Financials and acquisition finance of chemical stock corporations in the crisis of 2008/09 / von Michael Socrates Belegratis
VerfasserBelegratis, Michael Socrates
Begutachter / BegutachterinGjukez, Nina
UmfangIX, 109 Bl. : zahlr. graph. Darst., Kt.
HochschulschriftWien, Techn. Univ. u. Univ., Master Thesis, 2010
URNurn:nbn:at:at-ubtuw:1-53862 Persistent Identifier (URN)
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Financials and acquisition finance of chemical stock corporations in the crisis of 2008/09 [5.81 mb]
Zusammenfassung (Englisch)

The thesis discusses the financial situation and the proceeding in financing of acquisitions of chemical stock corporations in the industrial crisis of 2008/2009. The first part focuses on the financials with special emphasis on the managerial items like cash and working capital management. They are also discussed in the light of the changes of the raw material prices taken place in summer 2008 onwards. As targets, the four major diversified chemical players (BASF SE, Bayer AG, E.I. Du Pont De Nemours & Co and The Dow Chemical Company) are evaluated in more depth. Additionally, two groups of specialised companies, one active in fertiliser business and the second one in the gas field are analysed. Each of the two groups consists of several European listed corporations and one from North America. Further ten publicly traded European chemical stock corporations with a market capitalisation above 3billion$ (end of 2009) are discussed. The second part, mergers and acquisitions (M&A) of Chemicals, presents a refined picture of the sponsors (e.g. financials, industrials or materials) and financial sources for "Chemicals". The crisis 2008/2009 is compared to the developments since 2000. The thesis finally highlights the successful acquisition finance of the three major transactions within 2009 of BASF SE acquiring Ciba Specialty Chemicals, The Dow Chemicals Company closing the transaction for Rohm & Haas and K+S Aktiengesellschaft's acquisition of Morton.