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Title:MANAGERSKI PREVZEM PODJETJA MERKUR, D.D.
Authors:ID Kutnjak, Gregor (Author)
ID Uršič, Duško (Mentor) More about this mentor... New window
Files:.pdf UNI_Kutnjak_Gregor_2009.pdf (3,62 MB)
MD5: 99D19C06BC71FF0BB137908B1D3A1F1C
PID: 20.500.12556/dkum/ec1b9693-f71c-49f8-87d9-28a54809555a
 
Language:Slovenian
Work type:Undergraduate thesis
Organization:EPF - Faculty of Business and Economics
Abstract:Prevzemi podjetij so že postali del slovenskega poslovnega vsakdana. Slovenska podjetja v pripravah na tujo konkurenco vse bolj uporabljajo te aktivnosti za obrambo lastnega tržnega položaja in za vstop na tuje trge. V prihodnosti lahko pričakujemo, da bodo združitve in prevzemi še bolj zaznamovali slovensko poslovno okolje. Poleg tega pa je Slovenija zanimiv trg tudi za tuja podjetja, ki s pomočjo prevzemov želijo vstopiti vanj. V prvem delu diplomskega dela sem na kratko predstavil zgodovino prevzemov, kjer sem zajel pet različnih obdobij prevzemov ter jih na kratko opisal. V drugem delu sem nadaljeval s teoretičnim delom o prevzemih, kjer sem opisal vse pojme, ki so medsebojno povezani ali pa se jih večkrat zamenjuje s pojmom prevzemi. V nadaljevanju sem predstavil različne oblike in vrste prevzemov z opredelitvijo motivov in vzrokov za prevzeme in kot najpogostejši motiv prevzemanja se pojavlja predvsem povečevanje tržnega deleža, doseganje ekonomije obsega in vstop na nove trge. Prevzeme delimo v štiri glavne skupine glede na stopnjo povezanosti v produkcijski verigi in dejavnosti podjetij v povezavi, ki se razlikujejo glede na način združevanja. Poznamo horizontalne, vertikalne, konglomeratne in kongerične prevzeme. V svojo nalogo sem vključil tudi pregled prevzemov po Sloveniji in ugotovil, da so bila uspešno prevzeta le tista podjetja, pri katerih je šlo za prijateljske prevzeme, med katerimi so bili glavni cilji povezovanja povečanje tržnega deleža, nižanje stroškov in priložnost za rast. Dodal sem tudi seznam ponudb za odkup podjetij v letu 2007, saj se je prav tega leta trg zelo dobro odrezal. Prevzemi v Sloveniji se razlikujejo od prevzemov drugod po svetu, zato sem se odločil, da pojasnim nekaj specifičnosti slovenskih prevzemov, kjer imajo managerji bistveno večjo vlogo kot pa drugod po svetu. Prevzemi vplivajo na vse interesne skupine podjetij, ki so vpletene v proces prevzema. V proces prevzema so vključeni delničarji, managerji, zaposleni, lastniki in ne nazadnje tudi potrošniki, družba in država. V tem delu sem predstavil, kakšne učinke imajo prevzemi na posamezne interesne skupine. V tretjem delu sem želel opisati managerske odkupe podjetja oziroma kratko MBO. O MBO govorimo takrat, kadar skupina obstoječih managerjev od delničarjev kupi podjetje, v katerem so zaposleni. Pri odločitvah, ali določeno podjetje kupiti ali ne, se managerji odločajo iz različnih vzrokov. Managerski odkupi imajo kar nekaj prednosti, saj managerji najbolje poznajo potrebe podjetja in so tako najprimernejši kupci, zato sem jih tudi vključil v tem delu. Managerski odkupi imajo globalni pomen. V tujini so povsem vsakdanji pojav, v Sloveniji pa so se začeli šele uveljavljat v zadnjih letih. Eden najpogostejših motivov za managerske odkupe pri nas je izvedba privatizacije. V zadnjem delu sem opisal prevzem podjetje Merkur d. d.. Podjetje sem predstavil, opisal njihove strateške cilje in načrte ter predstavil potek managerskega prevzema. Prevzemi so eden od načinov vplivanja, da se podjetje sooči s spremembami ter se jim prilagaja. Četudi slovenskim podjetjem manjkajo izkušnje, pa prevzemi pripomorejo, da se struktura našega gospodarstva spreminja bistveno hitreje, kot bi se sicer brez njih. Iz vsega zapisanega lahko povzamemo, da prevzemi niso neodvisna spremenljivka, ampak so, vsaj v razvitih tržnih gospodarstvih, pogojeni z makroekonomskimi gibanji.
Keywords:pojem prevzema, združitve, pripojitve, spojitve, prijazni in sovražni prevzemi, oblike prevzemov, motivi prevzema, vrste prevzema, managerski odkup, ciljno podjetje.
Place of publishing:Maribor
Year of publishing:2009
PID:20.500.12556/DKUM-10936 New window
COBISS.SI-ID:9971740 New window
NUK URN:URN:SI:UM:DK:GBLFARBJ
Publication date in DKUM:15.10.2009
Views:6130
Downloads:1159
Metadata:XML DC-XML DC-RDF
Categories:EPF
:
KUTNJAK, Gregor, 2009, MANAGERSKI PREVZEM PODJETJA MERKUR, D.D. [online]. Bachelor’s thesis. Maribor. [Accessed 7 April 2025]. Retrieved from: https://dk.um.si/IzpisGradiva.php?lang=eng&id=10936
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Secondary language

Language:English
Title:MANAGEMENT BUY OUT OF MERKUR D.D.
Abstract:The acquisition of Companies has already become a part of Slovenian everyday life. These activities are being practised increasingly by Slovenian Companies during their preparations for facing foreign competition. In this manner, these Companies protect their own market position and gain easier access to foreign markets. In the future, the mergers and acquisitions will definitely be in the spolight of the Slovenian business environment. In addition, Slovenia has also become an interesing market for foreign Companies which want to enter it with the help of various acquisitions. In the first part of the following Diploma assignment, we briefly presented the history of acquisitions. We studied and briefly described five different acquisition periods. The second part continues with the theoretical presentation of the acquisitions. In this section we described all the terms which are mutually related or are often misused in relation to the term acquisition. To continue, we also presented various forms and types of acquisition. We defined the motives and reasons for the acquisition of various enterprises. In the range of this research an increase of the market share, attainment of the economy of scale, and the possibility of entering the new markets have turned out to be the most common motives for the acquisition. Considering the scale of integration in the production chain and the various activities of the associated Companies, the acquisitions are divided into four main groups. Thus, we recognise the horizontal, vertical, conglomerate and congeneric acquisitions. The following Diploma assignment includes a review of the acquisitions performed in Slovenia. This review reveals that the acquisitions were performed successfully mainly in the case of those Companies which were subjected to friendly acquisitions focused mainly on the increase of the market share, cost reduction and the opportunity to grow. In addition, we also included a list of Tenders for Buyouts from 2007, for this was the year when the market flourished. The acquisitions in Slovenia differ from those in foreign countries and we therefore decided to define some of the specificities of the Slovenian acquisitions, where the Managers play a much more important role than Managers elsewhere. Naturally, the acquisition affects all interest groups in the Company which are all involved in this process. However, these groups are not alone; shareholders, managers, employees, owners, consumers, the society and the State are also affected by it. This part presents the effects of various acquisitions on the individual interest groups. The third part describes the Management Buyout (MBO). The MBO is a form of acquisition where a Company's group of Managers acquires a large part of the Company from the shareholders. The decision as to whether to buy a certain Company or not is based on various criteria. Management Buyouts have many advantages, for the Managers know the needs of the Company and are thus the best possible buyers. Therefore, they are also included in this Diploma assignment. In addition, the Management Buyouts are important on the global scale as well. In foreign countries this process is a common occurrence. However, in Slovenia it has become popular only in recent years. One of the most common motives for the Management Buyout is the desire to implement the process of privatisation. The final part of the assignment presents the acquisition of the Merkur Company Ltd. We presented the Company, described its straetgic goals and plans, and presented the process of the Management Buyout. The acquisition is one of the methods for the Company to face and adapt to the changes. Although the Slovenian Companies lack experience, the acquisitions help the structure of our economy to change much faster than it otherwise would. To conclude, the acquisitions are not an independent variable, but are, at least in the developed market economies, conditional upon the macroeconomic trends.
Keywords:acquisition, integration, merger, friendly and hostile acquisitions, forms of acquisition, motives for acquisition, types of acquisition, Management Buyout, target company.


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