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| Title: | 跨國併購個案分析：以利潔時併購美強生為例
Cross-Border Merger and Acquisition: A Case Study of Reckitt Benckiser and Mead Johnson |
| Authors: | 徐舒芩
Hsu, Shu-Chin |
| Contributors: | 吳啟銘
Wu, Chi-Ming
徐舒芩
Hsu, Shu-Chin |
| Keywords: | 利潔時
美強生
跨國併購
快速消費品產業
多角化策略
國家風險
Reckitt Benckiser
Mead Johnson
Cross-border M&A
FMCG industry
Diversification strategy
Country risk |
| Date: | 2021 |
| Issue Date: | 2022-02-10 13:22:35 (UTC+8) |
| Abstract: | 與消費者日常生活緊密關聯的快速消費品產業，面對產業環境、顧客偏好、技術發展等變化時，經常藉由外部成長策略擴展產品線及市場通路，進而發揮規模經濟與品牌延伸效果。而其中此產業之目標公司多元性高，而出現跨市場、跨產品的多角化策略，也因此可能增加併購綜效實現之風險。
在此背景之下，本研究針對2017年快速消費品產業中的大型跨國併購交易進行探討，透過個案探討方式，以英國消費品公司利潔時（Reckitt Benckiser）收購美國嬰幼兒營養食品公司美強生（Mead Johnson）為例，了解此跨國多角化併購交易之策略互補性、分析及評估交易支付價格之合理性、支付工具選擇之適當性及價值之創造。
本研究發現此併購交易具有策略互補，但綜效實現之風險高；另外，支付部分透過企業價值評價發現有Overpay現象，且現金支付方式對主併方而言較為不利；而在進行市場反應與財務績效評估時，了解到多角化策略與國家風險將對併購綜效實現產生較負面影響；同時，考量業務相關性的事業部型態較有利於組織整合。
藉由本研究之個案探討，提供管理者跨國多角化併購策略的思考方向，在購併標的之選擇上，應留意多角化策略的適用性，在思考本身競爭優勢延伸及進行策略性資產配置時，須同時考量目標公司對於自身公司之策略互補性質高低與風險因子，且目標公司的國家風險與其主要市場之國家風險皆須關注，以避免因新興市場環境變化大而影響預期綜效實現，並可利用支付工具進行風險分攤。
Having a closed connection with consumers’ daily lives, the Fast-Moving Consumer Goods (FMCG) Industry is facing multiple challenges, including the change of industry environment and customers’ preference. Under the circumstances, external growth strategies are often used to restructure the company’s brand portfolio and expand the markets, making companies be able to gain benefits from economies of scale and the effect of brand extensions. Besides, diversified target firms are commonly observed. Concurrently, it brings a higher risk of synergy realization from these diversification strategies.
Hence, this thesis discusses one of the largest cross-border M&A (CBM&A) deals of the FMCG Industry in 2017, focusing on the case of British consumer products company, Reckitt Benckiser (RB), and American infant nutrition company, Mead Johnson (MJN). The thesis aims to explore the strategic fit of the deal, value the overpayment potential, and analyze the payment choice, in order to understand whether the deal creates value and what value it creates.
Findings suggest that strategic fit could be identified in this CBM&A deal, whereas the risk of synergy realization is expected to be high. And according to the result of valuation, the acquirer (RB) seems to overpay for the deal. Due to the characteristic of the CBM&A deal, cash payment is not a favorable tool for the acquirer. From the post-merger market reaction and financial performance analysis, diversification risk and country risk are found to have a negative impact on synergy realization. Lastly, the divisional structure that considers business relevance is beneficial to organizational integration.
This thesis expects to shed light on helping the management develop CBM&A strategies. It indicates that when considering the extension of acquirers’ competitive advantages and strategic asset allocation, strategic fit and risk factors play important roles, especially the country risk of acquiree’s target market. Also, the management could use different payment methods to mitigate the risk of synergy realization for CBM&A deals. |
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| Description: | 碩士
國立政治大學
企業管理研究所(MBA學位學程)
108363012 |
| Source URI: | http://thesis.lib.nccu.edu.tw/record/#G0108363012 |
| Data Type: | thesis |
| DOI: | 10.6814/NCCU202200110 |
| Appears in Collections: | [企業管理研究所（MBA學位學程）] 學位論文
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