Wealth Creation in the World’s Largest Mergers and Acquisitions, 1st ed. 2019
Integrated Case Studies
Management for Professionals Series

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Language: English

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This book highlights research-based case studies in order to analyze the wealth created in the world?s largest mergers and acquisitions (M&A). This book encourages cross fertilization in theory building and applied research by examining the links between M&A and wealth creation. Each chapter covers a specific case and offers a focused clinical examination of the entire lifecycle of M&A for each mega deal, exploring all aspects of the process. The success of M&A are analyzed through two main research approaches: event studies and financial performance analyses. The event studies examine the abnormal returns to the shareholders in the period surrounding the merger announcement. The financial performance studies examine the reported financial results of acquirers before and after the acquisition to see whether financial performance has improved after merger. The relation between method of payment, premium paid and stock returns are examined. The chapters also discuss synergies of the deal-cost and revenue synergies. 

Mergers and acquisitions represent a major force in modern financial and economic environment. Whether in times of boom or bust, M&As have emerged as a compelling strategy for growth. The biggest companies of modern day have all taken form through a series of restructuring activities like multiple mergers. Acquisitions continue to remain as the quickest route companies take to operate in new markets and to add new capabilities and resources. The cases covered in this book highlights high profile M&As and focuses on the wealth creation for shareholders of acquirer and target firms as a financial assessment of the merger?s success. The book should be useful for finance professionals, corporate planners, strategists, and managers.
Chapter 1. Theoretical Perspectives on Mergers and Acquisitions.- Chapter 2. Vodafone Acquisition of Mannesmann.- Chapter 3. American Online -Time Warner Merger and other restructuring.- Chapter 4. Acquisitions by Verizon,- Chapter 5. Dow DuPont Merger.- Chapter 6. Mergers and Acquisitions by Anheuser Busch InBev.- Chapter 7. Merger of Kraft and Heinz Company.- Chapter 8. Acquisitions by Pfizer.- Chapter 9. Exxon Mobil Merger.- Chapter 10. Citicorp -Travelers Group Merger.- Chapter 11. AT&T -Time Warner Acquisition.- Chapter 12. ABN AMRO Acquisition by RFS holding.- Chapter 13. Glaxo SmithKline Merger.- Chapter 14. Acquisitions by Royal Dutch Shell.- Chapter 15. Bell South Merger with AT&T.- Chapter 16. Comcast acquisition of AT&T Broadband.- Chapter 17. Key Mergers of J P Morgan Chase.- Chapter 18. Charter Communication acquisition of Time Warner Cable.- Chapter 19. Actavis-Allergan Merger Deal.- Chapter 20. Dell’s Acquisition of EMC.- Chapter 21. Altria Group’s spin off of Philip Morris International Inc.- Chapter 22. Vodafone Air Touch Merger.- Chapter 23. Bell Atlantic- GTE Merger.- Chapter 24. British Petroleum merger with Amoco.- Chapter 25. Qwest merger with US West.- Chapter 26. WorldCom’s Acquisition of MCI.- Chapter 27. Microsoft’s acquisition of LinkedIn.- Chapter 28. Procter &Gamble’s Acquisition of Gillette.- Chapter 29. Oracle’s hostile takeover of PeopleSoft.- Chapter 30. Mergers and Acquisitions by Bank of America.- Chapter 31. Gaze de Franc Merger with Suez.- Chapter 32. Sanofi-Aventis Merger.- Chapter 33. Bayer’s Acquisition of Monsanto.- Chapter 34. Roche Holding’s acquisition of Genentech.- Chapter 35. France Telecom SA–Orange PLC Merger.- Chapter 36. Merck–Schering Plough Corp Merger.- Chapter 37. Astra-Zeneca Merger.- Chapter 38. HP Compaq Merger.- Chapter 39. Major Acquisitions by Facebook.- Chapter 40. JDS Uniphase Corp and SDL Inc. Merger.- Chapter 41. KKR’s acquisition of First Data.- Chapter 42. Lucent Technologies Acquisition of Ascend Communications.- Chapter 43. Vivendi Seagram Deal.- Chapter 44. Daimler Chrysler Merger.- Chapter 45. Arcelor Mittal Merger.
​B Rajesh Kumar is a professor of finance at IMT Dubai. He received his Ph.D. from the Indian Institute of Technology, IIT Kharagpur. His research interest are in areas of applied corporate finance, valuation and mergers and acquisition. He has published over 45 empirical research papers in refereed international journals. He has written six books of which three were published by Academic Press Elsevier USA (Strategies of Banks and other Financial Institutions ; Valuation Concepts and theories ; Strategic Financial Management Case Book), one each by Palgrave Macmillan UK (Case studies on Megamergers );McGraw-Hill India (Mergers and Acquisition: Text and Cases) ; ICFAI Books (Strategies of Indian Pharma Industry). 

Examines the economic, financial and strategic perspectives of the largest M&A deals

Discusses synergies in mergers including revenue, cost synergies, operating synergies and financial synergies

Includes analysis of premium payment, methods of payment and wealth creation for stockholders