The German brewing industry:
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| Other Authors: | |
|---|---|
| Format: | Book |
| Language: | English |
| Published: |
Sternenfels [u.a.]
Verl. Wiss. & Praxis [u.a.]
2006
|
| Series: | Rheingauer Monographien
|
| Subjects: | |
| Online Access: | Inhaltsverzeichnis |
| Physical Description: | XIV, 355 S. Ill., graph. Darst., Kt. 210 mm x 148 mm |
| ISBN: | 3896733435 3907874439 |
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MARC
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| 245 | 1 | 0 | |a The German brewing industry |c Dirk Schiereck ... (eds.) |
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Record in the Search Index
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| adam_text | 763 RHEINGAUER MONOGRAPHIEN THE GERMAN BREWING INDUSTRY DIRK SCHIERECK /
CHRISTOF SIGL-GRIIB / CHRISTIAN VOIGT (EDITORS) A COLLABORATIVE
PUBLICATION FROM / S M C PUBLISHING AG FJPLJ VERLAG WISSENSCHAFT &
PRAXIS TABLE OF CONTENT PREFACE I A CASE STUDY: THE ACQUISITION OF
HOLSTEN BRAUEREI AG BY CARLSBERGA/S 1 BY JOCHEN GAST AND CHRISTIAN
JOHANSSON 1 INTRODUCTION 1 2 THE MAIN CHARACTERS 1 2.1 FACTS AND FIGURES
1 2.2 HOLSTEN - BACKGROUND AND HISTORY 2 2.3 CARLSBERG - BACKGROUND AND
GROWTH STRATEGY 5 3 THE TAKE-OVER OF HOLSTEN 6 3.1 REASONS FOR THE
TAKE-OVER OF HOLSTEN 6 3.2 THE NEW BRAND STRUCTURE 8 3.3 THE TRANSACTION
10 3.3.1 COURSE OF EVENTS 10 3.3.2 FINANCIAL TERMS 10 3.4 RISKS OF THE
ACQUISITION 12 3.5 REACTIONS TO THE ANNOUNCEMENT OF THE ACQUISITION 13
3.5.1 ANALYSTS OPINIONS 13 3.5.2 MARKET REACTION 14 4 EX-POST ANALYSIS
15 5 CONCLUSION 16 APPENDIX 18 REFERENCES 23 B M&A-ACTIVITIES IN THE
GERMAN BREWING INDUSTRY 26 I DESCRIPTIVE STATISTICS - MERGER WAVES AND
MULTIPLES 27 BY MIRKO JABLONSKY AND PATRICK ZENZ-SPITZWEG 1.
INTRODUCTION 27 1.1. OBJECTIVE OF THE STUDY 27 _VI TABLE OF CONTENT 1.2.
COURSE OF ANALYSIS 28 2. THEORETICAL BACKGROUND 28 2.1. BASIC
CONSIDERATIONS REGARDING THE GERMAN BEER MARKET 28 2.2. THE CONCEPT OF
MULTIPLE VALUATION 31 3. MERGER STATISTICS 33 3.1. M&A ACTIVITY IN THE
GERMAN BREWING MARKET 33 3.2. SELECTED TRANSACTIONS IN THE GERMAN MARKET
35 3.3. GERMAN VS. INTERNATIONAL TRANSACTIONS 38 4. CONCLUSION AND
FUTURE OUTLOOK 41 APPENDIX 43 REFERENCES 49 II TRADING MULTIPLES IN THE
GERMAN BREWING INDUSTRY 51 BY DIANA DIEKMANN AND HEIKO WEBER 1
INTRODUCTION 51 1.1 OBJECTIVE OF THE STUDY 51 1.2 COURSE OF ANALYSIS 52
2 CONCEPTUAL FOUNDATION OF VALUATION METHODOLOGIES 53 2.1 DEFINITION OF
TRADING MULTIPLES 53 2.2 EQUITY MULTIPLES 55 2.2.1 CASH FLOW MULTIPLE 55
2.2.2 PRICE/EARNINGS RATIO 56 2.3 ENTERPRISE MULTIPLES 56 2.3.1 SALES
MULTIPLE 56 2.3.2 EBIT MULTIPLE 57 2.3.3 EBITDA MULTIPLE 58 3 ANALYSIS
OF TRADING MULTIPLES IN THE BREWING INDUSTRY 58 3.1 DESCRIPTION OF THE
DATA SAMPLE AND MULTIPLE CALCULATION 58 3.2 CALCULATION AND ANALYSIS OF
TRADING MULTIPLES 61 3.2.1 EQUITY MULTIPLES 61 3.2.1.1 CASH FLOW
MULTIPLE 61 3.2.1.2 PRICE/EARNINGS RATIO 62 3.2.2 ENTERPRISE MULTIPLES
64 TABLE OF CONTENT VII 3.2.2.1 SALES MULTIPLE 64 3.2.2.2 EBIT MULTIPLE
65 3.2.2.3 EBITDA MULTIPLE 66 4 CONCLUSION AND FINAL REMARKS 67 APPENDIX
70 REFERENCES 76 III TRANSACTION MULTIPLE VALUATION IN THE GERMAN
BREWING INDUSTRY 77 BY SARAH AH KHALIL IBRAHIM AND KATHARINA VON
BASSEWITZ 1 INTRODUCTION 77 1.1 OBJECTIVE OF THE STUDY 77 1.2 COURSE OF
ANALYSIS 78 2 MULTIPLE VALUATION FOUNDATION 79 2.1 CONCEPTUAL BASICS OF
MULTIPLE VALUATION 79 2.2 OVERVIEW OF THE MOST COMMONLY APPLIED
MULTIPLES 82 2.2.1 SALES MULTIPLES 83 2.2.2 EBIT MULTIPLE 83 2.2.3
EBITDA MULTIPLE 84 2.3 DRIVERS OF VARIATION IN MULTIPLES 85 3 ANALYSIS
OF TRANSACTION MULTIPLES IN THE GERMAN BREWING INDUSTRY 86 3.1
DESCRIPTION OF THE DATA SET 86 3.2 INITIAL EVALUATION OF THE ASSESSED
TRANSACTION MULTIPLES 87 3.2.1 DESCRIPTION OF SALES MULTIPLE LEVELS 87
3.2.2 DESCRIPTION OF EBIT MULTIPLE LEVELS 88 3.2.3 DESCRIPTION OF EBITDA
MULTIPLE LEVELS 89 3.3 EVALUATION OF MULTIPLE LEVELS WITH VALUE DRIVERS
90 3.3.1 GROWTH ., 90 3.3.2 PROFITABILITY 91 3.3.3 SIZE *. 92 3.3.4
INTENSITY OF INVESTMENTS 92 3.3.5 TRANSACTION ADVISOR 93 3.3.6 PREMIUM
93 4 CONCLUDING REMARKS AND OUTLOOK 94 VIII TABLE OF CONTENT APPENDIX 96
REFERENCES 102 C CASE STUDY: THE ACQUISITION OF WIIRZBURGER HOFBRAU AG
BY KULMBACHER BRAUEREI AG 103 BY SEBASTIAN SCHELS AND TIM KNIPPS 1
INTRODUCTION 103 2 THE ACQUIRER: KULMBACHER BRAUEREI AG 104 2.1 COMPANY
BACKGROUND 104 2.2 PRODUCT PORTFOLIO 104 2.3 CORPORATE STRATEGY 105 2.4
SHAREHOLDER AND HOLDING STRUCTURE 106 2.5 FINANCIAL DATA 107 3 THE
TARGET: WIIRZBURGER HOFBRAU AG 108 3.1 COMPANY BACKGROUND 108 3.2
PRODUCT PORTFOLIO 108 3.3 CORPORATE STRATEGY 109 3.4 SHAREHOLDER AND
HOLDING STRUCTURE 109 3.5 FINANCIAL DATA 110 4 STRATEGIC RATIONALE 112
4.1 WIIRZBURGER HOFBRAU UNDER EXTERNAL PRESSURE 112 4.2 KULMBACHER
BRAUEREI AG S STRATEGIC DECISION 113 4.3 SHAREHOLDERS INTERESTS 115 5
THE M&A DEAL 116 5.1 THE TRANSACTION 116 5.2 CAPITAL MARKET REACTION 119
6 FINANCIAL RATIONALE 120 6.1 VALUATION OF THE TARGET 120 6.2 ANALYSIS
OF COMPARABLE TRANSACTIONS 121 7 CONCLUSION 122 REFERENCES 124 TABLE OF
CONTENT IX D SHORT AND LONG TERM PERFORMANCE OF M&A ACTIVITIES IN THE
GERMAN BREWING INDUSTRY 128 I M&A ANNOUNCEMENT EFFECTS ON BIDDERS IN THE
GERMAN BREWING INDUSTRY 129 BY FLORIAN GEIGER AND TOBIAS ROEDIGER 1
INTRODUCTION 129 1.1 OBJECTIVE OF THE STUDY 129 1.2 COURSE OF ANALYSIS
130 2 REVIEW OF LITERATURE 131 3 EMPIRICAL ANALYSIS 132 3.1 DERIVATION
OF HYPOTHESES 132 3.2 EVENT STUDY APPROACH 135 3.2.1 METHODOLOGY 135
3.2.2 TESTS FOR STATISTICAL SIGNIFICANCE 138 3.3 DATA SELECTION 138
3.3.1 DATA BASE SELECTION CRITERIA 138 3.3.2 CHARACTERISTICS OF THE DATA
SAMPLE 139 3.4 DISCUSSION OF RESULTS 140 3.4.1 CUMULATIVE AVERAGE
ABNORMAL RETURNS 140 3.4.2 COMPARISON OF SUBSAMPLES 142 3.4.3
MULTIVARIATE REGRESSION 144 3.5 IMPLICATIONS 146 4 SUMMARY AND
CONCLUSION 147 APPENDIX 149 REFERENCES 153 II M&A ANNOUNCEMENT EFFECTS
ON TARGETS IN THE GERMAN BREWING INDUSTRY 159 BY JORG GERBIG AND FELIX
ZAWADZKY 159 1 INTRODUCTION 159 1.1 OBJECTIVE OF THE STUDY 159 1.2
COURSE OF ANALYSIS 160 _X TABLE OF CONTENT 2 REVIEW OF LITERATURE 160 3
INTRODUCTION OF HYPOTHESIS 163 4 SAMPLE 165 4.1 DATA COLLECTION AND DATA
REVISION 165 4.2 DESCRIPTIVE STATISTICS 166 5 METHODOLOGY 168 5.1
DETERMINATION OF EVENT WINDOWS 168 5.2 EXAMINATION AND AGGREGATION OF
ABNORMAL RETURNS 168 5.3 EXAMINATION OF STATISTICAL SIGNIFICANCE 170 5.4
ANALYSIS OF INFLUENCING FACTORS 171 6 RESULTS 172 6.1 SHARE PRICE
REACTIONS 172 6.2 INFLUENCING FACTORS ON SHARE PRICE REACTIONS 174 7
CONCLUSION 176 APPENDIX 178 8 REFERENCES 181 III LONG-TERM PERFORMANCE
IN THE GERMAN BREWING INDUSTRY - ACQUIRER VERSUS NON-ACQUIRER 187 BY
JENS ANDERSON AND JORG HOMANN 187 1 INTRODUCTION 187 1.1 OBJECTIVE OF
THE STUDY 187 1.2 COURSE OF ANALYSIS 188 2 REVIEW OF LITERATURE AND
FORMULATION OF HYPOTHESES 188 2.1 REVIEW OF LITERATURE 188 2.2
FORMULATION OF HYPOTHESES 192 3 SAMPLE AND DATA DESCRIPTION 192 4
METHODOLOGY 194 4.1 LONG-TERM PERFORMANCE STUDY METHODS 194 4.2
METHODOLOGY SELECTION 199 4.2.1 ESTIMATION OF ABNORMAL RETURNS 199 4.2.2
TEST STATISTIC 203 5 EMPIRICAL RESULTS 205 TABLE OF CONTENT XI 5.1
LONG-TERM RESULTS 205 5.2 SHORT-TERM RESULTS 206 6 SUMMARY AND
CONCLUDING REMARKS 209 APPENDIX 211 REFERENCES 215 CASE STUDY: THE
ACQUISITION OF BRAU UND BRUNNEN BY RB BRAUHOLDING 221 BY CLAUS NAARMANN
AND DOMINIKUS PRILLER 1 INTRODUCTION 221 2 PROFILES OF THE INVOLVED
COMPANIES 222 2.1 THE BIDDER - RB BRAUHOLDING (RADEBERGER) 222 2.2 THE
TARGET - BRAU UND BRUNNEN AG 224 3 THE TRANSACTION 227 3.1 COURSE OF THE
TRANSACTION 227 3.2 TRANSACTION PRICE AND VALUATION ISSUES 229 3.3
REACTION OF THE SHARE PRICE OF BRAU UND BRUNNEN AG 231 4 STRATEGIC
RATIONALE BEHIND THE TRANSACTION 232 5 EVALUATION OF THE TRANSACTION 235
6 CONCLUSION 238 APPENDIX 240 REFERENCES 242 F THE GERMAN BREWING
INDUSTRY IN AN INTERNATIONAL COMPARISON 246 I INDEX FOR LISTED BREWERIES
IN GERMANY 247 BY ULFDOBBERKE AND FLORIAN VOIGT 1 INTRODUCTION 247 1.1
OBJECTIVE OF THE STUDY 247 1.2 COURSE OF ANALYSIS 247 2 FOUNDATIONS 248
2.1 OVERVIEW OF THE GERMAN BREWING MARKET 248 XII TABLE OF CONTENT 2.2
INDEX BASICS 250 3 DESCRIPTION OF THE DATA SAMPLE 251 4 INDEX
CALCULATION METHODOLOGY 252 4.1 PERFORMANCE VERSUS PRICE INDEX 252 4.2
INDEX FORMULA 253 4.3 INDEX WEIGHTING AND FREE FLOAT 255 4.4 CORRECTION
FACTOR 256 5 PERFORMANCE ANALYSIS 257 5.1 HOLSTEN AS THE KEY DRIVER OF
THE BEX 257 5.2 BEX-GERMANY VERSUS DAX, MDAX AND EUROSTOXX 260 6
CONCLUSION AND OUTLOOK 263 APPENDIX 265 REFERENCES 267 II DEVELOPING A
EUROPEAN BREWING INDUSTRY INDEX 269 BY NILS STEINER AND BASTIAN
BIESENBACH 1 INTRODUCTION 269 1.1 OBJECTIVE OF THE STUDY 269 1.2 COURSE
OF ANALYSIS 270 2 INDEXATION FOR THE EUROPEAN BREWING INDUSTRY 270 2.1
OVERVIEW ON INDEX TYPES 270 2.2 REASONS FOR A EUROPEAN BREWERY INDEX 271
2.3 THE EUROPEAN BREWING INDUSTRY INDEX (EUROBEX) 272 3 METHODOLOGY AND
SAMPLE 273 3.1 METHODOLOGY 273 3.1.1 METHOD OF INDEX MEMBER SELECTION
273 3.1.2 CALCULATION OF THE EUROBEX 274 3.1.3 QUARTERLY INDEX
ADJUSTMENT 275 3.2 SAMPLE 276 4 RESULTS 278 4.1 ANALYSIS OF THE EUROBEX
279 4.2 ANALYSIS OF THE BEX IN AN M&A CONTEXT 281 5 CONCLUSION 283 TABLE
OF CONTENT XIII REFERENCES 285 III PERFORMANCE INDEX UK VERSUS GERMANY
287 BY JENS TEGELAERS 1 INTRODUCTION 287 2 GENERAL OVERVIEW 288 3 MARKET
STRUCTURE 290 3.1 GERMAN BREWERS 290 3.2 UK BREWERS 291 4 SETTING UP THE
INDEX 292 4.1 SAMPLE 292 4.2 INDEX METHOD 293 4.3 EXAMINATION PERIOD AND
DATA 294 4.4 WEIGHTENING AND CAPPING 294 5 RESULTS AND OBSERVATIONS 295
5.1 CURRENCY ADJUSTMENT 296 5.2 RISK AND RETURN 297 5.3 PROBLEMS AND
CONSTRAINTS 299 5.4 ADDITIONAL REMARKS 300 6 CONCLUSION 301 REFERENCES
303 IV A CONSOLIDATED VIEW ON CENTRAL AND EASTERN EUROPEAN BEER MARKETS
INCLUDING RUSSIA AND CHINA 305 BY PHILIP JANJIEN AND CARSTEN DIIBER 1
INTRODUCTION 305 1.1 OBJECTIVE OF THE STUDY 305 1.2 COURSE OF ANALYSIS
306 2 COMPARATIVE ANALYSIS OF GLOBAL BEER MARKETS 307 2.1 MATURE VERSUS
EMERGING MARKETS 307 2.2 MACROECONOMIC ANALYSIS 308 2.2.1 DRIVERS OF
GROWTH 308 2.2.2 FOCAL POINT EMERGING MARKETS 309 XIV TABLE OF CONTENT
2.3 MICROECONOMIC ANALYSIS 310 3 CONSOLIDATION IN THE GLOBAL BEER MARKET
312 3.1 LONG-TERM BENEFITS FOR THE BUYERS 312 3.2 CONTEMPORARY
DEVELOPMENT 313 3.3 LONG-TERM BENEFITS FOR THE SELLERS 314 4 MARKET
ENVIRONMENT AND RELATED STRATEGIES 315 4.1 CONSUMPTION TRENDS 315 4.2
ANALYSIS OF BEER PRICES 316 4.3 MARKET LIFE CYCLES 318 4.4 DEVELOPMENTS
IN EASTERN EUROPE INCLUDING RUSSIA AND CHINA 320 4.5 MAIN BREWERS 322
4.6 STRATEGIC CONSIDERATIONS 323 4.6.1 PLAUSIBLE ALTERNATIVES 323 4.6.2
THE INFLUENCE OF SCALE AND MARKET FRAGMENTATION 323 4.6.3 CHOICES
DEPENDING ON MARKET MATURITY 324 5 PORTRAYING OUTPERFORMED 325 5.1
UKRAINE 325 5.2 RUSSIA 328 5.3 THE PEOPLE S REPUBLIC OF CHINA 331 6
CONCLUSION 335 APPENDIX 337 REFERENCES 351
|
| adam_txt |
763 RHEINGAUER MONOGRAPHIEN THE GERMAN BREWING INDUSTRY DIRK SCHIERECK /
CHRISTOF SIGL-GRIIB / CHRISTIAN VOIGT (EDITORS) A COLLABORATIVE
PUBLICATION FROM / S M C PUBLISHING AG FJPLJ VERLAG WISSENSCHAFT &
PRAXIS TABLE OF CONTENT PREFACE I A CASE STUDY: THE ACQUISITION OF
HOLSTEN BRAUEREI AG BY CARLSBERGA/S 1 BY JOCHEN GAST AND CHRISTIAN
JOHANSSON 1 INTRODUCTION 1 2 THE MAIN CHARACTERS 1 2.1 FACTS AND FIGURES
1 2.2 HOLSTEN - BACKGROUND AND HISTORY 2 2.3 CARLSBERG - BACKGROUND AND
GROWTH STRATEGY 5 3 THE TAKE-OVER OF HOLSTEN 6 3.1 REASONS FOR THE
TAKE-OVER OF HOLSTEN 6 3.2 THE NEW BRAND STRUCTURE 8 3.3 THE TRANSACTION
10 3.3.1 COURSE OF EVENTS 10 3.3.2 FINANCIAL TERMS 10 3.4 RISKS OF THE
ACQUISITION 12 3.5 REACTIONS TO THE ANNOUNCEMENT OF THE ACQUISITION 13
3.5.1 ANALYSTS' OPINIONS 13 3.5.2 MARKET REACTION 14 4 EX-POST ANALYSIS
15 5 CONCLUSION 16 APPENDIX 18 REFERENCES 23 B M&A-ACTIVITIES IN THE
GERMAN BREWING INDUSTRY 26 I DESCRIPTIVE STATISTICS - MERGER WAVES AND
MULTIPLES 27 BY MIRKO JABLONSKY AND PATRICK ZENZ-SPITZWEG 1.
INTRODUCTION 27 1.1. OBJECTIVE OF THE STUDY 27 _VI TABLE OF CONTENT 1.2.
COURSE OF ANALYSIS 28 2. THEORETICAL BACKGROUND 28 2.1. BASIC
CONSIDERATIONS REGARDING THE GERMAN BEER MARKET 28 2.2. THE CONCEPT OF
MULTIPLE VALUATION 31 3. MERGER STATISTICS 33 3.1. M&A ACTIVITY IN THE
GERMAN BREWING MARKET 33 3.2. SELECTED TRANSACTIONS IN THE GERMAN MARKET
35 3.3. GERMAN VS. INTERNATIONAL TRANSACTIONS 38 4. CONCLUSION AND
FUTURE OUTLOOK 41 APPENDIX 43 REFERENCES 49 II TRADING MULTIPLES IN THE
GERMAN BREWING INDUSTRY 51 BY DIANA DIEKMANN AND HEIKO WEBER 1
INTRODUCTION 51 1.1 OBJECTIVE OF THE STUDY 51 1.2 COURSE OF ANALYSIS 52
2 CONCEPTUAL FOUNDATION OF VALUATION METHODOLOGIES 53 2.1 DEFINITION OF
TRADING MULTIPLES 53 2.2 EQUITY MULTIPLES 55 2.2.1 CASH FLOW MULTIPLE 55
2.2.2 PRICE/EARNINGS RATIO 56 2.3 ENTERPRISE MULTIPLES 56 2.3.1 SALES
MULTIPLE 56 2.3.2 EBIT MULTIPLE 57 2.3.3 EBITDA MULTIPLE 58 3 ANALYSIS
OF TRADING MULTIPLES IN THE BREWING INDUSTRY 58 3.1 DESCRIPTION OF THE
DATA SAMPLE AND MULTIPLE CALCULATION 58 3.2 CALCULATION AND ANALYSIS OF
TRADING MULTIPLES 61 3.2.1 EQUITY MULTIPLES 61 3.2.1.1 CASH FLOW
MULTIPLE 61 3.2.1.2 PRICE/EARNINGS RATIO 62 3.2.2 ENTERPRISE MULTIPLES
64 TABLE OF CONTENT VII 3.2.2.1 SALES MULTIPLE 64 3.2.2.2 EBIT MULTIPLE
65 3.2.2.3 EBITDA MULTIPLE 66 4 CONCLUSION AND FINAL REMARKS 67 APPENDIX
70 REFERENCES 76 III TRANSACTION MULTIPLE VALUATION IN THE GERMAN
BREWING INDUSTRY 77 BY SARAH AH KHALIL IBRAHIM AND KATHARINA VON
BASSEWITZ 1 INTRODUCTION 77 1.1 OBJECTIVE OF THE STUDY 77 1.2 COURSE OF
ANALYSIS 78 2 MULTIPLE VALUATION FOUNDATION 79 2.1 CONCEPTUAL BASICS OF
MULTIPLE VALUATION 79 2.2 OVERVIEW OF THE MOST COMMONLY APPLIED
MULTIPLES 82 2.2.1 SALES MULTIPLES 83 2.2.2 EBIT MULTIPLE 83 2.2.3
EBITDA MULTIPLE 84 2.3 DRIVERS OF VARIATION IN MULTIPLES 85 3 ANALYSIS
OF TRANSACTION MULTIPLES IN THE GERMAN BREWING INDUSTRY 86 3.1
DESCRIPTION OF THE DATA SET 86 3.2 INITIAL EVALUATION OF THE ASSESSED
TRANSACTION MULTIPLES 87 3.2.1 DESCRIPTION OF SALES MULTIPLE LEVELS 87
3.2.2 DESCRIPTION OF EBIT MULTIPLE LEVELS 88 3.2.3 DESCRIPTION OF EBITDA
MULTIPLE LEVELS 89 3.3 EVALUATION OF MULTIPLE LEVELS WITH VALUE DRIVERS
90 3.3.1 GROWTH ., 90 3.3.2 PROFITABILITY 91 3.3.3 SIZE *. 92 3.3.4
INTENSITY OF INVESTMENTS 92 3.3.5 TRANSACTION ADVISOR 93 3.3.6 PREMIUM
93 4 CONCLUDING REMARKS AND OUTLOOK 94 VIII TABLE OF CONTENT APPENDIX 96
REFERENCES 102 C CASE STUDY: THE ACQUISITION OF WIIRZBURGER HOFBRAU AG
BY KULMBACHER BRAUEREI AG 103 BY SEBASTIAN SCHELS AND TIM KNIPPS 1
INTRODUCTION 103 2 THE ACQUIRER: KULMBACHER BRAUEREI AG 104 2.1 COMPANY
BACKGROUND 104 2.2 PRODUCT PORTFOLIO 104 2.3 CORPORATE STRATEGY 105 2.4
SHAREHOLDER AND HOLDING STRUCTURE 106 2.5 FINANCIAL DATA 107 3 THE
TARGET: WIIRZBURGER HOFBRAU AG 108 3.1 COMPANY BACKGROUND 108 3.2
PRODUCT PORTFOLIO 108 3.3 CORPORATE STRATEGY 109 3.4 SHAREHOLDER AND
HOLDING STRUCTURE 109 3.5 FINANCIAL DATA 110 4 STRATEGIC RATIONALE 112
4.1 WIIRZBURGER HOFBRAU UNDER EXTERNAL PRESSURE 112 4.2 KULMBACHER
BRAUEREI AG'S STRATEGIC DECISION 113 4.3 SHAREHOLDERS' INTERESTS 115 5
THE M&A DEAL 116 5.1 THE TRANSACTION 116 5.2 CAPITAL MARKET REACTION 119
6 FINANCIAL RATIONALE 120 6.1 VALUATION OF THE TARGET 120 6.2 ANALYSIS
OF COMPARABLE TRANSACTIONS 121 7 CONCLUSION 122 REFERENCES 124 TABLE OF
CONTENT IX D SHORT AND LONG TERM PERFORMANCE OF M&A ACTIVITIES IN THE
GERMAN BREWING INDUSTRY 128 I M&A ANNOUNCEMENT EFFECTS ON BIDDERS IN THE
GERMAN BREWING INDUSTRY 129 BY FLORIAN GEIGER AND TOBIAS ROEDIGER 1
INTRODUCTION 129 1.1 OBJECTIVE OF THE STUDY 129 1.2 COURSE OF ANALYSIS
130 2 REVIEW OF LITERATURE 131 3 EMPIRICAL ANALYSIS 132 3.1 DERIVATION
OF HYPOTHESES 132 3.2 EVENT STUDY APPROACH 135 3.2.1 METHODOLOGY 135
3.2.2 TESTS FOR STATISTICAL SIGNIFICANCE 138 3.3 DATA SELECTION 138
3.3.1 DATA BASE SELECTION CRITERIA 138 3.3.2 CHARACTERISTICS OF THE DATA
SAMPLE 139 3.4 DISCUSSION OF RESULTS 140 3.4.1 CUMULATIVE AVERAGE
ABNORMAL RETURNS 140 3.4.2 COMPARISON OF SUBSAMPLES 142 3.4.3
MULTIVARIATE REGRESSION 144 3.5 IMPLICATIONS 146 4 SUMMARY AND
CONCLUSION 147 APPENDIX 149 REFERENCES 153 II M&A ANNOUNCEMENT EFFECTS
ON TARGETS IN THE GERMAN BREWING INDUSTRY 159 BY JORG GERBIG AND FELIX
ZAWADZKY 159 1 INTRODUCTION 159 1.1 OBJECTIVE OF THE STUDY 159 1.2
COURSE OF ANALYSIS 160 _X TABLE OF CONTENT 2 REVIEW OF LITERATURE 160 3
INTRODUCTION OF HYPOTHESIS 163 4 SAMPLE 165 4.1 DATA COLLECTION AND DATA
REVISION 165 4.2 DESCRIPTIVE STATISTICS 166 5 METHODOLOGY 168 5.1
DETERMINATION OF EVENT WINDOWS 168 5.2 EXAMINATION AND AGGREGATION OF
ABNORMAL RETURNS 168 5.3 EXAMINATION OF STATISTICAL SIGNIFICANCE 170 5.4
ANALYSIS OF INFLUENCING FACTORS 171 6 RESULTS 172 6.1 SHARE PRICE
REACTIONS 172 6.2 INFLUENCING FACTORS ON SHARE PRICE REACTIONS 174 7
CONCLUSION 176 APPENDIX 178 8 REFERENCES 181 III LONG-TERM PERFORMANCE
IN THE GERMAN BREWING INDUSTRY - ACQUIRER VERSUS NON-ACQUIRER 187 BY
JENS ANDERSON AND JORG HOMANN 187 1 INTRODUCTION 187 1.1 OBJECTIVE OF
THE STUDY 187 1.2 COURSE OF ANALYSIS 188 2 REVIEW OF LITERATURE AND
FORMULATION OF HYPOTHESES 188 2.1 REVIEW OF LITERATURE 188 2.2
FORMULATION OF HYPOTHESES 192 3 SAMPLE AND DATA DESCRIPTION 192 4
METHODOLOGY 194 4.1 LONG-TERM PERFORMANCE STUDY METHODS 194 4.2
METHODOLOGY SELECTION 199 4.2.1 ESTIMATION OF ABNORMAL RETURNS 199 4.2.2
TEST STATISTIC 203 5 EMPIRICAL RESULTS 205 TABLE OF CONTENT XI 5.1
LONG-TERM RESULTS 205 5.2 SHORT-TERM RESULTS 206 6 SUMMARY AND
CONCLUDING REMARKS 209 APPENDIX 211 REFERENCES 215 CASE STUDY: THE
ACQUISITION OF BRAU UND BRUNNEN BY RB BRAUHOLDING 221 BY CLAUS NAARMANN
AND DOMINIKUS PRILLER 1 INTRODUCTION 221 2 PROFILES OF THE INVOLVED
COMPANIES 222 2.1 THE BIDDER - RB BRAUHOLDING (RADEBERGER) 222 2.2 THE
TARGET - BRAU UND BRUNNEN AG 224 3 THE TRANSACTION 227 3.1 COURSE OF THE
TRANSACTION 227 3.2 TRANSACTION PRICE AND VALUATION ISSUES 229 3.3
REACTION OF THE SHARE PRICE OF BRAU UND BRUNNEN AG 231 4 STRATEGIC
RATIONALE BEHIND THE TRANSACTION 232 5 EVALUATION OF THE TRANSACTION 235
6 CONCLUSION 238 APPENDIX 240 REFERENCES 242 F THE GERMAN BREWING
INDUSTRY IN AN INTERNATIONAL COMPARISON 246 I INDEX FOR LISTED BREWERIES
IN GERMANY 247 BY ULFDOBBERKE AND FLORIAN VOIGT 1 INTRODUCTION 247 1.1
OBJECTIVE OF THE STUDY 247 1.2 COURSE OF ANALYSIS 247 2 FOUNDATIONS 248
2.1 OVERVIEW OF THE GERMAN BREWING MARKET 248 XII TABLE OF CONTENT 2.2
INDEX BASICS 250 3 DESCRIPTION OF THE DATA SAMPLE 251 4 INDEX
CALCULATION METHODOLOGY 252 4.1 PERFORMANCE VERSUS PRICE INDEX 252 4.2
INDEX FORMULA 253 4.3 INDEX WEIGHTING AND FREE FLOAT 255 4.4 CORRECTION
FACTOR 256 5 PERFORMANCE ANALYSIS 257 5.1 HOLSTEN AS THE KEY DRIVER OF
THE BEX 257 5.2 BEX-GERMANY VERSUS DAX, MDAX AND EUROSTOXX 260 6
CONCLUSION AND OUTLOOK 263 APPENDIX 265 REFERENCES 267 II DEVELOPING A
EUROPEAN BREWING INDUSTRY INDEX 269 BY NILS STEINER AND BASTIAN
BIESENBACH 1 INTRODUCTION 269 1.1 OBJECTIVE OF THE STUDY 269 1.2 COURSE
OF ANALYSIS 270 2 INDEXATION FOR THE EUROPEAN BREWING INDUSTRY 270 2.1
OVERVIEW ON INDEX TYPES 270 2.2 REASONS FOR A EUROPEAN BREWERY INDEX 271
2.3 THE EUROPEAN BREWING INDUSTRY INDEX (EUROBEX) 272 3 METHODOLOGY AND
SAMPLE 273 3.1 METHODOLOGY 273 3.1.1 METHOD OF INDEX MEMBER SELECTION
273 3.1.2 CALCULATION OF THE EUROBEX 274 3.1.3 QUARTERLY INDEX
ADJUSTMENT 275 3.2 SAMPLE 276 4 RESULTS 278 4.1 ANALYSIS OF THE EUROBEX
279 4.2 ANALYSIS OF THE BEX IN AN M&A CONTEXT 281 5 CONCLUSION 283 TABLE
OF CONTENT XIII REFERENCES 285 III PERFORMANCE INDEX UK VERSUS GERMANY
287 BY JENS TEGELAERS 1 INTRODUCTION 287 2 GENERAL OVERVIEW 288 3 MARKET
STRUCTURE 290 3.1 GERMAN BREWERS 290 3.2 UK BREWERS 291 4 SETTING UP THE
INDEX 292 4.1 SAMPLE 292 4.2 INDEX METHOD 293 4.3 EXAMINATION PERIOD AND
DATA 294 4.4 WEIGHTENING AND CAPPING 294 5 RESULTS AND OBSERVATIONS 295
5.1 CURRENCY ADJUSTMENT 296 5.2 RISK AND RETURN 297 5.3 PROBLEMS AND
CONSTRAINTS 299 5.4 ADDITIONAL REMARKS 300 6 CONCLUSION 301 REFERENCES
303 IV A CONSOLIDATED VIEW ON CENTRAL AND EASTERN EUROPEAN BEER MARKETS
INCLUDING RUSSIA AND CHINA 305 BY PHILIP JANJIEN AND CARSTEN DIIBER 1
INTRODUCTION 305 1.1 OBJECTIVE OF THE STUDY 305 1.2 COURSE OF ANALYSIS
306 2 COMPARATIVE ANALYSIS OF GLOBAL BEER MARKETS 307 2.1 MATURE VERSUS
EMERGING MARKETS 307 2.2 MACROECONOMIC ANALYSIS 308 2.2.1 DRIVERS OF
GROWTH 308 2.2.2 FOCAL POINT EMERGING MARKETS 309 XIV TABLE OF CONTENT
2.3 MICROECONOMIC ANALYSIS 310 3 CONSOLIDATION IN THE GLOBAL BEER MARKET
312 3.1 LONG-TERM BENEFITS FOR THE BUYERS 312 3.2 CONTEMPORARY
DEVELOPMENT 313 3.3 LONG-TERM BENEFITS FOR THE SELLERS 314 4 MARKET
ENVIRONMENT AND RELATED STRATEGIES 315 4.1 CONSUMPTION TRENDS 315 4.2
ANALYSIS OF BEER PRICES 316 4.3 MARKET LIFE CYCLES 318 4.4 DEVELOPMENTS
IN EASTERN EUROPE INCLUDING RUSSIA AND CHINA 320 4.5 MAIN BREWERS 322
4.6 STRATEGIC CONSIDERATIONS 323 4.6.1 PLAUSIBLE ALTERNATIVES 323 4.6.2
THE INFLUENCE OF SCALE AND MARKET FRAGMENTATION 323 4.6.3 CHOICES
DEPENDING ON MARKET MATURITY 324 5 PORTRAYING OUTPERFORMED 325 5.1
UKRAINE 325 5.2 RUSSIA 328 5.3 THE PEOPLE'S REPUBLIC OF CHINA 331 6
CONCLUSION 335 APPENDIX 337 REFERENCES 351 |
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| geographic_facet | Deutschland - Brauwirtschaft - Aufsatzsammlung Deutschland |
| id | DE-604.BV021590059 |
| illustrated | Illustrated |
| index_date | 2024-07-02T14:44:09Z |
| indexdate | 2024-07-09T20:39:22Z |
| institution | BVB |
| isbn | 3896733435 3907874439 |
| language | English |
| oai_aleph_id | oai:aleph.bib-bvb.de:BVB01-014805557 |
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| publisher | Verl. Wiss. & Praxis [u.a.] |
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| spelling | The German brewing industry Dirk Schiereck ... (eds.) Sternenfels [u.a.] Verl. Wiss. & Praxis [u.a.] 2006 XIV, 355 S. Ill., graph. Darst., Kt. 210 mm x 148 mm txt rdacontent n rdamedia nc rdacarrier Rheingauer Monographien Brauerei / Branchenentwicklung / Übernahme / Fusion / Deutschland Mergers and Acquisitions (DE-588)4205916-1 gnd rswk-swf Brauwirtschaft (DE-588)4069637-6 gnd rswk-swf Brauerei (DE-588)4008024-9 gnd rswk-swf Deutschland - Brauwirtschaft - Aufsatzsammlung Deutschland (DE-588)4011882-4 gnd rswk-swf (DE-588)4143413-4 Aufsatzsammlung gnd-content Deutschland (DE-588)4011882-4 g Brauwirtschaft (DE-588)4069637-6 s DE-604 Brauerei (DE-588)4008024-9 s Mergers and Acquisitions (DE-588)4205916-1 s b DE-604 Schiereck, Dirk 1962- (DE-588)171110641 edt GBV Datenaustausch application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=014805557&sequence=000001&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis |
| spellingShingle | The German brewing industry Brauerei / Branchenentwicklung / Übernahme / Fusion / Deutschland Mergers and Acquisitions (DE-588)4205916-1 gnd Brauwirtschaft (DE-588)4069637-6 gnd Brauerei (DE-588)4008024-9 gnd |
| subject_GND | (DE-588)4205916-1 (DE-588)4069637-6 (DE-588)4008024-9 (DE-588)4011882-4 (DE-588)4143413-4 |
| title | The German brewing industry |
| title_auth | The German brewing industry |
| title_exact_search | The German brewing industry |
| title_exact_search_txtP | The German brewing industry |
| title_full | The German brewing industry Dirk Schiereck ... (eds.) |
| title_fullStr | The German brewing industry Dirk Schiereck ... (eds.) |
| title_full_unstemmed | The German brewing industry Dirk Schiereck ... (eds.) |
| title_short | The German brewing industry |
| title_sort | the german brewing industry |
| topic | Brauerei / Branchenentwicklung / Übernahme / Fusion / Deutschland Mergers and Acquisitions (DE-588)4205916-1 gnd Brauwirtschaft (DE-588)4069637-6 gnd Brauerei (DE-588)4008024-9 gnd |
| topic_facet | Brauerei / Branchenentwicklung / Übernahme / Fusion / Deutschland Mergers and Acquisitions Brauwirtschaft Brauerei Deutschland - Brauwirtschaft - Aufsatzsammlung Deutschland Aufsatzsammlung |
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