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Раздел 3 Развитие и управление модернизацией бизнес-процессов и предпринимательства. Государственная поддержка малого бизнеса в условиях рыночной экономики. Роль менеджмента в государственном и муниципальном управлении Слияние и поглощение компаний: обобщенный опыт Батченко Л.В., д.э.н, профессоp, ДГУУ, г. Донецк, Украина Стояновская К.С., аспирант, ДГУУ, г. Донецк, Украина Merger and Acquisition of companies: generalized experience The big part of the corporate finance world is taken by corporate restructuring and mergers and acquisitions (M&A). Not surprisingly, such actions often are highlighted not only in connection with the companies’ brands but also the value of such contracts itself. Furthermore, they can dictate the fortunes of the companies involved for years to come. Strengthening of the market positions, development of industrial specialization, reduction costs, increase of quality control procedures are the backgrounds for economic restructuring under market conditions. Transnational corporations, in turn, as the leading players of the world market, uses a wide range of tools for strategic development of which innovative and most widespread one is currently the merger. These facts demonstrate the relevance of defining a basis of operation and prospects for the world market of mergers and acquisitions. Therefore, the main aim of the article is to research theoretical principles and guidelines for implementation of mergers and acquisitions in the global practice. Growth in business as one of the main objectives of owners of most commercial enterprises can be achieved in two ways: 1) due to the "internal" growth, the company adds capacity to produce a new product (service) or to increase the production of goods (services), which are already implemented; 2) due to "external" growth, which is the main form of mergers and acquisitions (M&A). External growth is often typical for companies that in its internal growth achieved the maximum, therefore they start to look for external ways, named the company targets for mergers and acquisitions1. One plus one makes three: this equation is the special alchemy of a merger and acquisition. The key principle behind buying a company is to create shareholder value over and above that of the sum of the two companies. Two companies together are more valuable than two separate ones – at least, that's the reasoning behind M&A. This rationale is particularly alluring to companies when times are tough. Strong companies will act to buy others to create a more competitive, cost-efficient company. The companies will come together hoping to gain a greater market share or to achieve greater efficiency. Because of these potential benefits, target companies will often agree to be purchased when they know they cannot survive alone. Most mergers and acquisitions began to spread in the United States in the late twentieth century. As for acronyms, M&A consists of two English words. Although they are often uttered in the same breath and used as though they were synonymous, the terms merger and acquisition mean slightly different things. When one company takes over another and clearly established itself as the new owner, the purchase is called an acquisition. From a legal point of view, the target company ceases to exist, the buyer "swallows" the business and the buyer's stock continues to be traded. In the pure sense of the term, a merger happens when two firms, often of about the same size, agree to go forward as a single new company rather than remain separately owned and operated. This kind of action is more precisely referred to as a "merger of equals." Both companies' stocks are surrendered and new company stock is issued in its place. For example, both Daimler-Benz and Chrysler ceased to exist when the two firms merged, and a new company, DaimlerChrysler, was created. In practice, however, actual mergers of equals don't happen very often. Usually, one company will buy another and, as part of the deal's terms, simply allow the acquired firm to proclaim that the action is a merger of equals, even if it's technically an acquisition. Being bought out a company often carries negative connotations, therefore, by describing the deal as a merger, deal makers and top managers try to make the takeover more palatable1. In 1978 the consulting agency Arthur D. Little has researched this market world experience and allocated the main reasons for mergers and acquisitions2:
To global factors that have an influence on the dynamics of these procedures, provide several factors which are depicted on the picture. As for the development of management thought it gave an opportunity to expand those optimal sizes companies outgrowing that were capable of causing management problems. The most significant step was the revolution that made computer technology in the methods of management organizations. Virtually every firm or large company today introducing an automated management system, which able to track all information about activities on the basis of processing and analysis of the data needed to make a decision as soon as possible, etc. The next point is that a constant tendency to integrate the economies of developed countries leads to increased competition on national markets, where national corporations have to actively compete with involved foreign players. In reality, it is removing barriers between national economies and their transformation into a single global market. The best example of this trend is the unification of Europe and creating a single European market. |
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