Carl Icahn pushes ebay to spin-off paypal

The following case-study describes the situation involving eBay, PayPal and Carl Icahn as of February 2014. Its structure is divided between the narrative and a teaching note. The case narrative describes all the events between the three parties until the 24th of February 2014, when the activist investor Carl Icahn sends a public shareholder letter strongly criticizing eBay’s board and corporate governance practices while proposing at the same time the spin-off of PayPal from eBay. The teaching note intends to analyse the possibility of spinning-off PayPal, while at the same time analysing the Corporate Governance issues in eBay’s board. The final conclusion in the teaching note is favourable towards the spin-off of PayPal.

BRISA’S takeover offer

This project is composed by a Case Study regarding Tagus’ takeover offer for Brisa. The case study describes each player involved in the operation: the target company – Brisa, the acquirers – José de Mello and Arcus; as well as the circumstances surrounding the takeover, with a description of the takeover itself and the conflict between the acquirers and Abertis. Associated to the case, there is a group of six question and their respective answers, regarding the motive of the takeover, the price per share, what should be the positions of Brisa’s shareholders regarding the takeover and the reason Brisa’s share price declined after the success of the operation.

The price of honour: The corporate governance of Banco Espirito Santo

The Price of Honour is a case study, supported with teaching notes, which describes the events and circumstances surrounding the implosion of one of Portugal’s most systemically important banks - Banco Espírito Santo (BES). The case focuses on BES’s corporate governance and how the Espírito Santo family’s tight control of the bank led to its exploitation. Although the situation caught the attention of the bank’s supervisors, their untimely actions could not prevent BES’s financial health from crumbling only two months after a rights issue. With little leeway, the supervisors put forward a resolution which dramatically ended the bank’s centennial legacy.

Corporate governance failure at PT

The following case study depicts the bitter transfiguration of Portugal Telecom, SGPS (PT), a multinational telecommunications company that was once an honourable flag of innovation, corporate governance standards in Portugal and overseas. It scrutinises the controversial episodes that paved the way for the pitiful condition in which PT is nowadays: a company that carries the weight of a ruinous €897 million investment in a defaulted company and no more than a 25.6% stake in a heavily indebted Brazilian carrier. The free-fall is made, ironically, of a complete disregard for best corporate governance practices, allowing for PT’s major shareholders to take over the helm of the company, using it selfishly as a cash cow.

Code name

The present case-study concerns about the analysis of the sale of Banif Mais, the sub-holding of Banif Group for specialized credit activity, taking into account the bank’s financial situation in 2014. In 2011, Portugal was submitted to an external finance programme carried out by troika which imposed very restricted measures to the financial sector. Subsequently, Banif was not able to accomplish the required results having to appeal to Government financing, being under a recapitalization plan since 2012.

PT Multimedia

The purpose of the present case – and accompanying Teaching Notes – is to better understand the spin-off of PT Multimédia, by Portugal Telecom, after receiving a Public Takeover Offer from Sonaecom, in 2006. The Government and the Competition Authority had never looked in a serious way at PT’s dominant position and the lack of room for competition in the TMT sector – PT was the owner of both the cable and copper networks, having access to privileged information from its competitors with control over the wholesale and retail businesses. In 2006, the company received a takeover offer from Sonaecom, the TMT subsidiary from the Portuguese conglomerate Sonae. The offer was voted and rejected by a majority of PT shareholders, but the whole process triggered several recommendations from the regulatory bodies. As a result, PT divested its cable business with the spin-off of PT Multimédia, giving birth to a new competitor and a totally different landscape in the telecommunications sector in Portugal.

Fuel switching

The present Master dissertation is a project whose main objective is to identify value creation opportunities through fuel switching in the Portuguese industry, services, agriculture and fishing sectors. Fuel switching opportunities are characterized by type of fuel transition, type of technology transition, economy subsectors prone to have fuel switching and value created through fuel shift. Results suggest tomato concentrate, dairy, beer manufacturing and sugar refining subsectors is where prevalence of fuel oil steam boilers is high, for such cases conversion to natural gas steam boilers should result in operations having a ratio of NPV over CAPEX larger than ten and a payback period just under one year. Results further suggest food, beverages, textile, chemicals and wood subsectors currently operate between ten and twenty cogeneration Diesel engines that can be either modified to operate with natural gas or replaced by new natural gas cogeneration systems. Financial modeling indicates that both options have great value creation potential. The current analysis aims to be used by natural gas suppliers and energy project promoters to identify new potential deals as well as by heavy energy consumers to mitigate their energy related costs.

Qualidade do ar interior em habitações: fontes emissoras de poluentes

Nos últimos anos, a qualidade do ar interior tem emergido como uma das principais preocupações para os utilizadores, proprietários e gestores de edifícios. A consciência e procura de ambientes interiores saudáveis têm vindo a aumentar, sendo que é generalizado o reconhecimento da importância de ambientes interiores com concentrações de poluentes aceitáveis, confortáveis e produtivos. As pessoas gastam cerca de 90 por cento do seu tempo em ambientes fechados, sendo que o ar dentro de habitações e noutros edifícios pode ser mais poluído do que no ar exterior. Nas habitações diversas fontes emissoras de poluentes estão presentes e a distância entre estas fontes e os ocupantes é muito reduzida. Isto significa que a exposição a poluentes do ar dentro das habitações pode ser muito elevada. O presente estudo teve como objetivo caraterizar a exposição a fontes interiores em habitações. Foram estudadas as seguintes fontes emissoras: lareiras abertas e lareiras fechadas com recuperador de calor com queima de pinho e briquetes; confeção de alimentos, incluindo preparações de fritos e cozidos, bem como o uso de torradeiras elétricas. A exposição de seres humanos a poluentes durante o sono também foi avaliada. As medições de poluentes, como material particulado (PM1, PM2,5, PM10), ozono (O3), monóxido de carbono (CO), dióxido de carbono (CO2), compostos orgânicos voláteis (COVs) e formaldeído (CH2O), e parâmetros de conforto, como temperatura e humidade relativa, foram realizadas em três casas com caraterísticas diferentes. A análise temporal dos dados e a comparação entre as concentrações de poluentes medidas no interior e exterior foram utilizadas para avaliar o impacte das fontes avaliadas. Os resultados indicaram que os seres humanos estão expostos a concentrações elevadas de poluentes quando estão perto de fontes específicas. As medições efetuadas em espaços com lareiras indicaram que as concentrações foram mais elevadas no caso da lareira aberta aquando da combustão de pinho. As concentrações de partículas, COVs, CO e CH2O ultrapassaram os valores limite definidos pela legislação. Durante as atividades de culinária as concentrações de COVs, CH2O e partículas medidas na cozinha também excederam os valores limite definidos pela legislação nacional. As concentrações foram mais elevadas para a confeção de alimentos de fritos em fogão a gás e quando a torradeira foi utilizada para um pão bastante torrado. Durante a noite foi observado o aumento das concentrações de CO2 e concentrações superiores de poluentes foram registadas para porta e janela fechadas.