Word: merger
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television, according to the testimony of top executives. In 1987, it spent €130 million on a station called Odeon TV that it hoped to build into Italy's third major network, but which collapsed after three years. To stave off bankruptcy, Tanzi engineered a so-called reverse merger, under which it sold itself to a dormant holding company already listed on the Milan stock exchange. The combined firm then raised about €150 million from outside investors. That enabled Parmalat to go public in 1990, and plug some of the gaps in its accounts; at the time...
...weaknesses of the parties' core operations. The reality is that while small, incremental deals can be a key to success, very few megadeals ever deliver on their much hyped promise. On the contrary, 70% of these combinations fail to generate lasting shareholder value, according to Mastering the Merger, a new book by consulting firm Bain...
...Point: Widely criticized for lobbying for repeal of the Glass-Steagall Act (preventing merger of banking, securities and insurance companies) as Secretary of Treasury while accepting cushy position at Citigroup. Nader blacklisted...
...Thus mergers have proliferated: Luxembourg-based Arcelor, currently the world's largest steel producer, was formed in 2002 through the merger of steel companies in Luxembourg, Spain and France. Corus emerged from the 1999 union of British Steel and Dutch firm Hoogovens. In order for steelmakers to wield sufficient clout, notes Tommy Trask, an analyst at Standard & Poor's, steel "needs to be as consolidated as the iron-ore suppliers or the end customers." Both Mittal and Wilbur Ross, the former investment banker and distressed investment specialist who helped create ISG, envisage a future where steel is dominated...
More than two-thirds of all mergers fail. Yet companies rarely grow without deals. How does a CEO confront this conundrum? David Harding and Sam Rovit, veteran management consultants at Bain & Co., walk readers through the daunting world of M&A inMastering the Merger: Four Critical Decisions That Make or Break the Deal (Harvard Business School Press). Through detailed case studies, the pair show that the more successful acquirers, like Clear Channel, tend to thrive through many small deals rather than the big one. The bottom line: no matter how far along you are in the process, always...