INGENIERIE FINANCIERE ET OPERATIONS DE HAUT DE BILAN

The subject of mergers or acquisitions is incontestably one of the topics in finance over the controversy. It is one of the objects that pay most of the chronic daily economic but also the academic literature of research in finance. What is a merger or an acquisition? What distinction is there between merger and acquisition? Do both types of operations carry the same economic logic? Do M&A transactions create financial value? The purpose of this seminar is to present a framework for analyzing these types of operations, far from polemics. The growth of a company can marry two distinct logics: internal growth vs external growth.

 Organic growth is aimed to create value through the use of resources and the mobilization of internal expertise in undertaking new productive capacities or commercial. Instead, external growth is to acquire existing capacities by taking control of another company, in whole or in part. These external growth operations are most often carried out through mergers and acquisitions. These operations can be analyzed in different ways, depending on the friendly or hostile character, their motives or their methods of implementation. From a financial standpoint, these operations can be analyzed as investment projects whose value should be assessed and search for the optimum financing mode. The leveraged transactions or LBO (Leveraged Buy-Out) satisfy this type of logic.

 The aim of this course is to present the economic institutional environment of M&A. This seminar aims also to present the methods, the strategies and the techniques used in the operations of M&A and in Investment Banks.