Bank Mergers and Acquisitions

POVZETEK Kot sem že omenil v diplomski nalogi prevzemi in združitve niso več nekaj neznanega, ampak na nek način postajajo zelo pomemben dejavnik v vsakodnevnem življenju. V preteklosti je bilo zelo malo ljudi, ki so imeli možnost občutiti, kako je biti zaposlen v podjetju, ki je bilo prevzeto ali v podjetju, ki se je za prevzem odločilo. Sam sem mnenja, da se bo ta trend v prihodnje spremenil in, da bo vsak zaposleni v svoji delovni dobi enkrat priča prevzemu bodisi na strani prevzemnega ali pa na strani ciljnega podjetja. Prvi del diplomske naloge se nanaša na zgodovino prevzemov in združitev, kjer sem zajel tudi vseh pet prevzemnih valov, ki so nas spremljali do danes in jih na kratko opisal. V drugem delu sem na kratko opisal osnovne pojme povezav bank kot so prevzem, združitev ter pripojitev. Vse te oblike pa lahko razčlenimo na prijazne ali sovražne oblike povezav. Seveda je to odvisno od ciljnega podjetja, kako se bo odzvalo na prevzem ali katero koli drugo obliko povezave. Kadar gre za sovražne prevzeme je dobro, da ciljno podjetje pozna vse vrste mehanizmov, s katerimi se lahko ustrezno ubrani takšnega napada. Obrambne mehanizme delimo na tiste, ki jih podjetja pripravijo in izvajajo že v času pred neposredno grožnjo prevzema, to so t.i. (pasivni obrambni ukrepi) in na skupino aktivnosti, ki jih podjetja uporabljajo kot ogovor na konkretne poskuse prevzemov to pa so t.i. (aktivni obrambni ukrepi). V nadaljevanju sem predstavil vrste in oblike prevzemov, ki so zelo pomembni, saj se morajo podjetja pravilno odločiti kakšen prevzem hočejo izvesti in seveda, na kakšen način. Nato sem podrobneje opredelil vrste prevzemov, ki jih delimo v štiri skupine, glede na stopnjo povezanosti v produkcijski verigi in glede dejavnosti podjetja v povezavi. In sicer poznamo horizontalne, vertikalne, konglomeratne in kongenerične prevzeme. Vsakemu izmed le-teh sem dodal še konkretne primere. V glavnem in zadnjem delu naloge pa sem opisal motive za prevzeme in združitve bank. Motivi, ki jih avtorji najbolj izpostavljajo so: • X-učinkovitost • Ekonomije povezanosti • Rast in diverzifikacija • Podcenjenost bank • Prevelik, da bi propadel • Tržna moč • Ekonomija obsega • Osebnostni motivi • Davčni motivi Kot pa vemo je razlogov zakaj se podjetja povezujejo veliko in tako se tudi motivi razlikujejo od primera do primera. Vendar kljub temu med najpogostejše motive za prevzeme sodijo povečanje tržnega deleža, doseganje ekonomij obsega in vstop na nove trge. Za zaključek bi lahko dejal, da so po mojem mnenju prevzemi in združitve v večini primerov zelo koristni tako za podjetja kakor tudi zaposlene, seveda kadar sledijo motivom podjetja in ne osebnim željam managerjev.ABSTRACT As I mentioned in the thesis, mergers and takeovers are no longer something unknown, in some ways they are becoming a very important factor in everyday life. In the past there were only a few people who have had the opportunity to feel how it is to be employed in a company that was acquired or at the company that has decided for takeover. My opinion is that this trend will change in the future and that every employee will be witness to an takeover. The first part of the thesis concerns the history of mergers and takeovers. In this part i have also describe all five merging waves, which accompained us till today. In the second part I have briefly describe the basic concepts of connections banks, such as takeover, merger, acquisition. All of these forms can be broken down into friendly or hostile forms of connections. Of course, it depends how the target company will respond to the takeover or any other form of connection. In the case of a hostile takeover is good that the target company is aware of all types of mechanisms which can defend such an attack. Defense mechanisms can be divided into those who are prepared and implemented by companies at the time of imminent threat of takeover, those are (passive defense measures) and in the group of activities which companies are using as an answer to concrete attempts to acquisitions (active defense measures) . Below I have presented the types and forms of takeovers, which are very important, for the companies because they have to decide what is the proper commitment, for them. Then I have structured the types of takeovers that can be devided into four groups, depending on the degree of integration in the production chain and the company\u27s activities in conjunction. They are known as horizontal, vertical, conglomerate and co generic acquisitions. For each of them I\u27ve added a concrete examples. In the main, and the last part, I described the motives for bank mergers and takeovers. This motives are: • X-efficiency • Economies of scope • Growth and diversification • Underprised banks • To big to fail • Increase market share • Economy of scale • Personal Motives • Tax Motives As we know there are many reasons or motives which lied comapanies to the mergers and takeovers. However, although the most common motives for takeovers are increase market share, achieve economies of scale and entry into new markets In conclusion it may be said, that mergers and takeovers are very useful for businesses and employees in most cases, of course when they are followed by company motives and not manager personal motives