º»¹®/³»¿ë
_SLIDE_1_
1
between M&A and financial performance
Co-relationship
_SLIDE_2_
2
Trend of auto market
Case study
- HYUNDAI KIA
- Volkswagen Porsche
Conclusion
CONTENTS
CCV
CCV
CCV
_SLIDE_3_
3
Trend of auto market
1973~1974, 1978~1980 Oil Shock
2008 Global financial crisis
_SLIDE_4_
4
Trend of auto market
_SLIDE_5_
5
CASE 1
_SLIDE_6_
2000, September Seperated from Hyundai Group.
(Mother company Hyundai Motors by Á¤ÁÖ¿µ, Á¤¼¼¿µ)
Sales:
2013(~3/4) 65,469,936 million
2012 84,469,721 million
2xxx 77,797,895 million
Net Income:
2013 (~3/4) 6,863,710 million
2012 9,061,132 million
2xxx 8,120,298 million
6
_SLIDE_7_
7
1998
KIA financial problems
1944
Founding of company
1975
K¡¦(»ý·«)
w
¡°By holding 20% of the shares, Volkswagen can refuse M&A .¡±
At that time Porsche held 31% of Volkswagen shares
Take over Volkswagen Law
_SLIDE_16_
2007/10 the European Court of Justice ruled that the VW law was illegal
But, German Parliament rearrange
¡®New Volkswagen LAW¡¯
M&A is possible only
when more than 80% of shareholders agree.
Take over Volkswagen Law
_SLIDE_17_
Porsche increased its Volkswagen share
ratio up to 51%
and
invested 23 billion euro in Volkswagen
Take over Volkswagen Law
_SLIDE_18_
_SLIDE_19_
Effect
Synergy Effects of the Hyundai-Kia Merger
19
_SLIDE_20_
Effect
20
_SLIDE_21_
21
Effect
_SLIDE_22_
22
Conclusion
_SLIDE_23_
23
Thank you
Q&A
_NOTES_1_
3
_NOTES_2_
4
_NOTES_3_
5
_NOTES_4_
The Korean auto industry continued to grow without a slump from the early 1980s to
the mid of 1990s. As illustrated in `Figure 1`, the auto industry in Korea had shown a
sustained growth in sales o