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| Title: | 舍弗勒集團併購大陸集團之個案研究
The Acquisition of Continental by Schaeffler |
| Authors: | 林舒彥
Jan Jovy |
| Contributors: | 吳文傑
Jack Wu
林舒彥
Jan Jovy |
| Keywords: | 併購
Acquisition |
| Date: | 2011 |
| Issue Date: | 2012-04-12 14:02:18 (UTC+8) |
| Abstract: | In 2008 the acquisition attempt of Schaeffler, a private held company based in the remote Bavarian town of Herzogenaurach, to acquire Continental AG, a public listed company and member of the top 30 companies in the German stock exchange index (DAX) made headlines in Germany and abroad. It was not only the first time a private held company launched a take-over attempt on a DAX listed company, but also the way Schaeffler prepared and exercised its acquisition has not been seen before. The deal, which was initially seen as a ‘right out of a M&A text book piece’ of how to plan and exercise a perfect hostile acquisition, developed more and more to become a major threat to the existence not only for Continental, but also for Schaeffler.
This case study will outline the development of the case with (1) an introduction, (2, 3) a look inside Schaeffler’s and Continental’s history and existing businesses, (4) the look outside to the industry the two companies act within and (5) later describe the underlying reasons and strategies formulated by Schaeffler to acquire Continental, (6) the preparations and (7) actions taken as a part to implement its goals. It will finally (8) give an overview of the development after an investor agreement between Schaeffler and Continental was concluded and (9) suggest some questions and points to be discussed in the closing remarks.
1 Introduction 1
2 Introduction of Schaeffler 2
2.1 History 2
2.2 Company Overview 3
2.3 Product Portfolio 4
2.4 Ownership / Management 5
3 Introduction of Continental AG 6
3.1 History 6
3.2 Company Overview 8
3.3 Product Portfolio 8
3.4 Ownership / Management 9
4 Automotive Industry & Its Supplier Markets 10
4.1 Automotive Industry Market Overview 10
4.2 Recent Developments / Megatrends in the Automotive Supplier Market 10
4.2.1 Economies of Scale 11
4.2.2 Outsourcing & System Integration 12
4.2.3 Electronics Revolution 13
5 Reasoning & Subjects to Consider for the Acquisition 13
5.1 Schaeffler’s Expansion Policy 14
5.2 Continental’s Vulnerability 15
5.3 Possible Synergies of a Combined Business 16
5.4 The Rubber Section of Continental 17
5.5 Merger, Full or Partly Acquisition 17
5.6 Hostile vs. Friendly Acquisition 18
5.7 Other Threats 20
6 Preparation of the Acquisition 21
6.1 Legal Framework 21
6.2 Financing the Acquisition 22
6.3 Total Equity Return Swaps / Total Rate of Return Swap (TRORS) 23
6.3.1 Swap 24
6.3.2 Equity Swap 24
6.3.3 Total Return Swap (TRS) 25
6.3.4 Schaeffler – Merrill Lynch Swap Agreement 26
7 The Acquisition & Continental–Schaeffler Investor Agreement 29
7.1 Before the Official Offer 29
7.2 The Official Offer 30
7.3 The Defense Strategies of Continental 32
7.3.1 White Knight 33
7.3.2 Prevent Schaeffler to Finance the Acquisition 33
7.3.3 Increase of Paid In Capital 34
7.3.4 SAWP Transaction Illegal 34
7.4 Negotiations & Investment Agreement 37
8 Development after the Conclusion of the Investment Agreement 39
8.1 Financial Crises and Falling Stock Prices 39
8.2 Handling of Exceeding Shareholdings by Schaeffler 43
8.3 Continental’s Creditors 44
8.4 Selling the Rubber Parts Business of Continental 44
8.5 Combine Schaeffler’s and Continental’s Automotive Business 44
9 Conclusion 45
10 Epilog 46 |
| Reference: | AT Kearney (2010). AT Kearney / Dr .Robert Kremlicka, Megatrends in der Automobilindustrie und der Beitrag von e-mobility, 18th March 2010; Available at: <http://www.atkearney.at/content/misc/wrapper.php/id/50273/name/pdf_pdf_5633w_acvr_emobility_12719365074353.pdf> [Accessed 2nd May 2011]
Berger (2000). Roland Berger und Partner GmbH – International Management Consultants; Nine Mega-trends re-shape the automotive supplier industry, 2000 / Revised March 2010; Available at: <http://www.competence-site.de/downloads/45/46/i_file_391/AutomotiveRolandBerger.pdf> [Accessed 20th May 2011]
Continental Investor Relations (2007). Continental AG, Investor Relations Fact Book Financial Year 2007; Available at: <http://www.conti-online.com/> [Accessed 15th Oct. 2011]
Continental Report (2007). Continental Financial Annual Report 2007, 11th February 2011; Available at: <http://www.conti-online.com/> [Accessed 15th Oct. 2011]
Continental, Fact Book Full Year 2007 (2007); Available at: <http://www.conti-online.com/generator/www/com/en/continental/portal/themes/ir/financial_reports/archiv/vfb/download/fact_book_fy_2007_en.pdf>; [Accessed 15th Dec. 2001]
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Offer Document (2008). Voluntary Public Takeover Offer (Cash Offer) by Schaeffler KG to the shareholders of Continental Aktiengesellschaft to acquire all of their no-par value bearer shares in Continental Aktiengesellschaft, 29th July 2008
Oliver Wymann (2007). Jan Dannenberg / Jan Burghard; 2007; 2015 Car Innovation Study; Available at: <http://www.oliverwyman.com/pdf_files/CarInnovation2015_engl.pdf> [Accessed 15th May 2011]
Schaeffler Official Website (2011). Available at <http://www.ina.de/>, [Accessed 15th Dec. 2011]
Schuster (2002). Schuster M., Feindliche Übernahmen deutschen Aktiengesellschaften –
Abwehrstrategie des Vorstandes der Zielgesellschaft, Dissertation, Rheinisch-Westfälische Technische Hochschule Aachen, 2002
Study Automechanika (2008). Prof. Dr. Dudenhöffer; The Future: Conserving Fuel Challenges facing the European repair shop and spare parts business; Study by Messe Frankfurt Exhibition GmbH, Gelsenkirchen University of Applied Sciences, September 2008
Volkswagen Press Release 167/ 2008; Volkswagen honors its best suppliers; Available at: http://www.ddb.com/ddb_health/pdf/press/5-25-08_VW_honorsBestSuppliers.pdf [Accessed 15th May 2011]
Wirtschaftswoche Magazin (2011); Available at: <http://www.wiwo.de/koepfe-der-wirtschaft/manfred-wennemer/5287988.html> [Accessed 20th May 2011] |
| Description: | 碩士
國立政治大學
國際經營管理英語碩士學位學程(IMBA)
95933030
100 |
| Source URI: | http://thesis.lib.nccu.edu.tw/record/#G0959330302 |
| Data Type: | thesis |
| Appears in Collections: | [國際經營管理英語碩士學程IMBA] 學位論文
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