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Authors
Abstract(s)
Atualmente tem-se assistido a um fenómeno crescente de Fusões e Aquisições (F&A) em todo o tipo de entidades, sendo conhecidas por proporcionarem um caminho mais rápido, flexível, eficiente e aparentemente mais seguro em termos de crescimento, inovação e expansão para novos mercados. Este tipo de práticas cria oportunidades que não estão disponíveis quando as empresas atuam de forma independente.
Perante a incerteza de que tudo corra de forma vantajosa, a presente dissertação visa compreender o conceito de F&A, as motivações e motivos subjacentes à ocorrência deste tipo de estratégias, o desempenho das empresas, assim como a criação de valor das mesmas. Assim sendo, o método de análise deste trabalho baseia-se num estudo de caso que analisa a fusão entre a Rede Ferroviária Nacional (REFER, E.P.E.) com a Estradas de Portugal (EP, S.A.), tendo a sociedade incorporante sido renomeada para Infraestruturas de Portugal (IP, S.A.).
Por fim, utilizaram-se indicadores económico-financeiros de forma a estudar o desempenho das empresas antes e após fusão. Deste modo, a análise financeira revela-se uma ferramenta muito pertinente, uma vez que fornece indicadores precisos que permitem efetuar um diagnóstico fidedigno da performance global da empresa. Por último, foi possível verificar que, em regra geral, este processo trouxe um desempenho bastante positivo após o processo de F&A, resultado que merecerá futuramente uma análise posterior mais cuidada e profunda.
Currently, we have been assisting to an increase phenomena of Mergers and Acquisitions (M&A) among all types of entities, being well known for allowing a more quicker, flexible, efficient and safe way for growth, innovation and expansion into new markets.These type of practices generate opportunities that are not available when the companies act independently in the market. The goal of this Thesis is to help the readers to understand the concept of M&A, the motivation under this type of strategy, the performance of the companies involved as well as its value creation. This way, the method of analysis of this paper is based on a case study that analyses the merger between the Rede Ferroviária Nacional (REFER, E.P.E.) and Estradas de Portugal (EP, S.A.), now named Infraestruturas de Portugal (IP, S.A.). Lastly, there was used economic and financial indicators in order to study the performance of the companies after merging. We concluded that the financial analysis it’s a very important tool as it allows to accurately determine the overall performance of the company. Lastly, it was possible to observe a positive performance of these same companies after the M&A process, however these results need to be carefully analyzed.
Currently, we have been assisting to an increase phenomena of Mergers and Acquisitions (M&A) among all types of entities, being well known for allowing a more quicker, flexible, efficient and safe way for growth, innovation and expansion into new markets.These type of practices generate opportunities that are not available when the companies act independently in the market. The goal of this Thesis is to help the readers to understand the concept of M&A, the motivation under this type of strategy, the performance of the companies involved as well as its value creation. This way, the method of analysis of this paper is based on a case study that analyses the merger between the Rede Ferroviária Nacional (REFER, E.P.E.) and Estradas de Portugal (EP, S.A.), now named Infraestruturas de Portugal (IP, S.A.). Lastly, there was used economic and financial indicators in order to study the performance of the companies after merging. We concluded that the financial analysis it’s a very important tool as it allows to accurately determine the overall performance of the company. Lastly, it was possible to observe a positive performance of these same companies after the M&A process, however these results need to be carefully analyzed.
Description
Versão Final (Esta versão contém as críticas e sugestões dos elementos do júri)
Keywords
Fusões Aquisições Rendibilidade Criação de valor Mergers Profitability Acquisitions Value creation