Mozliwosci pomiaru effektów synergi w przedsiebiorstwach powstalych w wyniku fuzji / The possibilities of measurement of the synergy effect in the M&A process

M&A become a permanent element of the economy. The decision to merge should always be preceded by a thorough analysis of the merging entities (candidates). It should be carried out on the basis of all available information, both financial and non-financial. Its purpose is to gain knowledge of the situation of the merging companies, their position in the industry, their financial results, and information that have a significant impact on the image of the company expressed in numbers created according to more or less strictly defined rules and regulations. Often, the merger aims to achieve new or enhanced effects by the newly created entity, in relation to individual effects achieved by individual companies before merger, that is, achieving the synergy effect. Measurement of the synergy effect can be made in different sections. A look at the synergy effect from the point of view of shareholders (managers) and managers allows to distinguish the global synergy effect (GSE) and domain-specific (DSE), which has an impact on GSE, however, it is not straightforward sum up of DSEs. The measurement of GES and DES may be based on information included in the financial statements of the merging entities and the merged entity. The fundamental condition for the correctness of this measurement is the necessity of ensuring the comparability of financial statements