并购及案例的分析全英文版

、AboutM&AMerger:combinationoftwoormorecorporations.Acquisition:theactofcontractingorassumingoracquiringpossessionofsomething.Mergerreferstoanenterprisetotakevariousformsforreceivingthepropertyrightsofotherenterprises,sothatthemergedpartylostthequalificationsofalegalpersonorlegalentityeconomicbehaviorchange.AcquisitionreferstoanenterprisecanthroughthepurchaseofsharesoflistedcompaniesandthecompaniesoperatingdecisionschangebehaviorInmyopinion,mergerisonecommercialcompanycouldtotallycontroltheothercompany.acquisitionisonecommercialcompanyowntheothercompany.1、Case:TCLmergersThomsonBackgroundinformation:TCL:TCLGroupCo.,Ltd.wasfoundedin1981,isoneoftheconsumerelectronicsbusinessgroupsworldwidescale,formingamulti-media,telecommunications,homeappliances,andpartsofthefourindustrygroups,aswellasrealestateandinvestmentbusiness,logisticsandservicesbusinessgroup.Thomson:ThomsonisFrance'slargeststate-ownedenterprises,istheworld'sfourth-largestconsumerelectronicsmaker,hasfourmainbusinessdirection:contentandnetworking,consumerproducts,components,patentlicensing.Aboutcase:TCLmergersThomson「TEThomsoninvestedTCLinvested155.1millioneuros3.149millioneuroshold33%shareshold67%sharesprogress:July29,2004,TCLandFrance'sThomsonjointlyfunded470millioneuros,ofwhichonehundredmillioneurosTCL3.149investmentaccountedfor67%ofshares,Thomsoninvested155.1millioneurosheldby33%oftheshares,theestablishmentofTCL-ThomsonElectronicsLimited,referredTTEcompany.Result:■m20002001200220032004120052006Bytheendof2004,theEuropeanbusinesslossesonlyafewhundredmillionyuan;bytheendof2005,alossof550millionyuaninEurope;thefirsthalfof2006,TCLEuropeanbusinesslossesroseto700millionyuan;and2006endof9,TCLinEuropeinvestmentaccumulatedlossesreached203millioneuros(about2.034billionyuan).TTEEurope's"accumulatedlosses"hasexceeded3.345billionyuan,TCLMultimediaintheEuropeanbusinessrestructuringandcontractionoftheoverallcostmorethanexpectedCRTTVflat-panelTVBytheendof2004,EuropeleadstheglobalTVmarket,quicklyturnedtoflat-panelTVfromCRTTV.Europeanintegrationhasnotbeengoodcompanyreactedtooslowly,TCLisstillalotoffactoriesaroundtheCRTTVproduction.WhenthemergerallowsThomsonTCLpromisingmorethan10,000TV3,4patents,didnothelpthatmuch,becausetheyarebasicallytraditionalCRTTV.Until2005,TCLflat-panelTVsbeganlarge-scalesupplyofthemarket,thistime,competitorshavebeguntocutprices,TCLfromproductdevelopment,supplychainmanagementtotheentiresystemisnotadaptedtothischange.Flat-panelTVswillcometokillsoquickly,soTCL-Thomsonpacethewholemess.Problem:M&Atoohastilythattheinternationalizationlackthenecessaryprudence.overestimatetheeconomicbenefitsoftheacquisition,ignoringmarkettrendsToomanybrands,lackofcompetitiveadvantage.UndercapitalisedcauseoperationaldifficultiesManagethedrawbacksbecomecross-borderM&A"fuse"FailReason:TheintegrationofcoretechnologiesimproperOverseasM&AtriggerfundingloopholeCulturaldifferencesinbusinessmanagementSuggest:（一）、beforeM&A—Conductacomprehensiveassessmentofprecautions1、undertheheightofstrategytochoosetheobject2、analysiscarefulfinancialplanofthetargetenterprisesandowncompany.3、Assessmentofbothcultureandvalues4、Formulateandimprovetheintegrationplan（二）、afterM&A——Conductactiveintegration1、StrategicIntegration2、FinancialIntegration3、humanresourcesIntegration4、CulturalIntegrationConclusion:Theaveragesuccessrateofonly40%ofmergersandacquisitions,thesuccessrateofcross-bordermergersandacquisitions,only20%to30%ersandacquisitionsofprofitopportunities1、Economiesofscale,becomethemarketleader2、Toachievetheoptimalallocationofresources,resourcesharing,combination3、Implementdiversificationandmaintaincorecompetitiveness