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h ÷
  : When one company takes over
another and clearly establishes itself as the
new owner, the purchase is called an
acquisition. From a legal point of view, the
target company ceases to exist, the buyer
"swallows" the business and the buyer's stock
continues to be traded.

h  °humsUp, Cocacola

h |

÷ merger happens when two firms
agree to go forward as a single new company
rather than remain separately owned and
operated. °his kind of action is more precisely
referred to as a "merger of equals".

h  !laxo Wellcome and SmithKline Beecham,

 
| ÷
h Rconomies Of Scale.

h Increased revenue or market share.

h Synergy

h °axation
 

|
h  !
|
Combination of two or more firms operating in
the same stage of production.
h R





 






h " !
|
Combination of two firms that operate in different
stages of production.
h R


  






 

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h !# 
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Combination of two or more firms which are
unrelated lines of business.
h R



  
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h &'!
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°he acquisition of a target company that is willing
to be taken over.
h R

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*

h !
÷"$%
°arget has no desire to be acquired and actively
rebuffs the acquirer and refuses to provide any
confidential information.
h R

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h ÷ (V ÷ BR
, ÷CR ÷I÷ & USINO .
(2001)

h | ÷(
 (VNM & ISP÷° IN°R N÷°ION÷

(2004)

h ÷ (
| ÷(V UNR 2006.

÷& 
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)

h (*+
,- steel company

h 3,30,000 employees & 60 countries.

h P O
UC°ION C÷P÷CI°V 113 m tones.

h Combined revenue 62.2 bn Ruro.

r 

'.%
h 
Kraft Foods is proposing an offer for Cadbury Plc. of
300 pence in cash and 0.2589 new Kraft Foods shares
per Cadbury share. °his values each Cadbury share at
745 pence and values the entire issued share capital
of Cadbury at £10.2 billion.

h * !
Cadbury ordinary share at 840 pence and each
Cadbury ÷
S at †33.60 and valued the entire issued
share capital of Cadbury at †11.9 billion
(approximately $19.4 billion).
 °





   
 








Kraft Foods Cadbury Combine

Markets in which present: 41 17 44

ͻ Number of countries in which 16 16 16

present:
ͻ Company sales turnover
(Ruro billions at market prices): 14.6 5.3 19.9

ͻ Overall share of the total West 1.30% 0.47% 1.77%

Ruropean food & drink market:

ͻ Overall share regarding the 6.28% 3.44% 7.05%

44 products in which they are

present:
  (
  (
h In the recent time, most companies are going
for expansion through mergers and
acquisition.

h By M&÷ companies enjoy improved operating

performance thanks to improved
management redesigning.

h Investors can take comfort in the idea that a

M&÷ will deliver enhanced market power.