Case Study On Yanzhou Coal Industry Cross-border Mergers And Acquisitions Coal & Allied

Cross-border M & A is the most effective way of capital operation for enterprises to improve economic efficiency and production capacity.Therefore,in recent years,more and more enterprises in China have participated in cross-border M & A activities.However,Chinese enterprises face many difficulties in implementing cross-border mergers and acquisitions.How to solve the problems and realize successful mergers and acquisitions deserves further study.Cross-border mergers and acquisitions are means for enterprises to obtain core competitiveness through scientific and reasonable capital operations,thereby achieving their strategic development layout.Through cross-border mergers and acquisitions,the economic efficiency of enterprises will be improved,and market share will be further expanded.The thesis firstly summarizes and analyzes domestic and foreign literature about cross-border M & A motivations,financing methods,M & A risks and M & A performance.Secondly,the thesis summarizes the concepts and theories.Thirdly,the thesis introduces and analyzes the background and process of Yanzhou coal industry cross-border mergers and acquisitions Coal & Allied.Then the thesis analyzes the motivation of this cross-border merger and acquisition,the financing methods adopted,the risks faced by the merger and acquisition,and the performance comparison before and after the merger.Finally,through the analysis of the above cases,the thesis summarizes the successful experience of this cross-border merger and acquisition.In the process of Yanzhou Coal’s successful M & A,its financing M & A program played a key role.The case finally achieved a financing plan of 2.45 billion yuan through three mergers and acquisitions,respectively through rights issue,directional additional issuance,debt-to-equity swap,and issuance of exchangeable bonds,and successfully realized this cross-border merger and acquisition of coal.Through the analysis of the cross-border M &A of Yanzhou Coal Industry,the key to its success is found,which will bring reference to the implementation of cross-border M & A by Chinese enterprises,especially to those resource-based enterprises.The thesis comes to the conclusion that a reasonable financing plan will increase the feasibility of cross-border mergers and acquisitions,reduce the risks that mergers and acquisitions bring to the enterprise,increase the performance of the enterprise,and bring longer-term development for the enterprise.