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master's thesis
Preuzimanje poduzeća u duhanskoj industriji
Zagreb: University of Zagreb, Faculty of Economics and Business, 2016. urn:nbn:hr:148:872548
Kreković, Nives
University of Zagreb
Faculty of Economics and Business

Institutional repository: REPEFZG

Cite this document

Kreković, N. (2016). Preuzimanje poduzeća u duhanskoj industriji (Master's thesis). Zagreb: University of Zagreb, Faculty of Economics and Business. Retrieved from https://urn.nsk.hr/urn:nbn:hr:148:872548

Kreković, Nives. "Preuzimanje poduzeća u duhanskoj industriji." Master's thesis, University of Zagreb, Faculty of Economics and Business, 2016. https://urn.nsk.hr/urn:nbn:hr:148:872548

Kreković, Nives. "Preuzimanje poduzeća u duhanskoj industriji." Master's thesis, University of Zagreb, Faculty of Economics and Business, 2016. https://urn.nsk.hr/urn:nbn:hr:148:872548

Kreković, N. (2016). 'Preuzimanje poduzeća u duhanskoj industriji', Master's thesis, University of Zagreb, Faculty of Economics and Business, accessed 09 November 2024, https://urn.nsk.hr/urn:nbn:hr:148:872548

Kreković N. Preuzimanje poduzeća u duhanskoj industriji [Master's thesis]. Zagreb: University of Zagreb, Faculty of Economics and Business; 2016 [cited 2024 November 09] Available at: https://urn.nsk.hr/urn:nbn:hr:148:872548

N. Kreković, "Preuzimanje poduzeća u duhanskoj industriji", Master's thesis, University of Zagreb, Faculty of Economics and Business, Zagreb, 2016. Available at: https://urn.nsk.hr/urn:nbn:hr:148:872548

Metadata
TitlePreuzimanje poduzeća u duhanskoj industriji
Title (english)Aquisition of the company in the tobacco industry
AuthorNives Kreković
MentorDavor Filipović (mentor)
Committee memberMarijan Cingula (predsjednik povjerenstva)
Committee memberNajla Podrug (član povjerenstva)
GranterUniversity of Zagreb
Faculty of Economics and Business
Zagreb
Defense date and country2016-06-21, Croatia
Scientific / art field,
discipline and subdiscipline		SOCIAL SCIENCES
Economics
Abstract
Procesi spajanja i preuzimanja predstavljaju uobičajene, međutim izrazito kompleksne poslovne procese. Ovisno o motivima i glavnim ciljevima poduzeća razlikujemo vertikalne, horizontalne i konglomeratske transakcije spajanja i preuzimanja. Svaka transakcija spajanja i preuzimanja ima logiku da dva poduzeća zajedno vrijede više nego samostalno te to ujedno predstavlja temeljni motiv te osnovu strateške logike kod takvih procesa. Ta dodana vrijednost se stvara putem sinergija ili vrijednosti kontrolnog interesa, a što se računa putem različitih metoda za procjenu vrijednosti među kojima su najučestalije metoda diskontiranog novčanog toka te metoda relativne valuacije. Istraživanja pokazuju da se vrijednost u najvećem dijelu stvara za dioničare poduzeća koje se preuzima. Procjena vrijednosti poduzeća prilikom transakcija spajanja i preuzimanja predstavlja jedan od glavnih izazova s obzirom da je teško procijeniti vrijednost sinergija i kontrolnog interesa. Preuzimanje Tvornice duhana Rovinj od strane British American Tobacco-a predstavlja najveće preuzimanje u duhanskoj industriji u Republici Hrvatskoj. BAT je preuzimanjem TDR ostvario vodeći tržišni udio te snažnu resursnu osnovu koja mu omogućuje da se uspješno širi na nova tržišta te na taj način stvori novu vrijednost. Plaćena vrijednost za TDR iznosila je 3,8 milijardi kuna što bi predstavljalo premiju koja u prosjeku iznosi 30% koristeći metodu relativne valuacije.
Abstract (english)
Mergers and acquisitions processes are common, but very complex business processes. Depending on the company’s motives and main goals, we distinguish vertical, horizontal, and conglomerate mergers and acquisitions transactions. Every merger and acquisition transaction follows the logic of two firms combined together being worth more than each firm individually, and so it represents the main motive and base of strategic logic when dealing with these processes. The value added is created through synergies, or through value of the controlling interest, and is calculated by various methods for companies’ valuation, including discounted cash flow (DCF) or relative valuation. Researches have shown that the most of the value is created for the shareholders of the acquired company. Given the complexity of tangible valuation of synergies and controlling interest, the valuation of the firm itself during mergers and acquisitions presents one of the main challenges. British American Tobacco’s (BAT) acquisition of Tvornica duhana Rovinj (TDR) was the largest in the tobacco industry within the Republic of Croatia. By doing so, BAT got the majority market share, and strong resource base, which enables it to successfully open new markets and create value. The paid value for TDR was 3.8 billion HRK which, using the method of relative valuation, represents a premium that in average amounts 30%.
Keywords
Keywords (english)
Languagecroatian
URN:NBNurn:nbn:hr:148:872548
Study programmeTitle: Business Economics
Study programme type: university
Study level: graduate
Academic / professional title: magistar/magistra ekonomije (magistar/magistra ekonomije)
Type of resourceText
File originBorn digital
Access conditionsAccess restricted to students and staff of home institution
Terms of useLicence In copyright icon
Created on2016-12-07 17:34:34