Some presentations and links on M&A
April 21, 2012 Leave a comment
Yesterday we had our first class since the business trip (for 1st year students ; more on this later), right during the period of thesis defense (for 2nd year students). It was M&A (mergers and acquisitions).
As Marc Hofman (Managing Director of Terbeke) later explained, I believe M&A cannot be taught for the simple reason that most of yesterday talks weren’t quite structured imho (except Hofman’s) (or I was too tired to discover their hidden structures – that’s also a possibility). But that’s fine for me: it deals with ego, feelings, etc. in a word, it’s not an exact science.
However I strongly believe that it’s no point giving students handouts with only part of the presentation you deliver (as the third presenter did). First, for us (students but also actual / potential future customers in our professional life), it’s very annoying not to have the whole story to review (especially with discountinuing numbers at the bottom right). Then anyway your audience will figure out one way or another to get the full slideset. So here I would like to thank Pierre Francotte, professor at Solvay Business School (The Belgian rival school, booooo!), to have made public the complete third presentation on M&A.
Don’t get me wrong: I usually appreciate companies that make most of their research public. And here it’s also the case: McKinsey published a lot about M&A (free registration required). For instance “Taking a longer-term look at M&A value creation” will re-explain you a big part of yesterday third presentation. Just be consistent till the end :-)
Finally, here are the direct links to some material refered to in the last presentation:
- Won’t get fooled again by Roy Harris in CFO Magazine of July 2004 (not the song from The Who)
- Smoothing postmerger integration by Albizatti et al. in McKinsey Quarterly of September 2005
- Deals from Hell by Robert Bruner (2005)
Enjoy your week-end!