The Case Study On Zoomlion Acquiring CIFA Of Italy

Foreign Merger & Acquisition is one of the direct investments in overseas, in the context of global economic integration, multinational corporations is the normal existence of the business. The companies that have a certain scale and strength are exploring how to grow into internationally competitive multinational companies. Chinese enterprises, as the latecomer, most of them tend to grow into multinational corporations through the cross-border Mergers and Acquisitions because of competition and time. However, from the current situation, the attempts of cross-border M & A are increasing. Some did not reach a deal, although some make deals but ran into financial difficulties; only a few enterprises achieved the expected goals. Zoomlion acquired CIFA of Italy in September 2008, was a weak company acquires strong business. It occurred at a rather special time, which the United States subprime mortgage crisis is spreading to the world. Zoomlion acquired CIFA of Italy has passed more than two years, all the indications from the download, Zoomlion's acquisition of CIFA not only did not fail, but opposite, the two companies are running very well, thus it is worth for us to explore.Articles use Zoomlion's acquisition of Italian CIFA's case as a starting point, and use calm and objective point of view to analyze the entire process of Zoomlion's acquisition, include the preparation of pre-merger, negotiation and completion of the transaction. And then analyze of quantitative analysis and qualitative analysis of post-merger integration phase. In the end, this article gives the appropriate advices of company's overseas mergers and acquisitions in the future based on the practical experience of Zoomlion's acquisition of CIFA.This article has six chapters; the main contents of each chapter are as follows:Chapter 1:Introduction. This study describes the background and significance, this study briefly introduces the ideas and framework and purpose of this research and methods.Chapter 2:Literature review. Briefly summarize the domestic research literature and foreign research literature in recent years.Chapter 3:The theory of Mergers & Acquisitions. This chapter first accurately describes of the M & A related concept; then classified the type of merger according to different standards, the Zoomlion's acquisition of CIFA are classified according to relevant standards. Finally, to understand the history of mergers and acquisitions, gives a brief introduction to the domestic and foreign M & A.Chapter 4:Background analysis of Zoomlion's acquisition of Italian CIFA. The first part briefly introduces the development of M & A process; the second part, from the perspective of Zoomlion, analyzes the motivation of M & A; the third part describes the implementation of M & A process.Chapter 5:Integration analysis of Zoomlion's acquisition of CIFA of Italy. It includes the pre-merger preparation, negotiation and completion of the transaction and the integration after M & A analysis. The preparation of pre-merger focuses on two aspects:using external forces to formed pre-merger integration team and the plan; negotiation and completion of the transaction introduce the acquisition process and the competition encountered; quantitative analysis and qualitative analysis phase combined post-merger integration analysis.CThe main contribution of this paper: For the cross-border mergers and acquisitions, more research is theoretical,a few of studies through specific case, and most cases are selected to a larger post-merger integration difficulties, such as Lenovo's purchase of IBM PC business Department, TCL Group and Alcatel merger, this case chose Zoomlion acquired CIFA of Italy, although the time from acquisition to the present soon, it is believed that it was a successful acquisition case. This paper analyzed the success stories theoretically, in the hope of playing a reference role for the future overseas M & A.Of course,there are several shortcomings in this thesis,such as limitations of empirical data,time chosen and variables chosen.The objective elements mentioned above dominate my further discuss in my thesis,deficiency will be expected developed in my future study.