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TDC Cross-boarder Acquisition Strategy Research

Author: SuLi
Tutor: YuanYiJun
School: Dalian University of Technology
Course: Business Administration
Keywords: cross-border M&A acquisition strategy risk aversion
CLC: F271
Type: Master's thesis
Year: 2013
Downloads: 23
Quote: 0
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Cross-border mergers and acquisitions, as a business optimization mechanism under the global market economy conditions, are very effective means to optimize resource allocation, adjust the industrial structure, optimize the use of economies of scale, production and capital expansion, and promote business core competencies. With the further deepening of economic globalization, China and the world economy increasingly close economic ties. More and more foreign companies enter China market through direct investment, mergers and acquisitions. Enterprises competition is increasingly fierce. At the same time, after30years of China’s reform and opening up, more and more Chinese enterprises, esp. the private enterprises have made considerable progress in manufacturing, R&D and management. Those outstanding enterprises have begun to go abroad to find a wider market, more advanced technology, better management experience and other quality factors of production, so the tide of global mergers and acquisitions occurred many Chinese enterprises figure. Through cross-border mergers and acquisitions, Chinese enterprises can directly access advanced technology, equipment, management experience and distribution channel, so as to shorten the time to catch up, to achieve leapfrog development. In this background situation, especially the global manufacturing industry is facing re-shuffling of large pattern, the young Chinese enterprises need to think globally, allocate production resources and constantly enhance their core competitiveness. In this situation, it is particularly important that the domestic enterprises to determine how to combine the characteristics of their own cross-border M&A strategy and specific strategic objectives, choose acquisition mode and goals, analyze the risks involved and take appropriate measures to avoid.Dalian Top-eastern Drills Co., Ltd.(hereinafter referred to as:TDC) was founded in1994, is a pillar of Dalian Top-eastern group companies. The company mainly produces HSS steel (raw material), precision HSS drills (grinding, milling and rolling), machine taps and other specialized tools. As a private enterprises who grows up in short time, TDC acquired Werko (in2008) and Greenfield (in2009) from Kenametal (USA). Based on above two successful acquisition, TDC quickly becomes the leader manufacturer in the global HSS Tools industry. In this article, combining with cross-boarder acquisition strategy theory, performing related research on the two TDC cross-boarder acquisition cases, based on the analysis of its own characteristics of TDC, we will do research to explore the needs to seek cross-border acquisition and to meet the needs of the target, to study the TDC cross-boarder acquisition model, to analyze acquisition risks and to provide related advice,and finally to evaluate the cross-boarder acquisition. Also in this article, through the study of cross-boarder acquisition, it will provide related advice for the domestic enterprises to seek cross-boarder acquisition.

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CLC: > Economic > Economic planning and management > Enterprise economy > Enterprise system
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