Applied Mergers and Acquisitions. Robert F. Bruner

However, by any measure, cross-border M&A is sizable, and is a material element of all (i.e., domestic and cross-border) M&A activity.

      Cross-border transactions have a different profile compared to domestic deals. Researchers have found that cross-border deals are:

       More related. Cross-border acquisitions tend not to represent diversification far beyond the buyer’s core industry. Acquisitions into related businesses represent 60 to 75 percent of cross-border deals.⁴

       Payment is mainly in cash. Many cross-border buyers do not have shares listed for trading in the foreign market. Therefore, it is not surprising that buyers tend to pay with cash rather than stock.⁵

       Targets are mainly manufacturing firms with low intangible assets. Conn and Nielsen (1990) found that 97 percent of U.S. firms’ targets and 74 percent of U.K. firms’ targets were in manufacturing rather than finance or services.

EXHIBIT 5.1 Trends in Completed Cross-Border Mergers and Acquisitions Involving a U.S.-based Buyer or Target

Column	1	2	3	4	5	6	7	8	9	10
	Number of Cross-Border Deals	Value of Cross-Border Deals	Cross-Border Deals as a Percentage of All Transactions (Domestic and Cross-Border)	Value of All Foreign Direct Investment into and out from the United States
	Total Number	Number of Inbound Deals	Number of Outbound Deals	Total Value (Billions)	Value of Inbound (Billions)	Value of Outbound (Billions)	% of Number of Deals	% of Total Value	Inbound U.S. FDI (Billions)	Outbound U.S. FDI (Billions)
2002	1,489	649	840	$107.0	$ 65.0	$ 42.0	17.6%	10.8%	$ 39.6	$137.8
2001	2,063	888	1,175	$216.0	$118.4	$ 97.6	20.3%	14.3%	$157.9	$156.0
2000	3,259	1,391	1,868	$433.8	$311.5	$122.3	24.0%	13.7%	$287.7	$152.4
1999	2,701	1,059	1,642	$349.9	$229.9	$120.0	25.0%	23.2%	$282.5	$155.2
1998	2,630	884	1,746	$320.3	$191.8	$128.6	21.9%	22.2%	$193.4	$132.8
1997	2,205	790	1,415	$143.8	$ 70.7	$ 73.1	20.7%	17.9%	$109.3	$109.8
1996	1,952	689	1,263	$121.2	$ 65.2	$ 56.0	19.8%	17.6%	$ 89.0	$ 92.7
1995	1,746	619	1,127	$ 83.2	$ 42.0	$ 41.1	19.9%	17.8%	$ 59.6	$ 99.5
1994	1,415	555	860	$ 60.6	$ 39.0	$ 21.6	19.7%	19.4%	$ 47.4	$ 80.7
1993	1,140	428	712	$ 33.2	$ 16.6	$ 16.6	19.5%	16.4%	$ 52.6	$ 84.4
1992	1,033	431	602	$ 28.3	$ 13.4	$ 14.9	19.5%	19.8%	$ 21.0	$ 48.7
1991	1,152	592	560	$ 42.1	$ 27.6 Скачать книгу В начало < 53 54 55 56 57 58 59 60 61 62 > В конец