Les opérations de fusions et acquisitions constituent un élément central de l’économie de marché et parallèlement forment l’un des principaux vecteurs de la dynamique de nos structures industrielles. Notre thèse vise à apprécier de façon objective et scientifique l’impact des opérations de fusions et d’acquisitions sur la qualité de l’information comptable produite par les entreprises. Compte tenu de son importance pour les acteurs économiques, la qualité de l’information comptable est d’abord comprise comme la qualité des résultats publiés par l’entreprise. Trois principaux axes sont dégagés au sein de cette problématique, qui constitue les trois principaux chapitres de notre thèse. Notre travail s’appuie sur une base de données regroupant les opérations des fusions et acquisitions entre les entreprises cotées sur le marché américain de l’année 1986 à l’année 2013. Les principes de ces chapitres sont les suivantes. Nous montrons tout d’abord que les entreprises impliquées dans les opérations payées par une combinaison de titres et de liquidités, opération ayant connues un fort développement, ont un comportement en manière de gestion de résultat proche des entreprises payant uniquement en titres, et à ce jour seules documentées. Nous établissons ensuite que la gestion de résultat de ces entreprises ne se réduit pas à la seule gestion des compte d’”accruals ". Nous montrons que les entreprises mobilisent également d’autre techniques, soit des méthodes purement comptables au travers par rendre de choix de classification des items, soit des méthodes ayant un impact sur les conditions réelles d’exploitation, au travers par exemple de l’ajustement des dépenses de R&D. Des liens de substitution / complémentarité entre ces différentes formes de gestion des résultats sont mise à jour, et mise en perspective des choix de méthodes de paiement des opérations. L’impact de la gestion des résultats sur la performance des acquéreurs est également analysé. Nous établissons en particuliers que si un degré modéré de gestion des résultats pourrait avoir des conséquences positives en manière de la performance, un comportement agressif en matière de gestion des résultats conduisant à reconnaitre un impact négatif sur la performance. Cela étant, il semble que la richesse des actionnaires ne soit affectée que très marginalement par ces choix de gestion des résultats, ceci autant à court terme que à long terme. / The Merger and Acquisition (M&A) operations constitute a key element of market economy and meanwhile form one of the main vectors of the dynamics of the industrial structures. This thesis aims at analyzing the impact of M&A operations on acquiring firm’s accounting information quality. The accounting information quality shall be interpreted first of all, as the quality of earnings. Three main axes are emerged in this problematic and constitute three main chapters of this thesis. By observing all public M&A transactions on the U.S. market from the year 1986 to 2013, these three chapters provide following main contributions. First we find the acquiring firms that involved in the mixed payment acquisition have undergone notable development, have earnings management (EM) behaviors around acquisition years. However, prior study only documented a certain kind of behaviors of the 100% stock exchange acquirers. Plus, we indicate that the EM behavior of acquiring firm is not constraint to the accruals management (AM). We show that they are also likely to use many other ways, either accounting treatment through classification shifting, or real earnings management (REM) methods, for example through the budgetary adjustment of the R&D expenditures. A close link is found between the choice of EM methods and acquisition payment method. Moreover, a substitution / complementary effect is also noted between different forms of EM methods. The impact of these EM strategies on acquiring firm’s performance is also analyzed. A moderate way of EM has positive impact on future operating performance while a high degree of these EM behaviors bring a negative impact. Nonetheless, it seems that the shareholders' wealth is only marginally affected by the choice of EM methods, in the short term as well as the long term.

This study is concerned with public companies (listed on the stock exchange) which are threatened by an unwanted takeover-attempt. Particularly, the investigation is centered around opportunities for such companies to defend themselves against hostile takeovers. Therefore, this study covers defense strategies, the so-called anti-takeover provisions (ATPs) or shark repellents. More specifically, pre-emptive ATPs were analyzed in order to determine whether they are effective measures for a takeover-target to avoid being acquired. This question is widely discussed by existing literature that is concerned with the overall topic of mergers & acquisitions, whereby findings of prior researchers often are contradicting or inconclusive. Moreover, there is a lack of literature examining the case of takeover-attempts which are characterized by a hostile deal-attitude specifically. As the adoption of pre-emptive ATPs does have its pitfalls, we aimed to find implications for the management of publicly traded companies concerning the question if they should deploy pre-emptive ATPs or not.   We analyzed hostile takeover-events which took place within the timeframe of 2003-2018, whereby target-companies where located all over the world. As done by other researchers before, the level of resistance against takeovers has been measured by forming an index (in this study denoted by G-Index*), which accounts for the number of pre-emptive ATPs adopted by the takeover-target. That index was used subsequently to test, if companies with a low/high level of resistance against takeovers were more/less likely to be acquired. As not only the resistance against takeovers is an influencing factor on the outcome of a takeover-event, we also measured the impact of performance- and contextual factors. Those comprise key performance indicators (KPIs) for efficiency and profitability, as well as the context factors region and industry. That measurement has been carried out using the binary logistic regression, whereby all mentioned aspects were included in one model to form a representative model of takeover-events. This model was used to examine the individual impacts of all variables on the one hand, and for predicting the takeover-likelihood for each company on the other hand. Subsequently, the predicted takeover-likelihood was tested via the Pearson correlation with the number of pre-emptive ATPs adopted by the public companies.   By using the binary regression, we found that a higher level of managerial resistance against takeovers is decreasing the probability for a company to be acquired. High resistance against takeovers, measured by a high number of pre-emptive anti-takeover provisions adopted, does have a statistically significant negative effect on the takeover-likelihood. Moreover, another key finding is that a company which is more efficient than the average of its industry, is more likely to be acquired. High efficiency (measured by gross profit margin) does have a statistically significant positive effect on the takeover-likelihood. By using the Pearson correlation, we found a statistically significant relation between the number of pre-emptive ATPs adopted and the predicted takeover-likelihood. The predicted takeover-likelihood correlates negatively with the number of pre-emptive ATPs.   These results show that pre-emptive ATPs can be an effective measure against hostile takeovers.

Il nous appartiendra au fin de ce mémoire, d'observer comment les autorités de la concurrence communautaires, américaines et canadiennes assurent la régulation des pratiques anticoncurrentielles prenant leur source ou produisant leur effets au sein de leur marché. Il conviendra donc à cet égard de se pencher sur les spécificités de chacun de ces régimes juridiques, afin d'étudier les similitudes et différences existantes quant à la définition de la notion de marché du marché pertinent, la qualification juridique des différentes infractions (ententes ou cartels - abus de position dominantes ou monopolisation concentration d'entreprise ou fusionnement ou même mergers) ainsi que la procédure permettant à ces différentes autorités d'autoriser, d'amender ou d'interdire ces différentes pratiques. Il conviendra par la suite de démontrer comment et sur quel fondement chacun de ces systèmes peuvent avoir une interaction entre eux en élargissant notamment leur champ de compétence respectif par le recours à une application extraterritoriale de leurs lois antitrust. Ce mémoire aura également pour objectif de se pencher sur les tentatives des différents législations étudiées pour arriver à une harmonisation de leurs normes et pour favoriser une plus ample coopération internationale. Pour conclure il conviendra de faire le point sur les travaux visant à la mise en place d'un droit antitrust international qui pourrait selon les cas reposer soit sur un traité international, soit un code multilatérale ayant trait aux pratiques restrictives à la concurrence. / The purpose of this memoir is to observe how the antitrust authorities of the European Union, the United States of America and the Canada are controlling and enforcing cartels, monopolizations or attempts of monopolizations and mergers and acquisitions which have sometimes the effect of restricting the competition in a specifie market. In order to do so, the differences and similarities between this three different antitrust legislation will be highlight especially those concerning the definition of the relevant market, the qualification and the nature of aIl this practices and the process by which, each authority permit, amend or fordid the supposed infringement. In a second time this memoir will have to demonstrate the basis of the extraterritorial application of their nationallegislation by national antitrust authorities, on foreign market or foreign company. Finally the last goal of this memoir is to take stock on evolution of an international antitrust legislation inspired by a treaty or a multilateral guide, which be bounding for each actor of the economic process. / "Mémoire présenté à la Faculté des études supérieures en vue de l'obtention du grade de Maîtrise en droit des affaires"

The case describes the audacious acquisition of an American icon, IBM, by a Chinese computer manufacturer, Lenovo. The time frame spans from the pre-merger time until a few months after the IBM deal. In 2005, when Lenovo was the ninth largest PC maker in the world, it acquired IBM's PC business to become a global player in the PC industry. The case offers background information on the development of Lenovo, describes the Chinese company's approach to establish itself in the global market, and contrasts the pre-merger cultures of Lenovo and IBM. A chronological depiction of how this deal came about highlights potential synergies but draws attention to various socio-cultural integration challenges to come. Will a company that grew in a communist system, is partly state-owned, and until the merger sold exclusively in China succeed in the leap to managing a global US-centric business? / Series: WU Case Series

The case describes the audacious acquisition of an American icon, IBM, by a Chinese computer manufacturer, Lenovo. The time frame spans from the pre-merger time until a few months after the IBM deal. In 2005, when Lenovo was the ninth largest PC maker in the world, it acquired IBM's PC business to become a global player in the PC industry. The case offers background information on the development of Lenovo, describes the Chinese company's approach to establish itself in the global market, and contrasts the pre-merger cultures of Lenovo and IBM. A chronological depiction of how this deal came about highlights potential synergies but draws attention to various socio-cultural integration challenges to come. Will a company that grew in a communist system, is partly state-owned, and until the merger sold exclusively in China succeed in the leap to managing a global US-centric business? / Series: WU Case Series

The case describes the audacious acquisition of an American icon, IBM, by a Chinese computer manufacturer, Lenovo. The time frame spans from the pre-merger time until a few months after the IBM deal. In 2005, when Lenovo was the ninth largest PC maker in the world, it acquired IBM's PC business to become a global player in the PC industry. The case offers background information on the development of Lenovo, describes the Chinese company's approach to establish itself in the global market, and contrasts the pre-merger cultures of Lenovo and IBM. A chronological depiction of how this deal came about highlights potential synergies but draws attention to various socio-cultural integration challenges to come. Will a company that grew in a communist system, is partly state-owned, and until the merger sold exclusively in China succeed in the leap to managing a global US-centric business? / Series: WU Case Series

This diploma thesis summarizes the development of protection of competition in the Czech Republic in the comparison with EU Competition Law. I focused on undertaking concentrations, one of the three fundamental pillars of a competition protection. The description of last tendencies in the EU law explains its current values that are typical for Czech law system nowadays. First two chapters include analysis of harmonization of Czech and European competition law in the area of control of concentrations between undertakings. I tried to find solution of problems joined with the harmonization based on the opinions of Czech law specialist in the next chapter. The closing part of the thesis focuses on the last novelization in September 2009. There are also critique and recommendation included in the last chapter.

Diploma thesis deals with an analysis of mergers and acquisitions on Czech market with evaluation of its effects. Introduction of the thesis contains glossary of related terms in areas of mergers and acquisitions and definition of motivations of companies to implement change. Thesis is focused on financial market and mostly on bank sector. Following part of the thesis is describing history and evolution of mergers and acquisitions on global market and after that on Czech market with emphasis on change from central planned system to market economics. The biggest added value of the thesis is description of valuation methods for ex post analysis of financial transaction between banks. Financial analysis method, evaluation of different subject's market share or evaluation of merged companies are involved. Some of these methods are used on real case of merger of eBanka and Raiffeisenbank that was finished in 2008.

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