Why do most mergers and acquisitions (M&A) fail to create value for the acquirer ’s shareholders? What are the main reasons in your opinion? Identify the difference between a good company and a good investment Most of publicly traded companies’ mergers destroy value for buy-side shareholders and at the same time sellers are compensated with premiums1. The same opinion is stated in one of the most quoted book about valuation and creating value: most of M&A deals don’t create value for buyers2
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an eventual merger… Executive Summary Since 1990‚ we have seen a high wave of mergers. Many companies where merging in order to respond to their environment and there is a reason for this. Indeed‚ in a world of globalization where the key trend is to become bigger and bigger in order to survive‚ it is of the utmost importance to position your strategy and strategic stakes based on your other competitors and your environment. According to that‚ as we have already studied some merger that were a
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Case Study: Apple Computer (2006) Apple Computer has always been an interesting and often exciting firm. It had been the first to make and the mass-market a personal computer with its Appl IIc. The company had been the darling of the stock market in the mid-1980s when it cemented its technological advantage through the introduction of its state-of-the-art Macintosh (MAC) personal computer. Nevertheless‚ the Microsoft Windows operating system and Office software coupled with Intel microprocessors
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Air France-Making the Sky the best place on the Earth Air France ‚ stylized as AIRFRANCE‚ is the French flag carrier headquartered in Tremblay-en- France‚ (north of Paris). It is a subsidiary of the Air France–KLM Group and a founding member of the Sky Team global airline alliance. As of 2013 Air France serves 36 destinations in France and operates worldwide scheduled passenger and cargo services to 168 destinations in 93 countries (including overseas departments and territories of France) and also
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-manchester-united-20120528162521.html Obese flyers One travel(2013). Iberia Airline Deals. Retrieved March‚ 2013‚ from http://www.onetravel.com/travel/airlines/iberia.html Pelsmacker‚ P Registration Document 2011- Including the Financial Report. KLM Group.(2011). Retrieved March‚ 2013‚ from http://www.airfranceklm-finance.com/en/Financial-information/Annual-documents Registration Document 2012- Including the Financial Report Research St. Louis. Congestion at airports. (2003). Retrieved March‚ 2013
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Chapter 2 Characteristics of the Airline Industry The real difficulty in changing any enterprise lies not in developing new ideas‚ but in escaping from the old ones. John Maynard Keynes 2.1 Introduction In recent years‚ the European airline industry has exhibited impressively dynamics. The sector has gone through a drastic change on both the supply and the demand side. Unlikely in other industries‚ the driving forces governing the recent changes do not depend mainly on technological factors
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Airline Industry Used Air France-KLM as a study case Name: TANG QING Student ID: 129098339 Tutor’s Name: Ian Evans Abstract This report uses Air France-KLM as a case to answer three research questions associated with global corporate strategies: 1) how core competences and dynamic capabilities used by the Group to achieve and maintain competitive advantage in the worldwide airline industry; 2) how strategic alliance and mergers & acquisitions have enabled the Group
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been found in 1933 by the merger of several airlines which had already built extensive networks across Europe. By the end of the Second World War‚ Air France owned a fleet of 85 aircraft operating over 4 networks. After the war‚ on June‚ 26th‚ 1945‚ all of France’s air transport companies were nationalized; acquiring rights to all French airlines routes. Air France was set up on the 1st of January 1946. The merger of the two airlines Air France and Netherlands-based KLM Royal Dutch Airlines has
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of total passenger travel. Top 10 companies (many of them are mergers) cover almost 50% of all passenger travel. The former leaders are aiming to regain market power and increase the concentration‚ by creating alliances and some even mergering. Alliances: sharing prices‚ sharing frequent flyer programs Skyteam 2nd: integrated units (processes aligned) KLM-Northwest 3rd: Merger of shares Air France - KLM 4th: full merger South west and Airtran (pending) United and Continental (approved)
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UNIVERSITY OF SURREY FACULTY OF MANAGEMENT AND LAW School of Management MSc Programmes Module Leader: Dr. Laura A. Costanzo Academic Year: 2010-2011 |Industry |European Airline Industry | |Company |Virgin Atlantic Airways | STRATEGY MODULE COURSEWORK |Student URN |MSc Programme |Surname & First Name | |6098320
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