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Celo Besedilo V UNIVERZA V LJUBLJANI EKONOMSKA FAKULTETA MAGISTRSKO DELO ZNAČILNOSTI PROCESA ZDRUŽEVANJA IN PREVZEMOV V PIVOVARSKI INDUSTRIJI V EU IN SLOVENIJI Ljubljana, december 2004 ZLATKO ALIBEGOVIĆ IZJAVA Študent Zlatko Alibegović izjavljam, da sem avtor tega magistrskega dela, napisanega pod mentorstvom prof. dr. Miroslava Glasa, in skladno s prvim odstavkom 21. člena Zakona o avtorski in sorodnih pravicah dovolim objavo magistrskega dela na fakultetnih spletnih straneh. V Ljubljani, dne 20.12.2004 Podpis: __________________ Kazalo 1. UVOD .................................................................................................................................... 1 2. TEORETIČNA OPREDELITEV ZDRUŽITEV IN PREVZEMOV.............................. 4 2.1. OSNOVNE OBLIKE ZDRUŽITEV IN PREVZEMOV PODJETIJ............................... 5 2.2. PRIJAZEN IN SOVRAŽEN PREVZEM ........................................................................ 8 2.3. MOTIVI ZA ZDRUŽEVANJE PODJETIJ ................................................................... 10 2.3.1. Pričakovani sinergični učinki................................................................................. 11 2.3.2. Razlike v učinkovitosti managerskih skupin........................................................... 13 2.3.3. Povečana tržna moč ............................................................................................... 14 2.3.4. Davčni razlogi........................................................................................................ 14 2.3.5. Podcenjenost podjetij ............................................................................................. 15 2.3.6. Diverzifikacija ........................................................................................................ 16 2.4. MOTIVI MEDNARODNIH PREVZEMOV ................................................................ 17 2.5. KRITIKA ZDRUŽEVANJA......................................................................................... 20 2.6. PRAVNA UREDITEV PREVZEMOV V EU IN SLOVENIJI..................................... 22 2.6.1. Pravna ureditev prevzemov v EU........................................................................... 22 2.6.2. Pravna ureditev prevzemov v Sloveniji .................................................................. 26 3. ZNAČILNOSTI PIVOVOVARSKE INDUSTRIJE V EU............................................. 31 3.1. PORABA ALKOHOLNIH PIJAČ V EU ...................................................................... 31 3.2. PORABA PIVA V EU................................................................................................... 34 3.3. PROIZVODNJA PIVA ................................................................................................. 36 3.4. PREDSTAVITEV PODJETIJ ....................................................................................... 38 3.4.1. Heineken.................................................................................................................39 3.4.2. Interbrew ................................................................................................................42 3.4.3. Carlsberg................................................................................................................47 3.4.4. Scottish & Newcastle.............................................................................................. 49 3.5. ZNAČILNOSTI KORPORACIJSKIH IN POSLOVNIH STRATEGIJ PREDSTAVLJENIH PODJETIJ.......................................................................................... 51 4. ZNAČILNOSTI PIVOVARSKE INDUSTRIJE V SLOVENIJI................................... 57 4.1. PORABA ALKOHOLNIH PIJAČ V SLOVENIJI........................................................ 57 4.2. PORABA PIVA............................................................................................................. 58 4.3. PROIZVODNJA PIVA ................................................................................................. 60 4.4. PREDSTAVITEV PODJETIJ ....................................................................................... 62 4.4.1. Pivovarna Union .................................................................................................... 62 4.4.2. Pivovarna Laško..................................................................................................... 64 5. PROCES PREVZEMOV IN ZDRUŽITEV V PIVOVARSKI PANOGI V EU IN SLOVENIJI ............................................................................................................................ 69 5.1. NAČINI VSTOPA NA TUJE TRGE............................................................................. 69 5.2. PREVZEMI IN ZDRUŽITVE EVROPSKIH PIVOVARJEV ...................................... 71 5.3. ZNAČILNOSTI PREVZEMOV IN ZDRUŽITEV ....................................................... 77 5.4. PROCES ZDRUŽITEV IN PREVZEMOV V PIVOVARSKI PANOGI V SLOVENIJI .............................................................................................................................................. 79 5.4.1. Prevzem proizvajalcev brezalkoholnih pijač.......................................................... 79 5.4.2. Prevzemanje drugih pivovarjev.............................................................................. 81 I 6. PRIMERJAVA PROCESOV ZDRUŽEVANJ IN PREVZEMOV V EU IN SLOVENIJI ............................................................................................................................ 88 6.1. OCENA DOSEDANJIH PROCESOV.......................................................................... 88 6.2. OCENA NADALJNJEGA DOGAJANJA V PIVOVARSKI PANOGI V EU.............. 90 6.3. OCENA NADALJNJEGA DOGAJANJA V PIVOVARSKI PANOGI V SLOVENIJI93 7. SKLEP................................................................................................................................. 96 LITERATURA ....................................................................................................................... 99 VIRI....................................................................................................................................... 103 PRILOGE II 1. UVOD Osnovni cilj vsakega podjetja je ustvarjanje vrednosti delničarjem, kar dinamično vključuje rast podjetja. Rast podjetij je lahko notranja, samostojna (interna) ali zunanja (eksterna) (Pučko, 1996, str. 41). Notranjo rast omogoča boljša raba proizvodnih sredstev ali nakup dodatnih proizvodnih sredstev, zunanja rast pa je posledica prevzema, spojitve ali pripojitve drugega podjetja. Oblika rasti, ki jo bo podjetje zasledovalo, je odvisna od podjetja, od panoge, v kateri nastopa, in njenih značilnosti. Notranja rast podjetja je lahko za podjetje, ki deluje v zreli stagnantni panogi, neracionalna. Po Westonu (1990, str. 74) so dejavniki, ki dajejo prednost zunanji rasti, naslednji: 1. Nekatere cilje je mogoče hitreje doseči s priključitvami podjetij. 2. Stroški notranjega razvoja podjetja lahko presegajo stroške priključitve. 3. Nižje tveganje, nižji stroški in krajši čas, kar vodi k večanju tržnega deleža s priključitvami drugih podjetij. 4. S pomočjo lastnih vrednostnih papirjev lahko podjetje financira pridobitev kontrolnega deleža v ciljnem podjetju, kar načeloma ni mogoče, v primeru pridobitve enakih virov in premoženja, z notranjim razvojem. 5. Ciljna podjetja ne izkoriščajo svojega premoženjskega potenciala in potenciala menedžmenta tako učinkovito, kot bi to lahko storilo prevzemno podjetje. 6. Morebitne davčne prednosti. 7. Dopolnjevanje ciljnega podjetja in prevzemnika, da bi dosegli učinke sinergije. Pivo, katerega osnovna surovina je voda (85 odstotkov), se je v preteklosti zaradi svoje teže in pokvarljivosti proizvajalo in prodajalo na lokalnih trgih. Zaradi te lastnosti so nastale številne majhne pivovarne v okolici večjih mest. Majhne pivovarne, ki so pokrivale lokalne trge, z razvojem tehnologije zaradi nizkega obsega proizvodnje niso dosegale zadovoljive stopnje izkoriščenosti sredstev. Zaradi tehničnih izumov, izboljšanja transportnih sredstev in infrastrukture ter velikega števila majhnih pivovarjev je v devetnajstem stoletju prišlo do konsolidacije na nacionalnih trgih, s čimer se je zvišala stopnja izkoriščenosti sredstev in povprečni proizvodni stroški pa so se znižali. Na proizvodnjo in distribucijo piva sta v zgodovini vplivala predvsem dva pomembna izuma: parni stroj (James Watt leta 1774) in umetno ohlajanje. Prvi izum je omogočil množično proizvodnjo, drugi pa proizvodnjo v poletnem in zimskem času ter možnost distribucije piva na bolj oddaljene trge. V zadnjem desetletju smo priča konsolidaciji pivovarske industrije na domačih trgih in preko nacionalnih meja. Procesa konsolidacije ni sprožila le težnja po višji stroškovni in proizvodni učinkovitosti, temveč tudi upadanje porabe piva na tradicionalnih trgih (Zahodne Evrope). Pivovarstvo je tradicionalna zrela panoga, kjer proizvodne 1 zmogljivosti presegajo povpraševanje na trgu. V takšnih razmerah so pivovarji prisiljeni segmentirati trg piva in vstopati na tuje trge: s segmentacijo skušajo ohraniti tržni položaj na domačem trgu, z vstopom na tuje trge pa pridobiti oziroma povečati tržni delež. Zadnja leta največji evropski pivovarji širijo svoje poslovanje na trge, kjer je prisotno povečevanje porabe piva, predvsem s prevzemanjem lokalnih pivovarjev. Namen magistrskega dela je raziskati in ugotoviti vzroke za združevanje in prevzeme v pivovarski industriji v Evropski uniji. Predstavitev stanja na področju proizvodnje piva v Evropski uniji
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