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The Role Of Cross Border Mergers And Acquisitions In Energy Security
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Book Synopsis The Role of Cross-Border Mergers and Acquisitions in Energy Security by : Ning Wu
Download or read book The Role of Cross-Border Mergers and Acquisitions in Energy Security written by Ning Wu and published by . This book was released on 2012 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: In recent years, national and global energy security has become a key political and economic issue, and the players in this global energy game are also diversified. Corresponding to the diversified sectors and multiple components, energy security can be studied from a number of perspectives. We will focus on the behavior of energy companies in this study. Specifically, we are to examine the role the cross-border mergers and acquisitions (M&As) of oil & gas companies can play in energy security. The upcoming analysis comprisesof four parts. The Background section reviews the global energy security from the angle of national consumption and production, followed by a brief analysis of global oil and gas industry and market. The status quo of major oil and gas companies will be reviewed and global M&As' landscape is illustrated in the section as well. The second part is our primary focus, exploring the cross-border M&As in energy industry, in particular, oil and gas companies. This literature review will examine how those energy transactions can influence the competition, economy and national welfare, and other related aspects. Then we concentrate on the features and drives of energy M&As based on transaction records available, and attention is paid to the valuation of post-merger performance of acquirers. The third section aims at providing practical knowledge for energy M&As by integrating some legal and financial knowledge in the business world.
Book Synopsis Cross-border Mergers and Acquisitions and the Role of Trade Costs by : Holger Görg
Download or read book Cross-border Mergers and Acquisitions and the Role of Trade Costs written by Holger Görg and published by . This book was released on 2006 with total page 56 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Reviewing Cross-Border Mergers and Acquisitions for Competition and National Security by : Kevin B. Goldstein
Download or read book Reviewing Cross-Border Mergers and Acquisitions for Competition and National Security written by Kevin B. Goldstein and published by . This book was released on 2012 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This Article takes a comparative look at how governments review cross-border mergers for both competition and national security concerns. In particular, key factors are the institutional mechanisms through which these two reviews are separated or combined and how “national security” is defined in the context of economic activity. The focus is on the three major economic markets: the U.S., the EU (using the example of the UK as a member state), and China, with particular emphasis on China's rapidly developing system. In the U.S., antitrust review is wholly separate from the national security review conducted by the Committee on Foreign Investment in the United States (“CFIUS”). In Europe, large mergers are notified to the EC Directorate General for Competition, however individual Member States may raise national security exceptions within the same competition review process. Though China has reviewed foreign investment for years, comprehensive competition review began when the Antimonopoly Law became effective in 2008. Recently, China's State Council has implemented an interdepartmental national security review system for foreign mergers and acquisitions. This Article examines the existent U.S. and EU systems alongside the emerging Chinese system of national security review. Examples demonstrate that national security review in the U.S. has often become politicized, though primarily by the U.S. Congress and not by CFIUS. Politicized mergers result in uncertainty for businesses and can harm diplomatic relations with key trading partners. The UK has had success avoiding the pitfalls of politicized reviews, however the European system could not be successfully replicated by the U.S. or China due to their more centralized political systems. Ultimately, the definition of “national security” will have the greatest impact on which cross-border mergers receive clearance. Though China has not explicitly defined national security, concerns about foreign investment relate to military defense, strategic economic security, and what has been called cultural security. The U.S. and EU have historically limited their definitions of national security to the defense arena. However, the Foreign Investment and National Security Act of 2007 significantly broadened the U.S.'s definition to include many sectors of the economy previously beyond CFIUS's purview. This new definition and other changes make U.S. practice more likely to appeal to Chinese lawmakers and are likely to influence the emerging Chinese national security review committee. Early merger reviews under the Antimonopoly Law, especially the Coca-Cola and Huiyuan case, have drawn criticism for apparently allowing factors other than competition to influence the Ministry of Commerce Antimonopoly Bureau's decisions. China's new national security review is likely to have a positive impact on the internal politics that may have influence the Antimonopoly Bureau. While politicization of merger reviews is likely to continue in the future, adopting a CFIUS-type interdepartmental review system can act as a lightning rod, freeing the Antimonopoly Bureau from pressure to consider non-competition factors. This will enhance transparency and improve external perceptions by investors and trading partners. This Article concludes that the CFIUS model, taking account of the great increase in authority since 2007, is a good fit for China's political climate. If properly implemented, creation of a national security review system will provide substantial, though limited, benefits to China.
Book Synopsis Cross-Border Mergers and Acquisitions in Services by : Alessandro Barattieri
Download or read book Cross-Border Mergers and Acquisitions in Services written by Alessandro Barattieri and published by . This book was released on 2017 with total page 48 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper presents evidence on the determinants of cross-border mergers and acquisitions in services sectors. It develops a stylized model of mergers and acquisitions that predicts that the incidence of merger and acquisition deals depends, inter alia, on the target economy's size, industrial structure and investment policies, as well as on bilateral transactions costs. These predictions are examined with bilateral merger and acquisition flow data and detailed information on policy barriers from a new database of restrictions on services investment. The analysis finds that: (1) geographical factors affect mergers and acquisitions in services and manufacturing similarly but cultural factors affect mergers and acquisitions in services more than in manufacturing. (2) Controlling for these bilateral factors, restrictive investment policies reduce the probability of merger and acquisition inflows but this negative effect is mitigated in countries with relatively large shares of manufacturing and (to a lesser extent) services in gross domestic product. The same results hold for the number of merger and acquisition deals received. These findings suggest that the impact of policy is state-dependent and related to the composition of gross domestic product in the target economy.
Download or read book Oil and Gas M&A written by Marc Hammerson and published by . This book was released on 2018 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: The downturn in the oil commodity price starting in 2014 had a chilling effect on oil and gas M&A. However, recent price stabilisation has improved the outlook for M&A activity, making a second edition of this book most timely.A feature of the M&A industry has always been its variety of participants, ranging from integrated energy conglomerates to entrepreneurial frontier explorers. New entrants include state-owned oil companies, financial investors, diversifying service contractors and oil traders. With the growth of specialist stock markets, junior and independent oil companies are better able to raise acquisition finance than ever before, and companies specialising in end-of-life reservoirs are filling the spaces left as oil majors go in search of new opportunities. Transaction types are also diverse and are completed using a variety of different deal structures. As well as providing chapters on each type of acquisition method, this book also includes an analysis of the underlying structuring decisions.In addition, this practical guide covers a number of ancillary areas, including valuations, financing, tax and accounting. Decommissioning liability is also considered in an M&A context. A number of new chapters are also featured, covering topics such as competition law, environmental law and dealing with material adverse changes. This comprehensive new edition will prove an essential resource to anyone involved in the upstream industry M&A process including lawyers, bankers, financiers, business executives, accountants and tax advisers.
Book Synopsis Balancing Power without Weapons by : Ashley Thomas Lenihan
Download or read book Balancing Power without Weapons written by Ashley Thomas Lenihan and published by Cambridge University Press. This book was released on 2018-03-22 with total page 377 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book focuses on the non-military military means through which states intervene to balance the economic and military power of other states. Also available as Open Access.
Book Synopsis The Determinants of Cross-border Equity Flows by : Richard Portes
Download or read book The Determinants of Cross-border Equity Flows written by Richard Portes and published by . This book was released on 2000 with total page 60 pages. Available in PDF, EPUB and Kindle. Book excerpt: We apply a new approach to a new panel data set on bilateral gross cross-border equity flows between 14 countries, 1989-96. The model integrates elements of the finance literature on portfolio composition and the international macroeconomics and asset trade literature. Gross asset flows depend on market size in both source and destination country as well as trading costs, in which both information and the transaction technology play a role. Distance proxies some information costs, and other variables explicitly represent information transmission, an information asymmetry between domestic and foreign investors, and the efficiency of transactions. The remarkably good results have strong implications for theories of asset trade. We find that the geography of information is the main determinant of the pattern of international transactions, while there is little support in our data for diversification and return-chasing motives for transactions."--Authors.
Book Synopsis Cross-Border Mergers and Acquisitions by : Scott C. Whitaker
Download or read book Cross-Border Mergers and Acquisitions written by Scott C. Whitaker and published by John Wiley & Sons. This book was released on 2016-04-05 with total page 468 pages. Available in PDF, EPUB and Kindle. Book excerpt: Navigate cross border M&A for a flawless integration execution Cross Border Mergers and Acquisitions is a practical toolbox for corporate strategy and development professionals dealing with the many challenges involved in cross border M&A. With a detailed discussion of key market specifics and broadly-applicable critical insight, this book demystifies the cross border M&A process and provides a host of practical tools that ease strategic implementation. A geographical overview explains the trends in major M&A markets including Australia, Brazil, China, Russia, the U.K., and the U.S., and industry-specific guidance covers Financial Services, Aerospace and Defense, Health Care, Tech, Manufacturing, and more. Leading experts relate lessons learned while managing actual PMI (post merger integration) processes, and the discussion of cultural impacts and specific situational needs provides deep insight into the type of leadership a flawless integration requires. Corporate restructuring and internationalization efforts are increasingly relying on cross border mergers and acquisitions. Strategies, motives, and consequences are a complex navigational minefield, but this insightful guide provides solid, actionable guidance for leading a successful integration. Understand the region-specific details that make an impact Overcome common challenges and manage complex deals Gain practical insight and valuable tools for leading integration Learn the most current best practices for PMI® processes Cross border M&A is complex, with myriad challenges and obstacles inherent to the situation. Successful integration and a smooth transition are critical, and there's little wiggle room—it's a situation where you have only one chance to get it right. Cross Border Mergers and Acquisitions is an essential guide to the process, with key tools for execution.
Book Synopsis Intra-firm Trade by : Organisation for Economic Co-operation and Development
Download or read book Intra-firm Trade written by Organisation for Economic Co-operation and Development and published by . This book was released on 1993 with total page 64 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Cross Border Mergers and Acquisitions by : B. N. Ramesh
Download or read book Cross Border Mergers and Acquisitions written by B. N. Ramesh and published by Taylor & Francis. This book was released on 2023-06-19 with total page 330 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book presents a comparative analysis of cross-border mergers and acquisitions (CBMA) in terms of competitive framework and procedures between India and the United States of America. It discusses themes like statutes, regulations, rulings, legislations and analysis of CBMA; competition law, antitrust, and demerger; new legal initiatives by India like New Economic Policy (NEP), Goods and Services Tax (GST), demonetisation and amendments in the Foreign Exchange Management Act (FEMA); and the impact of COVID on CBMA, to showcase the challenges and opportunities of specific CBMA experience in India in a global framework. This book will be an essential read for scholars and researchers of law, corporate law, company law, international company law, corporate governance, international relations, public policy, international trade law, economics, and for practitioners, policymakers and consultants working on the subject.
Book Synopsis Managing Human Resources in Cross-Border Alliances by : Susan E Jackson
Download or read book Managing Human Resources in Cross-Border Alliances written by Susan E Jackson and published by Routledge. This book was released on 2003-04-24 with total page 271 pages. Available in PDF, EPUB and Kindle. Book excerpt: Across the world, companies are forming some of the most complex and exciting collaborations in the business world: cross-border alliances (CBAs). Yet while this offers multinational companies a way into the global marketplace, there is no guarantee of success.This book looks at the business and human resource issues arising in these complex collab
Book Synopsis Banking Consolidation in the EU by : Rym Ayadi
Download or read book Banking Consolidation in the EU written by Rym Ayadi and published by CEPS. This book was released on 2004 with total page 108 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis China's Energy Revolution in the Context of the Global Energy Transition by : Shell International B.V.
Download or read book China's Energy Revolution in the Context of the Global Energy Transition written by Shell International B.V. and published by Springer Nature. This book was released on 2020-05-29 with total page 734 pages. Available in PDF, EPUB and Kindle. Book excerpt: This open access book is an encyclopaedic analysis of the current and future energy system of the world’s most populous country and second biggest economy. What happens in China impacts the planet. In the past 40 years China has achieved one of the most remarkable economic growth rates in history. Its GDP has risen by a factor of 65, enabling 850,000 people to rise out of poverty. Growth on this scale comes with consequences. China is the world’s biggest consumer of primary energy and the world’s biggest emitter of CO2 emissions. Creating a prosperous and harmonious society that delivers economic growth and a high quality of life for all will require radical change in the energy sector, and a rewiring of the economy more widely. In China’s Energy Revolution in the Context of the Global Energy Transition, a team of researchers from the Development Research Center of the State Council of China and Shell International examine how China can revolutionise its supply and use of energy. They examine the entire energy system: coal, oil, gas, nuclear, renewables and new energies in production, conversion, distribution and consumption. They compare China with case studies and lessons learned in other countries. They ask which technology, policy and market mechanisms are required to support the change and they explore how international cooperation can smooth the way to an energy revolution in China and across the world. And, they create and compare scenarios on possible pathways to a future energy system that is low-carbon, affordable, secure and reliable.
Book Synopsis International Mergers and Acquisitions by : Peter J. Buckley
Download or read book International Mergers and Acquisitions written by Peter J. Buckley and published by Cengage Learning. This book was released on 2002 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This title focuses on the financial, cultural and strategic aspects of international mergers and acquistitions activity and has a global, cross-cultural perspective.
Book Synopsis Challenges to Globalization by : Robert E. Baldwin
Download or read book Challenges to Globalization written by Robert E. Baldwin and published by University of Chicago Press. This book was released on 2007-11-01 with total page 560 pages. Available in PDF, EPUB and Kindle. Book excerpt: People passionately disagree about the nature of the globalization process. The failure of both the 1999 and 2003 World Trade Organization's (WTO) ministerial conferences in Seattle and Cancun, respectively, have highlighted the tensions among official, international organizations like the WTO, the International Monetary Fund (IMF), the World Bank, nongovernmental and private sector organizations, and some developing country governments. These tensions are commonly attributed to longstanding disagreements over such issues as labor rights, environmental standards, and tariff-cutting rules. In addition, developing countries are increasingly resentful of the burdens of adjustment placed on them that they argue are not matched by commensurate commitments from developed countries. Challenges to Globalization evaluates the arguments of pro-globalists and anti-globalists regarding issues such as globalization's relationship to democracy, its impact on the environment and on labor markets including the brain drain, sweat shop labor, wage levels, and changes in production processes, and the associated expansion of trade and its effects on prices. Baldwin, Winters, and the contributors to this volume look at multinational firms, foreign investment, and mergers and acquisitions and present surprising findings that often run counter to the claim that multinational firms primarily seek countries with low wage labor. The book closes with papers on financial opening and on the relationship between international economic policies and national economic growth rates.
Book Synopsis Regulating the Visible Hand? by : Benjamin L. Liebman
Download or read book Regulating the Visible Hand? written by Benjamin L. Liebman and published by Oxford University Press, USA. This book was released on 2016 with total page 481 pages. Available in PDF, EPUB and Kindle. Book excerpt: This text examines the domestic and global consequences of Chinese state capitalism, focusing on the impact of state-owned enterprises on regulation and policy, while placing China's variety of state capitalism in comparative perspective.
Book Synopsis The Global M&A Tango: How to Reconcile Cultural Differences in Mergers, Acquisitions, and Strategic Partnerships by : Fons Trompenaars
Download or read book The Global M&A Tango: How to Reconcile Cultural Differences in Mergers, Acquisitions, and Strategic Partnerships written by Fons Trompenaars and published by McGraw Hill Professional. This book was released on 2010-12-31 with total page 209 pages. Available in PDF, EPUB and Kindle. Book excerpt: A leadership blueprint for managing cross-cultural issues in any M&A deal In our rapidly expanding and increasingly volatile global economy, mergers and acquisitions are becoming the strategy of choice for businesses seeking to stimulate growth while managing risk. As more and more M&A deals are struck between global organizations, difficult new issues involving cultural differences have arisen. In The Global M&A Tango, international management experts Fons Trompenaars and Maarten Nijhoff Asser explain how to detect and manage these issues before they become major problems. Drawing on the world-renowned Trompenaars Hampden-Turner Cross-Cultural Database and Culture Compass, the authors illustrate how widely cultures can differ and, by reconciling the dilemmas created by that difference, how they can be integrated quickly, efficiently, and effectively. The Global M&A Tango helps you meet all the challenges of cross-national M&A by: Creating common mission, vision, strategy, and values Developing trust across value boundaries Enabling people with different cultural perspectives to engage in valuable discussions Change-management programs all too often ignore the culture perspectives of the individuals and groups involved--and it's often why organizations fail to realize the benefits that prompted the integration in the first place. With The Global M&A Tango, you have everything you need to integrate two old entities into a powerful new organization poised for dramatic growth in the coming decades.
