| In 2013,it was called "the year of Chinese M&A",which caused a new round of M&A boom since the financial crisis.Affected by the adjustment of industrial structure and the relaxation of the policy of M&A of regulatory authorities,cross industry M&A has become the new darling of the new generation of M&A,M&A market is full of opportunities.However,in the case of the Dragon Pipe industry in the manufacturing sector,in 2014,its business environment is full of challenges.The Dragon Pipe industry's main business is the development of cement pipeline,production and sales,due to the financial crisis in 2008 and the national launch of the "four trillion" project is nearing completion,the government demand for cement pipelines is greatly reduced,while the diversion project makes the regional competitors increased dramatically,the environment makes the Dragon Pipe industry profit growth,return on equity is very low.And the Dragon Pipe subsidiary and dragon industry under the banner of the tube business the same or similar to the main business at the same time,affected by these environmental factors,business risk is very large.Therefore,the Dragon Pipe industry actively seize the opportunities of M&A,the implementation of cross industry M&A,to achieve the strategic transformation,but the process of cross industry M&A,transaction amount is huge,the risk is multi-faceted,enterprises need effective risk identification process of M&A and take effective measures to control risk,to ensure the acquisition target.This paper is based on the 2008 financial crisis after the manufacturing industry in the background of severe cement manufacturing industry in 2013,and the merger and acquisition opportunities across the country,using the literature research on concepts related to the risk of cross industry M&A are defined and in-depth understanding,in order to effectively identify and classify the risk in this process,the in case analysis,Dragon Pipe industry M&A case xerath,and analyzes the acquisition of two operating conditions by means of comparison analysis and financial index method,and focuses on acquiring the Dragon Pipe industry in the process of M&A,M&A will have a specific risk,and the measures taken to control these risks,to ensure the smooth progress of M&A.This paper is divided into four parts,the first part is the introduction,this part introduces the background of the case,the main challenge is business M & a Dragon Pipe industry also faces and acquisitions opportunities;and expounds the significance of case and literature significance;and expounds the control measures of domestic and foreign literature understanding and acquisition the risk for the risk of M&A.The second part is theintroduction,mainly introduces the acquisition of two operating conditions,highlighting the urgency and is of high profitability and high growth of M&A strategic transformation;and the reduction in the process of M&A,let the readers have a more intuitive understanding for this case.The third part is the case analysis to the acquirer from the perspective of before the acquisition,merger,merger and acquisition risk analysis process produces three stages after the merger,and the case of each stage of the risk source analysis,discusses the application of risk control measures adopted in merger cases.The fourth part is the case revelation and recommendations,mainly based on the idea of the third part of the cross industry M&A in different stages of the source of risk and control measures,hoping to provide some reference for other enterprises in the future M&A.Finally,the conclusion is drawn. |
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