M&A and Privatisations in Poland: Key Success Factors of Cross-Border Acquisitions Into the Polish Market

ISBN-13: 9783824474158 / Niemiecki / Miękka / 2001 / 235 str.

Christiane Tewes

Opis

Langtext:Poland, with its 40m inhabitants and the privatisation of fundamental sectors of the economy, has become a very attractive market especially for Western investors. With increasingly complex and sensitive M&A/privatisation transactions, there is a need for up-to-date research which provides an in-depth view of the country. This is necessary for appropriate market entry and for making investment decisions.
Christiane Tewes analyses the key success factors of cross-border acquisitions into Poland's privatising industries within a 5-phase-acquisition-model. The author emphasises the overall complexity of cross-border M&A transactions into Poland, linking the proper M&A transaction with the sensitive privatisation process and the specific political, economic and cultural background of Poland.

Spis treści

1. Introduction.- 1.1. The Polish Challenge: Acquisitions Into Poland‘s Privatising Industries.- 1.2. Definition of Terms.- 1.2.1. Central and Eastern Europe (CEE).- 1.2.2. Mergers and Acquisitions.- 1.2.3. Privatisation.- 1.2.4. Key success factors.- 1.3. Structure of the Dissertation.- 2. Methodology.- 2.1. Research Background and Rationale for the Selected Topic.- 2.2. Research Objectives.- 2.3. Data Gathering Method.- 2.3.1. Secondary research.- 2.3.1.1. General approach.- 2.3.1.2. Limitations.- 2.3.2. Primary Research.- 2.3.2.1. Data gathering instrument.- 2.3.2.2. Sampling plan.- 2.3.2.2.1. Target population.- 2.3.2.2.2. Sampling method.- 2.3.2.3. Data collection.- 2.3.2.4. Limitations.- 3. Framework Conditions for Acquisitions in Poland.- 3.1. Political and Economic Background of Poland.- 3.1.1. Poland’s political environment.- 3.1.2. Poland’s economic environment within Central and Eastern Europe.- 3.1.2.1. Economic situation at the end of the 1980s.- 3.1.2.2. Economic development during the 1990s, current economic situation and outlook.- 3.1.2.3. Foreign direct investments (FDI).- 3.2. LEGAL PRIVATISATION ENVIRONMENT IN POLAND.- 3.2.1. Small privatisation.- 3.2.2. Mass privatisation programme.- 3.2.3. Capital (indirect) privatisation.- 3.2.3.1. Trade sale (public tender) and privatisation advisor.- 3.2.3.2. Public offering (IPO).- 3.2.4. Direct privatisation.- 3.2.5. Liquidation (bankruptcy).- 3.2.6. Reprivatisation/ Restitution.- 3.2.7. Privatisation progress and expected revenues.- 4. Acquisition Strategies in Poland.- 4.1. Market ENTRY Strategies.- 4.2. Strategic Acquisition Process.- 4.3. Value Creation Potentials — Sources of Acquisition Success.- 4.4. Pre-Acquisition Phase.- 4.4.1. Strategic objective: the right reason.- 4.4.1.1. Strategic positioning and globalisation.- 4.4.1.2. Market entry objectives.- 4.4.1.3. Obstacles to market entry.- 4.4.1.4. Conclusion: key success factors.- 4.4.2. Search and screening process: the right information.- 4.4.2.1. Project organisation.- 4.4.2.2. Information sources and the role of advisors.- 4.4.2.3. Development of a target requirement profile.- 4.4.2.4. Analysis of competitive environment.- 4.4.2.5. Analysis of the potential Polish target.- 4.4.2.5.1. Typical weaknesses of Polish companies.- 4.4.2.5.2. Typical strengths of Polish companies.- 4.4.2.5.3. Preliminary integration plan.- 4.4.2.6. Conclusion: key success factors.- 4.4.3. Valuation: the “right” price.- 4.4.3.1. Value of assets (Book Value/Adjusted Book Value).- 4.4.3.2. Discounted Cash Flow valuation (DCF).- 4.4.3.3. Multiples and comparable transactions.- 4.4.3.4. Conclusion: key success factors.- 4.5. The Deal — The Right Execution.- 4.5.1. Expectations of parties involved.- 4.5.2 Tender nrneed.ure.- 4.5.2.1. Information Memorandum.- 4.5.2.2. Key elements of a bidding proposal.- 4.5.2.2.1. Evaluation criteria.- 4.5.2.2.2. Price-method package.- 4.5.3. Due diligence.- 4.5.4. Negotiations.- 4.5.5. Documentation, signing and closing.- 4.5.6. Conclusion: key success factors.- 4.6. Post Acquisition Integration — The Right Implementation.- 4.6.1. Integration approaches.- 4.6.2. Speed of integration.- 4.6.3. Strategic and operative integration: turnaround-management.- 4.6.3.1. Managing strategy.- 4.6.3.2. Managing operational factors.- 4.6.3.3. Managing cultural differences.- 4.6.4. Conclusion: key success factors.- 5. Primary Research Results: Key Success Factors.- 5.1. General Results.- 5.1.1. Findings and interpretations.- 5.1.2. Conclusions.- 5.2. Strategic Objective: THE Right Reason.- 5.2.1. Findings and interpretations.- 5.2.2. Conclusions.- 5.3. Search and Screening Process: The Right Information.- 5.3.1. Findings and interpretations.- 5.3.2. Conclusions.- 5.4. Valuation: The “Right” Price.- 5.4.1. Findings and interpretations.- 5.4.2. Conclusions.- 5.5. The Deal — The Right Execution.- 5.5.1. Findings and interpretations.- 5.5.2. Conclusions.- 5.6. Post-Acquisition Integration: The Right Implementation.- 5.6.1. Findings and interpretations.- 5.6.2. Conclusions.- 5.7. Use of Advisors.- 5.7.1. Findings and interpretations.- 5.7.2. Conclusions.- 6. Conclusions and Recommendations.- 7. Prospects.

O autorze

Christiane Tewes graduierte im Rahmen eines berufsbegleitenden Aufbaustudiums an der Brunel University London. Sie ist Vice President für Mergers & Acquisitions/Privatisierungsberatung in Mittel- und Osteuropa bei der Commerzbank AG in Frankfurt am Main

Blurb

Poland, with its 40m inhabitants and the privatisation of fundamental
sectors of the economy, has become a very attractive market especially for Western investors. With increasingly complex and sensitive M&A/privatisation transactions, there is a need for up-to-date research which provides an in-depth view of the country. This is necessary for appropriate market entry and for making investment decisions.

Christiane Tewes analyses the key success factors of cross-border acquisitions into Poland's privatising industries within a 5-phase-acquisition-model. The author emphasises the overall complexity of cross-border M&A transactions into Poland, linking the proper M&A transaction with the sensitive privatisation process and the specific political, economic and cultural background of Poland.