An important problem in present academic research on foreign divestment is to understand how foreign divestments fit in a concept of international business strategy. The purpose of this paper is to research if characteristics of foreign divestment differ according to the corporate international business strategy and if so what these differences are.This paper is unique of its kind because cases presented here have never been mentioned in any academic literature before. In this paper I am using case study method in order to compare characteristics of foreign divestment experienced by two MNCs pursuing two opposite international business strategies.The results of the paper are inline with previous suggestions in the academic literature on foreign divestment. It was proved that international business strategy affects the characteristics of foreign divestment. These results were proved using comparable analysis of case studies. Analysis of the findings shows that differences in foreign divestment characteristics exist in dependence of corporate international business strategy. This paper also describes these differences and draws propositions for further research in the topic.The implications of this research are of particular interest both in practical and theoretical terms. Practically, results of the study can contribute to building better planning and predictive models of foreign divestments. Theoretically, results of the paper can be seen as a contribution to understanding and more detailed definition of relationships between international business strategy and foreign divestments.

Inter corporate asset sales provide a viable alternative to mergers and acquisitions to create shareholder value for both the buyer and seller companies. Intercorporate asset sales are defined as the sale of autonomous operational assets which does not entail a change in ownership control of the seller.Mergers and acquisitions research found greater value was created by cash funded transactions compared to equity funded transactions. Contrary to mergers and acquisitions, asset sale research found equity funded transactions created greater value compared to cash funded transactions. This research provides a deeper understanding of the effect the method of payment has on the value created when selling assets, enabling management of acquiring and divesting companies to realise their maximum value creation potential.The population consisted of intercorporate asset sale transactions announced and concluded for the 11 year period from 1 January 2000 to 31 December 2011. The exact population was not known, therefore judgmental sampling was used to identify companies. Only companies listed on the Johannesburg Stock Exchange All Share Index were considered for qualifying asset sale transactions. In total 112 companies were reviewed for asset sales yielding 214 qualifying transactions which were divided in sub samples of 43 equity buyers, 68 cash buyers, 30 equity sellers and 73 cash sellers.Based on the event study methodology the short term metric of abnormal share price returns and the medium term metric of abnormal operating financial performance were used to calculate and compare the value created by equity and cash funded transactions. Both metrics concluded that equity funded asset sales created greater value compared to cash funded asset sales.Inferences were made between asset sales and mergers and acquisitions and the researcher concluded by proposing a model to optimise shareholder value. Based on the accounting performance of the buyer and the intrinsic value of the asset or target, the model is used to select the optimum combination of corporate activity and the method of payment to unlock the optimum shareholder value. / Dissertation (MBA)--University of Pretoria, 2012. / Gordon Institute of Business Science (GIBS) / unrestricted

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L’activité de fusions et acquisitions (désormais F&A) a atteint un niveau record en 2017 et s’est élevée à plus de 2 993 milliards d’euros (Thomson Reuters, 2018). Cette dynamique sur le marché des F&A est toutefois dominée par une minorité d’acquéreurs qui entreprennent un très grand nombre de F&A (Kengelbach, Klemmer, Schwetzler et Sperling, 2012). Les importants changements environnementaux tels que la globalisation, l'intégration des économies émergentes et les progrès technologiques ont, en outre, suscité de nouvelles opportunités de croissance pour les firmes et ontfait émerger de véritables « serial acquéreurs » ; ces entreprises qui s’engagent dans des séries ou flux de F&A (Fuller, Netter et Stegemoller, 2002) afin de créer de la valeur et améliorer leur performance économique et financière (Laamanen et Keil, 2008). La mise en œuvre et la réussite de cette stratégie extrêmement complexe et risquée (Boubakri, Chan et Kooli, 2012) s’avèrent toutefois difficiles en pratique (Haleblian, Devers, McNamara, Carpenter et Davison, 2009). Plusieurs études montrent, ainsi, des résultats décevants ou une diminution de la performance des acquéreurs en série au fil de leurs opérations (Billett et Qian, 2008 ; Ismail, 2008 ; Fuller et al., 2002). Ce travail de recherche a dès lors été guidé par l’objectif d’identifier des nouveaux déterminants de la performance en s’intéressant aux fondements stratégiques de ceux-ci, qui permettent de piloter efficacement un programme de F&A, de gérer sa complexité et les risques qui y sont associés, et ainsi favoriser ultimement la performance des firmes.Les résultats de cette recherche ; menée à travers 3 essais ; soulignent l’importance des caractéristiques des programmes de F&A (le rythme, la place et le degré de diversification des F&A) et des motivations sous-jacentes aux opérations de désinvestissement (quand elles sont réalisées dans une optique de gestion de portefeuille dynamique) dans la performance financière des acquéreurs en série. De plus, la performance stratégique en matière de croissance, d’internationalisation et de diversification est permise par des séries de F&A qui s’accompagnent du développement de capacités d’acquisition et de la mise en place de mécanismes d’apprentissage organisationnel tels que la temporisation pour codifier et capitaliser les connaissances acquises, l’ajustement de la vitesse d’intégration à la nature de l’intégration poursuivie et la routinisation des processus d’acquisition par la mise en place d’un système d’information commun à l’ensemble du groupe. Ces acquéreurs en série constitueraient ainsi des acquéreurs « habituels », développant de véritables routines d’acquisition. Ces résultats suggèrent, en outre, qu’au-delà des acquéreurs en série, il existe desacquéreurs habituels en parallèle, véritables « maîtres de portefeuille » (Kengelbach, Keienburg, Schmid, Sievers et Mehring, 2016) qui acquièrent parfois en « grappes » ou qui, simultanément, acquièrent et désinvestissent pour gérer au mieux leur portefeuille d’actifs stratégiques. / Global mergers and acquisitions (M&A) activity has hit a record level in 2017 having reached more than 2,993 billion euros (Thomson Reuters, 2018). This dynamic was, however, due to a minority of acquirers who undertook a substantial number of M&A (Kengelbach, Klemmer, Schwetzler and Sperling, 2012). In addition, important environmental changes such as globalization, emerging economies integration and technological progress have created new opportunities for business growth and led to the emergence of "serial acquirers"; these companies engage in M&A series or M&A flows (Fuller, Netter and Stegemoller, 2002) to create value and improve their economic and financial performance (Laamanen and Keil, 2008). The implementation and success achievement of this extremely complex and risky strategy (Boubakri, Chan and Kooli, 2012) is, however, difficult to apply in practice (Haleblian, Devers, McNamara, Carpenter and Davison, 2009). For instance, numerous studies show disappointing results, e. g. a decrease in the performance of serial acquirers during their M&A operations (Billett and Qian, 2008; Ismail, 2008; Fuller, Netter and Stegemoller, 2002). This research work was aimed to identify new determinants of M&A performance by focusing on their strategic foundations permitting to effectively manage an M&A program, its complexity and associated risks, and, thus, ultimately stimulate the firms’ performance.The results of this research (realized by conducting 3 essays) underline the importance of the M&A programs’ characteristics (rhythm, geography and degree of diversification of M&A transactions) and the motivations underlying the divestment operations (undertaken with a view to the dynamic portfolio management) in the understanding of financial performance of serial acquirers. In addition, the strategic performance of the M&A series (e. g. growth, internationalization and diversification amplitude) is accompanied by the development of acquisition capacities and the implementation of organizational learning mechanisms such as codification of acquired knowledge, speed integration adjustment, etc.). These serial acquirers, thus, become “common” acquirers developing real acquisition routines. The results also suggest that, beyond the serial acquirers, there are common acquirers in parallel, true "portfolio masters" (Kengelbach, Keienburg, Schmid, Sievers and Mehring, 2016) who sometimes acquire in clusters or who, simultaneously, acquire and divest tobest manage their portfolio of strategic assets.

The master thesis discusses Swedish commercial real estate companies’ different influencesto divest real estate. Moreover, the master thesis will review which differences the companieshave based on company type, divided into; family-owned real estate company, operatingpartner, real estate fund and public company. The main purpose with this thesis is to describe, explain and summarize different factors thatare of importance for commercial real estate in Sweden in their divestment decisions and inaddition to shed light on the differences between the decision basis of different company types.This goal has been achieved through a combination of both a survey and semi-structuredinterviews. The master thesis research question is: How do Swedish companies within the transaction space consider their divestments? How aredecisions made and which factors affect divestments of commercial real estate in Sweden? / Magisteruppsatsen diskuterar svenska kommersiella fastighetsföretags olika anledningar tillatt avyttra fastigheter. Därutöver utreder magisteruppsatsen skillnader mellanfastighetsföretagen utifrån olika företagstyper, fördelade över familjeägt fastighetsbolag,operating partner, fastighetsfond och publika fastighetsbolag. Huvudsyftet med uppsatsen är att beskriva, förklara och sammanfatta olika faktorer som ärviktiga i beslutsgrunden till avyttringar för svenska kommersiella fastighetsbolag. Därutöveräven att belysa skillnader i bevekelsegrund beroende på bolagstyp. Målet har uppnåtts genomen kombination av enkät och intervjuer. Masteruppsatsens forskningsfråga är: Hur utvärderar svenska fastighetsbolag inom transaktion sina avyttringar? Med vilkenbevekelsegrund görs beslut och vilka faktorer påverkar avyttringar av kommersiella fastigheteri Sverige?