Merger and acquisitions by Zuzana Sefcikova

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Mergers and acquisitions 2016/2017 Technical university of Košice Zuzana Šefčíková

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Content Introduction Why companies merge and acquire ? Mergers Acquisitons Why merger and acquisitions fail ?

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Merger - combination of two companies to form one Acquisition - one company taken over by the other

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Mergers There are 5 type of mergers : Vertical merger Horizontal merger Conglomerate Market extension Product extension

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Acquisitions Dominant company is called acquirer In most cases acquirer acquires company by buying its shares Hostile acquisitions is also called hostile takeover Friendly acquisitions  mostly with small companies that want to expand Acquisiton can happen in two ways : 1. Raid 2. Takeover bid

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Why companies merge and acquire ? Synergy Diversification Growth Eliminate competition Market position Tax consideration

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Why can M&A fail ? Ignorance Poor strategic fit Poor governance Poor communication Cultural integration issues Negotiation errors

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Mergers and acquisitions examples The $28.1 billion acquisition of LinkedIn by Microsoft Sixth largest tech merger and acquisition on record In 1998, Exxon and Mobil signed a US$73.7 billion merger agreement forming a new company called Exxon Mobil Corp. (ExxonMobil ) British mobile operator Vodafone successfully acquired the German firm Mannesmann in a hostile takeover worth billions.

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In 2000, Pfizer acquired Warner-Lambert for $ 9 0 billion , bringing together two of the fastest-growing companies in the pharmaceutical industry and adding to Pfizer's global strength s. CitiCorp and Traveler´s group merged creating the world´s biggest financial - services company at the time .

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