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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.

about bank merger and acquisition

Globalization in business has become increasingly common, so stronger company that is seeking for growth tends to merge and acquire other companies since it is more beneficial to take over an existing firm's operations and niche compared to expanding on its own. Integration shortly after merger and acquisition is key to a company¡¦s long-term success, because top-management team must alter an organization¡¦s structure and establish new strategies to adjust to the rapid changing environment. Therefore, we can conclude that the role of top-management teams during the process of mergers and acquisitions is critical. After merger and acquisition, whether or not the top-management team of the target firm should be replaced remains a good question. Not only should the working ability and the accomplishment of the top-management teams be considered, but other internal and external reasons that might affect this alteration should also be considered. This research looks to discuss why the top-management team for the target firm should or should not remain in the office. We¡¦ve selected acquisition firm and target firm from the listed companies at the stock exchange market, over-the-counter market, and emerging stock market in 1997 to 2006 to be our study sample. We will try to figure out the retained ratio for the top management teams by using regression model analysis. The result of this study shows that the type of M & A, the experience of the acquisition firm, and the type of industry they are in have great impact on the retained ratio of the top-management teams.

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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.

Global telecommunications liberalization and a series of policies continually promoted by the government have contributed to comprehensive liberalization of the domestic telecommunication market. In addition to complying with the national telecommunication policies, the major duties of Chunghwa Telecom are to create corporate value and maintain sustainable operation following privatization, as it confronts rapid advancement in telecommunication technologies, a liberalized market, a changing operational environment, and intensive competition from aggressive competitors. Hence, Chunghwa Telecom needs to address the important challenges in creating a new competitive edge, developing new operational concepts, designing and implementing corporate strategies, utilizing resources, and enabling sustainable development. This study offers an analysis and discussion on Chunghwa Telecom¡¦s corporate competitive strategies following its privatization, as well as on its strategies and financial evaluation in the case of merging Senao, a distributor. SWOT and BCG Matrix are used to analyze the strategies adopted by Chunghwa Telecom, types of its business units, its relative market position and competitive situation, in order to explore the strategy implementation options, optimal allocation and utilization of financial resources, and development direction, to help this company fulfill its corporate strategies. Moreover, the results obtained through evaluation and analysis of the merger and acquisition strategies adopted in the merger and acquisition case are used to verify whether the value and implementation of these strategies correspond to the suggestions provided in the analysis using BCG Matrix, for reference on future planning of enterprise development strategies. The conclusions made in this study are summarized below: 1. Chunghwa Telecom has a solid corporate foundation, relative advantages, excellent development opportunities, and outstanding business units, which provide an advantageous foundation for continual development. Its strategic business units (SBU) are mostly cash cows that can generate great cash flow. There are two stars: broadband service and circuit lease, and one question mark: IPTV. Regarding corporate strategies, the strategic considerations by Chunghwa Telecom in maintaining the advantages of its cash cows (fixed network and mobile service), increasing their competitiveness, and maintaining their relative market share, are therefore necessary and cannot be ignored. 2. In addition to its leading position in market share, Chunghwa Telecom has quickly entered the distribution market by its successful vertical integration with a communication product distributor on the basis of a long-term strategic alliance. The efficient merger and acquisition strategies and optimal utilization of resources create a win-win situation. 3. Under the guidelines for SBU distribution, the benefit gained from the case of merging Senao is higher than that of other investment cases, as the basis of the cooperative strategic alliance and implementation of the strategies regarding utilization of financial resources and operational personnel contributed to fulfilled corporate strategies and a new corporate value. This case can therefore serve as reference for future investment.

Taiwan is an economical body whose major profit is from exporting products. In recent years, electronics industry is becoming the most important role in the exporting trade and makes low profit by manufacturing products for international company and brand. According to the theory of smile curve that invented by Mr. Stan Shih, a founder member of Acer, manufacturing always locates in the bottom of the curve and makes lowest profit. Moreover, in the both high ends are brand (R&D) and marketing (sale/ after service). If the companies would like to climb from bottom to high ends, taking merger and acquisition strategies is the fastest method. Acer and Asustek try to build up their own brands, and Hon Hai, a leading foundry company in Taiwan, wants to enlarge scale, reduce cost, they all use merger and acquisition strategies to achieve their goal rapidly. Hence, the study is focus on Acer, Asustek, and Hon Hai. Through short-term, middle-term, and long-term changes of stock price, we can understand how M&A patterns, amounts, and ways in M&A strategies influence result of M&A. Adopt multiple regression methodology to analyze these above-mentioned factors, and find the factors that influence the result of M&A from empirical studies. The effect of M&A patterns, amounts, and ways gradually weaken. Due to the theory of behavior finance, we may get an inference that there is overreactions or underreactions (momentum effect) in short-term changes of stock prices. But the momentum effect passes off over time. In addition, with Porter¡¦s five force analysis, advice that the company should analyze the competitive intensity in the industry, and develop its core competence. Then taking adequate M&A strategies, and grasping the timing of market can help firms grow up quickly, and get shareholders¡¦ support wholeheartedly.

Foreign business bank for pursue growth their and survive, adopt outside grow up strategy - make transnational merger agitation sweep across the whole world from American-European countries; Local banks and financial institution are amalgamated successively since 2007 in Taiwan, make this research M&A the discussion of the strategy of human resources management about the transnational financial group, plan to probe into together to the component of relevant human resources strategy while M&A. M&A in different stages of the local bank through foreign business bank, the role and adopting the human resources strategy that human resource department acts, make a analysis and make a self-criticism, M&A abroad as financial circles of our country or financial circles of our country of merger and acquisition of other foreign business banks, the human resources strategy of getting on the transnational merger and acquisition of financial services industry are correlated with the normal reference that adjust, in order to offer my humble opinion of several improvement for transnational merger of the financial services industry. Sincere as described above, originally research and propose the main research purpose: 1. Foreign business bank consider what it will be factor while being managerial while being other to human resources management in transnational merger and acquisition¡F2.Before M&A, the human resources management strategy which both sides adopt in management¡F3.While M&A the human resources management strategy which both sides adopt in management¡F4.After M&A, the human resources management strategy which both sides adopt in management. In this research, go on by way of interview of case mainly, it is two foreign business banks altogether and accept interview, hope in can have more scholars go on to study field this while being in the future too. This result of study points out, should be participated in M&A trade activity in the whole journey soon in the previous administrative department of human resources of merger and acquisition, act strategy plan role, because human resources management strategy can reduce merger and acquisition problem of course take place effectively; Cooperate with the capital of human in advance to check information at the time of merger and acquisition, can find that hide the factor that destroys merger and acquisition and succeeds ahead of time, sketch the contours of company's development plan and wish the scene in the future, in order to consider the policy which organizes adjustment completely, can increase key personnel's commitment; Cooperate with the implementation of the score card of the equilibrium to grasp the execution effect planned in merger and acquisition and feedback chasing after merger and acquisition? Revitalize management strategy and direction of new organization, enable all efforts in human resource department to connect to the milestone, guarantee the procedure can focus on and accomplishes the task of M&A in right time continuously. So this research proposes, support human resource department to give play to the strategy partner role in initial stage for merger and acquisition, participate in M&A the course in the whole journey, can give play to the productivity of organizing effectively, reach and M&A the comprehensive result.