Wal-mart Acquired The Design And Implementation Of Trust-mart Stores Program

Merger and acquisition (M&A) is a shortcut to enterprises expanding their business rapidly and enhancing their positions in the market. Most of great enterprises in the developed countries had depended on the means of M&A to expand their business. With the development of market economy and the globalization of economy, M&A in our country will be more and more active. How to get to know M&A and synergy effect? How to get synergy effect? The solution of these problems is of great theoretical and practical significance to enterprise's M&A in our country.The paper designed the merger program of Walmart based on efficiency theory of M&A. By using the operation data, the paper calculated the synergy effect of the program. It shows that the synergy effect can improve Walmart's achievements evidently. To avoid the limitation of discount cash flow (DCF) in estimating enterprise's value, the paper applys the method of real option to estimate enterprise's value.The paper analyzes the risks of the program. It also issues the measures of controlling risks. Integration is important to M&A. So it was analyzed emphatically.On basis of research, the paper concludes the conclusions as follows:(1) seeking for and getting synergy effect is the key to success ofM&A; (2) to get synergy effect should make use of the method of integration validly.