Arhiva etichetelor: London Business School MIRSANU DEALMAKERS SUMMIT

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Alex Edmans, London Business School: A avut loc o renastere masiva a pietei globale de M&A. M&A poate fi folosit pentru a creste valoarea unei companii, care prin ESG se imparte intre investitori si societate. Dar M&A este si o cale scumpa de a obtine sinergii

“A avut loc o renastere masiva a pietei globale de M&A astfel ca pana la finele trimestrului al treilea, am vazut tranzactii M&A de 3,4 trilioane USD la nivel global si asta datorita unui numar de factori. Este evidenta o revenire dupa pandemie, este si datorita finantarii ieftine cu rate de dobanda mici, dar de asemenea cu cotatii inalte ale actiunilor, titlurile din SUA si Europa sunt la peste 30% fata de ultimele 12 luni“, a declarat Alex Edmans, profesor de finante la London Business School, keynote speaker in cadrul MIRSANU DEALMAKERS SUMMIT 2021, eveniment online organizat pe 10 decembrie de catre jurnalul de tranzactii MIRSANU.RO in jurul comunitatii jucatorilor de pe pietele de fuziuni si achizitii (M&A), finante corporative, piete de capital si real estate din Europa Centrala si de Est. 

“Sponsorii financiari, cum sunt fondurile de private equity, au avut o pondere de 40% in piata globala de M&A, atat din punct de vedere al valorii, cat si al volumului“, estimeaza profesorul Alex Edmans de la London Business School, care a lucrat anterior ca bancher de investitii pentru Morgan Stanley la Londra si New York.

Digitalizarea, evolutia inregistrata in lanturile de aprovizionare si evolutia preferintelor de consum au fost principalele motoare din spatele evolutiei pietei globale de M&A, potrivit lui Alex Edmans.

“In digitalizare, este mai degraba vorba despre o abordare de tipul The winner takes it all (castigatorul ia totul – n.r.). Avem de exemplu tranzactia Nexi – Nets payment. In ceea ce priveste tendinta de achizitie cu impact pe lanturile de aprovizionare – in aprilie, Panasonic a cumparat BlueYonder pentru software cu care sa administreze enterprise supply chaines. De asemenea, un alt motor al pietei de M&A a fost evolutia in preferintele de consum, aici un exemplu ar fi tranzactia Walmart – MeMD in telemedicina)“, explica Alex Edmans.

“Un alt lucru interesant este schimbarea naturii sinergiilor in M&A. Ati vazut tranzactii care sunt focusate pe taieri de costuri de exemplu banci, hoteluri, si vorbim evident si de sinergii de venituri. Oamenii intotdeauna au dubii privind sinergiile rezultate din fuziuni. Cred ca asta se schimba. Evident taierile de costuri vor fi mereu urmarite in M&A, dar este in crestere M&A ca sursa de venituri“, precizeaza Alex Edmans.

“In urma cu 15 ani, ESG era cunoscuta ca CSR – Corporate Social Responsability (Responsabilitate corporativa sociala). Era ceva de care se ocupa un mic departament intr-o companie si nu era vazut ca fiind o tema la nivelul unui CEO. Dar acum vedem ca in ultimii 15 ani a avut loc o schimbare majora la nivelul cerintelor pentru un CEO. Acum, fiecare CEO vorbeste despre asta“, semnaleaza schimbarea de paradigma profesorul Alex Edmans de la London Business School.

Deci, ESG este o consideratie majora pentru M&A, este un motiv pentru a face M&A.

“Sa ne gandim ca valoarea unei companii este ca o placinta si putem imparti placinta intre investitori, a caror parte este sub forma profiturilor, si societate, a carei parte din placinta este sub forma salariilor catre angajati, a taxelor platite catre guvern si a preturilor corecte catre clienti. Mai multa lume crede ca ESG implica impartirea placintei intr-un mod mai corect“, explica Edmans.

Asta reprezinta cel mai bine ESG. Nu ai nevoie de M&A pentru asta, mai spune acesta.

“Orice companie poate schimba salarii si lua alte masuri.  Si atunci, trebuie sa faci prin inovatie sau prin a incerca sa faci mai multe lucruri pentru a creste placinta“, adauga Alex Edmans.

In acest fel, M&A devine activ un mod de a crea valoare. Si atunci cum poti face tranzactii M&A care sa conduca la a obtine mai multi bani, dar care sa ne permita sa creeze mai multa valoare mai larg pentru societate?

Asta nu rezolva doar ESG, ci conduce si la profituri mai mari prin crearea de valoare, sustine profesorul de Finante al London Business School.

“Totusi, tranzactiile M&A sunt si o cale foarte scumpa de a realiza sinergii. A cumpara o tinta inseamna uneori sa platesti un premiu de 30% si urmeaza apoi si alte costuri, cum sunt si costurile de integrare. Sunt si alte moduri de a obtine sinergii – poti avea contracte pe termen lung intre client si furnizor, poti avea cross selling, poti lua un pachet minoritar intr-o companie, te poti angaja in investitii cu furnizorul tau – Apple nu cumpara furnizori, dar are Advanced Manufacturing Funds prin care investesc bani in furnizori sau poti avea joint – venture“, puncteaza Alex Edmans.

“Este foarte mult excitement in jurul M&A incat s-ar putea forma un bubble, multe companii sunt interesate sa faca M&A, fondurile de private equity stau pe 1,5 trilioane USD de capital (asa-numitul dry powder – n.r.) gata sa cumpere tinte, ai 400 de SPAC-uri cu 0,5 trilioane USD care isi cauta o tinta si ai concurenta din partea altor cumparatori strategici, numai companiile globale non-financiare dispun de 7 trilioane USD cash“, afirma profesorul londonez.

“Si atunci te intrebi – sunt si cai mai ieftine de a avea ESG?“, a mai spus Alex Edmans de la London Business School in cadrul evenimentului organizat de jurnalul de tranzactii MIRSANU.RO.

Partenerii MIRSANU DEALMAKERS SUMMIT 2021 sunt Immofinanz, Dentons, Bursa de Valori București, ING Bank România, Prefera Foods, Alro, Mazars, Schoenherr și DLA Piper România.

 

 

alex edmans main

Alex Edmans, Professor of Finance at London Business School, keynote speaker of MIRSANU DEALMAKERS SUMMIT 2021

Alex Edmans, Professor of Finance at London Business School, is keynote speaker for MIRSANU DEALMAKERS SUMMIT 2021 on December 10 opening this online event and will participate also in the panel dedicated to international trends that shapes major corporative transactions.

Alex is Academic Director of the Centre for Corporate Governance. Alex graduated from Oxford University and then worked for Morgan Stanley in investment banking (London) and fixed income sales and trading (New York). After a PhD in Finance from MIT Sloan as a Fulbright Scholar, he joined Wharton in 2007 and was tenured in 2013 shortly before moving to LBS.

Alex’s research interests are in corporate finance, responsible business and behavioural finance. He is Managing Editor of the Review of Finance, the leading academic finance journal in Europe. His research has been covered by the Wall Street Journal, Financial Times, New York Times, The Economist, and The Times, and he has been interviewed by Bloomberg, BBC, CNBC, CNN, ESPN, Fox, ITV, NPR, Reuters, Sky News, and Sky Sports. Alex has spoken at the World Economic Forum in Davos, testified in the UK Parliament, presented to the World Bank Board of Directors as part of the Distinguished Speaker Series, and given the TED talk What to Trust in a Post-Truth World and the TEDx talk The Social Responsibility of Business with a combined 2.3 million views.

Alex serves on the Steering Group of The Purposeful Company, a UK consortium of leaders in responsible business and on Royal London Asset Management’s Responsible Investment Advisory Committee. The UK government appointed him (jointly with PwC) to conduct a study on the effect of share buybacks on executive pay and investment. Alex also serves as Mercers’ School Memorial Professor of Business at Gresham College, giving a four-year programme of lectures to the public. His 2020/21 lecture series is on The Psychology of Finance and his prior series were on Business Skills for the 21st Century and How Business Can Better Serve Society. His book, Grow the Pie: How Great Companies Deliver Both Purpose and Profit, was named to the Financial Times Business Books of the Year for 2020.

At Wharton, Alex won 14 teaching awards in six years. At LBS, he won Best Teacher awards for both the MBA and Masters in Financial Analysis programmes and the Excellence in Teaching award for best professor across all programmes. He has been named to Poets and Quants Best 40 Professors Under 40 and Thinkers50 Radar.

On December 10, 2021, MIRSANU.RO transaction journal is hosting MIRSANU DEALMAKERS SUMMIT 2021, an event dedicated to the community of corporate transactions – mergers & acquisitions (M&A), financing, capital market transactions and real estate transactions.

The agenda of the event will be as follows:

09:50 – 10:00 Introduction by the event moderator

10.00 – 10.10 Keynote speaker

10.10 – 11.00 Panel on international macro trends and local trends that will shape the major corporate deals

11.00 – 11.50 Panel on the mergers & acquisitions (M&A) market

11.50 – 12.10 Study Case

12.10 – 13.00 Panel on corporate financing

13.00 – 13.20 Developments on the real estate market

13.20 – 14.20 Break

14.20 – 15.10 Roundtable panel on private equity & venture capital

15.10 – 15.30 Q&A ESG

15.30 – 16.20 Deals on the capital markets

16.20 – 16.30 Opportunities room

16.30 – 17.20 Debate: Buyers v Sellers

17.20 – 17.30 Event conclusions

 

The event’s partners are Immofinanz, Dentons, Bucharest Stock Exchange, ING Bank Romania, Prefera Foods, Alro, Mazars, Schoenherr and DLA Piper Romania.

If you are interested in attending this event, please contact us at: office@mirsanu.ro.

 

About MIRSANU.RO

MIRSANU.RO is the first Romanian media product consisting of news, analyses, interviews and opinions exclusively addressing transactions and industry professionals. We provide information on three main areas – mergers & acquisitions (M&A), financing, and capital market transactions.

MIRSANU.RO is a B2B (BUSINESS TO BUSINESS) media product exclusively targeting executives, entrepreneurs, business owners, investors and funders, as well as a B2P (BUSINESS TO PROFESSIONALS) product, with information addressing the activity of the professional merger & acquisition (M&A) and overall deal making community, consisting of investment fund managers, lawyers, investment bankers, bankers, strategy consultants, auditors, as well as other transaction-related professional service providers.