SYNERGISTIC GAINS IN MERGERS AND ACQUISITIONS: CASE STUDY
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Abstract
The impact of mergers and acquisitions on organizational restructuring processes is particularly clear in the contemporary economy. Mergers and acquisitions can be seen as one of the main ways of generating profits for participating companies, as well as accessing new market opportunities.
The objective of this article is to study of synergistic gains resulting from mergers and acquisitions activities. The selected research method is based on a case study that involves the analysis of two merger processes by incorporation. The first merger process takes place in 2016 between the companies Sonae – Specialized, SGPS, SA and Sonae MC – Modelo Continente, SGPS, SA The second process takes place in 2019 between Modelo Continente, SGPS, SA and Sonae MC, SGPS, SA For this purpose, we opted for the company valuation method using the quantitative discounted cash flow model, where the cash flow is updated by the weighted average cost of capital. However, we also determine economic and financial indicators, in order to better analyze the behavior of entities. Finally, the market value recorded by each company before and after the merger processes was determined.
The results achieved made it possible to identify an extraordinary gain after the mergers, resulting in cost reduction, in particular through process optimization and improved organizational efficiency.
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Legislação:
Decreto-Lei n.º 262/86, de 2 de setembro. Diário da República n.º 201/1986 – 1ª Série de 1986-09-02. Ministério da Justiça. – Aprova o Código das Sociedades Comerciais. Obtido em 22 de janeiro de 2023, de Diário da República: https://dre.pt/dre/legislacao-consolidada/decreto-lei/1986-34443975
Webgrafia:
Publicações de atos societários e de outras entidades. (s.d.). Obtido em 2 de dezembro de 2022, de Projetos de Fusão: https://publicacoes.mj.pt/pesquisa.aspx
Recolha de Dados:
IES 2013, Portal da Empresa, Sonae - Specialized Retail, SGPS, S.A.
IES 2014, Portal da Empresa, Sonae - Specialized Retail, SGPS, S.A.
IES 2015, Portal da Empresa, Sonae - Specialized Retail, SGPS, S.A.
IES 2013, Portal da Empresa, Sonae MC – Modelo Continente, SGPS, S.A.
IES 2014, Portal da Empresa, Sonae MC – Modelo Continente, SGPS, S.A.
IES 2015, Portal da Empresa, Sonae MC – Modelo Continente, SGPS, S.A.
IES 2016, Portal da Empresa, Sonae MC – Modelo Continente, SGPS, S.A.
IES 2017, Portal da Empresa, Sonae MC – Modelo Continente, SGPS, S.A.
IES 2018, Portal da Empresa, Sonae MC – Modelo Continente, SGPS, S.A.
Relatório e contas de 2017 da Sonae MC, S.G.P.S., S.A. (27 de dezembro de 2022). Obtido de https://www.sonae.pt/fotos/investimentos/rcsonaeinvestimentos2017pt_10578211065ae9cf6e015ff.pdf
Relatório e contas de 2018 da Sonae MC, S.G.P.S., S.A. (27 de dezembro de 2022). Obtido de https://mc.sonae.pt/wp-content/uploads/2019/06/easonaemc2018_pt.pdf
Relatório e contas de 2020 da Sonae MC, S.G.P.S., S.A. (27 de dezembro de 2022). Obtido de https://mc.sonae.pt/wp-content/uploads/2021/05/desempenho-financeiro.pdf
Relatório e contas de 2021 da Sonae MC, S.G.P.S., S.A. (27 de dezembro de 2022). Obtido de https://mc.sonae.pt/wp-content/uploads/2022/03/relatorio-anual-MC-2021-PT-website.pdf