35
.
-
-
,
-
-
-
P
Cosh Guest (2001)
-1996
36
(SIC)
Morck, Shleifer, Vishny (1988)
Guest
-
-
J.R. Graham, M.L. Lemmon, J. G. Wolf (2002)
-
%
37
-
-
Berger, Ofek (1995)
-15%.
Villalonga B
Delong (2001),
,
-3%
Contractor (2012)
38
- -
39
Dittmar, Li, Nain
(2008)
Bargeron, Schlingemann, Stulz, Zutter (2007)
- %
-
(
51
1 2008
40
EV/EBITDA
EV/EBITDA. %.
Maloney (1993)
-
Servaes q -
-
1972-1987 -
- -
q -
q
Lang, Stulz, Walkling -
q
41
.
2.1
-
5
1)
2008
1
2 -2017
1
Mergermarket M&A Trend Report: 2013
3669
2408
1711
2090
3278
4276
2251
3278
4276
3260
3150
0
2000
4000
6000
8000
10000
12000
14000
16000
18000
20000
0
500
1000
1500
2000
2500
3000
3500
4000
4500
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
Объем сделок, млрд.дол. Количество сделок
42
1
3 -2013
-
2012
1
, 30.09.2013
1519
1004
468
368
729
723
641
915
896
815
929
0
1000
2000
3000
4000
5000
6000
7000
8000
0
200
400
600
800
1000
1200
1400
1600
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
Объем сделок, млрд.дол. Количество сделок
43
.
1
Glencore Xstrata,
45,6
Anheuser Busch InBev (AB InBev)
SADMiller
AB InBev
(Financial Times).
%
%
2
-2013
TMT telecommunications,
media and technology) -
%
%. %
- TMT
1
(http://www.kommersant.ru/gallery/2264982#id=911985)
2
«Global & Regional Report 2017» Mergermarket (https://s3.eu-west-2.amazonaws.com/acuris-
live/MergermarketFinancialLeagueTableReport.Q42017.pdf)
44
-
Praxair Inc Linde AG
% -
% -
M&A
23% - .
M&A
M&A (23,7%), 23%).
-
Virgin Media
Liberty Global.
Actavis Inc.
Warner Chilcott Plc.,
Actavis % Warner Chilcott
8,5
19,9%