Mergers and acquisitions (слияния и поглощения) and corporate restructuring are a big part of the corporate finance world. Every day, Wall Street investment bankers arrange M&A transactions (организуют сделки по слияниям и поглощениям), which bring separate companies together to form larger ones (в результате которых отдельные компании объединяются в более крупные). When they're not creating big companies from smaller ones, corporate finance deals (сделки) do the reverse (производят обратный [результат]) and break up companies through spinoffs (отпочкование), carve-outs (отчуждение акций) or tracking stocks (следящие акции).
*Spinoff - The creation of an independent company through the sale or distribution of new shares of an existing business/division of a parent company. A spinoff is a type of divestiture.
*carve-outs - Sometimes known as a partial spinoff, a carve out occurs when a parent company sells a minority (usually 20% or less) stake in a subsidiary for an IPO or rights offering. In most cases the parent company will spinoff the remaining interests to existing shareholders at a later date when the stock price is much higher.
Also known as a "carveout" or an "equity carve out."
*tracking stocks - Common stock issued by a parent company that tracks the performance of a particular division without having claim on the assets of the division or the parent company. Also known as "designer stock. When a parent company issues a tracking stock, all revenues and expenses of the applicable division are separated from the parent company's financial statements and bound to the tracking stock. Oftentimes, this is done to separate a subsidiary's high-growth division from a larger parent company that is presenting losses. The parent company and its shareholders, however, still control the operations of the subsidiary
Not surprisingly, these actions often make the news (становятся предметом сообщений СМИ). Deals can be worth (здесь: оцениваться в) hundreds of millions, or even billions, of dollars. They can dictate the fortunes (судьбу) of the companies involved for years to come (на многие годы вперед). For a CEO, leading an M&A can represent the highlight (здесь: ключевой момент) of a whole career. And it is no wonder (неудивительно) we hear about so many of these transactions; they happen all the time. Next time you flip open the newspaper’s business section, odds are good (высока вероятность) that at least one headline (газетный заголовок) will announce some kind of M&A transaction.
The Main Idea
One plus one makes three (1+1=3): this equation (уравнение) is the special alchemy of a merger or an acquisition. The key principle behind buying a company is to create shareholder value (биржевую стоимость [акций]) over and above that of the sum of the two companies. Two companies together are more valuable (дороги) than two separate (отдельных) companies - at least, that's the reasoning (аргументы/доводы) behind M&A.
This rationale (довод) is particularly alluring (заманчив) to companies when times are tough (трудные). Strong companies will act to buy other companies to create a more competitive, cost-efficient (рентабельную) company. The companies will come together hoping to gain a greater market share (заполучить большую долю рынка) or to achieve greater efficiency (достичь большей результативности/экономической эффективности/полезной отдачи). Because of these potential benefits (потенциальных выгод), target companies (компании, ставшие объектами [поглощения]) will often agree to be purchased when they know they cannot survive alone (выжить в одиночку).
Distinction (отличие) between Mergers (слияниями) and Acquisitions (поглощенями)
Although they are often used as though they were synonymous (словно синонимы), the terms (термины) merger and acquisition mean slightly different things.
When one company takes over (поглощает/принимает на себя ведение дел) another and clearly established itself (занимает позицию) as the new owner, the purchase is called an acquisition. From a legal point of view, the target company ceases to exist (прекращает существование), the buyer "swallows" («заглатывает») the business and the buyer's stock continues to be traded.
A merger happens when two firms, often of about the same size (зачастую равные по размеру), agree to go forward (дословно: идти вперед) as a single (единая) new company rather than (а не) remain separately owned and operated. This kind of action (тип действий) is more precisely referred to (более точно называется) as a "merger of equals" (слияние равных). Both companies' stocks are surrendered (здесь: возвращаются/сдаются) and new company stock is issued in its place (вместо них выпускаются акции новой компании). For example, both Daimler-Benz and Chrysler ceased to exist (прекратили свое существование) when the two firms merged, and a new company, DaimlerChrysler, was created.
In practice, however, actual mergers of equals don't happen very often. Usually, one company will buy another and, as part of the deal's terms (по некоторым условиям сделки), simply allow (позволяет) the acquired firm to proclaim (покупаемой компании заявить) that the action is a merger of equals, even if it's technically an acquisition. Being bought out (формулировка «выкуп [компании]») often carries negative connotations, therefore (поэтому), by describing the deal as a merger (называя сделку слиянием), deal makers (организаторы сделки) and top managers try to make the takeover more palatable (привлекательным).
A purchase deal will also be called a merger when both CEOs (исполнительные директоры) agree that joining together (объединение) is in the best interest of both of their companies.
Whether a purchase is considered a merger or an acquisition (признание покупки слиянием или поглощением) really depends on whether the purchase is friendly or hostile (враждебная/неблагоприятная) and how it is announced. In other words, the real difference lies in how the purchase is communicated to and received by the target company's board of directors, employees and shareholders (иными словами отличие заключается в том, как покупка преподносится совету директоров, сотрудникам и акционерам компании-объекта поглощения и как она ими воспринимается).
Synergy (синергизм/преимущества совместной деятельности)
Synergy is the magic force that allows for enhanced cost efficiencies of the new business (магическая сила, позволяющая увеличить рентабельность нового предприятия). Synergy takes the form of revenue enhancement (увеличение доходов) and cost savings (экономии затрат). By merging, the companies hope to benefit (извлечь пользу) from the following:
• Staff reductions (сокращение персонала) - As every employee (сотрудник) knows, mergers tend to mean job losses (слияния обычно означают потерю рабочих мест). Consider (здесь: посчитайте) all the money saved from reducing the number of staff members (сэкономленные за счет сокращения штата) from accounting, marketing and other departments. Job cuts will also include the former CEO, who typically leaves with a compensation package.
• Economies of scale (экономия от масштаба производства) - Yes, size matters. Whether (будь то) it's purchasing stationery (закуп канцелярских товаров) or a new corporate IT system, a bigger company placing the orders (при размещении заказов) can save more on costs - when placing larger orders, companies have a greater ability to negotiate prices (обладают большей возможностью вести переговоры о ценах) with their suppliers.
• Acquiring new technology (приобретение технологии) - To stay competitive, companies need to stay on top of technological developments and their business applications (идти в ногу с технологическими новшествами и находить им коммерческое применение). By buying a smaller company with unique technologies, a large company can maintain (сохранить) or develop a competitive edge (конкурентное преимущество).
• Improved market reach (расширение рынка) and industry visibility (известность компании в своей отрасли) - Companies buy companies to reach new markets (чтобы выйти на новые рынки) and grow revenues (выручку) and earnings (фактический доход). A merge may expand (расширить) two companies' marketing and distribution, giving them new sales opportunities (возможности продаж). A merger can also improve a company's standing (позиции) in the investment community (в среде инвесторов; дословно: сообществе): bigger firms often have an easier time raising capital (легче привлечь капитал) than smaller ones.
Varieties of Mergers (разнообразие типов слияний)
From the perspective of business structures, there is a whole host (множество) of different mergers. Here are a few types, distinguished (отличающихся) by the relationship between the two companies that are merging:
• Horizontal merger - Two companies that are in direct competition and share the same product lines (ассортимент изделий) and markets.
• Vertical merger - A customer and company or a supplier and company. Think of a cone supplier (поставщик стаканчиков) merging with an ice cream maker (производитель мороженого).
• Market-extension merger (слияние с целью расширения рынка) - Two companies that sell the same products in different markets.
• Product-extension merger - Two companies selling different but related products in the same market.
• Conglomeration - Two companies that have no common business areas.
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