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Mergers and Acquisitions: Trenden som träffat sportbranschen och Adidas
Södertörn University, School of Social Sciences.
Södertörn University, School of Social Sciences.
2013 (Swedish)Independent thesis Basic level (degree of Bachelor), 10 credits / 15 HE creditsStudent thesis
Abstract [sv]

Syfte: Syftet med denna uppsats är att ta reda på om det var rätt eller fel av Adidas att genomföra sina M&A:s med hjälp av Tobins q och de bakomliggande strategiska motiven.

Metod: Metodansatsen för den studien är en fallstudie. Data har samlats in via både kvantitativa och kvalitativa metoder. Vi har valt att undersöka fyra av Adidas nio olika M&A:s sedan mitten av 1990-talet. Datan har samlats in genom ett deduktivt angreppssätt. Den kvantitativa datan har samlats in via årsredovisningar och affärsdatabaser. Den kvalitativa datan genom semistrukturerade intervjuer och officiella pressmeddelanden.

Resultat och slutsatser: I denna fallstudie av Adidas har vi kommit fram till att två av de fyra företagen som undersöktes var övervärderade och de två andra var undervärderade i samband med uppköpen enligt Tobins q modellen. I detta avseende borde Adidas inte ha köpt de övervärderade företagen. Vi har kommit fram till att det var fel av Adidas att köpa Salomon, medan de övriga tre förvärven var berättigade. Det mest centrala motivet som genomsyrade alla affärerna var tillväxt, skillnaden var på vilket sätt detta skulle uppnås.  Bland annat sökte de kompetensen, stärka sin befintliga verksamhet och diversifiera sig.

Vi har i våra slutsatser kommit fram till att det var berättigat av Adidas att genomföra dessa affärer eftersom det har hjälpt dem att ta sig till den position som de befinner sig på idag – nämligen en av de mest dominerande aktörerna inom branschen.

Abstract [en]

Aim: The purpose of this essay is to examine whether it was right or wrong of Adidas to complete their M&A:s using Tobin’s q and the underlying strategic motives.

Method: The method for this is essay is a case study. Data has been collected through both a quantitative a qualitative method. We have chosen to examine four of Adidas nine M&A:s since the mid-1990s. The data has been collected through a deductive approach. The quantitative data has been gathered via annual reports and business databases and the qualitative data through semi structured interviews and official press releases.

Results and conclusions: We have in this case study concluded that two of the four companies, which we examined, were overvalued and the other two were undervalued in connection with the acquisitions according to Tobin’s q. Regarding to this Adidas shouldn’t have bought the overvalued companies. We concluded that it was wrong of Adidas to buy Salomon, while the other three M&A:s where entitled.  The most central aspect of the motives behind the acquisition was growth. The difference between the affairs was the way to achieve this. Among others were to search for competence, enhance its current business and to diversify themselves.

However we have concluded that Adidas were entitled to go through with the affairs since it has helped them to get where they are today – as one of few dominant companies in the industry.

Place, publisher, year, edition, pages
2013. , 47 p.
Keyword [en]
Adidas, Merger and Aquisitions, Tobin’s q, strategic motivs
Keyword [sv]
Adidas, Merger and Aquisitions, Tobins q, strategiska motiv
National Category
Business Administration
Identifiers
URN: urn:nbn:se:sh:diva-19203OAI: oai:DiVA.org:sh-19203DiVA: diva2:630419
Subject / course
Business Studies
Uppsok
Social and Behavioural Science, Law
Supervisors
Available from: 2013-06-26 Created: 2013-06-18 Last updated: 2013-06-26Bibliographically approved

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Citation style
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