A Case Analysis On Haitong Securities Acquisition Of Banco Espírito Santo De Investimento

There are 729 transactions about of Domestic enterprises overseas mergers and acquisitions to invest in the 2016.Compared with 2015,the total amount has been increasing to $331.874 billions and up to 246%.The financial institutions enterprises overseas mergers and acquisitions reached more than 30 cases,but the brokerage in overseas mergers and acquisitions only has 2 cases.In the face of domestic enterprises overseas mergers and acquisitions blowout growing,China capital will have a huge outflow of capital demand to help the enterprises "going out" and "going steady".Certainly it cannot do without professional financial institutions to supply service and support.M & A momentum in the context of domestic enterprises overseas,the domestic brokerage business overseas development opportunities increase.While in 2016 the domestic brokerage overseas mergers and acquisitions transactions but very few domestic firms in the layout of the overseas market,the situation is slightly negative,it highlights the overall domestic brokerage "in the absence of overseas mergers and acquisitions".So the choice of domestic firms overseas mergers and acquisitions in-depth case studie is a realistic and urgent issue,and it can provide significant reference of overseas mergers and acquisitions of domestic firms.Selection of Haitong Securities investment BESI of the case study is mainly based on two considerations.One reason is the number of brokerage case of overseas mergers and acquisitions in recent years,the acquisition is completed in 2015 for delivery.Another reason is the acquisition is the first single China securities company headquartered in the acquisition of European Investment Bank.Firstly,the status of Haitong Securities overseas business analyzed the current situation of Haitong Securities overseas business and overseas strategic layout.The article believes that the expansion of overseas business increased after 2008 and overseas distribution has obvious relationship.Secondly,this paper introduces the main body of M & A and M & A process,from the price of the acquisition,motivation,synergy and risk analysis of four aspects.The article thinks,from the price analysis,both from the individua analysis and industry analysis point of view,the acquisition price is relatively reasonable.There are two main causes from the motivation analysis,one causes is Haitong Securities in order to further increase the overseas layout,especially to enter the European market,another reason is that the investment bank is a good acquisition target from the analysis of assets;From the synergies,the acquisition of Haitong Securities brings to increase revenue and reduce the cost of operating synergies,also brings financial ability,reasonable tax avoidance and expected good financial synergies;from the analysis of the risk,the merger and acquisition merger risk target is unknown,in the process of financing payment after the completion of the acquisition,there are also cultural integration risk,financial risk.Finally,on the basis of the above case analysis,this paper puts forward the domestic broker to grasp the current development of new opportunities and the domestic brokerage overseas mergers and acquisitions to carefully choose the conclusion of the merger.On the basis of the above case analysis,the article also puts forward two aspects of cultural risks and financial risk the relevant recommendations.