M&A and Privatisations in Poland: Key success factors of cross-border acquisitions into the Polish market by Christiane TewesM&A and Privatisations in Poland: Key success factors of cross-border acquisitions into the Polish market by Christiane Tewes

M&A and Privatisations in Poland: Key success factors of cross-border acquisitions into the Polish…

byChristiane Tewes

Paperback | November 29, 2001 | German

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The author emphasises the overall complexity of cross-border M&A transactions into Poland, linking the proper M&A transaction with the sensitive privatisation process and the specific political, economic and cultural background of Poland.
Christiane Tewes graduierte im Rahmen eines berufsbegleitenden Aufbaustudiums an der Brunel University London. Sie ist Vice President für Mergers & Acquisitions/Privatisierungsberatung in Mittel- und Osteuropa bei der Commerzbank AG in Frankfurt am Main
Title:M&A and Privatisations in Poland: Key success factors of cross-border acquisitions into the Polish…Format:PaperbackPublished:November 29, 2001Publisher:Deutscher UniversitätsverlagLanguage:German

The following ISBNs are associated with this title:

ISBN - 10:3824474158

ISBN - 13:9783824474158

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Table of Contents

1. Introduction.- 1.1. The Polish Challenge: Acquisitions Into Poland's Privatising Industries.- 1.2. Definition of Terms.- 1.2.1. Central and Eastern Europe (CEE).- 1.2.2. Mergers and Acquisitions.- 1.2.3. Privatisation.- 1.2.4. Key success factors.- 1.3. Structure of the Dissertation.- 2. Methodology.- 2.1. Research Background and Rationale for the Selected Topic.- 2.2. Research Objectives.- 2.3. Data Gathering Method.- 2.3.1. Secondary research.- General approach.- Limitations.- 2.3.2. Primary Research.- Data gathering instrument.- Sampling plan.- Target population.- Sampling method.- Data collection.- Limitations.- 3. Framework Conditions for Acquisitions in Poland.- 3.1. Political and Economic Background of Poland.- 3.1.1. Poland's political environment.- 3.1.2. Poland's economic environment within Central and Eastern Europe.- Economic situation at the end of the 1980s.- Economic development during the 1990s, current economic situation and outlook.- Foreign direct investments (FDI).- 3.2. LEGAL PRIVATISATION ENVIRONMENT IN POLAND.- 3.2.1. Small privatisation.- 3.2.2. Mass privatisation programme.- 3.2.3. Capital (indirect) privatisation.- Trade sale (public tender) and privatisation advisor.- Public offering (IPO).- 3.2.4. Direct privatisation.- 3.2.5. Liquidation (bankruptcy).- 3.2.6. Reprivatisation/ Restitution.- 3.2.7. Privatisation progress and expected revenues.- 4. Acquisition Strategies in Poland.- 4.1. Market ENTRY Strategies.- 4.2. Strategic Acquisition Process.- 4.3. Value Creation Potentials - Sources of Acquisition Success.- 4.4. Pre-Acquisition Phase.- 4.4.1. Strategic objective: the right reason.- Strategic positioning and globalisation.- Market entry objectives.- Obstacles to market entry.- Conclusion: key success factors.- 4.4.2. Search and screening process: the right information.- Project organisation.- Information sources and the role of advisors.- Development of a target requirement profile.- Analysis of competitive environment.- Analysis of the potential Polish target.- Typical weaknesses of Polish companies.- Typical strengths of Polish companies.- Preliminary integration plan.- Conclusion: key success factors.- 4.4.3. Valuation: the "right" price.- Value of assets (Book Value/Adjusted Book Value).- Discounted Cash Flow valuation (DCF).- Multiples and comparable transactions.- Conclusion: key success factors.- 4.5. The Deal - The Right Execution.- 4.5.1. Expectations of parties involved.- 4.5.2 Tender nrneed.ure.- Information Memorandum.- Key elements of a bidding proposal.- Evaluation criteria.- Price-method package.- 4.5.3. Due diligence.- 4.5.4. Negotiations.- 4.5.5. Documentation, signing and closing.- 4.5.6. Conclusion: key success factors.- 4.6. Post Acquisition Integration - The Right Implementation.- 4.6.1. Integration approaches.- 4.6.2. Speed of integration.- 4.6.3. Strategic and operative integration: turnaround-management.- Managing strategy.- Managing operational factors.- Managing cultural differences.- 4.6.4. Conclusion: key success factors.- 5. Primary Research Results: Key Success Factors.- 5.1. General Results.- 5.1.1. Findings and interpretations.- 5.1.2. Conclusions.- 5.2. Strategic Objective: THE Right Reason.- 5.2.1. Findings and interpretations.- 5.2.2. Conclusions.- 5.3. Search and Screening Process: The Right Information.- 5.3.1. Findings and interpretations.- 5.3.2. Conclusions.- 5.4. Valuation: The "Right" Price.- 5.4.1. Findings and interpretations.- 5.4.2. Conclusions.- 5.5. The Deal - The Right Execution.- 5.5.1. Findings and interpretations.- 5.5.2. Conclusions.- 5.6. Post-Acquisition Integration: The Right Implementation.- 5.6.1. Findings and interpretations.- 5.6.2. Conclusions.- 5.7. Use of Advisors.- 5.7.1. Findings and interpretations.- 5.7.2. Conclusions.- 6. Conclusions and Recommendations.- 7. Prospects.