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M&A : the case of Cimpor and InterCement
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Orientador(es)
Resumo(s)
A indústria do cimento é caracterizada por grandes investimentos iniciais e também por elevadas escalas de produção com uma tendência estável entre os maiores produtores de cimento internacionais.
Em junho de 2012, a InterCement Austria Holding GmbH, controlada pelo grupo brasileiro Camargo Corrêa, adquiriu o produtor de cimento Português Cimpor com um preço de oferta de 5,50 ?. O grupo já tinha uma participação no capital de Cimpor - 33% - e este acordo permitiu o controlo total da Cimpor - 94%.
O acordo ocorreu quando ainda se faziam sentir os resultados da crise financeira de 2008, estando o ambiente macroeconómico europeu ainda a sofrer algumas consequências, especialmente na dívida soberana de Portugal e Espanha.
O principal objetivo deste trabalho é analisar se o preço pago por ação é o mais adequado bem como o valor das sinergias geradas. Pode-se concluir que o preço pago se encontra acima do preço obtido com esta avaliação.
The cement industry is characterized by large initial investments and also high production scales with a stable trend among the biggest international cement producers?. In June 2012, InterCement Austria Holding GmbH, controlled by the Brazilian Group Camargo Corrêa, acquired the Portuguese cement producer Cimpor with an offer price of 5,50€ per share. The group already had a participation on Cimpor capital - 33% - and this deal allowed the full control of Cimpor - 94%. The deal occurred in the upshot of the 2008 financial crisis when the European macroeconomic environment was still suffering some consequences, especially in the sovereign debt area of Portugal and Spain. The main purpose of this work is to analyze if the price paid per share in the deal was the fair one and the synergies created in the deal. With this is possible to conclude that the price paid was above the share price achieved.
The cement industry is characterized by large initial investments and also high production scales with a stable trend among the biggest international cement producers?. In June 2012, InterCement Austria Holding GmbH, controlled by the Brazilian Group Camargo Corrêa, acquired the Portuguese cement producer Cimpor with an offer price of 5,50€ per share. The group already had a participation on Cimpor capital - 33% - and this deal allowed the full control of Cimpor - 94%. The deal occurred in the upshot of the 2008 financial crisis when the European macroeconomic environment was still suffering some consequences, especially in the sovereign debt area of Portugal and Spain. The main purpose of this work is to analyze if the price paid per share in the deal was the fair one and the synergies created in the deal. With this is possible to conclude that the price paid was above the share price achieved.
Descrição
Mestrado em Finanças
Palavras-chave
Cimpor InterCement Avaliação Cimento FCFF WACC Sinergias Valuation Cement Synergy
Contexto Educativo
Citação
Elias, Marisa Alexandra Mira Ferreira (2016). "M&A : the case of Cimpor and InterCement". Dissertação de Mestrado, Universidade de Lisboa. Instituto Superior de Economia e Gestão.
Editora
Instituto Superior de Economia e Gestão