| Titre : | Selecting the optimal target company based on synergy calculation for the vertical merger in a petrochemical complex (2009) |
| Auteurs : | Sung-Geun Yoon, Auteur ; Sunwon Park, Auteur ; Jeongseok Lee, Auteur |
| Type de document : | Article : texte imprimé |
| Dans : | Industrial & engineering chemistry research (Vol. 48 N°3, Février 2009) |
| Article en page(s) : | p. 1511–1521 |
| Note générale : | Chemical engineering |
| Langues : | Anglais |
| Tags : | Petrochemical -- mergers acquisitions |
| Résumé : |
Petrochemical companies have focused on mergers and acquisitions (M&A) as a strategic option; however, there are very few quantitative tools which can critically evaluate M&A. The objectives of M&A are rapid growth by increasing the external scale of a company and strengthening its cost competitiveness. In particular, many petrochemical mergers occur within a complex. This study presents a novel mathematical model to select an optimal target company for the vertical merger in a petrochemical complex. The model is applied to the problem of one acquirer and five target companies within a complex. The results of the optimization studies are analyzed with regard to profit, synergy, variability, and cost efficiency of the merger. One target company is ultimately selected with a synergy of $264 million with $0.81 million of capital investment. The industrial case study demonstrates the viability of the given model for analyzing real M&A problems within a complex. |
| En ligne : | http://pubs.acs.org/doi/abs/10.1021/ie8011787 |
