Diss. Linköping : Linköpings universitet, 2007.

<p>The number of LBOs in Sweden has increased during the last years and the current market trend is positive. MostLBOs involves private companies, but a few concerns public corporations on the national share market. In this thesis we will examine the conditions of a LBO of Cloetta Fazer AB. The purpose is to study existing conditions of Cloetta Fazer AB and to examine pros and cons with the deal. Based upon information presented in the frame of reference and in the empirical part, two cash flow valuations have been carried out. The first valuation is a regular discounted cash flow valuation while the other is a specific LBO valuation. In a LBO valuation the debt terms and the changed capital structure is taken into consideration. The valuations are followed by an analysis where LBO conditions as well as pros and cons are examined.</p><p>Positive conditions for Cloetta Fazer AB are insensitiveness of market fluctuations, a strong market position, stable cash flows, low risk and strong product trademarks. There is also a possibility of increasing the expected rate of return with more leverage since the current financial structure can take on more debt. We argue that a LBO of a public corporation is surrounded by limited information due to legal restrictions such as insider rules. Limited information makes it difficult to motivate value creation. Other factors that obstruct a LBO of Cloetta Fazer AB is increased market competition, indistinct possibility of rationalising the business and a high EV/EBITDA multiple. We have also found that the IRR value is too low. Due to the fact that a LBO requires a premium of at least 20 % over market value, it is difficult to argue for a LBO of Cloetta Fazer AB.</p>

Background: Mergers have been increasing during the latter part of the 1990s. In the Nordic region many previously national companies have joined their forces to create a new Nordic company. This will lead to many challenges when the companies are integrated. Purpose: The purpose of this thesis is to investigate the integration phase. Our goal is to study the integration of Cloetta Fazer and learn how the company can handle the two types of integration. Procedure: To be able to prove our assumptions, that were made on the basis of literature, we have collected empirical material by interviewing eight managers at Cloetta Fazer. Summary: We have identified a conflict between structural and cultural integration that occur because one type of integration may proceed faster than the other. That is why our statement is that the two types of integration are dependent on each other. / Bakgrund: Fusioner har ökat under senare delen av 1990-talet. I Norden har många tidigare nationella företag gått samman för att bilda ett nytt nordiskt företag. Detta leder till utmaningar när företagen skall integreras. Syfte: Syftet med denna uppsats är att undersöka integrationsprocessen. Vårt mål är att studera integrationen av Cloetta Fazer och lära hur ett företag kan hantera de två olika typerna av integration. Genomförande: För att kunna bevisa våra frågeställningar, som gjordes på basen av litteratur, har vi samlat in empiriskt material genom att intervjua åtta stycken chefer på Cloetta Fazer. Sammandrag: Vi har identifierat en konflikt mellan strukturell och kulturell integration som beror på att den ena typen fortgår snabbare än den andra. Därmed är vår slutsats att dessa två typer av integration är beroende av varandra.

The number of LBOs in Sweden has increased during the last years and the current market trend is positive. MostLBOs involves private companies, but a few concerns public corporations on the national share market. In this thesis we will examine the conditions of a LBO of Cloetta Fazer AB. The purpose is to study existing conditions of Cloetta Fazer AB and to examine pros and cons with the deal. Based upon information presented in the frame of reference and in the empirical part, two cash flow valuations have been carried out. The first valuation is a regular discounted cash flow valuation while the other is a specific LBO valuation. In a LBO valuation the debt terms and the changed capital structure is taken into consideration. The valuations are followed by an analysis where LBO conditions as well as pros and cons are examined. Positive conditions for Cloetta Fazer AB are insensitiveness of market fluctuations, a strong market position, stable cash flows, low risk and strong product trademarks. There is also a possibility of increasing the expected rate of return with more leverage since the current financial structure can take on more debt. We argue that a LBO of a public corporation is surrounded by limited information due to legal restrictions such as insider rules. Limited information makes it difficult to motivate value creation. Other factors that obstruct a LBO of Cloetta Fazer AB is increased market competition, indistinct possibility of rationalising the business and a high EV/EBITDA multiple. We have also found that the IRR value is too low. Due to the fact that a LBO requires a premium of at least 20 % over market value, it is difficult to argue for a LBO of Cloetta Fazer AB.

<p>Background: Mergers have been increasing during the latter part of the 1990s. In the Nordic region many previously national companies have joined their forces to create a new Nordic company. This will lead to many challenges when the companies are integrated.</p><p>Purpose: The purpose of this thesis is to investigate the integration phase. Our goal is to study the integration of Cloetta Fazer and learn how the company can handle the two types of integration. </p><p>Procedure: To be able to prove our assumptions, that were made on the basis of literature, we have collected empirical material by interviewing eight managers at Cloetta Fazer. </p><p>Summary: We have identified a conflict between structural and cultural integration that occur because one type of integration may proceed faster than the other. That is why our statement is that the two types of integration are dependent on each other.</p> / <p>Bakgrund: Fusioner har ökat under senare delen av 1990-talet. I Norden har många tidigare nationella företag gått samman för att bilda ett nytt nordiskt företag. Detta leder till utmaningar när företagen skall integreras. </p><p>Syfte: Syftet med denna uppsats är att undersöka integrationsprocessen. Vårt mål är att studera integrationen av Cloetta Fazer och lära hur ett företag kan hantera de två olika typerna av integration. </p><p>Genomförande: För att kunna bevisa våra frågeställningar, som gjordes på basen av litteratur, har vi samlat in empiriskt material genom att intervjua åtta stycken chefer på Cloetta Fazer. </p><p>Sammandrag: Vi har identifierat en konflikt mellan strukturell och kulturell integration som beror på att den ena typen fortgår snabbare än den andra. Därmed är vår slutsats att dessa två typer av integration är beroende av varandra.</p>

This is a study of how two companies from different countries construct and communicate their Sustainability and Corporate Social Responsibility (CSR). The companies are from the confectionery industry with a similar size, sales, and number of factories. The only difference is the origin of the companies. One is from a developed country (Cloetta based in Sweden) and another is from a developing country (Roshen based in Ukraine). The combination of critical discourse and comparative analysis is used in the study to explain the contexts of countries and companies. The analytical categories are based on Triple Bottom Line Theory and the value-based concept of Sustainability.   The study shows the differences in the constructs of Sustainability and CSR of companies from Sweden and Ukraine. Cloetta's communication is used as a form of legitimization and a tool of green marketing (for enhancing the image and its repair in case of a crisis). Roshen's communication is less developed and used as a self-promotion tool (sustainability understood as philanthropy). The findings add the knowledge in Sustainability and CSR traditions in developing and developed countries.

Idrottsarenor, och för denna uppsats del, ishockeyarenor, har med åren kommit att få större betydelse än bara den betydelsen den skapar för själva idrottsföreningen och laget som spelar där. Allt fler arenor har fått ett så kallat multi koncept och således blivit multi-arenor. Arenor som kan användas till en rad olika evenemang, som exempelvis ishockeymatcher, curling turneringar, konferenser, musikkonserter och andra typer av evenemang. I denna studie, med hjälp av tre studieobjekt, Läkerol arena i Gävle, Löfbergs arena i Karlstad och Cloetta Center i Linköping, avser författarna att belysa och bättre förstå fenomenet med multi-arenor. Främst utifrån vilken betydelse en sådan arena har för besöksnäringen i staden, hur arenan kan skapa nya evenemangsmöjligheter, om den förbättrar stadens image som helhet och om en sådan arena kan fungera som en symbol. För att bättre förstå detta fenomen kommer uppstasen ha ett producentperspektiv, det vill säga att uppsatsen kommer fokusera kring producenterna av arenan och turismnäringen i de aktuella städerna. Genom detta är de metoder som använts i denna studie främst kvalitativa intervjuer med producenter, det vill säga arenaansvariga och kommunföreträdare för besöksnäringen. Vidare har även en innehållsanalys av de aktuella städernas resebroschyrer gjorts, för att se hur arenan används i marknadsföringen och så har även de respektive länens regionala utvecklingsplaner studeras, för att se hur de avser använda sin multi-arena. Den vetenskapsteoretiska ansats som använts för detta är en socialkonstruktivistisk teori, med en hermeneutisk tolkningslära. Dem teorier som främst använts i denna uppstats, för att belysa problemområdet och besvara syftet, är teorier kring evenemang, sportevenemang, multi-arenor, evenemangsplanering, konkurrens, regional utveckling, imageskapande och symboler. Den empiriska insamlingen av data presenteras sedan i tre kapitel (5,6 och 7), där det första av dessa kapitel inriktas mot befintlig marknadsföring och planering, således data från resebroschyrer och regionala utvecklingsplaner, medan de två övriga empirikapitlen fokuserar kring dem intervjusvar som inkommit till denna studie, och har således större fokusering kring producenternas åsikter, förhoppningar och arbetsmetoder för att skapa en attraktionskraftig arena. Sedermera analyserars den insamlade datan mot de tidigare presenterade teorierna i kapitel 8, där även en viss diskussion förs kring de berörda områdena, för att sedermera komma fram till de mer avgränsade slutsatserna som denna studie mynnar ut i. Där de främsta slutsatserna är att de olika arenorna har bidragit till att skapa större evenemangsmöjligheter för de olika städerna, arenorna har även förbättrat städernas image, och kan också i vissa fall fungera som symboler för de olika städerna. Genom detta, möjliggörs det att konstatera att arenorna har haft en positiv inverkan på turismströmmarna till de olika städerna, dock är det fortfarande så att samtliga arenor fortfarande är av störst relevans för de respektive ishockeylagen som spelar där. Det finns också sociala skillnader mellan de tre städerna som medför vissa skillnader dem emellan, men de övergripande dragen är detsamma för samtliga tre studieobjekt. / Sports centers, and in the case of this study, ice hockey arenas, have begun to bear more meaning than just an arena for sporting events and for the local athletic association. More and more stadiums have been developed into so called multi-purpose stadiums, and that means that those stadiums can host more than one form or type of event, whether it is a concert, sports meet or a convention. This study focuses on three different multi-purpose stadiums in three different Swedish cities. These stadiums are Läkerol Arena in Gävle, Löfbergs Arena in Karlstad and Cloetta Center in Linköping. By studying these stadiums, the authors of this study want to examine the phenomenon with multi-purpose stadiums. The authors want to see how much a multi-purpose stadium of this sort affects the tourism in a city that has one such stadium, furthermore if said stadium can be able to create new possibilities for events, if the stadium improves the city’s image and if such a stadium can become a symbol for a city or region. To better understand this phenomenon, this study will follow the producers’ perspective, that is, focus on the different producers that help develop the arena, attract new events as well as the producers of the tourism industry in these cities. This paper will use methods for research that focus on qualitative interviews with different producers, that is, those in charge of the stadiums and those in charge for the tourism industry in each city. This study furthermore includes a content analysis of these different cities’ travel brochures, to see how the stadium is being branded in said brochures. In addition to the brochures, the regional development plans of Gävle, Karlstad and Linköping, have also been studied to see whether or not the stadium in each city is included in their plans for further development. The epistemological approach of this study is of a social-constructivist type with hermeneutic interpretation learning. The various theories used for this paper, help to illustrate the problem area and further answer the aim of this study. These theories have their roots in events, sporting events, multi-purpose stadiums, event planning, competition, regional development, image-making and symbolism. The empiric data is presented further through chapters 5 to 7, where the first of these chapters focuses on existing branding and planning, thus presenting the information gathered from brochures and regional development plans whereas the remaining two chapters present the information gathered from the interviews that where conducted during this study, and thus focus on the producers thoughts, hopes and work methods to create a highly attractive stadium. The last chapters consist of the analysis of the gathered empirical as well as the theoretical material, where a discussion is held about the affected fields, to come to conclusions that mark the ending of this study. The main conclusions being the contribution the various stadiums make towards broader event possibilities for the various cities as well as the improved images of said cities with the help of these multi-purpose stadiums and the symbolic value these stadiums have brought to the cities and regions they are built in. To conclude this, these stadiums have had a positive impact on the tourism flows within their cities. Although, one must remember that these stadiums are most relevant to the hockey teams that play in these stadiums. Furthermore, there are some social differences between the cities of Gävle, Karlstad and Linköping that differentiate these cities from one another, but the overall traits are still very similar between these three study objects.

The main purpose of the report is to present possible reasons and solutions for variation in quality of sugar used in confectionery manufacturing, with focus on chocolate manufacturing, at Cloetta Sverige AB in Ljungsbro. The project has its purpose to optimize the quality of both the sugar and manufacturing processes in a long-term perspective, since the variation in quality of the sugar affects, more or less, all manufacturing processes and causes yield losses.   Cloetta Ljungsbro uses a pneumatic conveying system to transfer the sugar within the factory and when unloading the sugar from delivery trucks. A various of different analyses were performed in order to study the sugar quality; water content analyses in forms of Karl Fischer titration and particle size distribution analyses with help from sieving. During the sugar sampling time period, an observation of the air pressure used by the road tanker while unloading sugar at Cloetta and the lead time as sugar was delivered was executed. Moreover, data of the dew point in the pneumatic conveying system and, both temperature and humidity in the sugar silos, were collected.   As a result, most of the sugar particles breakage occurred somewhere between the delivery road tanker and while in the storage silos. Most likely it is due to the use of high pressure when unloading the sugar that the particle size distribution of the sugar varies, but also causes the temperature to reach a higher temperature than recommended. Furthermore, the water content of the sugar was higher in the beginning of the autumn. Further investigations of the effect of unloading the sugar and storage of sugar should be done, but also analyse the air velocity used within the pneumatic conveying system.

<p>Background: In order to make financially logical decisions it is important to know the real value of all assets in a company. Brands are intangible assets that are often said to be of great value in the context of mergers and acquisitions. Despite this fact, they are rarely given an exact financial figure. </p><p>Purpose: The purpose of this paper is to investigate the significance and value of brands in M&A. By this we aim to contribute to the understanding of brands in the context of M&A and try to find out if brands are invaluable assets in both respects. </p><p>Realisation: We have studied theoretical findings on the subject and thereafter made our own study of two cases of acquisitions; the acquistition of Candelia by Cloetta and that of NK Cityfastigheter by Hufvudstaden. </p><p>Results: We have found that brands represent a real financial value to companies. Financial evaluations however seem to be of lesser importance in the context of M&A. In these situations it appears as if valuation of brands mainly serves as an arbitrary basis for negotiations. The question of the good fit between companies and other brands is seem to be the most important issue in M&A.</p>

Background: In order to make financially logical decisions it is important to know the real value of all assets in a company. Brands are intangible assets that are often said to be of great value in the context of mergers and acquisitions. Despite this fact, they are rarely given an exact financial figure. Purpose: The purpose of this paper is to investigate the significance and value of brands in M&amp;A. By this we aim to contribute to the understanding of brands in the context of M&amp;A and try to find out if brands are invaluable assets in both respects. Realisation: We have studied theoretical findings on the subject and thereafter made our own study of two cases of acquisitions; the acquistition of Candelia by Cloetta and that of NK Cityfastigheter by Hufvudstaden. Results: We have found that brands represent a real financial value to companies. Financial evaluations however seem to be of lesser importance in the context of M&amp;A. In these situations it appears as if valuation of brands mainly serves as an arbitrary basis for negotiations. The question of the good fit between companies and other brands is seem to be the most important issue in M&amp;A.