A presente pesquisa analisa o processo de acumulação, concentração e centralização de capital em três importantes setores da agroindústria, considerando a organização do espaço e sua atual inserção na economia brasileira. Para tanto, foram escolhidas algumas empresas representativas dos setores de carne bovina, óleo de soja e sucroalcooleiro, observando o movimento de fusões e aquisições no período 1992-2010. Nesse período, verificou-se um cenário econômico diferente das décadas anteriores no Brasil. Considerando o dinamismo e a multiplicidade das transações relacionadas a fusões e aquisições, procurou-se examinar as causas e desdobramentos dos processos de concentração e centralização de capital, igualmente a crescente oligopolização e desnacionalização relativas aos setores em estudo. Por fim, a identificação das ações das empresas envolvidas nos negócios, permitiu estabelecer analogias entre as estratégias de expansão geográfica e de diversificação nos setores, considerando a participação de capital estrangeiro e a internacionalização de empresas brasileiras. / The present research analyzes the process of accumulation, concentration and centralization of capital in three important sectors of the agriculture, considering the organization of the space and its current insertion in the Brazilian economy. For in such a way, some representative companies of the sectors of bovine meat, oil of soy and sugar cane had been chosen, observing the movement of merger and acquisitions in period 1992-2010. In this period, a different economic scene of the previous decades in Brazil was verified. Considering the dynamism and the multiplicity of the related transactions the merger and acquisitions, were looked to examine the causes and unfoldings of the concentration processes and centralization of capital, equally the increasing relative denationalization to the sectors in study. Finally, the identification of the actions of the involved companies in the businesses, allowed to establish analogies between the strategies of geographic expansion and diversification in the sectors, being considered the participation of foreign capital and the internationalization of Brazilian companies.

Esta pesquisa analisa o processo de concentração de capital, através de fusões e aquisições de empresas privadas e públicas no Brasil, nos anos 90, devido as políticas neoliberais adotadas pelos governos Collor de Mello e Fernando Henrique. Nos anos 90, os programas neoliberais difundidos na América Latina, foram delimitados pelo Consenso de Washington e formalizados nos acordos entre o FMI e o Banco Mundial com os governos latino americanos. As orientações visavam a estabilização das economias dos países emergentes, a contenção de gastos e investimentos Estatais, restrição do papel do Estado, com a privatização de empresas, bancos, recursos minerais e energéticos, etc. Assim, a abertura comercial e as reformas econômicas promovidas no Brasil, com aumento da participação dos investimentos externos deflagraram fusões e aquisições entre empresas nacionais (chamadas transações domésticas), e transações realizadas por empresas estrangeiras (denominadas cross border). A participação de empresas estrangeiras superou o volume de negócios entre empresas nacionais em quantidade, volume e valores, causando debates sobre a desnacionalização da economia brasileira. Esta pesquisa analisa a concentração de capitais no movimento de fusões e aquisições das empresas brasileiras, avaliando os setores mais afetados e a formação de oligopólios, e as circunstâncias em que ocorreram essas transações no território nacional. / This research analyzes the process of capital concentration, through merger and acquisitions of private companies and public in Brazil, in years 90, had the neoliberal politics adopted by the governments Collor de Mello and Fernando Henrique. In years 90, the spread out neoliberal programs in Latin America, they had been delimited by the Consensus of Washington and legalized in the agreements between the FMI and the World Bank with the Latin American governments. The instructions aimed at the stabilization of the economies of the \"emergent countries\", the State containment of expenses and investments, restriction of the paper of the State, with the privatization of companies, mineral and energy banks, resources, etc. Thus, the commercial opening and the promoted economic reforms in Brazil, with increase of the participation of the external investments motivate merger and acquisitions between national companies (called domestic transactions), and transactions carried through for foreign companies (called cross border). The participation of business-oriented foreign companies surpassed the volume between national companies in amount, volume and values, causing debates on the denationalization of the Brazilian economy. This research analyzes the concentration of capitals in the movement of merger and acquisitions of the Brazilian companies, evaluating the sectors more affected and the formation of oligopolies, and the circumstances where these transactions in the domestic territory had occurred.

This study analyzes the stock performance of bidding firms in China mainland and Hong Kong around the announcement of mergers and acquisitions transaction. The sample consists of 19 bidding firms in mainland and 11 bidding firms in Hong Kong. Hang Seng Index and Shanghai Composite Index are two proxies for market returns. The result that both average abnormal return and cumulative abnormal return to bidders in China mainland are positive whereas AAR to bidders in Hong Kong is positive in the announced date and CAR is negative during the event window (-5, +5). Compare to two regions, the announcement of mergers and acquisitions in mainland regarded as ‘good news’ to its stock price; however, it is not as good as for Hong Kong market. In the total method of payment, there are 8 transactions by stock and up to 22 deals by cash; that above 70% of acquisitions are pure cash payments in the entire sample. Through the regression model, the author finds regions of acquisitions affect the return because it is tested statistical significant at 5 percent significance level. And methods of payment do not affect abnormal returns and cumulative abnormal return to bidding firms during the event period.

Drawing on the organizational trust literature and research on postmerger integration, the authors develop a model that conceptually synthesizes the antecedents and consequences of trust in acquired organizations. The model proposes that the acquiring and target firms' relationship history, the interfirm distance, and the acquirer's integration approach will affect target firm member trust in the acquiring firm's management. Target firm member trust, in turn, may influence several sociocultural integration outcomes as well as postacquisition performance. The results of a case survey suggest that certain aspects of the relationship history and interfirm distance, such as the firms' collaboration history and preacquisition performance differences, are poor predictors of trust, whereas integration process variables, such as speed of integration, communication quality, and acquirer multiculturalism are major factors infl uencing trust. The implications for postmerger integration research and practice are discussed.

Title: Soft Due Diligence to Improve Integration in Business Acquisitions Level: Master thesis in Business Administration Authors: Emma Sundberg & Robert Svensson Supervisor: Daniella Fjellström Examiner: Maria Fregidou-Malama Date: June 1st, 2017 Aim: The aim of this study is to create a deeper understanding of soft due diligence and its role in the integration process of acquisitions. Methodology: This research applies a qualitative research approach. Ten semi-structured interviews were conducted with participants from an electro engineering company in Sweden that performs business acquisitions and due diligence. Secondary data was obtained from relevant scientific peer reviewed articles, book, and websites. Findings & Conclusion: This study provides insight regarding the connection between soft due diligence and integration. To integrate target employees, it is essential that the soft due diligence assessment manages to provide with knowledge surrounding cultural and HR related issues. Some of the issues identified to influence the integration are: quality of soft due diligence assessment to minimize gap between target and acquiring firm, attitudes of employees, key personnel, organizational cultures, neglected risks and aptness between the target and acquiring firm. It is necessary to gather information about the factors mentioned above for the integration to proceed and for the acquisition to realize its purpose. Finally, if the strategic goal is to integrate an acquired company to achieve synergies and productiveness, the soft due diligence assessment is of major importance to find implications and to act on gathered knowledge. Theoretical contributions: This study is one of the first to apply the concept of soft due diligence to integration in acquisitions. The developed conceptual model reflects the influence of HR and cultural due diligence on the integration process. It also signifies the influence of potential risks in the integration emanating from neglected soft due diligence. Managerial implications: By conducting soft due diligence assessments the gap between target and acquiring firms could shrink, thus facilitating integration efforts. Managers should evaluate how they can make use of the main factors found influencing integration in their acquisitions. By using such factors, we found how critical aspects of how to successfully integrate retained personnel can be provided to managers and due diligence teams. Furthermore, managers can closely scrutinize the risk identified to emerge from substandard soft due diligence assessments, while being aware of how these can help managers to develop a deeper understanding for issues that can affect their integration efforts and facilitate the process by applying appropriate actions. Limitations: Since human and cultural related aspects are considered in this research, the findings related to the specific company with limited room for generalization and integration factors, may not concur with similar research. Furthermore, our research is based on a case study which in addition, limits the external validity. Therefore, there is a possibility of getting different answers with the same questions, thus limiting the application of this research to other companies. Suggestions for further research: Further research should focus on developing a strategic soft due diligence framework to gain in-depth understanding of the target company. In addition, it should be investigated if and how the motives behind an acquisition influence the soft due diligence assessment.

Magister Philosophiae (Land and Agrarian Studies) - MPhil(LAS) / This thesis examines debates concerning large-scale land acquisitions in Kenya by looking at the case of the Dominion Farms Limited takeover of Yala Swamp. The case study illustrates actual practices of Kenya’s land governance system in terms of how large-scale land acquisitions take shape and their results on the ground. The study explores changes that have taken place at Yala Swamp from 2003 to 2013 and assesses them against the backdrop of recent and emerging land governance regulatory frameworks at national, regional and global levels. The study’s research methodology and data analysis reveal that the new large-scale land acquisition phenomenon has a historical dimension in that it perpetuates a continued legacy of land dispossession of local communities of the unregistered land thereby disrupting their livelihoods. This thesis contributes to a lively intellectual debate and literature on land governance by examining land issues from a governance and political economy perspective. Yala Swamp was chosen as a case study of large-scale land acquisition. The case shows how new land regulatory policies are being shaped and constrained by what is considered beneficial for foreign investment but not necessarily in tandem with local communities’ needs and expectations. This thesis is anchored on the assumption that land governance frameworks’ transformative potential depends on the extent to which they are able to address the structural factors that entrench continued poverty, food insecurity, gender inequality, environmental degradation and land conflicts. The thesis argues that initiatives that facilitate the corporate takeover of land and other resources from the poor in order to give to large-scale investors foreclose the smallholder agricultural space for future expansion. It further argues that an understanding of land reform processes from a governance and political economy perspective offers insight that could not only improve the design of land governance regulatory frameworks, but also provide pathways to support implementation.

The aim of this thesis is a description of the development of a company through acquisitions and mergers. The work is divided into two parts, the first part describes the M&A concepts, their types, properties and motives that lead companies to be merged. At the same time the theoretical part describes the course of the pre-acquisition analysis, valuation in the acquisition process and audit of financial statement. The second part focuses on the real cases of mergers and acquisitions, which took place in recent years. The aim of this section is to determine whether the mergers and acquisitions have accomplished its mission, according to the financial results, and profitability and market position of the company have improved.

This paper studies the triggers and the agglomeration of M&A activity within clusters constituted by time, market and industry. Based on almost 500,000 individual transactions, we find that industry factors play a significant role in triggering activity and that M&A agglomerates strongly across related industries. While clustering in time turns out to be insignificant, stock-market effects can be either an attracting or a repelling force, depending on the type of deal examined. This supports the view that merger waves are largely driven by industry shocks.

What constitutes effective corporate governance? Which director characteristics render boards effective at positively influencing firm-level performance outcomes? This dissertation examines these questions by taking a multilevel, multidisciplinary approach to corporate governance. I explore the individual-, team-, and firm- level factors that enable directors to serve effectively as strategic resources during international expansion. I argue that directors’ international experience improves their ability to serve as effective strategic consultants and resource providers to firms during the complex internationalization process. However, unlike prior research, which tends to assume that directors with the potential to provide important resources uniformly do so, I acknowledge contextual factors (i.e. board cohesiveness, strategic relevance of directors’ experience) that affect their propensity to actually influence outcomes. I explore these issues in three essays: one review essay and two empirical essays. In the first empirical essay, I integrate resource dependence theory with insights from social-psychological research to explore the influence of board capital on firms’ cross-border M&A performance. Using a sample of cross-border M&As completed by S&P 500 firms from 2004-2009, I find evidence that directors’ depth of international experience is associated with superior pre-deal outcomes. This suggests that boards’ deep, market-specific knowledge is valuable during the target selection phase. I further find that directors’ breadth of international experience is associated with superior post-deal performance, suggesting that these directors’ global mindset helps firms in the post-M&A integration phase. I also find that these relationships are positively moderated by board cohesiveness, measured by boards’ internal social ties. In the second empirical essay, I explore the boundary conditions of international board capital by examining how the characteristics of firms’ internationalization strategy moderate the relationship between board capital and firm performance. Using a panel of 377 S&P 500 firms observed from 2004-2011, I find that boards’ depth of international experience and social capital are more important during early stages of internationalization, when firms tend to lack market knowledge and legitimacy in the host markets. On the other hand, I find that breadth of international experience has a stronger relationship with performance when firms’ have higher scope of internationalization, when information-processing demands are higher.

An unprecedented process of financial consolidation has taken place in the European Banking Sector over the past 20 years, which in the Visegrad countries was combined with economic transformation. As such, analysis of mergers and acquisitions is made with a view to the importace of the recent economic transformation and scope for further economic development and the Thesis is introduced by an analysis of the banking transformation in the Visegrad countries. Afterwards follows a theoretical part describing and analysing European legislation concerning banking mergers and acquisitions, incentives for them, factors, that support and hamper them, and the synergy following banking consolidation and its impact for supervisory bodies. Finally, building on the abovemetioned theoretical knowledge and premises, we apply them to the economic and banking environment of the Visegrad countries, i.e. we analyse the impact of the European cross-border mergers and acquisitions law on structural indicators of the banking sectors in the Visegrad countries.