Spajanja i stjecanja na primjerima uspješnih i neuspješnih procesa

master's thesis

• Title (english): Mergers and Acquisitions on the Examples of Successful and Unsuccessful Processes
• Author: Jana Đurđek
• Mentor: Lidija Dedi (mentor)
• Committee member: Denis Dolinar (predsjednik povjerenstva)
• Committee member: Ena Pecina (član povjerenstva)
• Granter: University of Zagreb; Faculty of Economics and Business; (Department of Managerial Economics); Zagreb
• Defense date and country: 2020-09-22, Croatia
• Scientific / art field, discipline and subdiscipline: SOCIAL SCIENCES; Economics; Economics of Entrepreneurship

Abstract

Osnova za svako poduzeće, koje teži razvoju, je njegova ekspanzija i rast. Postoji mnogo načina
za širenje poduzeća, a jedan od njih je spajanje i stjecanje (M&A). Spajanja i stjecanja su
obilježila poslovanje prošlog stoljeća. Od 1980-ih, valovi spajanja postaju sve češći sa sve
većim brojem spajanja. Također, spajanja postaju međunarodna i šire se na sve kontinente
svijeta. Područje M&A s razlogom postaje sve važnijim dijelom poslovnih financija. Kako se
u investiciju spajanja i stjecanja ne bi ulazilo nespremno, potrebno je proučiti procese i korake
u spajanjima i stjecanjima i analizirati ciljano poduzeće. Jedan od načina vrednovanja poduzeća
je metoda diskontiranih novčanih tokova.
Dva primjera spajanja i stjecanja suprotnih ishoda promatraju se u ovom radu te se iznose
zaključci i obrazloženja za određene situacije. Primjer s uspješnim ishodom je Disneyevo
stjecanje Pixara, a primjer s lošim rezultatom je Bayerovo stjecanje Monsantoa.
Ovim radom nastoji se proširiti postojeću literaturu iz spajanja i stjecanja te približiti teoriju i
procese koji se odvijaju tijekom donošenja odluke o spajanju i stjecanju.
Rad se sastoji od šest poglavlja od kojih je prvi uvod, a nakon njega slijedi poglavlje u kojem
se objašnjava pojam spajanja i stjecanja, njegova prošlost i trendovi. Nakon tog poglavlja,
slijedi teorija vrednovanja ciljanog poduzeća, gdje se opisuju metode i principi analize kod
procjene vrijednosti poduzeća. Zatim, slijedi praktični dio u kojem se obrađuju dva spomenuta
primjera iz stvarnog života. Rad završava zaključkom gdje su izneseni svi konačni rezultati i
mišljenja.

Abstract (english)

The foundation for any company, which strives for development, is its expansion and growth.
There are many ways to expand a business, and one of them is mergers and acquisitions (M&A).
Mergers and acquisitions marked the business world of the last century. Since the 1980s, merger
waves have become more frequent with an increasing number of mergers. Also, the mergers
are becoming international and spreading to all continents of the world. The field of M&A is
rightly becoming an increasingly important part of business finance. To avoid entering the
merger and acquisition investment unprepared, it is necessary to study the processes and steps
in mergers and acquisitions and analyze the target company. One way of valuing a company is
the discounted cash flow method.
Two examples of mergers and acquisitions of opposite outcomes are observed in this paper and
conclusions and explanations for certain situations are presented. An example with a successful
outcome is Disney’s acquisition of Pixar, and an example with a poor outcome is Bayer’s
acquisition of Monsanto.
This paper seeks to expand the existing literature on mergers and acquisitions and to
approximate the theory and processes that take place during the decision on mergers and
acquisitions.
The paper consists of six chapters, the first of which is an introduction, followed by a chapter
explaining the concept of mergers and acquisitions, its past and trends. This chapter is followed
by the theory of valuation of the target company, which describes the methods and principles
of analysis in assessing the value of the company. Then, the practical part follows, in which the
two mentioned real-life examples are studied. The paper ends with a conclusion where all the
final results and opinions are presented.

• Keywords: Spajanja i stjecanja; metoda diskontiranih novčanih tokova; analiza profitabilnosti; Disney; Pixar; Bayer; Monsanto
• Keywords (english): Mergers and acquisitions; discounted cash flow method; profitability analysis; Disney; Pixar; Bayer; Monsanto
• Language: croatian
• URN:NBN: urn:nbn:hr:148:172177
• Study programme: Title: Business Economics; Study programme type: university; Study level: graduate; Academic / professional title: magistar/magistra ekonomije (magistar/magistra ekonomije)
• Type of resource: Text
• File origin: Reformatted digital
• Access conditions: Open access
• Created on: 2020-09-23 14:02:45