Mergers and acquisitions : Pernod Ricard and Beam
Autor(a) principal: | |
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Data de Publicação: | 2013 |
Tipo de documento: | Dissertação |
Idioma: | eng |
Título da fonte: | Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) |
Texto Completo: | http://hdl.handle.net/10400.14/15810 |
Resumo: | The spirits industry is consolidating with more than 40 M&A deals in 14 years. Organic growth is not the only priority major players have. In order to maintain their position on top, big producers and marketers of spirits have long been following a regular strategy of acquisitions and divestitures that allows them to create value for shareholder. In this study, an overview of a potential deal between Pernod Ricard S.A. and Beam Inc. is conducted by taking into consideration this deal’s place within the academic literature on Valuation and M&A, this industry and companies’ characteristics and value drivers, and how these are reflected in the assessment of value creation from the deal. According to the study’s conclusion, Pernod Ricard and Beam could create value for its shareholders by merging in a debt financing deal that would involve Pernod paying a 19% premium over last year average share price of Beam, which in turn would generate net synergies corresponding to around 8% of Pernod current enterprise value. The study concludes with further insights on how this deal could generate more value, and how different conditions could affect the viability of the merger. |
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Mergers and acquisitions : Pernod Ricard and BeamValuationPernod RicardBeamPremium spiritsSynergiesDomínio/Área Científica::Ciências Sociais::Economia e GestãoThe spirits industry is consolidating with more than 40 M&A deals in 14 years. Organic growth is not the only priority major players have. In order to maintain their position on top, big producers and marketers of spirits have long been following a regular strategy of acquisitions and divestitures that allows them to create value for shareholder. In this study, an overview of a potential deal between Pernod Ricard S.A. and Beam Inc. is conducted by taking into consideration this deal’s place within the academic literature on Valuation and M&A, this industry and companies’ characteristics and value drivers, and how these are reflected in the assessment of value creation from the deal. According to the study’s conclusion, Pernod Ricard and Beam could create value for its shareholders by merging in a debt financing deal that would involve Pernod paying a 19% premium over last year average share price of Beam, which in turn would generate net synergies corresponding to around 8% of Pernod current enterprise value. The study concludes with further insights on how this deal could generate more value, and how different conditions could affect the viability of the merger.Tsvetkov, PeterVeritati - Repositório Institucional da Universidade Católica PortuguesaBoquinhas, David Jorge Martins2014-12-01T10:27:35Z2013-04-1020132013-04-10T00:00:00Zinfo:eu-repo/semantics/publishedVersioninfo:eu-repo/semantics/masterThesisapplication/pdfhttp://hdl.handle.net/10400.14/15810TID:201092514enginfo:eu-repo/semantics/openAccessreponame:Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)instname:Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informaçãoinstacron:RCAAP2023-09-26T01:41:42Zoai:repositorio.ucp.pt:10400.14/15810Portal AgregadorONGhttps://www.rcaap.pt/oai/openaireopendoar:71602024-03-19T18:13:07.948357Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) - Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informaçãofalse |
dc.title.none.fl_str_mv |
Mergers and acquisitions : Pernod Ricard and Beam |
title |
Mergers and acquisitions : Pernod Ricard and Beam |
spellingShingle |
Mergers and acquisitions : Pernod Ricard and Beam Boquinhas, David Jorge Martins Valuation Pernod Ricard Beam Premium spirits Synergies Domínio/Área Científica::Ciências Sociais::Economia e Gestão |
title_short |
Mergers and acquisitions : Pernod Ricard and Beam |
title_full |
Mergers and acquisitions : Pernod Ricard and Beam |
title_fullStr |
Mergers and acquisitions : Pernod Ricard and Beam |
title_full_unstemmed |
Mergers and acquisitions : Pernod Ricard and Beam |
title_sort |
Mergers and acquisitions : Pernod Ricard and Beam |
author |
Boquinhas, David Jorge Martins |
author_facet |
Boquinhas, David Jorge Martins |
author_role |
author |
dc.contributor.none.fl_str_mv |
Tsvetkov, Peter Veritati - Repositório Institucional da Universidade Católica Portuguesa |
dc.contributor.author.fl_str_mv |
Boquinhas, David Jorge Martins |
dc.subject.por.fl_str_mv |
Valuation Pernod Ricard Beam Premium spirits Synergies Domínio/Área Científica::Ciências Sociais::Economia e Gestão |
topic |
Valuation Pernod Ricard Beam Premium spirits Synergies Domínio/Área Científica::Ciências Sociais::Economia e Gestão |
description |
The spirits industry is consolidating with more than 40 M&A deals in 14 years. Organic growth is not the only priority major players have. In order to maintain their position on top, big producers and marketers of spirits have long been following a regular strategy of acquisitions and divestitures that allows them to create value for shareholder. In this study, an overview of a potential deal between Pernod Ricard S.A. and Beam Inc. is conducted by taking into consideration this deal’s place within the academic literature on Valuation and M&A, this industry and companies’ characteristics and value drivers, and how these are reflected in the assessment of value creation from the deal. According to the study’s conclusion, Pernod Ricard and Beam could create value for its shareholders by merging in a debt financing deal that would involve Pernod paying a 19% premium over last year average share price of Beam, which in turn would generate net synergies corresponding to around 8% of Pernod current enterprise value. The study concludes with further insights on how this deal could generate more value, and how different conditions could affect the viability of the merger. |
publishDate |
2013 |
dc.date.none.fl_str_mv |
2013-04-10 2013 2013-04-10T00:00:00Z 2014-12-01T10:27:35Z |
dc.type.status.fl_str_mv |
info:eu-repo/semantics/publishedVersion |
dc.type.driver.fl_str_mv |
info:eu-repo/semantics/masterThesis |
format |
masterThesis |
status_str |
publishedVersion |
dc.identifier.uri.fl_str_mv |
http://hdl.handle.net/10400.14/15810 TID:201092514 |
url |
http://hdl.handle.net/10400.14/15810 |
identifier_str_mv |
TID:201092514 |
dc.language.iso.fl_str_mv |
eng |
language |
eng |
dc.rights.driver.fl_str_mv |
info:eu-repo/semantics/openAccess |
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openAccess |
dc.format.none.fl_str_mv |
application/pdf |
dc.source.none.fl_str_mv |
reponame:Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) instname:Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação instacron:RCAAP |
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Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação |
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RCAAP |
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RCAAP |
reponame_str |
Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) |
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Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) |
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Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) - Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação |
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