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Is the development of the number of realized M&A transactions procyclical?
Červinková, Kristýna ; Stroukal, Dominik (advisor) ; Vozárová, Pavla (referee)
The aim of the thesis is to reveal the relation between business cycle and the number of transactions considering mergers and acquisitions. For this purpose the appropriate macroeconomics indicators have been chosen. The base hypothesis, which stands for the procyclical development of transactions, was examined by regression analysis of panel dataset containing quarterly based data from The Visegrad Group countries in the period from 2000 to 2014. The ordinary least square method together with robust estimation of standard deviation provided the confirmation about positive relation of the quarter change of GDP as the main explanatory variable and the number of transactions. Nevertheless, more robust findings appeared in case of significance of stock markets and public debt. The positive relation of the stock price was proven to be in accordance with the behavioral theory. The increase in transaction activity is capitalized through the profit from the sold of overprized stocks. Unexpected result about positive relation of public debt required the specification of assumption about the lower preference of smooth consumption of The Visegrad group households.
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Cooperation amongst Air Carriers
Huňak, James ; Zelený, Lubomír (advisor) ; Niko, Eduard (referee)
The thesis deals with the issue of cooperation amongst air carriers. There are mentioned several forms of cooperation in this field: bilateral agreements, global airline alliances and also very specific and current ways of cooperation which are mergers and acquisitions. The last mentioned forms are illustrated on specific examples of important European airlines which decided to improve their competitiveness by joining other air carrier or acquiring relevant stake in other airline. The trend of concentration in the aviation area has naturally affected Czech air transport market as well; therefore this thesis includes a separate chapter concerning acquisition of Czech Airlines by Korean Air which bought a 44 % stake in Czech flag air carrier. There are analyzed in detail the main impacts of the transaction from different points of view, including potential synergistic effects resulting from the cooperation. The thesis also deals with the recently established cooperation between Czech Airlines and its rival airline Travel Service which plans to buy a 34 % stake in Czech national airline and to become its legitimate shareholder besides Korean Air. The thesis includes an analysis of cooperation with this company as well.
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Realization of synergies in international mergers and acquisitions
Hudečková, Veronika ; Taušer, Josef (advisor) ; Müller, Štěpán (referee)
The volume of mergers and acquisitions in 2014 amounted to 3.6 trillion USD. Acquisition activity over the previous year increased by 26 % and the volume of mergers and acquisitions was the third highest in history after 2007 and 2006. The constantly increasing number of mergers and acquisitions and an increase in the volume of capital required for the realization of transactions stand in stark contrast to the high rate of failure. The primary motive for international mergers and acquisitions is the realization of synergies. The paper analyzes in detail the factors that influence the success of international mergers and acquisitions, especially strategic fit, cultural fit and integration. It also analyzes the motives which lead to realization of those transactions and how they relate to the realization of synergies. The results of previous studies are presented in the theoretical part, practical part is focused on a specific acquisition of Anheuser-Busch, which is part of the global brewing group Anheuser-Busch InBev, which in 2014 bought a small Czech brewery - Pivovar Samson.
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Impact of moral hazard in the context of the global crisis on mergers and acquisitions in the financial sector
Jackuliaková, Monika ; Žamberský, Pavel (advisor) ; Neumann, Pavel (referee)
The main purpose of my final thesis is to present the development, function and real impact of moral hazard on the process of creating mergers and acquisitions (mainly in the banking sector) in the context of the financial crisis. I seek to analyse the acquisition process and the factors that affect it. Consequently, I focused on the synthesis of these factors, with emphasis on the role of moral hazard, which on the one hand acts as one of the potential culprits of the failure of markets, but on the other hand as the "driving force" for encouraging the creation of mergers and acquisitions in a financial crisis.
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Choosing a strategic partner in the process of cross-border mergers and acquisitions
Gromadová, Lucia ; Klosová, Anna (advisor) ; Gullová, Soňa (referee)
This master thesis is in its five chapters dealing with the issue of cross-border mergers and acquisitions, taking as its main objective to describe a process of acquiring one company by another - from the perspective of a foreign acquirer - with an emphasis on identifying key attributes of his decision and the main criteria for selecting the final acquisition target. The first chapter sets theoretical basis for the work and provides definition, classification and characterization of motives for the implementation of mergers and acquisitions. The second part enriches the thesis with the historical and current development of international acquisition activity. The third chapter chooses a strategic approach to M&A. The fourth part explaines the process side of these transactions. The final, fifth chapter follows up on the development in the CEE region and highlights the Czech Republic as a traditional acquisition target for foreign investors, assessing of areas that increase or decrease its attractiveness at once.
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Analysis of acquisition of EXIM Holding by REWE Group
Zíma, Radek ; Smrčka, Luboš (advisor) ; Strouhal, Jiří (referee)
The aim of this thesis is to assess particular cross-border merger (acquisition) of EXIM Holding by REWE Group, analyze acquired company, evaluate benefits, synergies and disadvantages of this acquisition for both represented parties and determine main motives of this transaction. Methods used are based on financial analysis, managerial strategic analysis and analysis of available information and documentation regarding given transaction. Practical part focuses on applying methods described in theoretical part on structures of EXIM Holding. The conclusion is summary of relevant findings of thesis itself and evaluates benefits of analyzed transaction.
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Legislative and economic framework of acquisitions and mergers
DUDOVÁ, Radka
The topic of this thesis is the issue of mergers and acquisitions. The work is focused on the theoretical part conversion of the company and the evaluation of economic efficiency of the merger, which is further processed to a particular company. The main idea of this work is to determine whether the merger of the companies was beneficial to the enterprise or not. This idea is examined and met mainly by the merger effectiveness evaluating method by means of economic value added.
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Acquisition of Shares and Subsequent Merger in Logistics Company
Tintěra, Richard ; Kislingerová, Eva (advisor) ; Štamfestová, Petra (referee)
In the present diploma thesis named "Acquisition of Shares and Subsequent Merger in Logistics Company" is given a broad overview of difficult processes of mergers and acquisitions as a useful tool for establishing a leveraged buyout (LBO) in terms of Czech business practice. The goal of the thesis is to analyze the specific acquisition process of obtaining a 100% stake in the company and subsequent merger. The thesis also aims to give readers a comprehensive guide of each step of a complex business transformation process through merger and simultaneously propose the optimal structuring of an acquisition of shares from other shareholders, resulting in a 100% stake in the company. In the form of present thesis readers get a manual with specific instructions how to proceed in the case of strategic decisions about leveraged buyouts (LBO) and subsequent merger.
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Financial aspect of Mergers and acquisitions
Suchánek, David ; Krauseová, Jaruše (advisor) ; Marek, Petr (referee) ; Hnilica, Jiří (referee)
In this doctoral dissertation is solved the relation between success in a field of mergers and acquisitions activities with connecting to existence of "agency costs" in stated companies. A domain of mergers and acquisitions is a very complex and dynamic section that includes not only economic relations connected with joinnig enterprises, but also accountancy and law environment, where mergers and acquisitions are realized.
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Corporation mergers in Czech Republic - approaches in valuation
Svízela, Josef ; Vomáčková, Hana (advisor) ; Rajnochová, Lenka (referee)
Work is about corporation mergers in the first place in Czech Republic and about valuation issues. It brings comprehensive view into particular business areas in which are mergeres concerned. It is going about business-legal area, tax and accounting area. Particular sections about these areas are supplemented by the role of the expert in valuation and his opinion. Whole work is ilustrated by the exapmple from praxis.
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