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Ambuja Cements and Holcim India Merger

Pitabas Mohanty; Tina Stephen; Supriti Mishra;

商品編號:9B16N056
出版日期:2016/09/20
再版日期:2016/09/20
商品來源:Ivey
商品主題:Finance; International Business
商品類型:Case (Pub Mat)
涵蓋議題:mergers and acquisitions;corporate governance;Indian promoters;exchange ratio in merger
難易度:5 - MBA/Postgraduate
內容長度:11 頁
地域:India
產業:Manufacturing;
事件年度:2013

On July 24, 2013, the management of Ambuja Cements Limited announced the merger of Holcim (India) Private Limited with Ambuja Cements in a two-stage process. First, Ambuja Cements would buy a 24 per cent stake of Holcim (India) from Holderind Investments Ltd. of Mauritius for ?35 billion. Subsequently, Holcim (India) would be merged with Ambuja Cements. The management of Ambuja Cements projected huge synergy from the merger, whereas proxy firm advisors called it corporate misgovernance. The case gives students an opportunity to analyze this two-step transaction to determine whether it compromised the interests of minority shareholders. The case also presents an opportunity to estimate the marginal impact of the transfer of cash and the cancellation of shares on the stock price of the acquiring company.

教學手冊:8B16N056;
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