Methods for evaluation of the synergic effect оf mergers and acquisitions of oil and gas companies
About authors
- 1 — post-graduate student National Mineral Resources University (Mining University)
- 2 — Ph.D., Dr.Sci. professor National Mineral Resources University (Mining University)
Abstract
In this article the authors explored different approaches to assessing synergies in mergers and acquisitions of companies, such as: evaluation based on discounted cash flow; evaluation based on a combination of financial and operational multipliers, and evaluation based on changes in cash flow and brand strength. It is noted that when choosing approaches to evaluation synergic effect resulting from mergers and acquisitions, it is necessary to take into account specificity of oil and gas companies. The article considers internal and external factors that determine the specificity of the oil and gas company as exemplified by «Bashneft, JSC».
Область исследования:
(Archived) Organizational and economic mechanisms of innovation development of companies in Russian mineral resources complex
Keywords:
mergers and acquisitions
synergic effect
net present value of synergies
financial and operational multipliers
method for estimating the value of the brand
Funding:
None
References
- Gohan P. Mergers, acquisitions and restructuring of companies. Мoscow, 2007. 741 p.
- Damodaran A. Investment Valuation: Tools and techniques for determining the value of any asset. Мoscow, 2011. 1324 p.
- Ivashkovskaya I. Mergers and acquisitions: the trap of the growth // Management of the company. 2004. N 7. P.26-29.
- Ishchenko S.M. The improvement of synergy effect’s estimate method like an instrument of perspective merger (acquisition) deals sampling // Bulletin of the Research Center of Corporate Law, Management and Venture Capital of Syktyvkar State University. 2009. N 1. P.51-58.
- Sidorenko U.S. Specificity of the valuation of Russian companies in mergers and acquisitions: Author’s abstract of Dis. Candidate. Econ. of Sciences. Мoscow, 2006. 24 p.
- Ross S., Vesterfild R., Jordan Br. Fundamentals of Corporate Finance. Moscow, 2001. 719 p.
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