Publicação
Last chance sharing? A merger between BMW AG and SIXT SE defining the future of mobility
| Resumo: | Many economies are dependent on the automotive industry. It not only includes pure manufacturers but also suppliers, thus having extensive effects on entire countries and regions. Consequently, companies and policymakers are obligated and committed to proactively adopt new market trends and provide the environment and regulatory support to accompany those. The last few years have shown that new market entrants quickly gain market shares because of their portfolio of electrified vehicles – defining the future of mobility. Nevertheless, the future of mobility also involves a shift to shared mobility services, offering excellent opportunities for well-established global players due to their extensive customer base and resources such as research and development, intellectual property and human capital. Consequently, the proposed merger between Bayerische Motoren Werke AG and Sixt SE would enable the bundling of those qualities and result in a solid foundation to tackle future disruptions. The financial analysis supports this strategic standpoint with net synergies amounting to EUR 1,659m. Sixt’s target shareholders would receive an acquisition premium of EUR 19.05 per share, and BMW’s shareholders’ earnings per share would accrete by 7.9% yearly until 2028. Hence, it can be concluded that this merger would be beneficial for both companies. However, it must be noted that this analysis is subject to further research and limited by the potential of disapproval by policymakers due to competition laws. |
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| Autores principais: | von der Heidt, Felix Henry |
| Assunto: | Mergers Acquisition Valuation Synergies Automotive Carsharing Mobility Fusões Aquisições Avaliação Sinergias Automóvel Mobilidade |
| Ano: | 2023 |
| País: | Portugal |
| Tipo de documento: | dissertação de mestrado |
| Tipo de acesso: | acesso aberto |
| Instituição associada: | Universidade Católica Portuguesa |
| Idioma: | inglês |
| Origem: | Veritati - Repositório Institucional da Universidade Católica Portuguesa |
| Resumo: | Many economies are dependent on the automotive industry. It not only includes pure manufacturers but also suppliers, thus having extensive effects on entire countries and regions. Consequently, companies and policymakers are obligated and committed to proactively adopt new market trends and provide the environment and regulatory support to accompany those. The last few years have shown that new market entrants quickly gain market shares because of their portfolio of electrified vehicles – defining the future of mobility. Nevertheless, the future of mobility also involves a shift to shared mobility services, offering excellent opportunities for well-established global players due to their extensive customer base and resources such as research and development, intellectual property and human capital. Consequently, the proposed merger between Bayerische Motoren Werke AG and Sixt SE would enable the bundling of those qualities and result in a solid foundation to tackle future disruptions. The financial analysis supports this strategic standpoint with net synergies amounting to EUR 1,659m. Sixt’s target shareholders would receive an acquisition premium of EUR 19.05 per share, and BMW’s shareholders’ earnings per share would accrete by 7.9% yearly until 2028. Hence, it can be concluded that this merger would be beneficial for both companies. However, it must be noted that this analysis is subject to further research and limited by the potential of disapproval by policymakers due to competition laws. |
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