cultural differences as fast as possible, in order to reduce consequences. The question remains as to whether we can go from a theoretical case to a practical one and achieve results beyond expectations. In this 2015 study we took into account cultural changes, communicated them to the members going into the process, and demonstrated the fundamental role that organizational culture plays. By comparing several approaches surrounding organizational culture, we conclude that this concept should extended to further perspectives, such as the importance of acculturation, cultural tolerance and organizational identity, all present before, during, and after the M&A process.

  20. Regulation of “Banking Group” In Russia in Banking Mergers and Acquisitions in the Modern Conditions

    Directory of Open Access Journals (Sweden)

    Nikita V. Gurin

    2016-01-01

    research the author suggests legal developments to the regulations of mergers and acquisitions of banks in Russia.

  1. Internationalization as Mergers and Acquisitions: Senior International Officers' Entrepreneurial Strategies and Activities in Public Universities

    Science.gov (United States)

    Deschamps, Eric; Lee, Jenny J.

    2015-01-01

    This study investigated the various emerging forms of internationalization and how senior international affairs officers describe their motivations and rationales for implementing these activities. Based on interviews with senior international officers at 30 international offices in U.S. public universities, this study identified and classified…

  2. Power Deals. Mergers and acquisitions activity within the global electricity and gas market. 2008 Annual Review

    International Nuclear Information System (INIS)

    2009-01-01

    2008 was the year in which power deal values came down from their record-breaking highs of the two preceding years as the financial crisis and a number of market uncertainties had a negative impact on deal activity. Nonetheless, total deal numbers leapt by 24% as companies concentrated on smaller deals and took advantage of new opportunities that arose in the changed market conditions. Europe was least affected by the downturn in deal values and accounted for over half of all bidder and target power deal value. In contrast, power deals in Australia, which had previously been a main motor of growing M and A activity in the Asia Pacific region, virtually stalled as uncertainty over new carbon emission policies combined with the financial crisis to deter deal flow. In North America, like Europe, big deals were fewer but underlying deal activity was comparable with previous years. This report examines the rationale behind the overall trends and the key individual deals. We also highlight, in a series of deal dialogues throughout the report, some of the critical issues for companies engaging in deal activity within the sector, drawing on our global experience as an adviser to players in major deals throughout the sector in all key electricity and gas utilities markets. Looking to the future, the easing of the financial crisis will be key to deal flow but the near-term outlook looks less robust than the recent past, especially as debt markets will be further constrained by calls from the public financing required to support government bail-out programmes. Set against this, the underlying imperatives of consolidation, supply security and capitalisation remain in place and will create increasing pent-up deal demand. A lower energy price environment will change the metrics for more expensive cleaner power assets, placing an even higher importance on the outcome of global climate talks and the run-up to the December 2009 UN Climate Summit in Copenhagen

  3. Power Deals. Mergers and acquisitions activity within the global electricity and gas market. 2008 Annual Review

    Energy Technology Data Exchange (ETDEWEB)

    NONE

    2009-01-15

    2008 was the year in which power deal values came down from their record-breaking highs of the two preceding years as the financial crisis and a number of market uncertainties had a negative impact on deal activity. Nonetheless, total deal numbers leapt by 24% as companies concentrated on smaller deals and took advantage of new opportunities that arose in the changed market conditions. Europe was least affected by the downturn in deal values and accounted for over half of all bidder and target power deal value. In contrast, power deals in Australia, which had previously been a main motor of growing M and A activity in the Asia Pacific region, virtually stalled as uncertainty over new carbon emission policies combined with the financial crisis to deter deal flow. In North America, like Europe, big deals were fewer but underlying deal activity was comparable with previous years. This report examines the rationale behind the overall trends and the key individual deals. We also highlight, in a series of deal dialogues throughout the report, some of the critical issues for companies engaging in deal activity within the sector, drawing on our global experience as an adviser to players in major deals throughout the sector in all key electricity and gas utilities markets. Looking to the future, the easing of the financial crisis will be key to deal flow but the near-term outlook looks less robust than the recent past, especially as debt markets will be further constrained by calls from the public financing required to support government bail-out programmes. Set against this, the underlying imperatives of consolidation, supply security and capitalisation remain in place and will create increasing pent-up deal demand. A lower energy price environment will change the metrics for more expensive cleaner power assets, placing an even higher importance on the outcome of global climate talks and the run-up to the December 2009 UN Climate Summit in Copenhagen.

  4. Power Deals. Mergers and acquisitions activity within the global electricity and gas market. 2007 Annual Review

    International Nuclear Information System (INIS)

    2007-01-01

    The year 2007 saw a continued remarkable expansion in the total number and value of deals in the power utilities sector (electricity and gas) worldwide. A 25% increase put the total power deal value of USD 372.5bn nearly nine times above the US$43bn recorded just four years earlier in 2003. Records continue to be set in the sector for the total number and value of deals and for the size of individual deals. There was little sign of the sector pausing for breath in 2007. There were fewer mega-deals, reflecting the complexity of getting really huge deals over the political and regulatory hurdles, but this was more than compensated by a rise in mid-size deal numbers. There was no clear evidence of a fall-off in deal activity in the second half of the year as the credit crisis broke. Indeed, 57% of all power sector deals, 441 of the total 768 deals, came in the second half. Strong deal momentum characterised all the major markets and, with the restructuring of the Russian electricity sector, 2007 marked the year when deals in the Russian Federation made a significant impact on the worldwide totals. Thus, for the first time, Power Deals 2007 includes a specific section on the Russian deals and we separate them out from the wider Asia Pacific totals where they featured in previous editions

  5. Power Deals. Mergers and acquisitions activity within the global electricity and gas market. 2007 Annual Review

    Energy Technology Data Exchange (ETDEWEB)

    NONE

    2007-01-15

    The year 2007 saw a continued remarkable expansion in the total number and value of deals in the power utilities sector (electricity and gas) worldwide. A 25% increase put the total power deal value of USD 372.5bn nearly nine times above the US$43bn recorded just four years earlier in 2003. Records continue to be set in the sector for the total number and value of deals and for the size of individual deals. There was little sign of the sector pausing for breath in 2007. There were fewer mega-deals, reflecting the complexity of getting really huge deals over the political and regulatory hurdles, but this was more than compensated by a rise in mid-size deal numbers. There was no clear evidence of a fall-off in deal activity in the second half of the year as the credit crisis broke. Indeed, 57% of all power sector deals, 441 of the total 768 deals, came in the second half. Strong deal momentum characterised all the major markets and, with the restructuring of the Russian electricity sector, 2007 marked the year when deals in the Russian Federation made a significant impact on the worldwide totals. Thus, for the first time, Power Deals 2007 includes a specific section on the Russian deals and we separate them out from the wider Asia Pacific totals where they featured in previous editions.

  6. Environmental risk management for: insurance requirements, mergers and acquisitions and plant closures

    Energy Technology Data Exchange (ETDEWEB)

    Pizzi, F.P.

    1985-03-01

    Industry cannot rely on external sources such as EIL Insurance as the primary vehicle for minimizing or reducing environmental liabilities. We must develop strong internal risk management programs and procedures to eliminate or minimize the risks from operations.

  7. Stock or cash? The trade-offs for buyers and sellers in mergers and acquisitions.

    Science.gov (United States)

    Rappaport, A; Sirower, M L

    1999-01-01

    In 1988, less than 2% of large deals were paid for entirely in stock; by 1998, that number had risen to 50%. The shift has profound ramifications for shareholders of both the acquiring and acquired companies. In this article, the authors provide a framework and two simple tools to guide boards of both companies through the issues they need to consider when making decisions about how to pay for--and whether to accept--a deal. First an acquirer has to decide whether to finance the deal using stock or pay cash. Second, if the acquirer decides to issue stock, it then must decide whether to offer a fixed value of shares or a fixed number of them. Offering cash places all the potential risks and rewards with the acquirer--and sends a strong signal to the markets that it has confidence in the value not only of the deal but in its own stock. By issuing shares, however, an acquirer in essence offers to share the newly merged company with the stockholders of the acquired company--a signal the market often interprets as a lack of confidence in the value of the acquirer's stock. Offering a fixed number of shares reinforces that impression because it requires the selling stockholders to share the risk that the value of the acquirer's stock will decline before the deal goes through. Offering a fixed value of shares sends a more confident signal to the markets, as the acquirer assumes all of that risk. The choice between cash and stock should never be made without full and careful consideration of the potential consequences. The all-too-frequent disappointing returns from stock transactions underscore how important the method of payment truly is.

  8. Power Deals. Mergers and acquisitions activity within the global electricity and gas market. 2006 Annual Review

    International Nuclear Information System (INIS)

    2007-01-01

    2006 was another recordbreaking year in the electricity and gas utilities sector. Total deal values shot through the record level set in 2005 to reach a dizzying USD 298.8bn. This is nearly seven times the USD 43bn level of transactions recorded in the sector only three years earlier in 2003. The rise is all the more astonishing as it comes in a year when deal activity from corporate US utility players plummeted. The sharp downturn in North America came as companies took stock of aggressive regulatory stances from some state regulators during a US midterm election year that coincided with the ending of rate freezes and reaction to the repeal of the Public Utilities Holding Company Act. North American electricity deal values by bidder fell 64% to USD 20.7bn, not far above the USD 16.7bn level of 2003. The picture in Europe and the Asia Pacific region was very different. Both regions recorded record levels of power deal activities as utility companies continued to strive for super regional'' scale. Deal activity in Europe was given extra momentum by the countdown to the July 2007 implementation of full retail market liberalisation. This report examines the rationale behind the overall trends and the key individual deals. We also highlight, in a series of deal dialogues throughout the report, some of the critical issues for companies engaging in deal activity within the sector drawing on our global experience as an adviser to players in major deals throughout the sector in all key power and gas markets. Looking to the future, the regulatory environment will play a key role in determining the course of deal activity. Companies entering into big deals need to be ready more than ever for the long haul. However, the underpinning momentum in the sector remains strong and this is likely to create continued buoyancy in the period ahead

  9. Power Deals. Mergers and acquisitions activity within the global electricity and gas market. 2006 Annual Review

    Energy Technology Data Exchange (ETDEWEB)

    NONE

    2007-01-15

    2006 was another recordbreaking year in the electricity and gas utilities sector. Total deal values shot through the record level set in 2005 to reach a dizzying USD 298.8bn. This is nearly seven times the USD 43bn level of transactions recorded in the sector only three years earlier in 2003. The rise is all the more astonishing as it comes in a year when deal activity from corporate US utility players plummeted. The sharp downturn in North America came as companies took stock of aggressive regulatory stances from some state regulators during a US midterm election year that coincided with the ending of rate freezes and reaction to the repeal of the Public Utilities Holding Company Act. North American electricity deal values by bidder fell 64% to USD 20.7bn, not far above the USD 16.7bn level of 2003. The picture in Europe and the Asia Pacific region was very different. Both regions recorded record levels of power deal activities as utility companies continued to strive for super regional'' scale. Deal activity in Europe was given extra momentum by the countdown to the July 2007 implementation of full retail market liberalisation. This report examines the rationale behind the overall trends and the key individual deals. We also highlight, in a series of deal dialogues throughout the report, some of the critical issues for companies engaging in deal activity within the sector drawing on our global experience as an adviser to players in major deals throughout the sector in all key power and gas markets. Looking to the future, the regulatory environment will play a key role in determining the course of deal activity. Companies entering into big deals need to be ready more than ever for the long haul. However, the underpinning momentum in the sector remains strong and this is likely to create continued buoyancy in the period ahead.

  10. Creditor Rights, Claims Enforcement, and Bond Performance in Mergers and Acquisitions

    NARCIS (Netherlands)

    Renneboog, Luc; Szilagyi, Peter; Vansteenkiste, Cara

    2017-01-01

    This paper shows that country-level differences in creditor protection affect bond performance around cross-border M&A announcements. Using Eurobonds and a global sample of 1,100 cross-border M&As, we find that the bondholders of bidding firms respond more positively to deals that expose their firm

  11. Creditor rights, claims enforcement, and bond returns in mergers and acquisitions

    NARCIS (Netherlands)

    Renneboog, Luc; Szilagyi, Peter; Vansteenkiste, Cara

    This article shows that country-level differences in creditor protection affect bond performance around cross-border M&A announcements. Using Eurobonds and a global sample of 1,100 cross-border M&As, we find that the bondholders of bidding firms respond more positively to deals that expose their

  12. 78 FR 36781 - Formations of, Acquisitions by, and Mergers of Savings and Loan Holding Companies

    Science.gov (United States)

    2013-06-19

    ... Owners' Loan Act (12 U.S.C. 1461 et seq.) (HOLA), Regulation LL (12 CFR part 238), and Regulation MM (12... may express their views in writing on the standards enumerated in the HOLA (12 U.S.C. 1467a(e)). If... HOLA (12 U.S.C. 1467a(c)(4)(B)). Unless otherwise noted, nonbanking activities will be conducted...

  13. 78 FR 73539 - Formations of, Acquisitions by, and Mergers of Savings and Loan Holding Companies

    Science.gov (United States)

    2013-12-06

    ... Owners' Loan Act (12 U.S.C. 1461 et seq.) (HOLA), Regulation LL (12 CFR part 238), and Regulation MM (12... may express their views in writing on the standards enumerated in the HOLA (12 U.S.C. 1467a(e)). If... HOLA (12 U.S.C. 1467a(c)(4)(B)). Unless otherwise noted, nonbanking activities will be conducted...

  14. 77 FR 33217 - Formations of, Acquisitions by, and Mergers of Savings and Loan Holding Companies

    Science.gov (United States)

    2012-06-05

    ... Owners' Loan Act (12 U.S.C. 1461 et seq.) (HOLA), Regulation LL (12 CFR part 238), and Regulation MM (12... may express their views in writing on the standards enumerated in the HOLA (12 U.S.C. 1467a(e)). If... HOLA (12 U.S.C. 1467a(c)(4)(B)). Unless otherwise noted, nonbanking activities will be conducted...

  15. 77 FR 34043 - Formations of, Acquisitions by, and Mergers of Savings and Loan Holding Companies

    Science.gov (United States)

    2012-06-08

    ... Owners' Loan Act (12 U.S.C. 1461 et seq.) (HOLA), Regulation LL (12 CFR part 238), and Regulation MM (12... express their views in writing on the standards enumerated in the HOLA (12 U.S.C. 1467a(e)). If the... the HOLA (12 U.S.C. 1467a(c)(4)(B)). Unless otherwise noted, nonbanking activities will be conducted...

  16. 78 FR 22545 - Formations of, Acquisitions by, and Mergers of Savings and Loan Holding Companies

    Science.gov (United States)

    2013-04-16

    ... Owners' Loan Act (12 U.S.C. 1461 et seq.) (HOLA), Regulation LL (12 CFR part 238), and Regulation MM (12... may express their views in writing on the standards enumerated in the HOLA (12 U.S.C. 1467a(e)). If... HOLA (12 U.S.C. 1467a(c)(4)(B)). Unless otherwise noted, nonbanking activities will be conducted...

  17. IMPLICATIONS OF CROSS-BORDER MERGERS AND ACQUISITIONS IN THE POLISH BANKING SECTOR IN THE CONTEXT OF THE GLOBAL FINANCIAL CRISIS

    Directory of Open Access Journals (Sweden)

    ZBIGNIEW KORZEB

    2010-01-01

    Full Text Available The article presents the implications of the global financial crisis upon the Polish banking sector, formed under the influence of cross-border mergers and acquisitions. It illustrates the consequences of financial problems of foreign strategic shareholders in banks operating in Poland upon the stability of the entire banking system. It presents the proposed future directions of action to protect the stability of the banking system. It seems that in the case of a banking system as special as the Polish one, the key role will belong to the quality of the three main pillars of control over the work of banks: supervisory institutions, market discipline an corporate governance.

  18. 78 FR 35033 - Formations of, Acquisitions by, and Mergers of Bank Holding Companies

    Science.gov (United States)

    2013-06-11

    ... shares of Ashland Bancshares, Inc., and thereby indirectly acquire Centennial Bank, both in Omaha... Holding Company, Inc., and immediately thereafter, Omaha State Bank, will merge with and into Centennial...

  19. 76 FR 10595 - Formations of, Acquisitions by, and Mergers of Bank Holding Companies

    Science.gov (United States)

    2011-02-25

    ... engage in real estate settlement servicing; trust company functions; tax planning and tax preparation..., Milwaukee, Wisconsin, and thereby engage in real estate settlement servicing; trust company functions; tax planning and tax preparation services, pursuant to sections 225.28(b)(2), (b)(5), and (b)(6) of Regulation...

  20. The next wave of mergers and acquisitions. What's your organization's position?

    Science.gov (United States)

    Zuckerman, Alan

    2009-05-01

    Review your organization's strategic and financial plan given the current economic erosion and challenges. If your organization can and should be a consolidator, identify the likely and desired opportunities. If your organization cannot or should not go it alone, start to look for a partner.