ECONOMIC AND LEGAL EFFECTS OF ACQUSITIONS AND MERGERS IN THE BANKING SECTOR

Eden izmed ključnih razlogov za združitve in prevzeme naj bi bilo povečevanje tržne vrednosti bank (predvsem prevzemne banke), s tem pa maksimizacija premoženja delničarjev. Tako vsaj trdi teorija. Drugo vprašanje pa je, ali so te koristi tudi dejansko realizirane. Če konsolidacija omogoča realizacijo obljubljenih koristi, potem bo tržna vrednost kot rezultat združitve ali prevzema narasla. V kolikor pa vpletene banke niso sposobne realizirati predvidenih pozitivnih učinkov, lahko konsolidacija v končni fazi privede do manj rentabilnega, manj učinkovitega in manj vrednega bančnega sektorja. Avtorji pri razvrščanju motivov za prevzeme izhajajo iz podobnih predpostavk, vendar se v veliki meri razlikujejo, kateri motivi so pomembnejši za prevzem. Nobena od obstoječih teorij ni popolna in ne združuje vseh dejavnikov, ampak se posamezne teorije med seboj dopolnjujejo. Zato posameznega prevzema ni mogoče pojasniti le z eno teorijo, saj vsaka od teorij obravnava le določene motive, ki imajo skupno značilnost. Kot pa vemo, je razlogov, zakaj se podjetja povezujejo, veliko in se razlikujejo od primera do primera. Vsebinski del magistrske naloge predstavlja obširen pregled procesnih faz združevanja in prevzemov podjetjih. V teoriji smo predstavili različne, a hkrati precej podobne poglede teoretikov na razčlenjenost postopkov združevanj in prevzemov. V praktičnem delu naloge smo posebni poudarek namenili postopku primera kapitalskega vstopa slovenske banke na trg Republike Srbije. V nadaljevanju pa smo podrobneje opisali posamezne postopke in faze prevzema. Investitor (slovenska banka) je najprej dobro preučil in se seznanil z bančnim sektorjem v Republiki Srbiji, z regulativo bančnega sektorja ter možnosti kapitalskega vstopa. Da bi minimiziral tveganje naložbene aktivnosti, je investitor najprej podrobno pregledal in analiziral poslovanje ciljne banke. Da bi zagotovili uspešnost bančnega prevzema in združitve, je bilo potrebno zagotoviti dosledno izvedbo določenih procesnih faz (izbor ciljne banke in njeno ovrednotenje, zagotoviti vse zakonske predpise in normative, pogajanja in izvedba transakcije). V zadnjem delu naloge smo opisali ključno fazo. Postprevzemna integracija je ključna faza za uspeh postprevzemnega postopka ter ključ uspeha za nadaljnje poslovanje prevzete banke. S pomočjo analiz in izračunov posameznih kazalnikov smo ugotovili uspešnost poslovanja prevzete banke pred prevzemom in po prevzemu banke ter vpliv prevzete banke na prevzemnico, in hkrati pridobili odgovore na predvidene hipoteze.One of the main reasons for mergers and acquisitions is supposedly the increase in the banks’ market value (especially the acquiring bank), and thus the maximization of the shareholders’ assets. At least, this is what the theory claims. Another question is, whether such benefits are actually realized. If the consolidation allows the realization of the promised benefits, then the market value will increase as a result of the merger or acquisition. If, however, the banks involved are not able to realize the estimated positive effects, the consolidation could ultimately lead to a less profitable, less efficient and less valuable banking sector. In classifying motives for acquisitions, authors act on similar assumptions, however, they differ to a large extent with regard to the question which motives are most important in an acquisition. None of the existing theories is complete and does not combine all the factors, but rather individual theories complement one another. Therefore an individual acquisition cannot be explained only by using one theory, as each of the theories treats only certain motives which have a common characteristic. But as we know, there are many reasons why companies merge and they differ from case to case. The content of the masters’ thesis is a broad presentation of procedural stages in mergers and acquisitions of companies. In the theoretical part, we focussed on different but at the same time also very similar views of theoreticians in terms of structuring of the mergers and acquisition procedures. In the practical part of the thesis, we especially focussed on a case of capital investment of a Slovene bank in the market of the Republic of Serbia. We described in detail individual procedures and stages of the acquisition. First, the investor (the Slovene bank) made a detailed research and analysis of the banking sector in the Republic of Serbia, of the regulations applicable to the banking sector as well as the possibilities of capital investments. In order to minimize the investment risk, the investor initially examined and analysed the operations of the target bank. In order to assure the success of the banking merger and acquisition, it was necessary to provide for consistent performance of certain procedural stages ( selection of the target bank and its evaluation, assurance that all legal regulations and norms are met, negotiations and completion of the transaction). In the final part of the thesis, we described the key stage. The post-acquisition integration is the key stage for the success of the post-acquisition procedure, and is of key importance for successful subsequent operations of the acquired bank. With the assistance of analyses and calculations of individual indicators, we have established the business performance of the acquired bank prior and after the acquisition, as well as the influence of the acquired bank on the acquiring bank, and have obtained answers to the hypotheses addressed