Valuation in Europe – European companies will be less valuable

trend interview

by trend
Valuation in Europe – European companies will be less valuable. An interview with Prof. Aswath Damodaran and Prof. Christopher Kummer about valuation and Mergers & Acquisitions by Trend (Austria)! They also discuss how European companies can make use of M&A to grow their value. […] Read more

Asia: Time To Refocus

Figure 2 Size matters: Large companies enjoy higher EBITDA margins

by Ernst & Young
Companies need a new capital strategy for Asia: one that prioritizes depth in each country rather than breadth of presence across the region. This, the second in a series of briefing papers, discusses how multinational companies should shift from a land-grab strategy in emerging Asia to a focus on profitability. […] Read more

Cross-Border Deals Tracker: Tracking Deal Flows Between Developed And Developing/Emerging Economies

Figure 1 Number of D2E deals

by KPMG
The latest deals data shows that the volume of developed market investments into emerging markets (D2E) hit a 10-year low over the second half of 2015, but emerging market deals with one another showed strong growth over the same period. Between July and December 2015, the number of D2E deals fell by 3 percent to 541, the lowest number in 10 years. The yearly total is also the lowest in 10 years, at 1101 D2E deals, 9 percent down on 2014. […] Read more

Degree Of Equity Ownership In Cross-Border Acquisitions Of Brazilian Firms By Multinationals: A Strategic Response To Institutional Distance

Table 1-2 Correlations-Logistic regression for the equity ownership acquired

by Elsevier Ltd.
This study analyzes how foreign multinational enterprises respond to uncertainty in their cross-border acquisitions in emerging economies and, specifically in Brazil, given the institutional differences that separate the home and host countries. We analyze how institutional distance impacts multinational enterprises strategy in taking a partial or full ownership stake in their Brazilian acquisitions. […] Read more

Revisiting And Reinforcing The Farmers Fox Theory: A Study (Test) Of Three Cases Of Cross-Border Inbound Acquisition Transactions

Figure 1 Determinants of cross-border inbound deal completion across sample cases

by Elsevier Ltd.
This paper aims to revisit and reinforce the early development of Farmers Fox Theory (Reddy et al., 2014a) by analysing three cases in the cross-border inbound acquisitions stream. A qualitative case method is adopted to explore the findings from the sample cases, which are the Vodafone–Hutchison telecom deal, the Bharti Airtel–MTN broken telecom deal, and the Vedanta–Cairn India oil deal. We highlight discussions on organizational factors, due diligence issues, deal characteristics, and country-specific determinants. […] Read more

How Emerging Markets Companies Can Avoid Growth Traps

Exhibit 1 4 Phases of Capabilities Development

by Strategy&
Rapidly growing companies in the developing world can prepare themselves to do battle on a global stage by gaining access to vital capabilities through acquisitions or partnerships. It is extremely difficult for emerging market economies to sustain the rapid growth that stems from industrialization. […] Read more

Consumer Currents – Food For Thought: Do Grocers Need To Reinvent Their Business Model?

Consumer Currents - Food For Thought: Do Grocers Need To Reinvent Their Business Model?

by KPMG
As Albert Einstein shrewdly remarked: “If you always do what you always did, you will always get what you always got.” In the consumer marketplace in the 21st century we live in an age where innovation and reinvention is the key to growth. That is the challenge – and opportunity. […] Read more

Global Transactions Forecast: The Impact Of Macro Trends On Future M&A And IPO Activity

Figure 1 Global MA-IPO transactions

by Baker & McKenzie
The fundamental drivers of global transactions are pointing to a continued strong upturn in M&A and IPOs over the next three years. Global economic growth is expected to accelerate, and low interest rates and easy credit conditions in key countries are likely to maintain upward momentum in equity markets. […] Read more

Emerging Markets Review: Rights Issues And Creeping Acquisitions In India

Emerging Markets Review: Rights Issues And Creeping Acquisitions In India

by Elsevier Ltd.
We analyze the extent to which promoters of firms listed on the Bombay Stock Exchange are using rights issues to circumvent regulatory provisions related to creeping acquisitions. We find that promoters use rights issues that do not have specific objectives for purposes of realizing an increase in their shareholdings. We find that a rights issue often follows a year in which the promoter has realized a loss of shareholdings. […] Read more

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