Fusions et acquisitions

Crédit : 4 ECTS
Langue du cours : anglais

Volume horaire

  • CM : 18 h

Description du contenu de l'enseignement

Planning course :
  • Session 1 - The varieties of transactions, legal and financial, acquisition of asset-of shares, consolidation, merger by incorporation of new company, transfers of assets and partial reverse take over Mergers and acquisitions and value creation: analysis and results of studies on the subject, how far does one value creation? Corporate strategy and M&A targeting:
    - What is the client’s M&A strategy ?
    - How does each specific target enhance our client’s strategic objectives ?
    - What does our client need from a potential partner ?
    - What does the target need from our client ?
    - Where are the synergies ?
    - What are the risks ?
 
  • Session 2 - Timing of a transaction (Approach, negotiation, letter of intent, due diligence, contract, liabilities) - Bilateral negotiation, open auction : description and advantages / disadvantages
    - Takeovers (Frindly, hostile) and market transaction
    - Payment in cash, all stock transactions
    - Threshold, squeeze out, defenses
    - Stock market regulations, mechanisms, conditions for success
 
  • Session 3
    - The role of banks in M & A
    - The actors in France, organization and competitive position
    - How to get a mandate, role and duties
    - Committees in mergers and acquisitions
    - Compliance (KYC, Chinese wall, etc.)

Mode de contrôle des connaissances

  • Etude de cas
  • Examen final

Pré-requis recommandés

M1 finance, économétrie, mathématiques, grandes écoles de commerce ou d’ingénieur.

Pré-requis obligatoires

M1 et cours en finance de marché.

Bibliographie, lectures recommandées

  • Michel Fleuriet, Investment Banking Explained, McGraw-Hill, 2008, Chap. 14, 15, 16.
  • McKinsey (Copeland, Koller, Murrin) Measuring and managing the value of companies, Wile.
  • The cases and other recommended readings will be posted on the course site. Materials should be read prior to the class in which they are listed.

Enseignant responsable

STEPHANE LAUNOIS

Enseignant responsable

NICOLAS PAQUET



Année universitaire 2016 - 2017 - Fiche modifiée le : 12-07-2017 (10H18) - Sous réserve de modification.