Case Study of LG Demergers in Terms of Shareholders Value and Corporate Governance in the Context of Korean Practice
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WELLS FARGO MASTER TRUST Form NPORT-P Filed 2020-07-30
SECURITIES AND EXCHANGE COMMISSION FORM NPORT-P Filing Date: 2020-07-30 | Period of Report: 2020-05-31 SEC Accession No. 0001145549-20-043454 (HTML Version on secdatabase.com) FILER WELLS FARGO MASTER TRUST Mailing Address Business Address 525 MARKET STREET 525 MARKET STREET CIK:1087961| IRS No.: 000000000 | State of Incorp.:DE | Fiscal Year End: 1231 12TH FLOOR 12TH FLOOR Type: NPORT-P | Act: 40 | File No.: 811-09689 | Film No.: 201061164 SAN FRANCISCO CA 94105 SAN FRANCISCO CA 94105 800-222-8222 Copyright © 2020 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document Wells Fargo Bloomberg Barclays US Aggregate ex-Corporate Portfolio Portfolio of investments May 31, 2020 (unaudited) Interest rate Maturity date Principal Value Agency Securities : 37.37% FFCB 1.46 % 3-3-2023 $210,000 $211,381 FFCB 1.84 9-9-2022 10,000 10,027 FFCB 1.85 3-3-2022 70,000 70,188 FFCB 1.90 6-24-2021 70,000 71,165 FHLB 1.13 7-14-2021 120,000 121,263 FHLB 2.13 6-9-2023 70,000 73,787 FHLB 2.13 9-14-2029 80,000 86,891 FHLB 2.38 9-8-2023 30,000 31,992 FHLB 2.50 3-11-2022 350,000 364,015 FHLB 2.50 12-8-2023 20,000 21,522 FHLB 2.75 12-13-2024 10,000 11,034 FHLB 3.00 10-12-2021 70,000 72,687 FHLB 3.00 3-10-2028 10,000 11,501 FHLB 3.38 9-8-2023 30,000 32,970 FHLB 3.38 12-8-2023 280,000 309,225 FHLB 5.38 8-15-2024 690,000 830,557 FHLB 5.63 6-11-2021 10,000 10,557 FHLB 5.63 3-14-2036 10,000 15,462 FHLMC 2.38 1-13-2022 20,000 20,702 FHLMC 2.50 3-1-2032 3,143,675 3,296,980 FHLMC 2.50 2-1-2035 1,686,516 1,766,043 FHLMC 2.75 -
Valuations for Re-Organisations
VALUATIONS FOR RE-ORGANISATIONS CA VIKRAM JAIN 04 MAY 2019 VALUATION CONCEPTS & PURPOSE CA VIKRAM JAIN 2 VALUATION CONCEPTS Value - Price Value varies Not an with Exact Situation science Valuation More of an Subjective Art Date Specific CA VIKRAM JAIN 3 TYPES OF ASSETS Others Securities • Jewellery or Intangible Land and Plant and • Archaeological Business Collections Financial Assets Building Machinery • Drawings Assets • Paintings • Sculptures CA VIKRAM JAIN 4 PURPOSE OF VALUATION Business Valuation Regulatory Intangibles Financial Reporting Purchase Price Restructuring FEMA Purchase / Sale Allocation Purchase / Sale of Private Equity/ Income Tax Act Hypothecation shares / business Venture Capital Funds Litigation / Family Accounting for SEBI Regulations Financial Instruments Settlements purchase Ind AS reporting – Fair Fund raising Companies Act Impairment Value / Impairment CA VIKRAM JAIN 5 PROCESS OF VALUATION CA VIKRAM JAIN 6 STEPS IN VALUATION 1 2 3 4 Information Analysis Valuation Recommendation • Obtaining information • Data Analysis and review Methodologies • Assigning Weights • Business Understanding • Discussion with the • Selection of method • Recommendation Management • Conducting sensitivity • Reporting analysis CA VIKRAM JAIN 7 SOURCES OF INFORMATION Historical data such as audited results of the Company Industry & Company overview Future projections Management Discussion Stock market quotations / announcements Publicly available data on comparable companies Market surveys, news paper reports Representation by Management -
Leveraged Buyouts, and Mergers & Acquisitions
Chepakovich valuation model 1 Chepakovich valuation model The Chepakovich valuation model uses the discounted cash flow valuation approach. It was first developed by Alexander Chepakovich in 2000 and perfected in subsequent years. The model was originally designed for valuation of “growth stocks” (ordinary/common shares of companies experiencing high revenue growth rates) and is successfully applied to valuation of high-tech companies, even those that do not generate profit yet. At the same time, it is a general valuation model and can also be applied to no-growth or negative growth companies. In a limiting case, when there is no growth in revenues, the model yields similar (but not the same) valuation result as a regular discounted cash flow to equity model. The key distinguishing feature of the Chepakovich valuation model is separate forecasting of fixed (or quasi-fixed) and variable expenses for the valuated company. The model assumes that fixed expenses will only change at the rate of inflation or other predetermined rate of escalation, while variable expenses are set to be a fixed percentage of revenues (subject to efficiency improvement/degradation in the future – when this can be foreseen). This feature makes possible valuation of start-ups and other high-growth companies on a Example of future financial performance of a currently loss-making but fast-growing fundamental basis, i.e. with company determination of their intrinsic values. Such companies initially have high fixed costs (relative to revenues) and small or negative net income. However, high rate of revenue growth insures that gross profit (defined here as revenues minus variable expenses) will grow rapidly in proportion to fixed expenses. -
1 PARTIAL DEMERGER PLAN of LUXOTTICA S.R.L. in FAVOUR OF
PARTIAL DEMERGER PLAN OF LUXOTTICA S.r.l. IN FAVOUR OF LUXOTTICA GROUP S.p.a. The Board of Directors of Luxottica S.r.l., a single-member company (hereinafter “Luxottica” or the “Company to be Demerged”) and Luxottica Group S.p.A. (hereinafter “Luxottica Group”, or the “Beneficiary Company” and Luxottica and Luxottica Group referred to collectively hereinafter as the “Companies Participating in the Demerger”) have prepared the following Demerger plan (the “Demerger Plan”) for the partial demerger of Luxottica S.r.l. in favour of Luxottica Group S.p.A. (hereinafter, the “Demerger”) in accordance with articles 2506, 2501-ter and 2505 paragraph 2, as referred to in article 2506-ter of the Italian Civil Code. It is to be noted that: (i) Luxottica Group holds the full share capital of Luxottica and therefore, in compliance with the provisions of articles 2505, paragraph 1, and 2506-ter, paragraph 5, of the Italian Civil Code: The administrative bodies of Luxottica and the Luxottica Group did not prepare the report for the Demerger Plan as stated in articles 2506-ter paragraphs 1 and 2, and 2501- quinquies of the Italian Civil Code; The experts’ report will not be prepared as stated in article 2501-sexies of the Italian Civil Code, as referred to in article 2506-ter, paragraph 3, Italian Civil Code. (ii) In accordance with the terms of articles 2505, paragraph 2, and 2506-ter, paragraph 5, of the Italian Civil Code, the provisions of article 23 of the articles of association of Luxottica Group (contained in Annex “A” of the Demerger Plan), -
Corporate Hierarchies, Genres of Management, and Shifting Control in South Korea’S Corporate World
Ranks & Files: Corporate Hierarchies, Genres of Management, and Shifting Control in South Korea’s Corporate World by Michael Morgan Prentice A dissertation submitted in partial fulfillment of the requirements for the degree of Doctor of Philosophy (Anthropology) in The University of Michigan 2017 Doctoral Committee: Associate Professor Matthew Hull, Chair Associate Professor Juhn Young Ahn Professor Gerald F. Davis Associate Professor Michael Paul Lempert Professor Barbra A. Meek Professor Erik A. Mueggler Michael Morgan Prentice [email protected] ORCID: 0000-0003-2981-7850 © Michael Morgan Prentice 2017 Acknowledgments A doctoral program is inexorably linked to the document – this one – that summarizes the education, research, and development of a student and their ideas over the course of many years. The single authorship of such documents is often an aftereffect only once a text is completed. Indeed, while I have written all the words on these pages and am responsible for them, the influences behind the words extend to many people and places over the course of many years whose myriad contributions must be mentioned. This dissertation project has been generously funded at various stages. Prefield work research and coursework were funded through summer and academic year FLAS Grants from the University of Michigan, a Korea Foundation pre-doctoral fellowship, and a SeAH-Haiam Arts & Sciences summer fellowship. Research in South Korea was aided by a Korea Foundation Language Grant, a Fulbright-IIE Research grant, a Wenner-Gren Dissertation Fieldwork Grant, and a Rackham Centennial Award. The dissertation writing stage was supported by the Rackham Humanities fellowship, a Social Sciences Research Council Korean Studies Dissertation Workshop, and the Core University Program for Korean Studies through the Ministry of Education of the Republic of Korea and Korean Studies Promotion Service of the Academy of Korean Studies (AKS-2016-OLU-2240001). -
Changes and Continued Growth of Foreign Investment
The Top 20 Korean Multinationals: Changes and Continued Growth of Foreign Investment Seoul and New York, March 5, 2015 Graduate School of International Studies at Seoul National University in Seoul, and the Columbia Center on Sustainable Investment (CCSI), a joint center of the Columbia Law School and the Earth Institute at Columbia University in New York, are releasing the results of their survey of Korean multinationals today. The survey, conducted during 2014, is part of a long-term study of the rapid global expansion of multinational enterprises (MNEs) from emerging markets.1 The research for this report was conducted in 2014 and covers the period from 2011 to 2013.2 Highlights In 2013, the top 20 Korean multinationals, ranked by their foreign assets (See Table 1), jointly held US$68.9 billion assets abroad.3 Most firms were subsidiaries of Korea’s eight leading business groups (or chaebols), including Samsung, POSCO, LG, Hyundai Heavy Industries, Hyundai-Kia Motors, SK, Lotte, and Hyosung Group. Five out of the 20 multinationals were also included in UNCTAD’s “Top 100 non-financial TNCs from developing and transition economies” in 2012.4 The average age of the top 20 firms is about 47 years, which is two times the average age of Korea’s top 1,000 firms (ranked in terms of total assets). There is a high concentration by the top players in the list in terms of foreign assets. Among the top 20 companies, Samsung Electronics, POSCO, and Hyundai Motor Company ranked in the top three in that order. There was a significant difference between first and second place, with the foreign assets of Samsung Electronics more than doubling that of POSCO. -
Chapter 1 Introduction
CHAPTER 1 INTRODUCTION 1.1 Background of the study Merger and Acquisitions have been increasingly becoming a perfect economic strategy to pace up with the fast-growing economy worldwide. In this space where industrialists and CEOs of concerned companies are interested in profits and expansions, those employed in their companies suffer loss, particularly regarding their own rights to employment. This chapter provides insights as to how increasing competition, strategies for expansion and profit making has led the corporate world to favour Merger and Acquisitions as the most preferable way. 1.2 Increasing competition amongst industries and globalization Every organization today must reinvent itself in order to survive. For this, it might introduce new products in the market, enter into new markets or bring about certain other changes that would ensure its presence in it. No matter, companies keep on trying to gain monopoly of their product in the market. At the same time, it also caters to the profits and loss incurred due to many new entries.3 For instance, the booming rise of Patanjali Ayurveda products endorsed by Baba Ramdev has shaken the Indian markets. Patanjali has a huge range of products ranging from toothpaste, beauty care, body care, sanitation, cereals, to many other household items. Along with that, its criteria of promoting ‗Indian-ness‘ through his products has brought his sales to striking heights. It has been introducing more and more products into the market providing a hard time for others to survive. Patanjali has brought to light the herbal and nature based products. Companies like Emami, Hindustan Unilever Limited, Dabur and Himalaya have been re-inventing their products with a promise of ―herbal age‖4 coming up. -
Understanding a Demerger Process the Divorce Metaphor
Scandinavian Journal of Management 36 (2020) 101095 Contents lists available at ScienceDirect Scandinavian Journal of Management journal homepage: www.elsevier.com/locate/scajman Understanding a demerger process: The divorce metaphor T Roger Schweizera,*, Katarina Lagerströmb a School of Business, Economics and Law, University of Gothenburg, Department of Business Administration, P.O. Box 610, S-405 30, Göteborg, Sweden b Department of Business Studies, Uppsala University, P.O. Box 513, S-751 20, Uppsala, Sweden ARTICLE INFO ABSTRACT Keywords: This article contributes to the literature on mergers and acquisitions that hitherto has neglected the demerger of Demerger process previously merged/acquired firms by offering a process description. To provide structure and deliver insights Divorce into such a process, we apply the metaphor of a divorce process and use insights from a case study—namely, the Metaphor demerger between Ford Motor Company and Volvo Cars Corporation. Our findings suggest that a demerger process of previously merged/acquired firms can be divided into six phases: disillusionment, erosion, detach- ment, physical separation, mourning, and second adolescence/hard work. The motives for the initial merger or acquisition and the degree of integration are possible factors argued to play a major role in the identified phases during the demerger. 1. Introduction the reasons behind the deal – that is, whether the divestiture is merely a reflection of the economic cycle, a proactive strategic step or a means to Mergers and acquisitions (M&As) are among the most noteworthy reverse a previous strategic decision. In this study, drawing on the corporate strategies in today’s globalized business landscape as they are thoughts of Charifzadeh (2002) and Cascorbi (2003),wedefine a de- used to accelerate growth, access and expand on valuable capabilities merger as the reversal of a previous M&A between two firms, where the or assets, and reduce competition (Brueller, Carmeli, & Markman, 2018; pre-M&A status is re-established, either completely or partly. -
Economy & Business in Gyeonggi-Do
[Understanding] The Future of Korea, How Gyeonggi-do Leading the Country more info : www.gyeonggido-korea.com Let's understand about Gyeonggi-do. Not only for Koreans but also people in the world, Gyeonggi-do provides people opportunities and better life. Gyeonggi-do is the province surrounding the capital of South Korea, Seoul. It is the most populated province of Korea having about 13 million inhabitants, more than one-fifth of the entire Korean population. The province has played an important role since 18 BCE when the country was divided into three kingdoms and still plays a vital role for tourism, business, economy and technology in current day South Korea. Economy & Business in Gyeonggi-do Gyeonggi-do is a hub for industry in Korea and ranges from heavy industry (chemical, steel, electronics, machinery) to textile industry, IT, farming, livestock and fisheries. More than a quarter of all Korea’s small and medium-sized companies are located in Gyeonggi-do province and the province is becoming more and more important with the expansion of the Northeast Asian economies. night pangyo Pangyo Techno Valley 1. Gyeonggi-do, the hub of economy and industry Gyeonggi-do lies at the heart of the Korean economy and has the highest GRDP among all other provinces on the South Korean peninsula. Additionally, it has the fastest annual GRDP growth rate in comparison with other provinces and even Seoul Special City. Industry is evenly spread around the province and consists of major companies like Suwon Samsung Semiconductor, Hyundai KIA in Uiwang, Paju's LG Corporation LCD Complex, Icheon's SK Hynix. -
Valuation for Mergers and Demergers, Small and Medium
THE CHAMBER OF TAX CONSULTANTS Valuation Application CA Pinkesh Billimoria 8th June 2019 Topics covered: Valuation for Mergers and Demergers Valuation of Small and Medium Enterprises Valuation of Investment Entities Distressed Asset Valuation Start-Up Entities Valuation Valuation – A Perspective What is being valued Going concern vis-à-vis Why it is being valued liquidation Valuation is relative to a Secure definition of “value” Premium for control, efficiency specific point in time and synergy Context Timing Basis Extent of Forward looking & control Cash flows key Premise Asset Income Market Approach Approach Approach Valuation analysis and results are specific to the purpose of the valuation and the valuation date. Valuation Approaches- Business / Intangibles Asset Approach: Income Approach: • Net Asset Value (NAV) • Discounted Cash Flow Method (DCF) • Liquidation Value • Yield Method / Profit Earning Capacity Value Method (PECV) • Earnings Capitalisation • Royalty Relief method • Contribution / Excess earnings Asset Income method • Incremental Cashflows method Market Market Approach: • Market Prices Method • Comparable Companies Multiples Method (CCM) • Comparable Transactions Multiples Method (CTM) – including past transactions in shares of the subject company. Generally combination of methods are preferred Approaches are not exclusive; but complement each other More than one right way to value Valuation for Mergers and Demergers Merger / Demerger / Slump Sale Valuation – General Proposition • In a merger / demerger valuation, attempt is not to arrive at absolute values of the shares of the companies, but their relative values on a stand alone and as is where is basis to arrive at the exchange / entitlement ratio. • A relative valuation is based on various methodologies and various qualitative factors relevant to each of the companies and the business dynamics and growth potential of the businesses of respective companies. -
Corporate Governance Report
2020 Corporate Governance Report LG Electronics Inc. Our company has compiled this Report to help investors understand the current status of our corporate governance in accordance with Article 24, Paragraph 2 of the Regulations on Issuance, Public Disclosure, etc. of Securities. This Report contains the status of our company’s corporate governance as of December 31, 2020. Any changes in the Report as of the date of its submission are stated separately. The details of activities related to corporate governance in this Report are those applicable to the public disclosure period concerned (January 1, 2020-December 31, 2020), except in cases of those applicable to different periods as specified in the guidelines. Contents Ⅰ. Overview 3 Ⅱ. Current Status of Corporate Governance 4 1. Corporate Governance Policy 4 (a) Corporate Governance Principles 4 (b) Governance Features 4 (c) Governance Status 5 2. Shareholders 7 (Core Principle 1) Shareholder Rights 7 (Principle 1- ) 7 (Principle 1-①) 8 (Principle 1-②) 11 (Principle 1-③) 12 (Principle 1-④) 13 (Core Principle⑤ 2) Fair Treatment of Shareholders 14 (Principle 2- ) 14 (Principle 2-①) 19 ② 3. Board of Directors 25 (Core Principle 3) Functions of BOD 25 (Principle 3- ) 25 (Principle 3-①) 27 (Principle 3-②) 29 (Core Principle③ 4) Structure of BOD 31 (Principle 4- ) 31 (Principle 4-①) 34 (Principle 4-②) 37 (Principle 4-③) 38 ④ 1 (Core Principle 5) Responsibilities of Independent 50 Directors (Principle 5- ) 50 (Principle 5-①) 51 (Principle 5-②) 52 (Core Principle 6) Assessment of Independent Directors’ ③ 54 Activities (Principle 6- ) 54 (Principle 6-①) 55 (Core Principle② 7) Operation of BOD 56 (Principle 7- ) 56 (Principle 7-①) 62 (Core Principle② 8) Committees under BOD 64 (Principle 8- ) 64 (Principle 8-①) 65 ② 4. -
LG ELECTRONICS STRATEGIC PLANNING ASSINGMENT by Dainius Skirbutas a Capstone Project Presented to LCC International University I
LG ELECTRONICS STRATEGIC PLANNING ASSINGMENT by Dainius Skirbutas A Capstone Project Presented to LCC International University in Partial Fulfillment of the Requirements for the B.A. Degree LCC International University April 2013 LG Electronics 2 Business Administration Department Supervisor: Sargent Bradford Instructor: Frank Thomas M.B.A LG Electronics 3 INTRODUCTION .....................................................................................................................5 MISSION/VISION STATEMENT........................................................................................5 INTERNAL ASSESSMENT.....................................................................................................6 MANAGEMENT...................................................................................................................6 Organizational Structure ....................................................................................................6 Management System..........................................................................................................6 Planning .............................................................................................................................7 Motivation..........................................................................................................................8 Organizing..........................................................................................................................8 Staffing...............................................................................................................................9