Com o crescimento da economia brasileira as operações de Fusões e Aquisições tem vivenciado um franco crescimento. Segundo trabalhos recentes sobre o tema, esse tipo de operação tem um componente estratégico muito superior ao simples ganho imediato de valor, tese que se justifica com os trabalhos empíricos atuais, que encontram fortes evidências que a empresa adquirente, frequentemente, perde valor de mercado, através da queda no preço das suas ações, nos dias seguintes à combinação empresarial. No entanto, a maioria dos trabalhos sobre o tema versam sobre operações de Fusões e Aquisições no mercado norte-americano e europeu, onde estruturas regulatórias e cultura de proteção aos acionistas minoritários divergem muito das situações encontradas no Brasil. Por outro lado, a economia brasileira após a implantação do Plano Real é relativamente recente, mas sendo permeada por crises internacionais e nacionais na década de 1990, além de um período de intenso programa de privatizações que fez surgir grandes grupos econômicos nacionais, tornando esse período um intervalo temporal único, e que as evidências encontradas nesse período possam não ter muita aderência à atual realidade brasileira. Através de um estudo de caso com 121 empresas listadas na BOVESPA, foi analisado a criação de valor para o acionista da empresa adquirente através de uma janela temporal de 20 dias antes e 20 dias após o anúncio do fato relevante que dá início a combinação empresarial. Foram utilizados dois métodos para observar a criação ou destruição de valor para o acionista, o método do retorno de mercado e o método do modelo de mercado ajustado, que demonstraram ser idênticos para a análise proposta. Analisando operações de combinação empresarial de 2001 a 2011, as empresas adquirentes foram agrupadas através da Classificação Nacional de Atividades Econômicas (CNAE) e submetidas a critérios de seleção da amostra que reduziu o grupo estudado a três setores econômicos, o da Indústria de Transformação, o de Informação e Comunicação e por fim o de Serviços Financeiros. Os resultados sugerem que os investidores tem informações sobre a operação de Fusão e Aquisição antes da divulgação do Fato Relevante pelas empresas, fazendo com que as ações experimentem altas em seus preços dias antes do anúncio, assim como foram encontradas evidências que o Setor Financeiro tem um comportamento que rejeita a hipótese de eficiência de mercado em sua forma semiforte. / In the past few years, with the growth of the Brazilian economy, operations of Mergers and Acquisitions had experienced significant growth. According to recent papers, this type of operation has a strategic component far superior to the simple gain of immediate value, a thesis justified with empirical work showing strong evidence that the acquiring company often loses market value, noticed by the falling prices of its shares in the days following the merger announcement. However, most studies on the subject deal with operations of Mergers and Acquisitions in the U.S. market and Europe, where regulatory structures and culture of protection of minority shareholders are much different from the situations we find in Brazil. On the other hand, the stability of the Brazilian economy, after the Real Plan, is relatively recent, being permeated by national and international crises in the 1990s. Through a case study with 121 companies listed on the BOVESPA, we analyzed the creation or value for shareholders of the acquiring company through a time window of 20 days before and 20 days after the announcement of the merger. Two methods were used to observe the creation or destruction of shareholder value, the method of the market return and the method of adjusted market model, which proved to be identical to the proposed analysis. Analyzing business combination transactions from 2001 to 2011, the acquiring companies were grouped by the National Classification of Economic Activities (CNAE) and subjected to a selection criteria that reduced the sample group to three economic sectors, the Manufacturing Industry, the Information and Communication and finally the Financial Services. The results suggest that investors have information about the operation of Merger and Acquisition before the announcement, causing stocks to experience increases in their prices days before the announcement, and evidence was found that the financial sector has a behavior that rejects the hypothesis of market efficiency in its semi-strong form.

The purpose of this thesis is to test the extended industry shock hypothesis, which accounts for a macro-economic capital liquidity element, in determining the drivers of merger waves. Various theories have been extended by the literature and these are broadly classified under the neo-classical theory of merger waves and the behavioural theory of merger waves. Behavioural theories have explained merger waves by taking into account the psychology of stock markets and the occurrence of merger waves during a stock market boom. The industry shock hypothesis (a neo-classical theory) however, argues that merger waves are due to the clustering of industry shocks that affect an industry’s operating environment. Along with this shock, the mis-valuation caused by a stock market boom increases asset values, thereby lowering transaction costs and hence increasing capital liquidity in the economy. This capital liquidity factor causes merger waves to cluster even if industry shocks do not. The findings in this study show that industry level merger waves exist in Australia and they occur when there is sufficient capital liquidity in the economy. The industry shock variables are found to be insignificant; however they do improve the explanatory power of the explanatory variables used in predicting the start of a merger wave. The mis-valuation variables used in this study: market-to-book ratio, 3-year return and standard deviation of the 3-year return, are insignificant and do not have any explanatory powers in predicting the start of a merger wave. Merger and acquisition announcements made to acquire Australian firms listed on the Australian Stock Exchange (ASX), are collected and analysed for the period from 1996 to 2007. The methodology used in this study is adopted from Harford (2005), which uses legit models to predict the start of merger waves. The explanatory variables are also adopted from Harford’s (2005) study and include proxies for mis-valuation, industry shock and capital liquidity. Overall, the results obtained for the Australian merger and acquisition data are inconclusive as to whether industry shocks because industry merger waves as Harford (2005) documented for the US merger and acquisition data. However, industry level merger waves do exist, as there is clustering in time of firm-level mergers within industries. Moreover, sufficient capital liquidity must be present to accommodate the necessary transactions.

<p><em>Aim:</em> This study deals with Brand Management after acquisitions. Since this subject is still quite unexplored, a case study backed the theoretical review in order to answer the two research questions. Furthermore, the work educes a model which shows the ascendancies that are involved in the field of Brand Management after acquisitions. It is the aim to reveal the necessity of strong branding for acquired companies and the importance of the continuity of their presenting brand values. I hope this paper adds new knowledge in the Brand Management sector in connection with acquisitions and gives the reader a proper understanding about the issue._<em></em></p><p>_{<em>Method:</em> The study occupies a theoretical and an empirical study. The theory}part presents a selection of theories and models developed by scholars in the field of business administration. While the first research question concerning brand equity after acquisitions is addressed in the theoretical review in chapter 3, the second question regarding brand image is mainly discussed during the empirical part. The data for the latter was primarily obtained by a case study which is a qualitative method and occupies interviews and discussions.</p><p><em>Result:</em> Brand Management has become a key issue for companies and is a sensitive subject in the context of Merger and Acquisition. Hence, it is a challenge for the acquirer and the acquired company to manage control and adapt to the new situation. Brand equity as a key asset of Brand Management is the amount of loyalty a customer has towards a brand and it is certainly influenced by such transactions as M&A. In the real-life comparison of the specific case it proved to be successful for the acquirer to maintain the autonomy of the acquired brand and continue the meaning of the brand. In addition, the loyalty of the customers is of great importance to assure a smooth process of the business operations.</p><p><em>Suggestions for future research: </em>Due to the current situation and constant changes it would be interesting to repeat the study some time in the future for a final conclusion. Furthermore, since the findings for the empirical part of this study are based on a strong acquired brand, it would be interesting to investigate the case of another company of weaker nature, and maybe of a different branch. The high profile of the target firm and its strong brand values had a remarkable influence on the revelations of this study.</p><p><em>Contribution of the thesis: </em>The result of this study helps companies to maintain their brand values during an acquisition. The research adds new knowledge in the brand management sector in connection with acquisitions, and it is useful for companies which are involved in M&A activities.</p><p> </p>

Aim: This study deals with Brand Management after acquisitions. Since this subject is still quite unexplored, a case study backed the theoretical review in order to answer the two research questions. Furthermore, the work educes a model which shows the ascendancies that are involved in the field of Brand Management after acquisitions. It is the aim to reveal the necessity of strong branding for acquired companies and the importance of the continuity of their presenting brand values. I hope this paper adds new knowledge in the Brand Management sector in connection with acquisitions and gives the reader a proper understanding about the issue. Method: The study occupies a theoretical and an empirical study. The theory part presents a selection of theories and models developed by scholars in the field of business administration. While the first research question concerning brand equity after acquisitions is addressed in the theoretical review in chapter 3, the second question regarding brand image is mainly discussed during the empirical part. The data for the latter was primarily obtained by a case study which is a qualitative method and occupies interviews and discussions. Result: Brand Management has become a key issue for companies and is a sensitive subject in the context of Merger and Acquisition. Hence, it is a challenge for the acquirer and the acquired company to manage control and adapt to the new situation. Brand equity as a key asset of Brand Management is the amount of loyalty a customer has towards a brand and it is certainly influenced by such transactions as M&amp;A. In the real-life comparison of the specific case it proved to be successful for the acquirer to maintain the autonomy of the acquired brand and continue the meaning of the brand. In addition, the loyalty of the customers is of great importance to assure a smooth process of the business operations. Suggestions for future research: Due to the current situation and constant changes it would be interesting to repeat the study some time in the future for a final conclusion. Furthermore, since the findings for the empirical part of this study are based on a strong acquired brand, it would be interesting to investigate the case of another company of weaker nature, and maybe of a different branch. The high profile of the target firm and its strong brand values had a remarkable influence on the revelations of this study. Contribution of the thesis: The result of this study helps companies to maintain their brand values during an acquisition. The research adds new knowledge in the brand management sector in connection with acquisitions, and it is useful for companies which are involved in M&amp;A activities.

Empirical research findings on the consequences of post-M&amp;A performance have generated several result, although most of which are inconsistent. The relation of such post-M&amp;A performances to non-listed and listed companies can be relative especially when considering the companies economic and financial structure and other prevailing factors associated to the host country. However, most of these have been attributed to the choice of performance measurement indicators. This paper analyses and evaluates existing performance indicators that have been employed in the literature. It is argued that to overcome the limitations found in financial indicators of performance, a need to pursue multiple measures of performance in post-M&amp;A research is needed. It also argues that the motives for the transaction should also be included as performance indicators. This hybrid approach will allow researchers and practitioners to measure the overall success of merger and acquisitions.

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.

The main purpose for this paper is to study how we should focus on and its management during business merger and acquisition so that we could achieve the goal what we wanted successfully. The study can have several structures as follows: 1. How to announce the message of M&A to outside is pretty important to avoid any rumor happened --- Philips PPCK in this sample did well by: (1) Corporate Centurion Meeting (2) Business Strategy Review Meeting (3) Senior Staff Meeting (4) Town Meeting (5) Philips Components¡¦ memo 2. Re-plan the business strategy to bring up the morale of employees (1) PPCK¡¦s vision --- ¡§Keep creative and innovative to sustain its value¡¨ (2) The evaluation for long-term strategies and priority setting of 1999 strategy. (3) Build up ¡§One Unit Concept between the company and the employees¡¨ (4) Listen to voice from employees and (5) The comments from Labor Union 3. Build up the communication channel in full support in different ways (1) Make the communication process transparently (2) Management Team offer appropriate directions at any time (3) Go towards to a common consensus ¡§Three win --- The employees, Shareholders and management team¡¨ together 4. Decision Making to be done as planned (1) Define the decision model and time schedule (2) The negotiation and breakthrough on the preferential retirement measure (3) The protection on working conditions (4) The crisis management on keeping key-persons 5. Thinking about the synergies how will it be after merger and acquisition (1) The competitive advantages of the company that to be merged (2) The competitive advantages of the desired goal company (3) The advantages on global after merger and acquisition Keywords: M&A (Merger and Acquisition); Synergy; Competitive Advantage; Passive Components; Settlement; Communication

The purpose of this thesis is to test the extended industry shock hypothesis, which accounts for a macro-economic capital liquidity element, in determining the drivers of merger waves. Various theories have been extended by the literature and these are broadly classified under the neo-classical theory of merger waves and the behavioural theory of merger waves. Behavioural theories have explained merger waves by taking into account the psychology of stock markets and the occurrence of merger waves during a stock market boom. The industry shock hypothesis (a neo-classical theory) however, argues that merger waves are due to the clustering of industry shocks that affect an industry’s operating environment. Along with this shock, the mis-valuation caused by a stock market boom increases asset values, thereby lowering transaction costs and hence increasing capital liquidity in the economy. This capital liquidity factor causes merger waves to cluster even if industry shocks do not. The findings in this study show that industry level merger waves exist in Australia and they occur when there is sufficient capital liquidity in the economy. The industry shock variables are found to be insignificant; however they do improve the explanatory power of the explanatory variables used in predicting the start of a merger wave. The mis-valuation variables used in this study: market-to-book ratio, 3-year return and standard deviation of the 3-year return, are insignificant and do not have any explanatory powers in predicting the start of a merger wave. Merger and acquisition announcements made to acquire Australian firms listed on the Australian Stock Exchange (ASX), are collected and analysed for the period from 1996 to 2007. The methodology used in this study is adopted from Harford (2005), which uses legit models to predict the start of merger waves. The explanatory variables are also adopted from Harford’s (2005) study and include proxies for mis-valuation, industry shock and capital liquidity. Overall, the results obtained for the Australian merger and acquisition data are inconclusive as to whether industry shocks because industry merger waves as Harford (2005) documented for the US merger and acquisition data. However, industry level merger waves do exist, as there is clustering in time of firm-level mergers within industries. Moreover, sufficient capital liquidity must be present to accommodate the necessary transactions.