Οι συγχωνεύσεις και οι εξαγορές ως επιχειρησιακές στρατηγικές
Megers and acquisitions as business strategies
KeywordsΣυγχωνεύσεις – εξαγορές ; Αριθμοδείκτες ; Αγορά ; Ένωση συμφερόντων ; Mergers ; Acquisitions ; Financial ratios ; Markets ; Collusion
There is a great range of business goals and strategic decisions. Firms are supposed to make in each case the right strategic decision that will lead them to the best outcome and therefore, the maximum profit. Firms, for instance, have to decide upon how they will increase their market share or how they will achieve a capital expansion. In this context, firms may pursue business strategies such as mergers and acquisitions. These latter are in the core of the analysis of this dissertation. This dissertation is structured as following: We shall first rigorously define the concepts of mergers (M) and acquisitions (A) and discuss the main reasons that make them predominant business strategies. Within this discussion, we describe all the stages of a merger or an acquisition and also the necessary actions that should follow any agreement of this kind. We aspire to present here an evaluation of the performance and the efficiency of a strategic development achieved via a merger or an acquisition and list the factors that contribute to either the success or failure. At the end of this first and theoretical part of this dissertation, we examine the implications of these strategies on the firm’s profits, stock price and dividend. In the second part, we focus on the case study of two big Greek shipping companies (Anek and Minoan Lines) and we present and discuss the results of the acquisition of one of these by a third company. We finally compare their financial position after the acquisition by using a number of standard financial ratios.