Tài liệu Restructuring and firm valuation merger & acquisition between eximbank & sacombank

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Hoa Sen University Restructuring and Firm valuation RESTRUCTURING AND FIRM VALUATION PROJECT: MERGER & ACQUISITION BETWEEN EXIMBANK & SACOMBANK Lecturer: Mr. Ngo Huu Hung Group: Tran Thuy Anh 093404 Tran Dung 091821 Luong Thi Yen My 093420 Le Hoang My Thanh 091877 Nguyen Nhat Thien Truc 091900 - March 2013 i Hoa Sen University Restructuring and Firm valuation ACKNOWLEDGMENT Thanks to Hoa Sen University, which gave us the opportunity to contact to the reality by performing this project; Especially thanks to Mr. Ngô Hữu Hùng – Lecturer of Project: Restructuring and Firm evaluation for the devotion and the usefulness in the effort of helping us to develop and accomplish this project; Thanks to all the member of our group for the contribution of the idea of this project; especially thanks to Ms. Trần Thuý Anh in giving advice of choosing company, and thanks to all the corporation of the member of group; Thanks to all the help, before and during the time of doing this project, that were given to make our project completed, so it could be done successfully. ii Hoa Sen University Restructuring and Firm valuation ABSTRACT Theory will be always far from the reality without practice, so in the desire of being successful everyone must study simultaneously with practicing. Subject “Project” in University is one of many ways of giving student an opportunity to approach the real stuff that they will contact with in the near future. That is the reason for this project – Restructuring & Firm evaluation. In this project, we was searching, and studying the information related to the performance of Sacombank and Eximbank – the two large banks in Viet Nam that have stock listed on the market to make use of their figures to valuate their M&A transaction, and also reviewing the knowledge that had been received from lecturer to serve the demand of doing it. iii Hoa Sen University Restructuring and Firm valuation CONTENT ACKNOWLEDGMENT .......................................................... ERROR! BOOKMARK NOT DEFINED. ABSTRACT ............................................................................................................................................. III CONTENT ............................................................................................................................................... IV TABLE & CHART CONTENT ............................................................................................................. VI INTRODUCTION ..................................................................................................................................... 1 1.OVERVIEW OF MERGER AND ACQUISITION (M&A) .............................................................. 2 1.1 DEFINITION .................................................................................................................................................... 2 1.2 CLASSIFICATION ............................................................................................................................................ 3 2. ISSUE IN MERGER & ACQUISITION ............................................................................................. 3 2.1. BUSINESS VALUATION ................................................................................................................................. 3 2.2. BUSINESS VALUATION IN MERGERS AND ACQUISITIONS ........................................................................ 4 2.3. STEPS IN VALUATION ................................................................................................................................... 5 2.4. VALUATION METHODS ................................................................................................................................. 6 2.4.1. Accounting/Financial Ratios ............................................................................................................ 6 2.4.2. Discounted Cash Flow (DCF) .............................................................................................................. 7 2.5 LEGAL ISSUE ................................................................................................................................................... 8 3. MERGER AND ACQUISITION IN THE WORLD........................................................................10 3.1 OVERVIEW OF M&A IN THE WORLD ........................................................................................................10 3.2 SOME TYPICAL M&A TRANSACTION IN RECENT YEARS ........................................................................16 4. MERGER AND ACQUISITION IN VIET NAM.............................................................................18 4.1 THE OUTBREAK OF M&A ...........................................................................................................................18 4.2 M&A IN VIETNAM: LOCAL BUYERS MORE THAN FOREIGN BUYERS ....................................................20 4.3 THE RISKS AND DIFFICULTIES OF M&A IN VIETNAM ............................................................................21 4.3.1 Risks in M&A ............................................................................................................................................ 21 4.3.2 Negative impacts on the development of the economy ....................................................... 21 4.3.3 Negative impacts on the operation of the business ............................................................... 22 4.4 DIFFICULTIES OF M&A IN VIETNAM .......................................................................................................22 iv Hoa Sen University Restructuring and Firm valuation 5. SPECIFIC CASE: M&A BETWEEN EXIMBANK AND SACOMBANK ....................................23 5.1 OVERVIEW OF VIETNAM BANKING SECTOR IN 2012 ...........................................................................23 5.2 VIETNAM EXPORT AND IMPORT COMMERCIAL JOINT STOCK BANK (EXIMBANK) ...........................27 5.2.1 Eximbank – position in banking sector ....................................................................................... 28 5.2.2 Eximbank – SWOT analysis .............................................................................................................. 28 5.3 SAI GON THUONG TIN COMMERCIAL BANK (SACOMBANK) .................................................................29 5.3.1 Establishment and development .................................................................................................... 29 5.3.2 Core values................................................................................................................................................ 30 5.3.3 Sacombank SWOT analysis ............................................................................................................... 31 5.4.1 Circumstand of Sacombank in recent years.............................................................................. 32 5.4.2 Context and causes of M&A and the performance ................................................................. 37 5.5 RESULT FROM M&A – STB-EIB AFTER THE TRANSACTION ...............................................................42 5.5.1 Strategic cooperation .......................................................................................................................... 42 5.5.2 Changes in the new firm STB-EIB .................................................................................................. 43 6. CONCLUSION ....................................................................................................................................45 SOURCE...................................................................................................................................................47 v Hoa Sen University Restructuring and Firm valuation TABLE & CHART CONTENT Chart Content Chart 1: M&A in Viet Nam .............................................................................................................. 18 Chart 2: Sacombank – shareholders structure before M&A ................................................ 39 Chart 3: Shareholder structure after M&A ................................................................................ 41 Chart 4: STB - EIB in the third quarter 2012 .............................................................................. 43 Chart 5: STB - EIB's Equity ............................................................................................................... 44 Chart 6: STB - EIB Change in capitalization ................................................................................ 45 Table Content Table 1: M&A ranking - Worldwide ............................................................................................... 11 Table 2: M&A ranking - Europe ...................................................................................................... 11 Table 3: M&A ranking - Asia-Pacific .............................................................................................. 12 Table 4: M&A ranking - South East Asia....................................................................................... 12 Table 5: M&A ranking - North America ........................................................................................ 13 Table 6: M&A ranking - South America ........................................................................................ 13 Table 7: M&A ranking – Australia .................................................................................................. 14 Table 8: M&A ranking - Germany ................................................................................................. 15 Table 9: M&A ranking – Switzerland............................................................................................. 15 Table 10: Top 10 M&A deals in 2011 (Source: Capital IQ)...................................................... 19 Table 11: The M&A deals in quarter I/2012 ............................................................................... 19 Table 12: EIB Shareholders and Ownership ................................................................................ 27 Table 13: Scombank - Shareholders and Ownership ............................................................... 31 Table 14: STB's Financial Statement ............................................................................................ 32 vi Hoa Sen University Restructuring and Firm valuation INTRODUCTION The year of 2011 was such a difficult one to the economy in Vietnam as there were hardly the convenient channels to invest in, so that investors seem to be much more careful and cautious in choosing one to put their money in. 2011 was also a year of restructuring the economy and preparing to the stability development in the next few years, so that companies, firms, corporations would prefer to merge with or to acquire each other for reducing the risk of cost and investment, and make use of the cooperation. Merger and Acquisition are not innovative in the world, it has happened since very long time and still remain now, it has implemented in every areas, in banking sectors as ABN Amro and Barclays PLC of England, Mitsubishi Tokyo Financial Group and UFJ Holding, or in Technical System as Antel of U.S and TPG Capital and Goldman Sachs, or Car manufacturing as Chrysler and Fiat, Volkswagen and Porsche in Europe… The outcome can be successful, or failure, but even then, it still creates a lesson. The importance of the Banking system to a Country is that it would impulse or slows down the whole economy by its movement. Merger or Acquisition of two or more banks will generate positive and even negative impacts to the society, but no matter what it will bring, each M&A has its own reasons, but its results and consequences can be predicted. In this project, we present that of the M&A transaction between Sacombank and Eximbank, included the reasons, performance, and expected results. 1 Hoa Sen University Restructuring and Firm valuation 1.Overview of Merger and Acquisition (M&A) 1.1 Definition M&A (Merger and Acquisition) activity is to gain control of a business, a department business through the ownership of part or the entire enterprise. Thus, the basic principle of M & A is to create new value for shareholders that the old status is not achieved. In other words, M & A related to issue of ownership and property rights to change or create new value to shareholders. M & A activity is not only changing the ownership of a business for the shares or assets, but also changing activities management and administration of the business. However, the level of changing depends on the provisions of the laws, regulations and enterprise agreements between the parties. The main difference between a merger and an acquisition lies in the way in which the combination of the two companies is brought about. In a merger, there is usually a process of negotiation involved between the two companies prior to the combination-taking place. But in an acquisition, the negotiation process does not necessarily take place. Some cases which M&A happened - The basic principle: to acquire and merge, the new company must create new value for the shareholders. - About value: the company after conducting M & A must be greater than the present value of both as a stand-alone company. - About Competitiveness: Strong companies buy other companies to create a new company with high competitiveness, decrease cost, enlarge market shares - Agreement: To conduct M&A effectively, most of shareholders must agree to do. 2 Hoa Sen University Restructuring and Firm valuation 1.2 Classification  Horizontal merger: That happened between two companies, which directly compete each other and share the same products and markets. Results from this merger will give the opportunity to expand market, combine brand, and reduce fixed costs.  Vertical Mergers: Take place in the supply chain of enterprises, for example between a company and its customer or supplier. Vertical Mergers are divided into two groups:  Forward: when a company acquired its client‘s company.  Backward: when a company buys back its suppliers.  Market - Expansion Mergers: taking place between two companies that sell the same products in different locations  Product – Expansion Mergers: taking place between two companies that sell different products in the same market.  Group Mergers: taking place between two companies that is in different fields but want to diversify their business. 2. Issue in Merger & Acquisition 2.1. Business valuation This is a process and a set of procedures used to estimate the economic value of an owner’s interest in a business. Valuation is used in financial market to determine the price that participants are willing to pay or receive to consummate a sale of a business. In addition to estimating the selling price of a business, the same valuation tools are often used by business appraisers to resolve disputes related to estate and gift taxation, divorce litigation, allocate business purchase price among business assets, establish a formula for estimating the value of partners' ownership interest for buy-sell agreements, and many other business and legal purposes. 3 Hoa Sen University Restructuring and Firm valuation Elements of business valuation  Economic conditions A business valuation report begins with a description of national, regional and local economic conditions existing as of the valuation date, as well as the conditions of the industry in which the subject business operates. State governments and industry associations often publish useful statistics describing regional and industry conditions.  Financial Analysis The financial statement analysis generally involves:  Common size analysis,  Ratio analysis (liquidity, turnover, profitability, etc.),  Trend analysis  Industry comparative analysis. This permits the valuation analyst to compare the subject company to other businesses in the same or similar industry, and to discover trends affecting the company and/or the industry over time. By comparing a company’s financial statements in different time periods, the valuation expert can view the growth or decline in revenues or expenses, changes in capital structure, or other financial trends. How the subject company compares to the industry will help with the risk assessment and ultimately help determine the discount rate and the selection of market multiples 2.2. Business valuation in mergers and acquisitions The increasing wave in business amalgamations started in the year 2008. Most of the recent mergers and acquisitions are in such areas like: - The oil and gas, - Textile, - Insurance, - Banking - Conglomerates sectors of the economy. 4 Hoa Sen University Restructuring and Firm valuation It is trite knowledge today that the world economy continues to be shaped by the forces of globalization, deregulation, and advancement in technology. All these forces combined tend to break barriers of trade and control and thus, expose the economy to change and competition. M&A may help to reduce this completion. Then the property must be valued so the conditions of the transfer of the property can be determined. With the present economic situation, some companies are now experiencing serious cash flow problems, and these have made it difficult for them to meet debt obligations to their bankers. Consequently, an increasing number of companies are now faced with receivership and foreclosure threats from their bankers. 2.3. Steps in valuation  First step - Analyzing Historical Performance and Forecast Performance  Evaluate the company’s strategic position, company’s competitive advantages and disadvantages in the industry. This will help to understand the growth potential and ability to earn returns over WACC.  Develop performance scenarios for the company and the industry and critical events that are likely to impact the performance.  Forecast income statement and balance sheet line items based on the scenarios.  Check the forecast for reasonableness.  Estimating The Cost Of Capital.  Second step - Estimating The Cost Of Equity Financing  CAPM  The Arbitrage Pricing Model (APM)  Estimating The Continuing Value  Last step - Calculating and Interpreting Results  Calculating And Testing The Results  Interpreting The Results Within The Decision Context 5 Hoa Sen University Restructuring and Firm valuation 2.4. Valuation methods 2.4.1. Accounting/Financial Ratios The key ratios in financial accounting may be helpful in analyzing the value of business entity in merger and acquisition. This will assist to condense huge amount of data in financial statements into a manageable form in order to measure the company's performance.  Profitability Ratios used in analyzing the profitability or return that an enterprise earns on its investments. For example, trading profit as a percentage of turnover, dividend per share, payout ratio which is dividends/earnings, profit before interest and tax as a percentage of average capital employed and, assets per share to assess the asset backing of shares based on the value of the net assets divided by the number of shares  Market Value Ratios, which indicate how highly the firm is valued by investors. This consists of the following:  Price-earnings ratio (PFE) equal Stock Price over Earnings Per Share.  Dividend yield is given by Dividend Per Share divided by Stock Price.  Market to book ratio is expressed as Stock Price over Book Value Per Share.  Leverage ratio is also used to determine how heavily a company is in debt. And, it is done through debt ratios and times interest earned,  Efficiency ratio measures how productively a company is using its assets by comparing sales (revenue) to assets value.  Liquidity ratio assesses how easily a company can lay its hand on cash by examining the current ratio (assets). 6 Hoa Sen University Restructuring and Firm valuation 2.4.2. Discounted Cash Flow (DCF) In a merger or acquisition, the acquiring firm is buying the business of the target firm, rather than a specific asset. Thus, merger is a special type of capital budgeting technique. What is the value of the target firm to the acquiring firm after merger? This value should include the effect of operating efficiencies and synergy. The acquiring firm should appraise merger as a capital budgeting decision, following the DCF approach. The acquiring firm incurs a cost (in buying the business of the target firm) in the expectation of a stream of benefits (in the form of cash flows) in future. The cash flows can be determined through profit stream of the affected concern. Thus, merger will be advantageous to the acquiring company if the present value, that is, the fair value, is greater than the cost of acquisition. The adoption of profit method in determining the cash inflows is regarded as being specialist, with most values receiving only nominal training in the method during their formal training. In other words, the discounted-cash-flow approach in an M&A setting attempts to determine the value of the company (or “enterprise value”) by computing the present value of cash flows over the life of the company. Since a corporation is assumed to have infinite life, the analysis is broken into two parts:  A forecast period: In the forecast period, explicit forecasts of free cash flow must be developed that incorporate the economic costs and benefits of the transaction. Ideally, the forecast period should equate with the interval over which the firm enjoys a competitive advantage (i.e., the circumstances where expected returns exceed required returns). In most circumstances, a forecast period of five or ten years is used.  A terminal value: A terminal value in the final year of the forecast period is added to reflect the present value of all cash 7 Hoa Sen University Restructuring and Firm valuation flows occurring thereafter. Since it capitalizes all future cash flows beyond the final year, the terminal value can be a large component of the value of a company, and therefore deserves careful attention. This can be of particular importance when cash flows over the forecast period are close to zero (or even negative) as the result of aggressive investment for growth. 2.5 Legal issue The current regulations on corporate restructuring and mergers are expressed in LAW ON ENTERPRISES 2005: CHAPTER VIII - Re-organization, Dissolution and Bankruptcy of Enterprises). In particular, business reorganization are conducted by one of the following forms, depending upon owners decision:  Division of enterprises;  Separation of enterprises;  Consolidation of enterprises;  Merger of enterprises;  Conversion of companies. The above form of businesses re-organization mainly applies to Limited Liability Companies (Ltd.), Joint-stock Company; Conversion can also apply to Private Enterprises. Merger of enterprises was stipulated in article 153 of this Law.  According to Clause 1 of this Article of this Law – “One or more companies of the same type (hereinafter referred to as merging companies) may be merged into another company (hereinafter referred to as the merged company) by way of transfer of all lawful assets, rights, obligations and interests to the merged company and, at the same time, termination of the existence of the merging companies”.  According to Clause 2 of this Article of this Law – “Procedures for merger of companies shall be stipulated as follows: 8 Hoa Sen University Restructuring and Firm valuation Sub-clause (a) Merging companies shall prepare a merger contract and charter of the merged company. The merger contract must have the following main particulars: the name and address of the head office of the merged company; the name(s) and addresses of the head office(s) of the merging companies; the procedures and conditions for the merger; the plan for employment of employees; the procedures, time-limit and conditions for conversion of assets; for conversion of shares of share capital, shares and bonds of the merging companies to shares of capital, shares and bonds of the merged company; and the time-limit for implementing the merger; Sub-clause (b) Members, company owners or shareholders of related companies shall approve the merger contract and the charter of the merged company and register the business of the merged company in accordance with this Law. In this case, the business registration document shall include the merger contract. The merger contract shall be sent to all creditors and notified to employees within fifteen (15) days from the date of its approval; Sub-clause (c) After business registration, the merging companies shall cease to exist; the merged company shall assume the lawful rights and interest and be liable for unpaid debts, labor contracts and other property obligations of the merging companies”.  According to Clause 3 of this Article of this Law – “In the case of merger whereby the merged company holds a market share of between thirty (30) per cent and fifty (50) per cent of the relevant market, the legal representative of the company notifies the competition managing body before carrying out the merger, unless otherwise stipulated by the law on competition. sCases of merger of companies whereby the merged company holds a market share of fifty (50) per cent or more of the relevant market shall be prohibited, unless otherwise stipulated by the law on competition”. 9 Hoa Sen University Restructuring and Firm valuation 3. Merger and Acquisition in the world. 3.1 Overview of M&A in the world The definition of Merger and Acquisition is now popular in the world’s economy; from the thousands of years of development of the humanity, M&A have proven its position in restructuring and balancing the economy. Lacking of potential markets for thousand, maybe million companies to develop, M&A is now seen of the way to the successful due to the cooperation and strong development due to consolidation of the powerful corporations brand. Worldwide M&A in the first quarter 2012 According to Thomson Reuters, “WORLDWIDE M&A DOWN 22%, and QUARTERLY ACTIVITY UP 18% - The total value of worldwide M&A US 1.1 trillion during the first half of 2012, a 22% decrease from comparable 2011 levels. By number of deals, M&A activity fell 17% compared to last year with fewer than 18,000 announced deals. Compared to the first quarter of 2012, the value of announced mergers & acquisitions rose 18% during the second quarter of 2012, but decreased 12% compared to the second quarter of last year.” In the United Kingdom  Mergers and Acquisitions (M&A) activity involving UK companies continues to remain low in the second quarter of 2012. This may be an indication that the confidence of companies to undertake transactions remains tempered due to continued economic uncertainty.  The volume of UK M&A deals is down 39 per cent in quarter two 2012 compared with quarter two 2011.  The value of outward acquisitions (acquisitions abroad by UK companies) increased in the second quarter of 2012 compared with the first quarter of 2012, whilst the value of inward acquisitions (acquisitions in the UK by foreign companies) decreased.  The net difference between inward and outward cross border 10 Hoa Sen University Restructuring and Firm valuation transactions in quarter two 2012 has narrowed compared with quarter one 2012.  The value of domestic acquisitions (acquisitions in the UK by other UK companies) in the second quarter of 2012 fell by 73 per cent compared with quarter two 2011. The quarter two 2012 figure is similar to the value reported in quarter two 2009. M&A worldwide ranking and M&A ranking in some Country all over the world Table 1: M&A ranking - Worldwide Rank Year 1 Acquirer** 2 3 4 1999 Vodafone AirTouch PLC 2000 America Online Inc. 2007 Shareholders 2007 RFS Holdings BV 5 6 7 1999 Pfizer Inc. 1998 Exxon Corp 2000 Glaxo Wellcome PLC 8 2004 Royal Dutch Petroleum Co. 2006 AT&T Inc. 1998 Travelers Group Inc. 9 10 Target** Mannesmann AG Time Warner Philip Morris Intl Inc. ABN-AMRO Holding NV Warner-Lambert Co Mobil Corp SmithKline Beecham PLC Shell Transport & Trading Co BellSouth Corp Citicorp Transaction Value (in bil. (in bil. USD) EUR) 202.8 204.8 164.7 107.6 98.2 160.7 68.1 71.3 89.2 78.9 76.0 84.9 68.4 74.9 74.6 58.5 72.7 72.6 60.2 67.2 Table 2: M&A ranking - Europe Rank Year 1 1999 2 2007 Acquirer** Vodafone AirTouch PLC Shareholders Target** Mannesmann AG Philip Morris Intl Inc. 11 Transaction Value (in bil. (in bil. USD) EUR) 202.8 204.8 107.6 68.1 Hoa Sen University 3 2007 4 2000 5 2004 6 7 2006 1999 8 2004 9 2008 10 1999 Restructuring and Firm valuation RFS Holdings BV ABN-AMRO Holding NV Glaxo Wellcome PLC SmithKline Beecham PLC Royal Dutch Shell Transport & Petroleum Co Trading Co Gaz de France SA Suez SA Vodafone Group PLC AirTouch Communications Inc. Sanofi-Synthelabo Aventis SA SA InBev NV Anheuser-Busch Cos Inc Total Fina SA Elf Aquitaine 98.2 71.3 76.0 74.9 74.6 58.5 60.9 60.3 44.6 51.7 60.2 50.0 52.2 39.7 50.1 48.3 Table 3: M&A ranking - Asia-Pacific Rank 1 2 3 4 5 6 7 8 9 10 Year Acquiror** 2000 Pacific Century CyberWorks Ltd 2000 China Telecom Hong Kong Ltd 2007 BHP Billiton Ltd 2008 China Unicom Ltd 2008 Westpac Banking Corp 2007 Shareholders 2007 Wesfarmers Ltd 2006 Kemble Water Ltd 2008 Shining Prospect Pte Ltd 2006 Cemex SAB de CV Target** Cable & Wireless HKT Transaction Value (in bil. (in bil. USD) EUR) 37.4 38.4 Beijing Mobile,6 others BHP Billiton Ltd China Netcom Grp(HK)Corp Ltd St George Bank Ltd 34.2 39.7 26.4 25.4 18.1 16.4 17.9 11.6 SK CorpPetrochemical Business Coles Group Ltd Thames Water PLC Rio Tinto PLC 17.0 12.4 15.3 14.9 14.3 11.3 11.9 9.7 Rinker Group Ltd 14.2 10.6 Table 4: M&A ranking - South East Asia Rank Year Acquiror** Target** 12 Transaction Value Hoa Sen University Restructuring and Firm valuation 1 2008 Shining Prospect Pte. Ltd. 2 2007 Singapore Investment Authority 3 2007 Shareholders 4 2001 SingTel (in bil. (in bil. USD) EUR) 14.3 9.7 Rio Tinto PLC UBS AG 9.8 6.6 TM International Sdn Bhd. Cable & Wireless Optus Lt Alinta Ltd. Plus Expressways Bhd Citigroup Inc. 9.0 5.7 8.5 9.5 7.5 7.5 6.9 5.5 5.3 4.7 5.7 5.5 5.4 6.4 6.4 4.4 5 2007 Investor Group 6 2010 Investor Group 7 2008 Singapore Investment Authority 8 2001 DBS Group Holdings Ltd Dao Heng Bank Group 9 2001 UOB Overseas Union Bank Ltd 10 2005 Shareholders Sterling Energy-Philippine Ast Table 5: M&A ranking - North America Rank Year Acquiror** 1 2 3 4 5 6 2000 1999 1998 2006 1998 2001 7 8 2009 Pfizer Inc. 1998 SBC Communications Inc. 1998 NationsBank Corp, Charlotte, NC 1999 Vodafone Group PLC 9 10 America Online Inc. Pfizer Inc. Exxon Corp AT&T Inc. Travelers Group Inc. Comcast Corp Target** Time Warner Warner-Lambert Co Mobil Corp BellSouth Corp Citicorp AT&T Broadband & Internet Svcs Wyeth Ameritech Corp Transaction Value (in bil. (in bil. USD) EUR) 164.7 160.7 89.2 84.9 78.9 68.4 72.7 60.2 72.6 67.2 72.0 85.1 67.3 62.6 51.9 56.5 BankAmerica Corp 61.6 56.7 AirTouch Communications Inc. 60.3 51.7 Table 6: M&A ranking - South America Rank Year Acquirer** Target** 13 Transaction Hoa Sen University 1 2 3 4 5 6 7 8 9 10 Restructuring and Firm valuation 2006 Cia Vale do Rio Doce SA 1999 Repsol SA 2008 Bolsa Brasileira de Mercadorias 2000 Telefonica SA 2010 Telefonica SA 2008 Banco Itau Holding Financeira 2004 Ambev 2010 Sinopec Group 2010 Bridas Corp 1997 Investor group Inco Ltd. Value (in bil. (in bil. USD) EUR) 17.2 13.5 YPF SA Bovespa Holding SA 13.2 10.3 12.4 6.5 Telecommunicacoes de Sao Paulo Brasilcel NV Unibanco Holdings SA 10.2 10.0 9.7 8.5 7.5 6.7 John Labatt Ltd. Repsol YPF Brasil SA Pan American Energy LLC Correo Argentino SA 7.8 7.1 7.1 6.4 5.2 5.3 6.2 5.7 Table 7: M&A ranking – Australia Rank 1 Year Acquiror** 2 2000 Bayerische Hypo- und Vereins 2009 Volkswagen AG 3 2005 Erste Group Bank AG 4 5 2006 Investor Group 1997 Lafarge SA 6 2007 Voestalpine AG 7 8 9 2008 Austria 2005 Unicredito Italiano SpA 2004 Investor Group 10 1998 Telecom Italia SpA Target** Bank Austria AG Porsche Holding Salzburg Banca Comerciala Romana BAWAG Perlmooser Zementwerke AG Boehler-Uddeholm AG Erste Group Bank AG Bank Austria Creditanstalt AG BUWOG,WAG,Linzer, Villacher Telekom Austria AG 14 Transaction Value (in bil. (in bil. USD) EUR) 7.3 7.8 5.1 3.6 4.7 3.7 4.2 3.6 3.2 3.4 3.5 2.6 3.5 3.3 2.7 2.7 2.9 2.4 2.4 2.0
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