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Authors
Abstract(s)
Nos dias de hoje, o impacto das operações de fusões e aquisições nos processos de
reestruturação organizacional tem-se sentido progressivamente na economia
contemporânea, podendo ser encaradas como um dos principais meios de gerar ganho e
riqueza nas empresas intervenientes. Mediante a extensa investigação desenvolvida sobre
o tema constata-se que as fusões e aquisições podem ser consideradas como uma forma de
planeamento empresarial que permite às organizações alcançar novas oportunidades de
mercado, possibilitando inclusivamente uma diversificação ao nível dos seus negócios.
Isto poderá levar a que as entidades consigam ganhar uma maior força e competição,
cenário que na maioria dos casos não seria acessível operando de modo autónomo.
Os ganhos resultantes dos processos de fusões e aquisições são o foco e o objetivo
principal destas operações. Por esse motivo, o objetivo desta investigação empírica é o
estudo dos ganhos sinérgicos obtidos com as operações de fusões. E, com o intuito de
contribuir com melhores resultados, a técnica de investigação escolhida apoia-se num
estudo de caso englobando a análise detalhada de dois processos de fusões por
incorporação. O primeiro processo de fusão ocorre em 2016 entre as sociedades Sonae –
Specialized, S.G.P.S., S.A. e Sonae MC – Modelo Continente, S.G.P.S., S.A., enquanto o
segundo processo acontece em 2019 entre a Modelo Continente, S.G.P.S., S.A. e a Sonae
MC, S.G.P.S., S.A.. Para tal, optamos pelo método de avaliação de empresas com recurso
ao modelo quantitativo do fluxo de caixa descontado, onde o fluxo foi executado através
do fluxo de caixa livre e os cash flows foram atualizados pelo custo médio ponderado de
capital. Posto isto, determinamos a performance das entidades, isto é, quanto à
determinação do valor de mercado que cada entidade regista antes e após os processos de
fusão. Neste seguimento, para melhor análise relativamente ao desempenho e ao
comportamento das entidades intervenientes recorremos à ajuda de indicadores
económicos e financeiros, compreendendo a evolução destes indicadores.
Os resultados alcançados demonstram que, comparando o valor apurado das empresas
antes e pós fusão, é garantido um ganho extraordinário pós fusão, resultando na redução
de custos, em especial através da otimização de processos e na melhoria da eficiência
organizacional. Este estudo contribuiu para a compreensão dos ganhos sinérgicos em
fusões e aquisições. E através da investigação realizada, o estudo desenvolvido possibilita
identificar e quantificar os ganhos sinérgicos que as organizações alcançaram por meio
das operações de fusão.
Nowadays, the impact of mergers and acquisitions on organizational restructuring processes has been progressively felt in the contemporary economy and can be seen as one of the main ways of generating gain and wealth in the companies involved. Based on the extensive research carried out on the subject, it was possible to verify that mergers and acquisitions can be considered as a business planning strategy that allows organizations to reach new market opportunities and can also enable the diversification of their business portfolios. This could lead to entities being able to strengthen themselves and become more competitive, which in most cases would not be possible operating autonomously. The benefits obtained from mergers and acquisitions processes are the focus and main objective of these operations. For this reason, the objective of this empirical investigation is to study the synergistic gains obtained from merger operations. In order to contribute to better results through this research, the chosen research technique is based on a case study that includes a detailed analysis of two mergers by incorporation. The first merger takes place in 2016 between Sonae - Specialised, S.G.P.S., S.A. and Sonae MC - Modelo Continente, S.G.P.S., S.A., while the second takes place in 2019 between Modelo Continente, S.G.P.S., S.A. and Sonae MC, S.G.P.S., S.A.. For this purpose, we opted for the company valuation method using the quantitative discounted cash flow model, where the flow was determined through free cash flow and cash flows were updated by the weighted average cost of capital. Therefore, we determine the performance of entities based on the established estimation of the market value that each entity registers before and after the merger processes. Thereby we use the analysis of specific economic and financial indicators to understand their evolution and secure a better analysis regarding the performance and behavior of the entities involved. The results achieved reveal that comparing the value obtained by the companies before and after the merger, an extraordinary post-merger gain is guaranteed, that result in a cost reduction, especially through process optimization and improved organizational efficiency. This study contributed to the understanding of synergistic gains in mergers and acquisitions. The study developed based on the research carried out makes it possible both to identify and quantify the synergistic gains obtained by companies through merger operations.
Nowadays, the impact of mergers and acquisitions on organizational restructuring processes has been progressively felt in the contemporary economy and can be seen as one of the main ways of generating gain and wealth in the companies involved. Based on the extensive research carried out on the subject, it was possible to verify that mergers and acquisitions can be considered as a business planning strategy that allows organizations to reach new market opportunities and can also enable the diversification of their business portfolios. This could lead to entities being able to strengthen themselves and become more competitive, which in most cases would not be possible operating autonomously. The benefits obtained from mergers and acquisitions processes are the focus and main objective of these operations. For this reason, the objective of this empirical investigation is to study the synergistic gains obtained from merger operations. In order to contribute to better results through this research, the chosen research technique is based on a case study that includes a detailed analysis of two mergers by incorporation. The first merger takes place in 2016 between Sonae - Specialised, S.G.P.S., S.A. and Sonae MC - Modelo Continente, S.G.P.S., S.A., while the second takes place in 2019 between Modelo Continente, S.G.P.S., S.A. and Sonae MC, S.G.P.S., S.A.. For this purpose, we opted for the company valuation method using the quantitative discounted cash flow model, where the flow was determined through free cash flow and cash flows were updated by the weighted average cost of capital. Therefore, we determine the performance of entities based on the established estimation of the market value that each entity registers before and after the merger processes. Thereby we use the analysis of specific economic and financial indicators to understand their evolution and secure a better analysis regarding the performance and behavior of the entities involved. The results achieved reveal that comparing the value obtained by the companies before and after the merger, an extraordinary post-merger gain is guaranteed, that result in a cost reduction, especially through process optimization and improved organizational efficiency. This study contributed to the understanding of synergistic gains in mergers and acquisitions. The study developed based on the research carried out makes it possible both to identify and quantify the synergistic gains obtained by companies through merger operations.
Description
Keywords
Fusões Aquisições Avaliação de empresas Ganhos sinérgicos Mergers Synergistic gains Acquisitions Company valuation