Publicação
Mergers and acquisitions: Causes and consequences: Search for market dominance
| Resumo: | Mergers and acquisitionsmarked a turning point in the economic developmentof U.S economy, which quickly became a worldwide referenceon value creation. In 2006, on a dispersed industry, either at upstream or downstream levels (steel industry) a strong example of a consolidation process took place creating a dominant player. Emergency of the Chinese economy added to the perspectives of a financial crisis made the two largest steel players to enter on a combination process, process which was far from simple. The hostile take-over bid launched by Mittal Steel did not please Arcelor SA Board of Directors which implemented some defensive measuresin order to avoid the possibility of being acquired by its main rival and, on more practical terms, leading to the increase of the offered price. Due to the forced price revision the deal was consummated. According to the expected synergiesexpectable, by projecting future cash flows, there are positive predictions for the future of ArcelorMittal. However, nowadays the economic and political future is more uncertain than ever and, although some synergieshave already been achieved, the future cash flows can not be taken as granted. Some aspects such as the market changes, corporate governance and currency exchange risk can not be forgotten by ArcelorMittal group. |
|---|---|
| Autores principais: | Santos, Bruno Alexandre Lopes dos |
| Assunto: | Mergers and acquisitions Defensive measures Sinergia -- Synergy Future cash flows Fusões e aquisições Medidas defensivas Cash flows futuros |
| Ano: | 2010 |
| País: | Portugal |
| Tipo de documento: | dissertação de mestrado |
| Tipo de acesso: | acesso aberto |
| Instituição associada: | ISCTE |
| Idioma: | inglês |
| Origem: | Repositório ISCTE |
| _version_ | 1868443302564462592 |
|---|---|
| author | Santos, Bruno Alexandre Lopes dos |
| author_facet | Santos, Bruno Alexandre Lopes dos |
| author_role | author |
| country_str | PT |
| creators_json_txt | [{\"Person.name\":\"Santos, Bruno Alexandre Lopes dos\"}] |
| datacite.creators.creator.creatorName.fl_str_mv | Santos, Bruno Alexandre Lopes dos |
| datacite.date.Accepted.fl_str_mv | 2010-01-01T00:00:00Z |
| datacite.date.available.fl_str_mv | 2012-09-10T11:50:49Z |
| datacite.date.embargoed.fl_str_mv | 2012-09-10T11:50:49Z |
| datacite.rights.fl_str_mv | http://purl.org/coar/access_right/c_abf2 |
| datacite.subjects.subject.fl_str_mv | Mergers and acquisitions Defensive measures Sinergia -- Synergy Future cash flows Fusões e aquisições Medidas defensivas Cash flows futuros |
| datacite.titles.title.fl_str_mv | Mergers and acquisitions: Causes and consequences: Search for market dominance |
| dc.creator.none.fl_str_mv | Santos, Bruno Alexandre Lopes dos |
| dc.date.Accepted.fl_str_mv | 2010-01-01T00:00:00Z |
| dc.date.available.fl_str_mv | 2012-09-10T11:50:49Z |
| dc.date.embargoed.fl_str_mv | 2012-09-10T11:50:49Z |
| dc.description.none.fl_str_mv | A temática das fusões e aquisições surge como um ponto marcante no desenvolvimento empresarial dos EUA, que rapidamente se transformou numa referência na criação de valor empresarial por todo o mundo. O caso da indústria do aço dá ênfase a esta temática, visto ser um processo de combinação de empresas num sector bastante disperso quer a jusante como a montante que deu origem a uma empresa dominante. A emergência da economia chinesa juntamente com a conjuntura mundial levaram os dois maiores players desta indústria a um processo de combinação, contudo este não foi um processo simples. A abordagem hostil por parte da Mittal Steel não agradou aos dirigentes da Arcelor SA que deste logo puseram em prática um conjunto de medidas defensivas as quais, após elevarem a alavancagem financeira da empresa adquirida, forçaram a revisão (em alta) da oferta. Assim, após uma forte pressão exercida pelos accionistas o processo consumou-se e as sinergias expectáveis, através da projecção dos cash flows futuros, anunciam um futuro favorável ao crescimento da ArcelorMittal. Contudo, embora algumas sinergias já tenham sido alcançadas, o futuro económico e político está mais incerto que nunca, pelo que os cash flows futuros não podem ser assumidos como garantidos. Não sendo possível à ArcelorMittal descurar os aspectos de mudança na sua envolvente, de governação empresarial e de risco cambial. |
| dc.format.none.fl_str_mv | application/pdf application/vnd.ms-excel |
| dc.identifier.none.fl_str_mv | http://hdl.handle.net/10071/3805 |
| dc.language.none.fl_str_mv | eng |
| dc.rights.none.fl_str_mv | http://purl.org/coar/access_right/c_abf2 |
| dc.subject.none.fl_str_mv | Mergers and acquisitions Defensive measures Sinergia -- Synergy Future cash flows Fusões e aquisições Medidas defensivas Cash flows futuros |
| dc.title.fl_str_mv | Mergers and acquisitions: Causes and consequences: Search for market dominance |
| dc.type.none.fl_str_mv | http://purl.org/coar/resource_type/c_bdcc |
| description | Mergers and acquisitionsmarked a turning point in the economic developmentof U.S economy, which quickly became a worldwide referenceon value creation. In 2006, on a dispersed industry, either at upstream or downstream levels (steel industry) a strong example of a consolidation process took place creating a dominant player. Emergency of the Chinese economy added to the perspectives of a financial crisis made the two largest steel players to enter on a combination process, process which was far from simple. The hostile take-over bid launched by Mittal Steel did not please Arcelor SA Board of Directors which implemented some defensive measuresin order to avoid the possibility of being acquired by its main rival and, on more practical terms, leading to the increase of the offered price. Due to the forced price revision the deal was consummated. According to the expected synergiesexpectable, by projecting future cash flows, there are positive predictions for the future of ArcelorMittal. However, nowadays the economic and political future is more uncertain than ever and, although some synergieshave already been achieved, the future cash flows can not be taken as granted. Some aspects such as the market changes, corporate governance and currency exchange risk can not be forgotten by ArcelorMittal group. |
| dirty | 0 |
| eu_rights_str_mv | openAccess |
| format | masterThesis |
| id | iscte_d7be02cb53dc4e50200734e92cd3a561 |
| identifier.url.fl_str_mv | http://hdl.handle.net/10071/3805 |
| instacron_str | iscte |
| institution | ISCTE |
| instname_str | ISCTE |
| language | eng |
| network_acronym_str | iscte |
| network_name_str | Repositório ISCTE |
| oai_identifier_str | oai:repositorio.iscte-iul.pt:10071/3805 |
| organization_str_mv | urn:organizationAcronym:iscte |
| person_str_mv | Santos, Bruno Alexandre Lopes dos |
| publishDate | 2010 |
| reponame_str | Repositório ISCTE |
| repository_id_str | urn:repositoryAcronym:iscte |
| service_str_mv | urn:repositoryAcronym:iscte |
| spelling | porMergers and acquisitionsmarked a turning point in the economic developmentof U.S economy, which quickly became a worldwide referenceon value creation. In 2006, on a dispersed industry, either at upstream or downstream levels (steel industry) a strong example of a consolidation process took place creating a dominant player. Emergency of the Chinese economy added to the perspectives of a financial crisis made the two largest steel players to enter on a combination process, process which was far from simple. The hostile take-over bid launched by Mittal Steel did not please Arcelor SA Board of Directors which implemented some defensive measuresin order to avoid the possibility of being acquired by its main rival and, on more practical terms, leading to the increase of the offered price. Due to the forced price revision the deal was consummated. According to the expected synergiesexpectable, by projecting future cash flows, there are positive predictions for the future of ArcelorMittal. However, nowadays the economic and political future is more uncertain than ever and, although some synergieshave already been achieved, the future cash flows can not be taken as granted. Some aspects such as the market changes, corporate governance and currency exchange risk can not be forgotten by ArcelorMittal group.porA temática das fusões e aquisições surge como um ponto marcante no desenvolvimento empresarial dos EUA, que rapidamente se transformou numa referência na criação de valor empresarial por todo o mundo. O caso da indústria do aço dá ênfase a esta temática, visto ser um processo de combinação de empresas num sector bastante disperso quer a jusante como a montante que deu origem a uma empresa dominante. A emergência da economia chinesa juntamente com a conjuntura mundial levaram os dois maiores players desta indústria a um processo de combinação, contudo este não foi um processo simples. A abordagem hostil por parte da Mittal Steel não agradou aos dirigentes da Arcelor SA que deste logo puseram em prática um conjunto de medidas defensivas as quais, após elevarem a alavancagem financeira da empresa adquirida, forçaram a revisão (em alta) da oferta. Assim, após uma forte pressão exercida pelos accionistas o processo consumou-se e as sinergias expectáveis, através da projecção dos cash flows futuros, anunciam um futuro favorável ao crescimento da ArcelorMittal. Contudo, embora algumas sinergias já tenham sido alcançadas, o futuro económico e político está mais incerto que nunca, pelo que os cash flows futuros não podem ser assumidos como garantidos. Não sendo possível à ArcelorMittal descurar os aspectos de mudança na sua envolvente, de governação empresarial e de risco cambial.application/pdfapplication/vnd.ms-excelengporMergers and acquisitions: Causes and consequences: Search for market dominanceSantos, Bruno Alexandre Lopes dosHandlehttp://hdl.handle.net/10071/38052012-09-10T11:50:49Z2010-01-01T00:00:00Z20102010-04http://purl.org/coar/access_right/c_abf2open accessporMergers and acquisitionsporDefensive measuresporSinergia -- SynergyporFuture cash flowsporFusões e aquisiçõesporMedidas defensivasporCash flows futuros1721687 bytes94516 byteshttp://purl.org/coar/access_right/c_abf2application/pdffulltexthttps://repositorio.iscte-iul.pt/bitstreams/748a4469-f74b-4d56-b03b-3f1c57a63e92/downloadhttp://purl.org/coar/access_right/c_abf2application/vnd.ms-excelfulltexthttps://repositorio.iscte-iul.pt/bitstreams/b21cb022-3c6a-4125-93dd-16b1702a2cb5/downloadother research producthttp://purl.org/coar/resource_type/c_bdccmaster thesis |
| spellingShingle | Mergers and acquisitions: Causes and consequences: Search for market dominance Santos, Bruno Alexandre Lopes dos Mergers and acquisitions Defensive measures Sinergia -- Synergy Future cash flows Fusões e aquisições Medidas defensivas Cash flows futuros |
| status | SINGLETON |
| subject.fl_str_mv | Mergers and acquisitions Defensive measures Sinergia -- Synergy Future cash flows Fusões e aquisições Medidas defensivas Cash flows futuros |
| title | Mergers and acquisitions: Causes and consequences: Search for market dominance |
| title_full | Mergers and acquisitions: Causes and consequences: Search for market dominance |
| title_fullStr | Mergers and acquisitions: Causes and consequences: Search for market dominance |
| title_full_unstemmed | Mergers and acquisitions: Causes and consequences: Search for market dominance |
| title_short | Mergers and acquisitions: Causes and consequences: Search for market dominance |
| title_sort | Mergers and acquisitions: Causes and consequences: Search for market dominance |
| topic | Mergers and acquisitions Defensive measures Sinergia -- Synergy Future cash flows Fusões e aquisições Medidas defensivas Cash flows futuros |
| topic_facet | Mergers and acquisitions Defensive measures Sinergia -- Synergy Future cash flows Fusões e aquisições Medidas defensivas Cash flows futuros |
| url | http://hdl.handle.net/10071/3805 |
| visible | 1 |