cross-border acquisitions

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1、8Cross-BorderAcquisitionsCHANDRASHEKARKRISHNAMURTIANDVISHWANATHS.R.CHAPTEROBJECTIVESHighlightsthemotivationsforcross-borderacquisitionsProvidesanoverviewoftrendsincross-borderacquisitionsHighlightstheempiricalevidenceoncross-borderacquisitionsHighlightstheissuesincross-bordervaluationProvide

2、sasummaryoftakeovercodeinselectcountriesAfirmcanexpandintoanothercountrybywayofagreenfieldinvestmentinanewfacilityorbymerging/acquiringalocalfirm.Cross-bordermergersandacquisitions,liketheirdomesticcounterparts,involveachangeinthecontrolofthetargetfirm,whereasagreenfieldinvestmentcreatesnewassets

3、.Inacross-bordermerger,theassetsandoperationsofthetwocompaniesarecombinedtoestablishanewentity,whereasinacross-borderacquisitionthecontrolofassetsistransferredfromalocaltotheforeigncompany.Thelocalfirmthenbecomesanaffiliateoftheforeignparent.Dependingonthepercentageholdinginthetargetfirm,theacq

4、uisitioncreatesaminority(1045percentofvotingshares)oramajority(5099percentofvotingshares)interest.Cross-borderacquisitionscanbeclassifiedashorizontal,verticalandconglomerate.Horizontalmergerstakeplacebetweencompetingfirmsinthesameindustrytoachievesynergy;verticalmergerstakeplacebetween184CHAND

5、RASHEKARKRISHNAMURTIANDVISHWANATHS.R.firmsinthedifferentpartsofthevaluechain(forexample,buyerandsupplier)toreducetransactioncosts;andconglomeratemergerstakeplacebetweencompaniesinunrelatedactivities.Exhibit8.1presentsthemergerstatisticsbytype.EXHIBIT8.1Worldcross-borderM&As,bytype(Horizontal,

6、verticalandconglomerate)1995–99(percentage)NumberValueYearHorizontalVerticalConglomerateHorizontalVerticalCong.1995535.641.465.52.731.81996545.740.356.95.537.6199754.15.240.758.14.937.0199856.56.237.368.85.925.3199956.26.237.671.21.827.0Source:UNWorldInvestmentReport(2000).AsExhibitsuggests,

7、alargenumberoftransactionsarehorizontalorconglomeratemergers.Dependingonthemoodoftheacquirer,acquisitionscanbeeitherfriendlyorhostile.Inafriendlytakeover,thetargetfirmagreestothetransaction,whereashostiletakeoversareundertakenagainstthewishofthetarg