After the liberalization of the market , there will be the surge of competitors and price competition. In the end, the market will go to M&A. In the begin, there are seven competitors in Taiwan¡¦s communication industry. After the M&A, the market divided into three giant groups, Chunghwa Telecom Co., Ltd,Taiwan Mobile Co., Ltd and Far EasTone Co., Ltd. The traditional models in evaluating the stock exchange ratio in M&A is to evaluate the target company and buying them out. In this paper, we adopting game theoretic ain sharing model to re-evaluate the stock exchange ratio in profit generating and distribution . The result is that the net income is the proper variable to evaluate the stock exchange ratio in Taiwan¡¦s communication industry.

A merger of steel mills has arisen up in the global steel industry. What is the reason to activate those steel mills involved in such a kind of business action, even those steel mills are with a mass scale. According to the expert's prediction, only ten to twelve steel mills will be survived after ten or twenty years and each steel mill will with a capacity over fifty million tons. Actually, there is one steel mill reached this scale after merging with other mills. In chapter 1, to describe the background motivation, purpose and limitation related to the study. In chapter 2, the study of the related theory and information about the competitive strategy, merger and acquisition, diversification, core competence and strategic alliance. To understand the theory and can be used for the analysis in the next chapter. In chapter3, the introductions to the tendency of development for the global steel industry and the case of merger between the steel mill. To realize the reason, background, strategic thinking and expected benefit from it. Meanwhile, the introduction to the career of the development for the steel industry of the Japan, USA and Taiwan in the past and now. In chapter 4, the introduction to the China Steel Corporation and to understand what cause it to have the most competitive strength in the global steel industry. Also, two cases will be reported which concerned about the cost and experience brought to China Steel Corporation to realize how to learn from it next time for the merge and acquisition activity. In chapter 5, the conclusion has been made by the study. The diversification is the necessary step taken by the steel mills in order to grow up, but the key point is on the evaluation and estimation. The profitability and future expansion will be the top priority. Who can close to the end-user will be the winner for the competition. The major consideration to the merger and acquisition held by the steel mills lie on the complementary of the product, the market sharing and distribution and cost down. The Mainland China, due to its mass population will be a big consumer for the steel. So, China Steel should pay attention to evaluate and deep into the market of the South of the China where 500 million people will become a huge market in future. Is bigger the better? Somebody doubt it, the synergy and profit will be the focus on consideration to a merger activity.

The essence of this study is to capture the dynamics of decision-making. The context of this study is the engineering consultant industry consolidation in South Africa over the last five years. Decision-making is a complex phenomenon and highly influenced. To understand the dynamic nature of decision-making, it is important to understand the rationale or process that was followed to derive to the decision made. This can be simplified or better understood when evaluated at the hand of a context. In South Africa, consolidation activity was relatively high during the last five years when compared to previous years – engineering consulting companies – with international groups teaming up with well-established domestic entities to create new African-focused organisational platforms. The research questions are predominantly “how” and “why” questions and this is best answered through a qualitative research approach. The research design uses a multi-case study design in that participants in this research study are employed by different engineering consultant companies. It does not follow the traditional multi-case design which determines similarities and differences between the cases or similarities and differences in the same case, but rather a view gathered on the same context from different perspectives. The participants are defined as key role players with a responsibility to make strategic, financial and/or commercial decisions in a company and individuals who directly faced decision-making in the context of this study. Data collection is primarily by means of interviews. The key findings indicate that decision-making is highly influenced and that personal disposition is a prominent influencing factor. Another finding was that industry consolidation was a global trend that could no longer be ignored in South Africa and that companies had to strategically respond to a number of key issues that they have been facing. It is clear that decisions are made in context. The continuously changing environment in which the engineering consultant industry operates means that opportunities are never static and that decision making is always dynamic. It is important to have strategic objectives and a list of expected outcomes at the start of a decision making process and to monitor and control progress constantly against these as one advance through a life cycle of events, such as a consolidation transaction. This research study concludes in a sense that the engineering consultant industry is looking forward, some recommendations to the industry and recommendations for further research. / MBA, North-West University, Potchefstroom Campus, 2015

The essence of this study is to capture the dynamics of decision-making. The context of this study is the engineering consultant industry consolidation in South Africa over the last five years. Decision-making is a complex phenomenon and highly influenced. To understand the dynamic nature of decision-making, it is important to understand the rationale or process that was followed to derive to the decision made. This can be simplified or better understood when evaluated at the hand of a context. In South Africa, consolidation activity was relatively high during the last five years when compared to previous years – engineering consulting companies – with international groups teaming up with well-established domestic entities to create new African-focused organisational platforms. The research questions are predominantly “how” and “why” questions and this is best answered through a qualitative research approach. The research design uses a multi-case study design in that participants in this research study are employed by different engineering consultant companies. It does not follow the traditional multi-case design which determines similarities and differences between the cases or similarities and differences in the same case, but rather a view gathered on the same context from different perspectives. The participants are defined as key role players with a responsibility to make strategic, financial and/or commercial decisions in a company and individuals who directly faced decision-making in the context of this study. Data collection is primarily by means of interviews. The key findings indicate that decision-making is highly influenced and that personal disposition is a prominent influencing factor. Another finding was that industry consolidation was a global trend that could no longer be ignored in South Africa and that companies had to strategically respond to a number of key issues that they have been facing. It is clear that decisions are made in context. The continuously changing environment in which the engineering consultant industry operates means that opportunities are never static and that decision making is always dynamic. It is important to have strategic objectives and a list of expected outcomes at the start of a decision making process and to monitor and control progress constantly against these as one advance through a life cycle of events, such as a consolidation transaction. This research study concludes in a sense that the engineering consultant industry is looking forward, some recommendations to the industry and recommendations for further research. / MBA, North-West University, Potchefstroom Campus, 2015

Under the situation of the internationalization and global trend, enterprises are facing ever more rigorous competition. Therefore the best way to keep sustainable competitive advantage is to upgrade continuously, and through economies of scale and economies of scope to keep the cost down. Furthermore, to ensure firm¡¦s global competitiveness, the fast growth strategies are through mergers and acquisitions. Based on that American enterprises had over nine thousand M&A cases, we found about three fourth of the result of M&A are not successful achievement; its failure rate is extremely high. The reasons included fault in selecting the target, over-paying, and failing to integrate after M&A. Although M&A can instantly gain the another firm, but still long way to achieving success, because the effects in M&A must go through integration stages. Even if the M&A strategy is correct and the price is reasonable, failing to integrate after M&A, the synergy of M&A is unable to reach. This individual research is deeply researching the process and result of USI group after M&A, then compare between the research results and related documents, and conduct to conclude the suggestion for the further integration.

This paper discusses the necessity for consolidation and the related problems of the securities industry in Taiwan as it increases its economies of scale. The logistical planning for consolidations in the industry is profiled within the context of the theoretical motivations and legal issues underlying the changes to this industry. The necessity for consolidation and expansion in order to achieve economies of scale is illustrated by drawing upon the past history of the Taiwan securities industry in the last 40 years as well as the present circumstances as the industry is threatened by the multi-industry structure of foreign conglomerates and the internationalized competitive environment. The combination of industry characteristics and market trends is presented to provide some suggestions for further development. In the past ten years (from 1990 to 2000), the securities industry in Taiwan grew at a very fast pace, with the number of firms increasing from 199 to 531, 2.66 times. The market capitalization grew 6.86 times, increasing to NTD 3.7 trillion from NTD 533 billion. The amount of corporate bonds and savings trusts issued in the foreign market increased to USD 9.6 billion in 2000 from USD 74 million in 1990. At the same time, as the Taiwanese economy took off and grew at an amazing pace, the trade surplus and balance-of-payments surplus brought wealth and prosperity to the people of this country. The money supply grew from NTD 5.78 trillion to NTD 19.46 trillion, giving Taiwan new potential as a place to underwrite and issue new securities. The market in Taiwan has expanded tremendously in order to meet the spectacular growth in demand for these services. The market expansion took place at a time when mergers were the dominant trend around the world, and the securities industry increased not only its economies of scale but also its economies of scope in order to face the tougher world competition in the coming years. In November 1999, the securities industry witnessed a dramatic change in the market. Yuanta Securities and Core pacific Securities announced their merger plans and this lit a spark that led to the consolidation of large firms with sizes of a such magnitude that they have not been linked to firms active in the consolidation arena. In the future, Taiwan will ride the international merger wave that originates from the economies of scale and scope and many more mergers in the industry will take place to form companies that will combine the capital and foreign exchange markets in its operations. Through cross industry mergers and the establishment of holding companies, large scale securities and financial conglomerates will be formed. Securities and financial institutions in the domestic market and abroad will develop towards enlarging its size, increasing its lines of businesses, and expanding in the international market. This paper looks at the development trends in the securities industry and discusses the necessity for consolidation and its related problems. Having worked in the industry for over ten years, the author has a keen awareness of the market characteristics and its trends, as well as intuition about what motivates the market. Throughout this research, the author has found that the market forces on a theoretical level that drive the need for consolidation have originated from a need to increase the economies of scale to deal with the increased competition in the international marketplace and have made consolidation a necessity so that the industry can remain competitive as internationalization unfolds. As a whole, this research has found ten conclusions with regard to the consolidation of the securities industry and makes ten recommendations to guide future developments as the industry seeks to increase its economies of scale.

The container shipping industry is essentially a service industry, based on the derived need of shippers wanting to transport their goods to buyers around the world. The industry relies on the volume of world trade and consequently is highly cyclical with its profitability being dependent, in large part, on the health of the global economy. It is also a highly capital intensive industry that requires large amount of investment in large scale fixed assets, such as ocean vessels, ports facilities, terminal equipments, global office networks and communication infrastructure. The industry has been undergoing a period of restructuring and consolidation in the 1990s, reflected in both merger and acquisition and in the formation of global alliances. This paper will explore the literature on growth alternatives and competitive advantages of the industry. The specific case on NOL/APL growth path and its key success factors of strategy-performance relationship will also be identified. This paper will conclude by making some suggestions on longer-term strategy for the company in order to generate sustainable profitability and financial success for the NOL/APL group.

Taiwan's Uni-President Enterprise Corp. started its business from flour. In order to save costs, Uni-President proceeded with a vertical industrial integration at the initial stage, opened additional businesses at the middle stage, and diversified until recently. He has been playing a pivotal role as a pioneer for marketing, product development, and even diversification strategies in this industry. With the expansion of overseas investments, Uni-President Enterprise Corp. received significant benefits from economies of scale. South Korea has been a formidable competitor to Taiwan. Our market is not only flooded with various Korean electronic equipment, household appliances and audio-visual entertainment, but also the foods. For example, the koala-shape biscuits and chocopie, which are rather popular, are from Lotte, the food industry leader of South Korea. These two enterprises are both leaders in the food industry, and take integration and diversification as parts of their development process. Diversification of product and business is the main method to facilitate growth. M&A (Merger & Acquisition) is the fastest and safest way to enter a new business field. Taiwan's Uni-President Enterprise Corp. and Korea's Lotte Group are the main cases for this study. Here we analyzed their strategies and motivations to understand the synergy and business performance these groups have as well as their differences.

BenQ was founded in1984,the business income was NTD 300 million during the initial period of years and her core business was merely to produce computer components. Her sales income has achieved to NTD 174.7 billion till 2004 after merging her subsidiary companies. Over the past 20 years, the employees increased to more than 13,000 as a global enterprise distributing more than 30 countries. In addition, the sales income has increased 582 times than she was founded. Therefore, the way of BenQ success was a model for the enterprise growth. In order to research the model and the experiences that the enterprise grows, this research uses BenQ as case study thoroughly studies in her nearly more than 20 years growth processes and how she used each strategy activity to achieve the enterprise growth goal. According to BenQ¡¦s success of new business development, this research constructs set of universalized new business development model, the flow, the process, and product life cycle backward vertical integration model. It was discovered that the corporate venture capital played an important role and function to provide the enterprises growth strategy when enterprise is growing.

M & A indeed is one of speedy growing methods for enterprise. But not every one enterprise can get its effectiveness as expectation after conducting merger. There is usually a huge organizational change is hidden behind M & A. The retained employees after the merger face the new company, seems like new employees that just inaugurated, filled with strange and a sense of uncertainty. In 1998, Watson Wyatt Company made a survey and found most of the merger failed to achieve the strategic target as expectation, M & A will ultimately lead to failure or poor performance, in addition to cultural differences, "people" issues can not be integrated effectively by the system is a major key factors, such as the leave of excellent talents, staff remaining in the low efficiency, So triggered the human resources issues discussed after M & A. The purpose of this study was to research successful key factor of human resources integration in the process of M & A which through an interview with qualitative, considering the time appropriateness and the difficulties of backtracking information validity to avoid making poor effectiveness. Especially to choose a case of retailer Taiwan in 2006 as example, French Carrefour merged with British Tesco to study. Also considering the impact of mergers and acquisitions on the acquired employees are greater than the acquiring ones, especially the employees under the middle management level, we selected the remained employees under the middle management level in the acquired corporation as the sample. This empirical study found that the unmet expectation of acquired employees not only from job regulations and benefit, but also from the person-organization fit of the acquiring corporation. The unmet expectation may both affect the psychological and behavioral stress of acquired employees. It also affects the organizational commitment of acquired employees to the acquiring corporation. The unmet expectation has a direct effect on the job stress and organization commitment. It also has an indirect effect on the performance positively through the perceived organizational support. The purpose of this study is to explore the human resources integration challenges under merger and acquisition of the pharmaceutical company A. The findings are from focused interview with employees of different backgrounds including acquired company employees, acquiring (A) company employees and top management team of the A company. The research results indicate that¡G 1.Under M&A, the internal integration team with outsider consulting firm¡¦s professional assistance will minimize the resistances. 2.Under M&A, the specific HR integration structure is needed. 3.Under M&A, the comprehensive communication plan is needed to erase the rumors and gossips. 4.Under M&A, the talent deployment must retain all the talents from both-side companies and eliminate the poor performers in the acquiring company. 5.Under M&A, for ensuring every colleague in the new company move forward to the same goals, the enterprise has to review the performance appraisal and management system.