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Article

Анализ и оценка эффектов синергии в сделках слияний и поглощений на основе кластерного подхода

Марковская Е. И., Петров Е. М.

M&A transactions are realized in various economy sectors of the most developed countries. The major motive for M&A is to obtain synergy effects. That is why it is especially importantfor a company that realizes M&A to estimate future deal outcome correctly. In this study, the analysis of synergy effects in M&A transactions is considered from the point of deal efficiency in the example of food industry because of its strategic importance for any state.

The work consists of three main parts. The first chapter examines the theoretical aspects of M&A transactions. In the second chapter the main concepts and methodologies are presented for valuing synergy effects from the point of deal efficiency. The last chapter is devoted to solving practical problems of the study.

During the study of valuation concepts presented in the second chapter, two methods were chosen for further consideration: the method described in the article written by Kemenov A. V. and Chemerkin M. A. and the DCF method. In this paper, two hypotheses are put forward: 1). the efficiency of the transaction, calculated by the method proposed in the work of Kemenov A. V. and Chemerkin M. A., is an indicator of future synergy effects; 2). there are interrelations between the obtained deal efficiency of the transaction and various pre-deal financial and non-financial indicators of companies.

Thus, the result of this study is the revealed interrelations between the deal efficiency and companies’ pre-deal performance indicators by the cluster analysis method, as well as the valuation ofthe synergy effect by comparing the enterprise value of the merged company after the transaction with companies’enterprise values prior the transaction using theDCF approach on the example of a specific case, chosen on the obtained clustering results and then comparing the results of the two methods.