Mergers, Acquisitions, and Alliances

© 2012 by Oxford University Press. All rights reserved.This article considers the determinants and effects of M&As in the pharmaceutical industry, with a particular focus on innovation and R&D productivity. As is the case in other industries, mergers in the pharmaceutical field are driven by a variety of company motives and conditions. These include defensive responses to industry shocks as well as more proactive rationales, such as economies of scale and scope, access to new technologies, and expansion to new markets. It is important to take account of firms' characteristics and motivations in evaluating merger performance, rather than using a broad aggregate brushstroke. Research to date on pharmaceuticals suggests considerable variation in both motivation and outcomes. From an antitrust policy standpoint, the larger horizontal mergers in pharmaceuticals have run into few challenges from regulatory authorities in the United States and the European Union, given the option to spin off competing therapeutic products to other drug firms.

SiO in G34.26: Outflows and shocks in a high mass star forming region

We have looked for SiO emission as evidence of shocks in the high mass star formation region G34.26+0.15. JCMT, VLA and FCRAO observations show that SiO emission is widespread across the region. The SiO emission highlights a massive, collimated out ow and other regions where stellar winds are interacting with molecular clumps. As in other star forming regions, there is also SiO at ambient velocities which is related to the out ow activity. No strong SiO abundance enhancement was measured in either the out ow or the low velocity gas, though abundances up to 10(-8) are possible if the SiO is locally enhanced in clumps and optically thick. SiO emission is not detected from the hot core itself, indicating either that SiO is not strongly enhanced in the hot core or that column densities in the region where grain mantle evaporation has taken place are low. In line of sight spiral arm clouds, we measure a SiO abundance of 0.4-2 x 10(-10), consistent with previous estimates for quiescent clouds.

A 330-360 GHz spectral survey of G34.3+0.15 - III. The outer halo

We have undertaken a 330-360 GHz molecular line survey of the halo gas surrounding the hot core associated with G34.26+0.15. In contrast to our molecular line survey of the hot core itself, where 338 lines from at least 38 species were detected, only 18 lines from 9 species were detected in the halo. The lines are mainly single transitions of simple di atomic and triatomic molecules. Lower limits to their column densities have been evaluated by an LTE method. In the case of methanol, where four transitions were detected, the rotation temperature and column density have been evaluated by the rotation diagram technique. We have modified the previous depth-dependent chemical model developed in Paper II to calculate the column densities observed along a general line of sight drawn through the model cloud. The model is also extended to produce beam-averaged column densities for better comparison with those observed. We compare the model column densities with those observed and make recommendations for future depth-dependent chemical modelling of hot cores.

A 330-360 GHz spectral survey of G34.3+0.15 .2. Chemical modelling

We describe a detailed depth-and time-dependent model of the molecular cloud associated with the ultracompact H II region G 34.3+0.15. Previous work on observations of NH3 and CS indicates that the molecular cloud has three distinct physical components:- an ultracompact hot core, a compact hot core and an extended halo. We have used the physical parameters derived from these observations as input to our detailed chemical kinetic modelling. The results of the model calculations are discussed with reference to the different chemistries occuring in each component and are compared with abundances derived from our recent spectral line survey of G 34.3+0.15 (Paper I).

THE DETECTION OF HOT ETHANOL IN G34.3+0.15

Hot molecular cores in star-forming regions are known to have gas-phase chemical compositions determined by the evaporation of material from the icy mantles of interstellar grains, followed by subsequent reactions in the gas phase. Current models suggest that the evaporated material is rich in hydrogenated species, such as water, methane and methanol. In this paper, we report the detection of 14 rotational transitions of ethanol in the submillimetre spectrum of the molecular cloud associated with the ultra-compact H II region G34.3+0.15. We derive a rotation temperature of 125 K and a beam-averaged column density of 2.0x10(15) cm(-2), corresponding to a fractional abundance on the order of 4x10(-9). This large abundance, which is a lower limit due to the likelihood of beam dilution, cannot be made by purely gas-phase processes, and we conclude that the ethanol must be formed efficiently in the grain surface chemistry. Since it has been argued previously that methanol is formed via surface chemistry, it appears that alcohol formation may be a natural by-product of surface reactions.

Normal type Ia supernovae from violent mergers of white dwarf binaries

One of the most important questions regarding the progenitor systems of Type Ia supernovae (SNe Ia) is whether mergers of two white dwarfs can lead to explosions that reproduce observations of normal events. Here we present a fully three-dimensional simulation of a violent merger of two carbon-oxygen white dwarfs with masses of 0.9 M and 1.1 M combining very high resolution and exact initial conditions. A well-tested combination of codes is used to study the system. We start with the dynamical inspiral phase and follow the subsequent thermonuclear explosion under the plausible assumption that a detonation forms in the process of merging. We then perform detailed nucleosynthesis calculations and radiative transfer simulations to predict synthetic observables from the homologously expanding supernova ejecta. We find that synthetic color light curves of our merger, which produces about 0.62 M of Ni, show good agreement with those observed for normal SNe Ia in all wave bands from U to K. Line velocities in synthetic spectra around maximum light also agree well with observations. We conclude that violent mergers of massive white dwarfs can closely resemble normal SNe Ia. Therefore, depending on the number of such massive systems available these mergers may contribute at least a small fraction to the observed population of normal SNe Ia. © 2012 The American Astronomical Society. All rights reserved.

On the brightness distribution of type ia supernovae from violent white dwarf mergers

We investigate the brightness distribution expected for thermonuclear explosions that might result from the ignition of a detonation during the violent merger of white dwarf (WD) binaries. Violent WD mergers are a subclass of the canonical double degenerate scenario where two carbon-oxygen (CO) WDs merge when the larger WD fills its Roche lobe. Determining their brightness distribution is critical for evaluating whether such an explosion model could be responsible for a significant fraction of the observed population of Type Ia supernovae (SNe Ia). We argue that the brightness of an explosion realized via the violent merger model is mainly determined by the mass of Ni produced in the detonation of the primary COWD. To quantify this link, we use a set of sub-Chandrasekhar mass WD detonation models to derive a relationship between primary WD mass (m) and expected peak bolometric brightness (M). We use this m-M relationship to convert the masses of merging primary WDs from binary population models to a predicted distribution of explosion brightness. We also investigate the sensitivity of our results to assumptions about the conditions required to realize a detonation during violent mergers ofWDs. We find a striking similarity between the shape of our theoretical peak-magnitude distribution and that observed for SNe Ia: our model produces a M distribution that roughly covers the range and matches the shape of the one observed for SNe Ia. However, this agreement hinges on a particular phase of mass accretion during binary evolution: the primary WD gains ~0.15-0.35M? from a slightly evolved helium star companion. In our standard binary evolution model, such an accretion phase is predicted to occur for about 43 per cent of all binary systems that ultimately give rise to binary CO WD mergers. We also find that with high probability, violent WD mergers involving the most massive primaries (?1.3M?, which should produce bright SNe) have delay times ?500 Myr. © 2012 The Authors. Published by Oxford University Press on behalf of the Royal Astronomical Society.

Sub-luminous type Ia supernovae from the mergers of equal-mass white dwarfs with mass 0.9M

Type Ia supernovae are thought to result from thermonuclear explosions of carbong'oxygen white dwarf stars. Existing models generally explain the observed properties, with the exception of the sub-luminous 1991bg-like supernovae. It has long been suspected that the merger of two white dwarfs could give rise to a type Ia event, but hitherto simulations have failed to produce an explosion. Here we report a simulation of the merger of two equal-mass white dwarfs that leads to a sub-luminous explosion, although at the expense of requiring a single common-envelope phase, and component masses of 0.9M. The light curve is too broad, but the synthesized spectra, red colour and low expansion velocities are all close to what is observed for sub-luminous 1991bg-like events. Although the mass ratios can be slightly less than one and still produce a sub-luminous event, the masses have to be in the range 0.83M to 0.9M. © 2010 Macmillan Publishers Limited. All rights reserved.

Impact of the financial crisis on cross-border mergers and acquisitions and concentration in the global banking industry

The global banking industry has seen dramatic changes in the past 40 years. Most recently, the financial liberalization of emerging markets and the global financial crisis have significantly impacted the market share of banks worldwide. This article investigates the impact of the 2007–2008 financial crisis on cross-border mergers and acquisitions (M&As) in the banking sector and emphasizes the role of emerging-market banks in the postcrisis consolidation trend. Using M&A data and concentration data over the period 2000–2013, our analysis indicates that the financial crisis had a significant impact on worldwide M&As, especially on the direction of the transactions. Emerging-market banks appear to be major acquirers in the postcrisis period, targeting both neighboring countries and developed economies in Europe. We also observe an increase in bank concentration in developed markets most hit by the financial crisis, especially in the United States and the United Kingdom, whereas bank concentration decreased in emerging markets.

Long-term performance of mergers and acquisitions in ASEAN countries

The study looks at mergers and acquisitions (M&As) in ASEAN countries and examines the post-M&A performance using data from 2001 to 2012. The industry-adjusted operating performance tends to decline in the 3 years following an M&A. Yet, the results suggest that M&As completed during the financial crisis are more profitable than those implemented before and/or after the crisis. We argue that this is mainly due to the synergies created between the firms’ resources during the crisis which augur well for firms’ economic performance. We find that, during the crisis, certain characteristics of the firms like the relative size of the target, cross-border nature of deals, acquirer's cash reserves and friendly nature of deals are important determinants of long-term post-M&A operating performance. However, for M&As during the crisis, there appears to be no relationship between performance and firms’ characteristics linked to M&A activity such as payment method, industry relatedness and percentage of target's share acquired.

Management of Cross Border Mergers and Acquisitions

This research thesis analyses the motivation behind the cross-border mergers and acquisitions deals. How mergers and acquisitions of new knowledge and assets, enhance business with expansion into new streams and international markets. Also, how mega deals help them to gain a power in the international markets. The research focuses on understanding the interrelation between motivations which are contributing to M&A activities and how issues like cultural differences and different management styles are overcome by these firms in cross-border settings. Chapter 1, gives a background knowledge on cross-border M&A as popular internationalization strategy choice, continuing with describing the process in Finnish and Japanese cultural context, and how these deals are proceeding in particular cases. Chapter 2, reviews the important findings and touches the common gaps or aspects those are not studied extensively, does play a key role in the success and failure of M&A deals. A methodology is presented in chapter 3, presenting the hurdles faced by many in this research field. Chapter 4, present the case study is presented to show how M&A can play an important role in structuring the entire economy of Japan. At last chapter 5, presents the evidence, if cultural, HRM and geographical aspects really contribute to the success of M&A, based on which managerial implications are suggested and propositions are built for future research references.