Assignment CORP

8/3/2019 Assignment CORP

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Corporate Finance

Individual Assignment

Submission Date: 2 October 2011

Daubek Ismailov

TP026716

UC3F1107AF


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Corporate Finance October 2, 2011

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Table of ContentsAbstract ......................................................................................................................................................... 3

Question 1 ..................................................................................................................................................... 4

Question 2 ..................................................................................................................................................... 8

Shareholders wealth ................................................................................................................................ 8Benefits to the company in terms of profits to the organization and the management.............................. 9

Question 3 ................................................................................................................................................... 11

Obstacles and challenges ........................................................................................................................ 11

Employee conflicts .................................................................................................................................. 13

Conduct a Cultural Audit........................................................................................................................ 14

Conduct a Merger Stress Audit............................................................................................................... 14

Provide Employees with Avenues to Express Concerns.......................................................................... 14

Empower people...................................................................................................................................... 14

Try to Eliminate the Them-Us Syndrome ................................................................................................ 14

Try to Establish a Common Culture........................................................................................................ 14

References ................................................................................................................................................... 16


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Abstract

The following paper examines reasons for M&A to take place in Malaysian banking industry as

well as discussions about the effects of M&A on shareholders wealth and the obstacles that the company

may face during overtaking or being overtaken by different companies.

First part covers the history of the rescue plan initiated by Bank Negara Malaysia to maintain the

stability of financial system through implementing M&A practices.

Following, is the second part which tell us about shareholders and what effect of M&A have

upon them. Also, whether or not mergers and acquisitions are profitable to the company be discussed

afterwards.

Finally, the last part of the paper discusses problems that companies might face during M&A

process and solutions to solve conflicts among two companies employees.


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Question 1

Introduction

The banking sector comprises licensed institutions namely commercial banks, finance

companies, merchant banks, discount houses and money brokers which are licensed under the Banking

and Financial Institutions Act 1989 (BAFIA) and supervised by Bank Negara Malaysia (BNM). It plays

an important role as financial intermediary and is a primary source of financing for the domestic

economy.

Currently, the domestic banking institutions (excluding the discount houses) control about 75%

of banking sectors market share, in terms of total assets and total deposits (www.bnm.gov.my).

After experiencing the economic recession in the mid of 1980s, banks in Malaysia started

practicing merger and acquisition processes. In order to maintain the stability of the financial system, the

rescue scheme was implemented by Bank Negara Malaysia. The Malaysian banking authority had made

useless efforts to urge small domestic banks to merge with their larger counterparts. Only two mergers

occurred that time: they were mergers between Kwong Yik Bank Bhd and DCB Bank Bhd, and between

Chung Khiaw Bank (Malaysia) Bhd and United Overseas Bank (Malaysia) Bhd (Nor, Said & Hisham

2006)

During 1997-98 the financial crisis, Malaysia witnessed another bank distress which left smaller

and weaker institutions with little choice but to seek merger partners. During that time, the sharp drop in

the countrys economy growth in the second half of 1997 followed by further decline in 1998 left

several domestic financial institutions with very poor quality assets (Murakami 1998). Previous rescue

plan, made by Bank Negara Malaysia (BNM), cost too much as it wasnt done earlier. Thus, to reduce

possible costs, on 29th July 1997 the Governor of Bank Negara Malaysia (BNM) announced a merger

program for domestic bank institutions. Unlike the previous merger that was driven by market needs, the

new program was a guided one. It was believed that the merger would bring a greater efficiency and

achieve economies of scale and make the way for a strong and competitive banking sector (Nor, Said &

Hisham 2006).

The original plan was to merge 21 commercial banks, 12 investment banks and 25 finance

companies into six core financial groups. The following table is the summary of the original plan:
http://www.bnm.gov.my/http://www.bnm.gov.my/http://www.bnm.gov.my/http://www.bnm.gov.my/


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The proposed plan was criticized due to differences in ownership structure, size, reputation and

earnings of the acquirers and their merging partners caused the announcement to be poorly received by a

majority of the banks shareholders (Ahmad, Ling 2000).

The mergers were also viewed as politically motivated, particularly as the government chose the

original six acquirers and their targets (Chin, Jomo 2001).

On 12 October 1999, the then Malaysias prime minister, Tun Dr Monathir Mohamad announced

that the merger plan would be corrected and revised so that banks can form their own groups and choose

their own group leader for the merger process. Thus, on 14 February 2000, Bank Negara Malaysia

confirmed its approval of 10 large banking groups with the acquirers and their respective targets. The

following table summarizes these groups:


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With the formation of these 10 banking groups, the number of domestic banking institutions was

substantially reduced to 29 (from 55 initially) banking institutions consisting of 10 commercial banks,

10 finance companies, and 9 merchant banks (Sufian, Shah 2009).

Nevertheless, there are already a few post-merger studies done to find out whether or not the

productivity of these 10 Malaysian acquiring banks had changed. For example, according to findings of

Krishnasamy, Ridzwa and Perumal (2004), out of 10 banks only 8 enjoyed an increase in total factor

productivity attributed mainly to technology rather than technical efficiency change.

In conclusion, the Malaysian government had little choice but to push for a complete

restructuring of its banking industry after the 1997 Asian crisis. The final merger was between RHB

Bank Bhd and Bank Utama (Malaysia) Bhd on 20 March 2002. This resulted in successful completion

of the 1999-2002 Malaysian banking consolidation programme (Ahmad, Ariff & Skully).


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Question 2

Shareholders wealth

The assessment of shareholders wealth effects (value creation or destruction) of Mergers and

Acquisitions (M&A) is one of the most researched areas in the field of finance.

Researchers have studied the effects of M&A on the value of both the acquiring firm and the

bidder firm. The evidence on mergers indicates that the shareholders of target firms have earned

significant abnormal/excess return not only around the announcement period, but also in the weeks after

the announcement. Jensen and Ruback (1983) review 13 studies that examine returns around takeover

announcements and report an average abnormal return of 30% to target shareholders in successful tender

offers and 20% to target shareholders in successful mergers. Jarrell, Brickley and Netter (1988) reviewthe results of 663 tender offers made between 1962 and 1985, and note that premiums averaged 19% in

the 1960s, 35% in the 1970s, and 30% between 1980 and 1985.

Of the Malaysian studies, several concentrate on the stock market reaction to bank merger

announcements. For example, Lee (2002) calculates the abnormal stock returns near the merger

announcements on 29 July 1999 and 14 February 2000. He reports no significant gains in the cumulative

abnormal returns of stock across the announcement period. Another paper by Ton and Hooy (2004)

finds that the proposed 1999-2000 merger program adds stability to banks stock prices and returns.

According to Sufian and Shah (2008), who made the research about the effect of M&A on the

stock price behavior on the case of Arab Malaysia Bank Bhd and Hong Leong Bank Bhd, concluded that

for both banks, the stock value increased prior to the announcement of the completion of M&A.

Consequently, the wealth of shareholders had increased that time significantly and this proves that the

wealth of shareholders directly related to the stock price volatility. The higher the stock price means the

better off shareholders.

However, it has also been argued that shareholders wealth creation or destruction in an

acquisition depends on the economic conditions of the period in which acquisition takes place. That is,

wealth effects to the shareholders are sensitive to economic cycle (Tse & Soufani 2001).

Thus, I agree with the statement that M&A maximizes shareholders wealth (at least for

shareholders of target organization or company) as the bidding firms pay to the target firms high

premiums, shareholders wealth is maximized and this fact has been proven by many researchers and

analysis. Consequently, shareholders of the target firm get more fortune rather than those from bidding

company.


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Benefits to the company in terms of profits to the organization and the management

Before going on, lets briefly discuss the three major types of mergers: horizontal, vertical and

conglomerate. A horizontal merger is a merger that is between direct competitors in the same

geographic and product markets (Waldman 2001). A vertical merger involves corporations that are in

different stages of manufacturing (Waldman, 2001). For example, a tire manufacturer would merge

upstream with a rubber tree farm. Conglomerate mergers involve corporations that operate in different

product or geographic markets (Waldman 2001). When the company chooses one of those types to

merge with another company, it tries to achieve only two main goals which are profit and shareholder

wealth maximization. Thus, the bidding company acquires or merges with target company to increase its

market share or become a monopolistic company which, in its turn, mean a lot of profit.

Often there is not one single reason but a number of reasons that lead management to the

decision to merge with or acquire another firm. According to Gaughan and Patrick (1991), the gains

from M&A may result from one or more of the following five categories: 1) revenue enhancement, 2)

cost reductions, 3) lower taxes, 4) changing capital requirements, or 5) a lower cost of capital.

- Increased revenues may come from marketing gains and market power. Marketing gainsarise from more effective advertising, economies of distribution, and a better mix of

products. M&A may reduce competition, thereby increasing market power.

- Cost reductions a larger firm may be able to operate more efficiently than two smallerfirms, thereby reducing costs. Also, economies of scale may be achieved through horizontal

mergers; additionally, the cost can be reduced by more closely coordinating production and

distribution of two merging companies.

- Lower taxes tax gains in mergers may arise because of unused tax losses, surplus funds,and unused debt capacity. The tax losses of target corporations can be used to offset the

acquiring corporation's future income. Tax loss carry-forwards can motivate mergers and

acquisitions. A company that has earned profits may find value in the tax losses of a target

corporation that can be used to offset the income it plans to earn. Finally, a firm with surplus

funds may wish to acquire another firm. The reason is that distributing the money as a

dividend or using it to repurchase shares will increase income taxes for shareholders. With an

acquisition, no income taxes are paid by shareholders.

- Changing capital requirements - acquiring firms may be able to more efficiently utilizeworking capital and fixed assets in the target firm, thereby reducing capital requirements and

enhancing profitability.

- A lower cost of capital - the cost of debt can often be reduced when two firms merge. Thecombined firm will generally have reduced variability in its cash flows. Therefore, there may

be circumstances under which one or the other of the firms would have defaulted on its debt,


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but the combined firm will not. This makes the debt safer, and the cost of borrowing may

decline as a result.

Additionally, collaborating or sharing expertise may achieve gains in efficiency, or a company might

have underutilized assets the other company can better use. Also, a change in management may make

the company more profitable.

Thus, sources of gain due to M&A presented above add to the conclusion that despite any

difficulties while merging or acquiring the target company or institution, M&A is profitable for the

organization and the management.


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Question 3

Obstacles and challenges

To start with discussions about possible obstacles and problems that merging companies may face, lets

first draw a matrix capturing the industry sector and country dimensions as follows:

Taken fromhttp://www.ecb.int/pub/pdf/other/eubkmergersen.pdf

Now, lets consider the case of M&A between UniCredito Italiano SpA, popularly known as UniCredit

and HVB (Bayerische Hypo-und Vereinsbank AG), the second biggest bank in Germany. It should be

noted that this merger was the largest cross-border bank deal in European banking industry.

In June 2005, UniCredit announced about the takeover of HVB for 15.4 billion euros

(approximately US$18.7). The merged entity became the fourth largest bank in the European Union and

eighth largest in the European continent. With this takeover, UniCredit expected to expand its operations

in central and eastern Europe, while HVB Group was looking at ways to regain profits and consolidate

its business operations in Germany and in other parts of Europe (Chaitanya, Phani 2005).
http://www.ecb.int/pub/pdf/other/eubkmergersen.pdfhttp://www.ecb.int/pub/pdf/other/eubkmergersen.pdfhttp://www.ecb.int/pub/pdf/other/eubkmergersen.pdfhttp://www.ecb.int/pub/pdf/other/eubkmergersen.pdf


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Turning a merger or acquisition into a success is a great challenge pertaining to all fields of

management of a financial service enterprise. Dealing with cultural differences among staff or lines of

business or, in the case of cross-border or cross-sector M&As, differences in regulatory and accounting

systems, requires high-level skills and significant resources. There is also the risk of loss of key staff

and/or clients.

We can summarize all risks that might be faced by the merger between UniCredit and HVB ( and for all

mergers which are cross-border ):

Taken fromhttp://www.ecb.int/pub/pdf/other/eubkmergersen.pdf

In our case, both companies represent different countries and, thus, are related to an international M&A.

Risks that both institutions might face are cultural differences, foreign exchange risks, different

accounting treatment and reporting requirements and, the last but not least, reputation risk.
http://www.ecb.int/pub/pdf/other/eubkmergersen.pdfhttp://www.ecb.int/pub/pdf/other/eubkmergersen.pdfhttp://www.ecb.int/pub/pdf/other/eubkmergersen.pdfhttp://www.ecb.int/pub/pdf/other/eubkmergersen.pdf


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Employee conflicts

Differences in the two organizational cultures involved in a merger or acquisition and how they

are managed are crucial to the success or failure of the process. An organizational culture is comprised

of the patterns of shared beliefs and values that give the members of an institution meaning, and

provide them with the rules for behaviour in their organization (Davis, Stanley 1994). Nevertheless, this

preconscious level affects many areas within the organization, including performance, cooperation,

decision making, control, communication, commitment, perception and justification of behaviour.

If the organizational cultures of the two companies are significantly different, productivity gains

may not be realized for several years (Nahavandi, Afsaneh & Ali 1993), and in the worst case, the

merger may fail.

Mergers and acquisitions can be threatening for employees and produce anxiety and stress.

Hunsaker, Philip & Michael (1988) found identifiable patterns of emotional reactions experienced by

employees during a merger or acquisition; they have labelled this phenomenon the merger-emotions

syndrome.


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All the above-mentioned factors contribute to the possible conflict between two companies employees

to appear in the post-merger period. To prevent it, the following recommendations are appropriate:

Conduct a Cultural AuditBoth the acquiring and the acquired organization should conduct a cultural audit to ascertain not

only their own culture type but that of the acquired organization. This will reveal the differences in

values, beliefs, norms, practices, and procedures. It will also allow the parties to determine what

elements in both cultures are worth retaining. (Debora, Pekula 1999)

Conduct a Merger Stress Audit

Schwinger, David & John (1985) suggest developing and administering an attitude survey to all

employees to assess employee perceptions of the merger and identify employees who are having a hardtime adjusting. The audit should include areas such as compensation, rewards, job duties, job security,

and co-workers. The data accumulated from these surveys should allow management to plan a program

or develop tools to minimize stress and aid employees in making the transition to the new culture.

Provide Employees with Avenues to Express Concerns

To avoid confusion and faulty communication a formal structure or person should be delegated

to address employee concerns. All employees should be made aware of this function and have equal

access to it. Hunsaker, Philip & Michael (1988) suggest that a merger-integration team should beestablished, composed of representatives from all levels of the organization in order to effectively

address concerns.

Empower people

Empowering the workforce can help minimize conflict as it makes people part of the solution

when problems arise. As people become empowered, they begin to develop an ownership attitude in

which they see conflict resolution as directly affecting their own bottom lines (Hersey, Paul, Kenneth &

Dewey

Try to Eliminate the Them-Us Syndrome

Acquiring organizations should try to eradicate any arrogance on the part of their personnel to

ensure that acquired employees do not feel inferior and conquered. A post acquisition atmosphere

encouraging mutual respect among management groups will facilitate a better understanding of the

others perspective and make a smoother transition (Datta, Deepack 1991).

Try to Establish a Common Culture

Both organizations, the acquiring and the acquired, will have unique and beneficial cultural

elements. Rather than imposing one organizations cultural elements on the other, the best of both


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companies can be integrated into a common culture for the new organization (Hunsaker, Philip, and

Michael 1988). This can create a win-win situation for both organizations, since it will result in a

corporate culture with which both sides can identify.

Abovementioned recommendations are destined to unite cultures of two companies and make

employees of two companies feel themselves like in a big family. Thus, the risk of the conflict between

two companies employees would be minimized.


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References

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2) Ahmad R, Ling SLM 2000, Financial sector. In S.L.M Ling (Ed): Taking on the world:Globalization strategies in Malaysia, Kuala Lumpur: McGraw Hill, 235-264

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