Читать книгу Applied Mergers and Acquisitions - Robert F. Bruner - Страница 103
Extend the Reach of the Buyer’s or Target’s Intangible Assets
ОглавлениеResearchers9 observe the heavier investment in manufacturing and speculate that cross-border M&A represents an effort of firms with significant intangible assets (such as brand names, patents, and managerial know-how) to broaden the scale of their use and preempt others who might be tempted to imitate or appropriate those intangible assets. Similarly, a foreign buyer may seek to acquire intangible assets of a foreign target with the intent of bringing the benefits of those assets back home. Eun et al. (1996) found that foreign acquirers benefit from targets’ R&D. Morck and Yeung (1991) found that “the positive impact of spending for research and development and for advertising on market value increases with a firm’s multinational scale, but that multinationality per se does not have any significant impact…. Intangible assets are necessary for direct foreign investment to make sense.” (Page 185)
EXHIBIT 5.4 Seventeen Largest Cross-Border Deals, 1997–2002
| Date Announced | Target Name | Target Nation | Acquirer Name | Acquirer Nation | Transaction Value ($ Millions) | Enterprise Value ($ Millions) | Equity Value ($ Millions) | Asset Value ($ Millions) |
|---|---|---|---|---|---|---|---|---|
| 11/14/99 | Mannesmann AG | Germany | Vodafone AirTouch PLC | U.K. | 202,785 | 180,033 | 179,861 | 21,442 |
| 4/18/99 | Telecom Italia SpA | Italy | Deutsche Telekom AG | Germany | 81,528 | 74,613 | 66,801 | 52,744 |
| 1/18/99 | AirTouch Communications | U.S. | Vodafone Group PLC | U.K. | 60,287 | 65,770 | 60,212 | 17,262 |
| 8/11/98 | Amoco Corp. | U.S. | British Petroleum Co. PLC | U.K. | 48,174 | 54,768 | 47,902 | 32,274 |
| 5/30/00 | Orange PLC (Mannesmann AG) | U.K. | France Telecom SA | France | 45,967 | N/A | N/A | 2,901 |
| 5/17/99 | US WEST Inc. | U.S. | Global Crossing Ltd. | Bermuda | 41,105 | 51,097 | 41,098 | 18,709 |
| 5/7/98 | Chrysler Corp. | U.S. | Daimler-Benz AG | Germany | 40,467 | 49,377 | 40,467 | 64,256 |
| 6/20/00 | Seagram Co. Ltd. | Canada | Vivendi SA | France | 40,428 | 38,725 | 29,771 | 34,921 |
| 12/9/98 | Astra AB | Sweden | Zeneca Group PLC | U.K. | 34,637 | 31,787 | 34,637 | 7,841 |
| 10/21/99 | Orange PLC | U.K. | Mannesmann AG | Germany | 32,595 | 34,214 | 31,489 | 2,901 |
| 4/1/99 | ARCO | U.S. | BP Amoco PLC | U.K. | 27,224 | 33,702 | 27,224 | 25,199 |
| 5/2/00 | Bestfoods | U.S. | Unilever PLC | U.K. | 25,065 | 23,529 | 20,895 | 6,209 |
| 5/17/99 | Hoechst AG | Germany | Rhone-Poulenc SA | France | 21,918 | 28,526 | 21,917 | 33,338 |
| 11/16/98 | Rhône-Poulenc SA— Life Sciences | France | Hoechst AG—Life Sciences Divs. | Germany | 21,223 | N/A | N/A | N/A |
| 4/17/00 | Allied Zurich PLC | U.K. | Zurich Allied AG | Switzerland | 19,399 | 21,409 | 19,384 | 87,552 |
| 11/1/96 | MCI Communications Corp. | U.S. | British Telecom PLC | U.K. | 18,889 | 27,272 | 23,328 | 19,301 |
| 10/13/97 | BAT Industries PLC-Financial | U.K. | Zurich Versicherungs GmbH | Switzerland | 18,355 | N/A | N/A | N/A |
Note: Size judged on the basis of transaction value in millions of U.S. dollars.
Source: Thomson Securities Data Corporation, Mergers and Acquisitions Database.
