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| Title: | 舍弗勒集團併購大陸集團之個案研究 The Acquisition of Continental by Schaeffler |
| Authors: | 林舒彥 Jan Jovy |
| Contributors: | 吳文傑 Jack Wu 林舒彥 Jan Jovy |
| Keywords: | 併購 Acquisition |
| Date: | 2011
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| Issue Date: | 2012-04-12T06:02:18Z
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| Abstract: | In 2008 the acquisition attempt of Schaeffler, a private held company based in the remote Bavarian town of Herzogenaurach, to acquire Continental AG, a public listed company and member of the top 30 companies in the German stock exchange index (DAX) made headlines in Germany and abroad. It was not only the first time a private held company launched a take-over attempt on a DAX listed company, but also the way Schaeffler prepared and exercised its acquisition has not been seen before. The deal, which was initially seen as a ‘right out of a M&A text book piece’ of how to plan and exercise a perfect hostile acquisition, developed more and more to become a major threat to the existence not only for Continental, but also for Schaeffler.
This case study will outline the development of the case with (1) an introduction, (2, 3) a look inside Schaeffler’s and Continental’s history and existing businesses, (4) the look outside to the industry the two companies act within and (5) later describe the underlying reasons and strategies formulated by Schaeffler to acquire Continental, (6) the preparations and (7) actions taken as a part to implement its goals. It will finally (8) give an overview of the development after an investor agreement between Schaeffler and Continental was concluded and (9) suggest some questions and points to be discussed in the closing remarks. |
| Reference: | AT Kearney (2010). AT Kearney / Dr .Robert Kremlicka, Megatrends in der Automobilindustrie und der Beitrag von e-mobility, 18th March 2010; Available at: <http://www.atkearney.at/content/misc/wrapper.php/id/50273/name/pdf_pdf_5633w_acvr_emobility_12719365074353.pdf> [Accessed 2nd May 2011] Berger (2000). Roland Berger und Partner GmbH – International Management Consultants; Nine Mega-trends re-shape the automotive supplier industry, 2000 / Revised March 2010; Available at: <http://www.competence-site.de/downloads/45/46/i_file_391/AutomotiveRolandBerger.pdf> [Accessed 20th May 2011] Continental Investor Relations (2007). Continental AG, Investor Relations Fact Book Financial Year 2007; Available at: <http://www.conti-online.com/> [Accessed 15th Oct. 2011] Continental Report (2007). Continental Financial Annual Report 2007, 11th February 2011; Available at: <http://www.conti-online.com/> [Accessed 15th Oct. 2011] Continental, Fact Book Full Year 2007 (2007); Available at: <http://www.conti-online.com/generator/www/com/en/continental/portal/themes/ir/financial_reports/archiv/vfb/download/fact_book_fy_2007_en.pdf>; [Accessed 15th Dec. 2001] Equity Swaps (2003). Equity Swaps and Equity Investing, Don M. Chance, July 2003; Available at: <http://www.bus.lsu.edu/academics/finance/research/working%20papers/ EquitySwapsandEquityInvesting.pdf> [Accessed 15th May 2011] Germany Trade & Invest (2010); The Automotive Industry in Germany; Available at: <http://www.gtai.com/homepage/industries/automotive-industry/downloads-media> [Accessed 20th May 2011] International Directory of Company Histories (2004), Vol. 56. St. James Press, 2004; Available at: <http://www.fundinguniverse.com/company-histories/Continental-AG-company-History.html /> [Accessed 15th Dec. 2011] Offer Document (2008). Voluntary Public Takeover Offer (Cash Offer) by Schaeffler KG to the shareholders of Continental Aktiengesellschaft to acquire all of their no-par value bearer shares in Continental Aktiengesellschaft, 29th July 2008 Oliver Wymann (2007). Jan Dannenberg / Jan Burghard; 2007; 2015 Car Innovation Study; Available at: <http://www.oliverwyman.com/pdf_files/CarInnovation2015_engl.pdf> [Accessed 15th May 2011] Schaeffler Official Website (2011). Available at <http://www.ina.de/>, [Accessed 15th Dec. 2011] Schuster (2002). Schuster M., Feindliche Übernahmen deutschen Aktiengesellschaften – Abwehrstrategie des Vorstandes der Zielgesellschaft, Dissertation, Rheinisch-Westfälische Technische Hochschule Aachen, 2002 Study Automechanika (2008). Prof. Dr. Dudenhöffer; The Future: Conserving Fuel Challenges facing the European repair shop and spare parts business; Study by Messe Frankfurt Exhibition GmbH, Gelsenkirchen University of Applied Sciences, September 2008 Volkswagen Press Release 167/ 2008; Volkswagen honors its best suppliers; Available at: http://www.ddb.com/ddb_health/pdf/press/5-25-08_VW_honorsBestSuppliers.pdf [Accessed 15th May 2011] Wirtschaftswoche Magazin (2011); Available at: <http://www.wiwo.de/koepfe-der-wirtschaft/manfred-wennemer/5287988.html> [Accessed 20th May 2011] |
| Description: | 碩士 國立政治大學 國際經營管理英語碩士學位學程(IMBA) 95933030 100 |
| Source URI: | http://thesis.lib.nccu.edu.tw/record/#G0959330302 |
| : | 學位論文 thesis |
| Appears in Collections: | [國際經營管理英語碩士學程IMBA] 學位論文
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