Geiger Mergers & Acquisitions in the Machinery Industry

2010
ISBN: 978-3-8349-6049-8
Verlag: Betriebswirtschaftlicher Verlag Gabler
Format: PDF
Kopierschutz: 1 - PDF Watermark

E-Book, Englisch, 130 Seiten, eBook

Reihe: Schriften zum europäischen Management

Which motives initiate managers to merge or to acquire other corporations? While there is a long-lasting history of empirical research on M&A in a cross-industry context, our knowledge about industry specific drivers of M&A is more than limited. Given this background, the machinery industry is an attractive segment to address questions on M&A motives - as it is on the one hand a very fragmented industry and on the other hand a bundle of in some parts highly consolidated sub-industries. In his thesis, Mr. Geiger makes an effort to answer the question why firms in the machinery industry follow M&A strategies and how successful they are in their transactions. This is not only a remarkable endeavour because Mr. Geiger uses some hand selected unique datasets, but in particular, because he presents state-of-the-art analyses which are competitive and meet highest international standards. The thesis on hand carefully identifies and addresses open research questions related to M&A strategies in a very specific industry. Its primary objective was to identify M&A motives for different types of companies in various sub-segments of the machinery industry by analyzing stock price and accounting data. Thusly objectifying managerial action allows deriving recommendations for financing practice.

Dr. Florian Geiger obtained his doctorate at the finance department of the European Business School (ebs) and works as a management consultant focusing on merger preparation.

Zielgruppe

Research

Autoren/Hrsg.

Geiger, Florian

Inhaltsverzeichnis

1;Foreword;6
2;Preface;8
3;Table of Contents;10
4;List of Tables;12
5;List of Figures;13
6;List of Abbreviations;14
7;List of Symbols;15
8;1 Introduction;16
9;2 The Influence of Industry Concentration on Merger Motives ;24
9.1;2.1 Introduction;24
9.2;2.2 Literature review and hypothesis development;28
9.2.1;2.2.1 Literature review on merger motives;28
9.3;2.3 Data and methodology;36
9.4;2.4 Empirical results;45
9.4.1;2.4.1 Univariate analysis;45
9.4.2;2.4.2 Cross-sectional regression analysis;52
9.5;2.5 Summary and conclusion;58
10;3 Corporate Relatedness and Wealth Creation in Machinery Mergers;60
10.1;3.1 Introduction;60
10.2;3.2 Literature review, market characteristics, and hypothesis development;63
10.3;3.3 Data and methodology;69
10.4;3.4 Empirical results;82
10.5;3.5 Summary and conclusion;94
11;4 Horizontal acquisitions, merger rents, and non-price competition –a case study from the machinery industry;96
11.1;4.1 Introduction;96
11.2;4.2 Literature review and market characteristics;99
11.2.1;4.2.1 Literature review;99
11.2.2;4.2.2 Market characteristics of the metal forming industry;101
11.3;4.3 Case study background;104
11.3.1;4.3.1 Characterization of transaction partners Schuler;104
11.3.2;4.3.2 Discussion of merger motives and transaction synergies;106
11.3.3;4.3.3 Description of the acquisition event;109
11.3.4;4.3.4 Specification of the integration process;110
11.4;4.4 Acquisition performance;113
11.4.1;4.4.1 The capital market perspective;113
11.4.2;4.4.2 The operational performance analysis 4.4.2.1 Analysis of order income;119
11.4.3;4.4.2.2 Financial statement analysis;120
11.5;4.5 Summary and conclusion;124
12;5 Concluding remarks;127
13;References;130

The Influence of Industry Concentration on Merger Motives.- Corporate Relatedness and Wealth Creation in Machinery Mergers.- Horizontal acquisitions, merger rents, and non-price competition – a case study from the machinery industry.- Concluding remarks.

Über Autor(innen)

Dr. Florian Geiger obtained his doctorate at the finance department of the European Business School (ebs) and works as a management consultant focusing on merger preparation.