Thus, doing a short result told above, it is possible to notice the following. Merges and absorption represent procedure of change of the owner or to change of structure of property of the company, being a final link in system of measures for its restructuring.
Before passing to consideration of a problem of carrying out procedure of merges and absorption, expedient would be to pay attention to what place belongs to merges and absorption in the course of carrying out restructuring of the enterprise and creation of strategy of its development.
Here it is necessary to stop that is understood as activities for merges and absorption not only acquisition completely or the most part of any economic entity, but also and alienation, sale of divisions, subsidiaries, change of structure of property of firm. In more detail about it it will be told below.
Thus, the essence of synergetic effect is that merge of two companies generates the additional cost of the united company. At the expense of what there is an increase in cost of the united company? It is obvious that sources of increase in cost form a certain benefit for participants of the transaction of merge/absorption which is the major motivating factor to carrying out merges and absorption.
His main idea that often the small company which is letting out unique, perspective production has no opportunities of realization of the potential and successful advance in the market. In this case one of the most effective decisions is merge to larger company possessing for this purpose all resources. Then the companies "will help" each other because each of them has what is not enough another. That is existence at them complementary resources will be motive for merge.
Mergers of companies, one production relating to different stages are called as vertical merges. Thus merge takes the form "integration" or "integration forward back". For example, the combine on production of metal rolling unites with machine-tool factory ("integration forward", that is association with the company relating to the following stage production process or, we will allow with the company which is engaged in production of iron ore ("integration" back, that is merge to the company of the previous stage production process.
Explanation for it, most likely, that diversification of the company is of value only for her. For its shareholders of any value diversification has no and it does not increase their welfare while investors have a possibility of personal diversification of own investments in an action of various issuers which will correspond completely to their personal interests.