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This study analyzes ownership and directorship links among larger Canadian-owned corporations. These links have received insufficient attention from Canadian economists. It shows that these corporations did not undergo the radical changes predicted for their counterparts in other countries: proprietor ownership remains high, and the board of directors persists as the centre of power. / Ownership links form the basis for the development and empirical investigation of the "Shadow Group" concept. The taxonomical classification of shadow groups reveals complex structures accompanying diversification strategies. Interlocking directorships exist among "core" corporations inside the groups and are frequent between the shadow groups and the rest of the economy. / Shadow groups were at the heart of mergers and acquisitions between 1978 and 1981. A case study shows that external growth (especially takeovers) is their characteristic tactic for expansion. Hence, the necessity exists for amending economic theories to account for the behaviour of these groups.

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No abstract available. / Thesis (MBA)-University of Natal, 2003.

This research is a 'case study' analysis on Flint Construction cc, which has undergone a management buy-out. Flint Construction cc specializes in the construction and restoration of surface and underground rail systems, the sale and purchase of perway materials (rails, sleepers, etc) and general civil engineering construction. The objective of the study is to determine the value of Flint Construction cc using the relevant valuation techniques discussed in the literature. Different valuation techniques are analyzed and utilized in order to ascertain the value of the business at the time of the buyout. These include using models such as Price-earnings (earnings valuation model), balance sheet valuations (assets valuation model), discounted free cash flows model (DFCF model), and the economic value-added model (EVA model). This study is a 'case study' and is limited to Flint Construction cc, and we therefore cannot generalize. Further, the study is conducted on an unlisted company, and it is difficult to obtain information, which is not publicly available. Other unlisted companies would probably be reluctant to disclose financial information. However, an interview was conducted to obtain data on strengths, weaknesses, opportunities, threats, subjective risk adjustments and perceptions of Flint Construction cc which were used in the valuation using PIE ratios, estimation of future cash flows and the EVA method. The Price-earnings (earnings valuation model), discounted free cash flows model (DFCF model), and the economic value-added model (EVA model) reveal that the business was sold at a 'fair' value of R3 million. The range for Flint Construction cc obtained from the different valuation methods excluding the net asset value method was from R2,450,403 to R3,I06,880. A further study can be undertaken to see what happens to company value after a buyout and whether shareholder value is created. / Thesis (MBA)-University of Natal, Durban, 2003.

The topic of mergers and acquisitions, and their ability to create shareholder value, is one that continues to raise a fair amount of debate. Many studies have been carried out, both locally and abroad. They have attempted to analyse the wealth effects of mergers and acquisitions on both the shareholders of the acquiring and acquired firms. In some instances the findings have been fairly consistent across companies on the various stock exchanges, while other have produced controversial results. Generally the findings regarding the acquired firms have been consistent, across most studies, but the results regarding the acquiring firms has been less straightforward. This paper discusses the various types of mergers and acquisitions that a company may undertake, as well as the possible rationale for undertaking such investments. Some of the more recent and well-known studies that have been undertaken are then discussed, and an attempt is made to find a common thread amongst all the various studies. Further factors which "research has found to have an impact on the success or failure of mergers and acquisitions are then discussed, with the purpose of trying to identify the key reasons for merger failure, and hence the failure to create shareholder value for the acquiring firm. In other words, what are the traits or key factors that lead to successful mergers and acquisitions, ones that do not destroy shareholder value? Finally, the area of divestitures is discussed, because it is often believed that they are a key admission of the failure of past merger activity. Trends in merger and divestiture activity are also examined. Finally, a conclusion is drawn from the various studies and readings that have been done. The basis of this paper is primarily a secondary literature review. Two case studies are then undertaken; one which focus's on acquisitions by an IT Company which fail to create shareholder value, and the second examines an unrelated acquisition and subsequent divestiture by a listed company in the transport sector. A significant limitation that was encountered in doing research on the topic was the lack of availability of recent studies undertaken. The majority of the work done on this subject was researched during the 1960's to 1980's. With the only significant South African study being conducted by Aftleck-Graves et al in 1988. Although recent articles and commentary on the subject have been written in the late 1990's, I was unable to find any recent studies. The majority of research undertaken has also been done in the American and European markets, with as mentioned, only one or two studies being conducted on the JSE. / Thesis (MBA)-University of Natal, Durban, 2001.

This dissertation is a focused qualitative case study analysis of UEC Technologies (Pty) Limited (UEC). UEC is a wholly owned subsidiary of the JSE listed telecommunications, multimedia and technology (TMT) group, Allied Technologies Limited (Altech). UEC is the only South African based TV set-top box (STB) developer and manufacturer. The focus of the case study analysis centres around UEC's strategies of growth and globalisation in the global set-top box industry. The research took the form of a qualitative case study based on in-depth personal interviews with key decision-makers at UEC. The research was supported by a detailed study of secondary data relating to the STB industry as well as documentation prepared specifically for UEC relating to its business practice and business methodology. The case study focused particularly on the concentric diversification strategy adopted by UEC. This strategy was analysed with specific reference to the acquisition process followed by UEC during the negotiations with Zenith Network Systems (ZNS), a division of the American electronics giant, Zenith. The research culminates in the formulation of a company-specific analysis model (figure 4.1) which is proposed to be used by UEC when analysing future potential acquisitions. This company specific analysis model takes into account the current academic theoretical stance on both growth and globalisation strategy while fine tuning the process by adopting the specific requirements for both the STB industry and UEC's current business position. The aim of this model is to analyse potential concentric diversification growth opportunities by analysing elements of the spheres of industry environment, operating environment and internal environment. The industry environment is influenced by the barriers to entry into the industry and the size of the market and industry. The operating environment is influenced by globalisation and the need for growth. The internal environment is influenced by access to new markets and clients as well as the need for new technologies and products. The research dissertation culminates in a discussion of the model and the design, as well as an evaluation thereof. The discussion in regard to the model concludes that the model is in line with current academic as well as strategic thinking. Furthermore that the model is meticulously designed to cater for UEC's unique requirements and the specific requirements of the STB industry. In conclusion to the dissertation, it is postulated that the model would be of considerable benefit to UEC when analysing future acquisition opportunities. The model is an ideal analytical tool as its elements are made up from corporate strategy, has been crafted to align with UEC's specific requirements. This model provides a formal framework for assessing acquisitions and thus enabling UEC to compare multiple potential acquisitions against a fixed criteria model. / Thesis (MBA)-University of Natal, Durban, 2001.

Takeovers play an important role in the economy as they serve to reallocate economic resources to more efficient uses and replace inefficient management. Unregulated takeover bids pose a threat to the interests of the target company shareholders. The legislature pays special attention to takeover bids to make sure that the bona fide interests of the target company shareholders are duly protected. This is the primary purpose of the takeover bid regulation in Ontario. The regulation is also aimed at ensuring the horizontal equity among target shareholders and the efficient functioning of the capital market. This thesis analyzes the present regulation of takeover bids in Ontario and argues that while the whole system of takeover bid regulation is consistent with the proclaimed purposes, there are two issues that fall out of the coherent structure. The restriction on free transferability of shares and the adoption by boards of directors of shareholder rights plans do not enhance the protection of target company shareholders and do not correspond to the proclaimed purposes.

The aim of this paper is to examine Serbia’s democratic consolidation in the judiciary and public and state administration, as well as the  role of European Union and EU conditionality in this process. This paper discusses the democratic consolidation in the judiciary and public and state administration of Serbia between the years 2000 and 2010, the role of the EU in this process, and the effects of EU conditionality in these two areas. The theories applied are Linz’s theory of inter-relating arenas of consolidated democracies, and Whitehead’s international dimensions of democratisation. This paper is based on the method of qualitative study and through extensive reading and research, it has come to the conclusion that the judiciary and public and state administration between 2000 and 2010 have seen some improvement. However, democratic progress has been very slow due to remains from Slobodan Milosevic’s regime and communism. The EU, as one of the major actors in the region, has through various projects, agreements, cooperation, and conditionality, brought about improvements in the judiciary and public and state administration. Yet, EU involvement and conditionality have not had great democratic effects; they have been significantly slowed down by inefficiency, low professionalism and corruption.

This thesis is concerned with large strain soil consolidation and a large portion of the work is devoted to the theoretical development in modelling this phenomenon. An experimental programme based on a specially designed oedometer is also included. The governing equations are formulated in Chapter 2, where both the material and the space coordinates are considered. In space coordinate the problem is a moving boundary problem, and special numerical techniques for the idealized case of a thin soil layer are developed in Chapter 3. In Chapter 4 the consolidation of a normally consolidated stratum and a dredged fill are considered with a linear soil model, and the consolidation of a deposit undergoing continuous sedimentation is considered in Chapter 5. The material coordinate is used in the analysis which also includes the effect of self weight of soil. These problems are again considered in Chapter 6 and Chapter 7 with a nonlinear soil model. A specially designed oedometer for testing very soft soil is described in Chapter 8, and the experimental results are discussed in Chapter 9. These are compared with the theoretical solutions developed in Chapter 3, and good agreement has been obtained.