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MERGERS, ACQUISITIONS AND CORPORATE ALLIANCES

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MERGERS, ACQUISITIONS AND CORPORATE ALLIANCES

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Academic year 2018/2019

Course ID
MAN0314
Teaching staff
Enrico Battisti (Lecturer)
Helene Loe Colman (Lecturer)
Fabio Creta (Tutor)
Year
2nd year
Type
Elective
Credits/Recognition
5
Course disciplinary sector (SSD)
SECS-P/09 - finanza aziendale
Delivery
Formal authority
Language
English
Attendance
Obligatory
Type of examination
Written
Prerequisites
Basic knowledge of corporate finance and business management.
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Sommario del corso

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Course objectives

In general term, the course provides a general understanding of Mergers & Acquisitions (“M&A”) and valuation, also making reference to empirical experience and case studies. Students will learn about strategic and financial rationale for M&A, and consequences for corporations and the various players involved. They will learn how to value companies and how to assess the strategic implications of M&As.

The course is divided in two main parts. The first part about Merger & Acquisition strategy and implementation (21 hours - 3 Credits) and the second part (14 hours - 2 Credits) about financial valuation.

A) The main objective of the first part is to familiarize students with the research-based literature on Mergers and Acquisitions. The course gives (i) a broad overview of the opportunities and challenges facing firms involved in M&As in an increasingly open and dynamic world, and (ii) an introduction to the research-based literature on M&As. M&As provide provide firms with access to complementary resources, increased flexibility and learning, and the objective of the course is to understand how firms create value from M&As.

B) The main objective of the second part is to develop, from a theoretical and practical point of view, the knowledge of the principles of valuation and the connected main methods.

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Results of learning outcomes

A) The first part of the course provides an overview of core parts of the research-based literature on M&A strategy and implementation. The course will develop students’ understanding of the challenges involved in identifying the rationale for, planning and managing the M&A process.
B) In the second part, the student should acquire a good knowledge of principles and methods of company valuation and a good capacity to apply the main methods.
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Course delivery

Lectures, class discussion, cases and exercises

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Learning assessment methods

The exam is structured in two distinct parts. For the first part, assessment will be in the form of a 48 hour exam to be solved groups of two (2) to three (3) students. Specific information regarding the exam will be provided in class. For the second part, the valuation is based in a written exam with an exercise and two open questions. The final grade will be given by the weighted average of the two modules.

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Program

I part (Helene Loe Colman):

  • M&A strategies and motives;
  • Post-M&A integration and value creation;
  • The human side of M&As;
  • International M&As, knowledge transfer and culture;
  • Serial acquisitions.

II part (Enrico Battisti):

  • Overview of valuation: objectives and application;
  • Principles of valuation and information base;
  • Discounted Cash Flow valuation;
  • Relative valuation.

Suggested readings and bibliography

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For the first part, articles and cases. For the second part, materials provided by the teacher.

See on Moodle for more information.



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