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1、P1:OTA/XYZP2:ABCc22JWBT347/MckinseyJune4,201016:29PrinterName:Hamilton22CreatingValuethroughDivestituresAswedescribedinChapter19,anyprogramtocreatevalueshouldincludeperiodicallyandsystematicallycleaningoutyourportfolioofbusinesses.Butaswenotedinthatchapter,
2、managersoftenmistakenlyequatedivestitureswithfailure.Therefore,therolethatdivestituresactuallyplayinvaluecreationprogramsisoftenverydifferentfromtheroletheyshouldplay.Divestitures,likemergersandacquisitions(M&A),tendtooccurinwaves.Inthedecadefollowingthecon
3、glomerateexcessesofthe1960sand1970s,manycompaniesrefocusedtheirportfolios.Thesedivestituresweregenerallysalestoothercompaniesorprivatebuyoutfirms.Exhibit22.1showsthatthedivestiturewaveofthelate1990sincludedmorepublicownershiptransac-tions,suchasspin-offs,car
4、ve-outs,andtrackingstocks.Themixofdivestitureactivitiesoverthepast10yearsindicatesthatpublicownershiptransactionshavebecomeanestablishedmeansfordivestingbusinesses.RecentactivitylevelsindivestituresandM&Aalsoappeartoshowamoreevenbalanceintheirvolumes.Eviden
5、ceshowsthatdivestiturescreatevalueforcorporationsintheshorttermaroundtheirannouncement,aswellasinthelongtermfollowingthedivestiture.Furthermore,companiesemployingabalancedportfolioapproachtoacquisitionanddivestiturehaveoutperformedcompaniesthatrarelydivest.
6、Thisapproachincludesdivestingbusinessesthatareperformingwellbutcoulddoevenbetterunderdifferentownership.Despitetheirpotential,divestituresusuallyoccurinreactiontopressurefromoutsidethecorporation,ratherthanaspartofaproactiveandsystematicdivestitureprogram.E
7、xecutivesseemtoshyawayfromdivestituresandusuallydelaythemtoolong.Intheirview,expandingthebusinessportfolioisaclearersignofsuccess—andeasiertoSpecialthankstoAndreAnnemaforcoauthoringthischapter,andtoLeeDranikoffandAntoon´Schneider,whoseworkondivestituresform
8、sacorepartofthischapter.469P1:OTA/XYZP2:ABCc22JWBT347/MckinseyJune4,201016:29PrinterName:Hamilton470CREATINGVALUETHROUGHDIVESTITURESEXHIBIT22.1–DivestitureVolumevs.M&AVolume$billion1Divestitures2Public
