Utilize este identificador para referenciar este registo: http://hdl.handle.net/10400.14/10827
Título: Mergers and acquisitions : the case of TAP and Lufthansa
Autor: Severiano, Mafalda Alexandra Faria
Orientador: Tsvetkov, Peter
Data de Defesa: 22-Fev-2013
Resumo: During the last years, due to market integration in the European Union, many airlines had to adapt themselves to a open market, with a more intense competition. In this context, Mergers and Acquisitions were found to be a way to increase market power and cut costs. This thesis focuses on the possibility of value creation with the acquisition of TAP by Lufthsansa, combining a company and industry overview with valuation tools. Literature on valuation and mergers and acquisitions (M&A) is analysed and applied to firstly evaluate TAP and Lufthansa as standalone companies, followed by the valuation with TAP integrated in Lufthansa. The valuation of the combined firm (TAP and Lufthansa) will be computed in two distinct ways. Firtsly, it will be evaluated the value of the combined firm if it was only the sum of the firms´ individual values. Then, it is computed a new valuation of the combined firm considering potential synergies that could occur. A synergy premium of 12% is expected when compared to the value of the combined firm without any synergies.
URI: http://hdl.handle.net/10400.14/10827
Aparece nas colecções:R - Dissertações de Mestrado / Master Dissertations
FCEE - Dissertações de Mestrado / Master Dissertations

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