Hello, from a general point of view, in recent years, cross-border mergers and acquisitions mainly show the following characteristics:
1, mergers and acquisitions to horizontal mergers and acquisitions to replace currency payments with equity replacement
Compared with the previous years, since the mid-1990s, the combination of enterprises, complementary advantages as a clear sign of horizontal merger and acquisition, to reduce costs and achieve economies of scale, enhance international competitiveness. Horizontal mergers and acquisitions to reduce costs to achieve economies of scale and enhance international competitiveness. This kind of horizontal mergers and acquisitions in the banking, insurance, aviation, communications, automobile, medicine and other industries is particularly prominent. For example, in 1998, Germany Daimler Benz reached a merger agreement with Chrysler, the third largest automobile manufacturing company in the United States, involving a market amount of up to 92 billion dollars; in 1999, the British Vodafone acquired German Mannheimers for 200 billion dollars; America Online acquired Time Warner for 160 billion dollars, and so on. The main form of implementation of cross-border mergers and acquisitions is no longer the payment of money, but the exchange of equity; in 1999 the world's 109 giant cross-border mergers and acquisitions in the form of 26 completed through the exchange of shares; 44% of cross-border mergers and acquisitions completed through the form of exchange of shares in 2000; even in the main countries of the economic downturn, stock market downturn in 2001, the proportion still reached 24%.
2, cross-border mergers and acquisitions to the concentration of tertiary industry
Organization for Economic Cooperation and Development (OECD) recently published a report entitled "foreign direct investment trends and recent developments," the report said that foreign investment in the original 50% of the proportion of investment in the industrial sector, now more than 2/3 of the proportion of the proportion of investment in the foreign service sector. The report said that while 50 percent of outward investment was in the industrial sector, more than two-thirds of it is now in foreign service industries. Cross-border mergers and acquisitions are mainly concentrated in the automobile, energy, telecommunications, tobacco, pharmaceuticals, food and beverage, and financial services industries; since 1998, mergers and acquisitions in the banking and telecommunications industries alone have accounted for 60% of the total amount of mergers and acquisitions; in 2000, cross-border mergers and acquisitions were dominated by industries related to information technology. These industries are partly in the transportation, warehousing and communications industry, and partly in electronics and electronic equipment. These industries were both the largest acquisition targets and the largest acquisition sectors in 2000. Cross-border M&A by financial firms accounted for more than 20% of total cross-border M&A in 2000. The concentration of cross-border M&A in the tertiary sector has become a trend.
3, cross-border mergers and acquisitions in the implementation of the actors change
From the mid-1990s, developing countries in the cross-border mergers and acquisitions in the status of the gradual emergence. Cross-border mergers and acquisitions are still dominated by developed countries, but the number of mergers and acquisitions by developed countries targeting enterprises in developing countries is on the rise. Such as developed countries in China, India, Indonesia, Turkey, Brazil, Mexico and other developing countries in the implementation of mergers and acquisitions. According to the statistics of the Asian Mergers and Acquisitions Report, the 50 largest mergers and acquisitions in Asia in 1995 involved 34 cross-border mergers and acquisitions, including 10 mergers and acquisitions initiated by developed countries against developing countries, accounting for nearly 30% of the total number of cross-border mergers and acquisitions and mergers and acquisitions transactions amounting to US$2.891 billion; in the 50 largest mergers and acquisitions in Asia in 1996, involving 29 cross-border mergers and acquisitions, of which 10 were initiated by developed countries against developing countries, accounting for nearly 30% of the total number of cross-border mergers and acquisitions transactions amounting to US$2.891 billion. Developed countries initiated mergers and acquisitions of developing countries for 8 cases, accounting for 27.6% of the total number of cross-border mergers and acquisitions, mergers and acquisitions transactions amounted to 5.72 billion U.S. dollars.
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