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Kumho Asians Group M&A Case
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Contents
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Kumho Asiana Group
Large South Korean conglomerate
Kumho Asiana Group
Subsidiaries in the automotive,
industry, leisure, logistic,
chemical and airline fields.
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Kumho Asiana Group
Kumho Asiana Group
Originally taxi company, however,
now they are major Korean conglomerate by M&A
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Group current condition
Chemical/Tire
Construction
Transportation/ Distribution/ Service
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Management ideology
Humane level
: Employee together
Social level
: Loved from neighbor
Economic level
: Create Global value
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Management objective
Number 1.
In their business world
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Five core management method
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The process of the M&A
1. 1999. 8. 26
D…(생략)
12 subsidiaries did work-out
3. 2006. 1. 26
4. 2006.11.15
5. 2009 .6. 28
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ty conversion’
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Problem of M&A
3. Excessive dependence on FI
-’Put back option’
FI bought stock at 26,000 won per share of DAE WOO E&C in 2006
(option - pre-set price of 31,500 won per share in 2009 Dec)
BUT, trading below 13,000 won on the exercise date for the option
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Problem of M&A
4. Failure to make synergy
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Problem of M&A
5. Incomprehension and external crisis
-Real estate market is slow down
-Financial crisis in 2008
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The Winner’s Curse
In short, the winner`s curse says that in such an auction, the winner will tend to overpay.
Conclusion
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Conclusion
Now
Kumho Asians group sell
the Daewo Construction to
“Korea Development Bank”
Making stable management
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Unstable
management
Conclusion
Now
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Conclusion
To be succeed M&A
Purchasing at an affordable price
Synergy effect
Post Merger Integration
Fail
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금호 아시아나 http://www.kumhoasiana.com
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