A absorção como estratégia de crescimento da empresa

Abstract

Mergers and acquisitions represent one of the riskiest business expansion policies. Therefore, they should result from the practice of strategic planning, after all other expansion alternatives have been eliminated. Careful planning is required, on the part of the buying firm, aiming at the definition of profitability goals regarding target companies, the assessment of available resources, and the ability of successfully concluding the transaction. Concerning evaluation methods, it has been made clear that, conceptually speaking, the best methods are the projected earnings capitalization and the present value of projected cash flow methods. It was also demonstrated that the unfavorable short-run effects must not be the guiding factors in a decision to reject an aquisition alternative, since the existence of long-run synergistic effects may very well exceed them. This paper has not dealt with the issue of the operational take-over of the acquired company, a situation that requires significant behavioral skills on the part of the investing company 's executives.