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M&A  Karls University  november 5h 2013 public selection
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M&A Karls University november 5h 2013 public selection

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Small extract of a 1.15 min presentation of 20 years professional experience in an with Merger & Acquisitions. By Juergen Lauber …

Small extract of a 1.15 min presentation of 20 years professional experience in an with Merger & Acquisitions. By Juergen Lauber
see also www.05112103.info

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  • 1. Subtitle: Business Life as Global Adventure Park Subtitle: Capitalism at work hour
  • 2. Attention This is ony a selection of slides from the 75 min presentation and 15 min discussion. 20 key slides have beed deleted in this version M&A 2
  • 3. The M&A „food chain“ of my professional life (last 25 years) Was only Buyer Was target and buyer Was only target M&A 3
  • 4. Did I look for an M&A Career ? Not at all ! But .... ! When it happens, make the best of it ! M&A 4
  • 5. How does M&A work ? What is the process ? M&A 5
  • 6. The M&A development of a the company „Saia“ after World War II 5 years Owner Williams Holding Ltd 2 years 1 Year Burgess Ltd MBO 1998 IPO Zürich Stock Exchange UK Sodeco-Saia 1950 1978 1990 2003 2006 2010 Société Anonyme des Interrupteurs Automatiques 6 M&A Giacomini 5.9.2011 6
  • 7. Headquarters and electromechanical products: Micro Switches + Stepper Motors M&A 7
  • 8. The Saia-Burgess Group Management 2003 M&A 8
  • 9. The M&A history of Saia-Burgess as Buyer During 8 Year as public company 1950 1978 1990 2003 2006 2010 Société Anonyme des Interrupteurs Automatiques 9 M&A Giacomini 5.9.2011 9
  • 10. The Man behind the M&A history of Saia-Burgess Group Strategic Head ex. ABB Manager President Of the Board (Absolute King) MD / CEO Andreas O. Started 1981 as Marketing Assistant Their main deals ! -Bär Electrowerke - Stegmann Motors - TH Contact 1998 Sales growth - Cetronics IPO - MICS at 238 - Ledex Dormeyer Mio CHF - CEI Motors pa - Bühler Motors - > failed Niles Japan 600 Mio M&A CEO 2003 2006 630 Mio CHF Sales 2010 10
  • 11. The dramatic end of the public „ Saia-Burgess Group Strategic Head ex. ABB Manager President Of the Board (Absolute King) MD / CEO Sold in October 2005 for 695 Mio CHF. Six month earlier the share price value of the company was only 400 Mio CHF Andreas Ocskay CEO 2003 2006 at 630 Mio CHF Sales 1998 IPO 238 Mio CHF 2010 Sales growth M&A 11
  • 12. What happened to „My business“ ? Electronic Control Components & Systems August1999 joined Saia- Burgess as Director of Business Development 1950 Société Anonyme des Interrupteurs Automatiques M&A 1978 1990 2003 2006 2010 MBO Offer for 26 Mio CHF rejected 12
  • 13. What happen Saia-Burgess „Electronic Controller / PLC business“ ? No acquistion, only focus own business Start condition 1997: 35 Mio CHF No own factory; only shared services Final condition 2012: Saia-Burgess Controls 80 Mio CHF 1 new Lean Factory Why and how did Honeywell buy the 80 Mio CHF company Saia-Burgess Controls AG for 123 Mio CHF ? M&A 13
  • 14. My first hand experience with it 1995 -1997 1995 – Acquired by an US based big company – Parker Hannifin ( 4 Mrd.$) Right after acquistion they sent me to 4 day intensive training on „Finance for non-finance managers“ => How to handle the attitude „The only fixed cost for the company is the profit“ 230 persons – 35 Mio $ M&A 14
  • 15. How well are the US CEOs doing their job ? M&A 15
  • 16. What is the magic behind the super performance of US based big companies ? In M&A US companies have huge competetive advantages ? - European stupidity in taxation ! They pay no tax for their profits in Europe ! - Creative and very liberal accounting ? - Radical and without scruple in relocation into low cost countries ! - M&A is Priority 1 methology to develop business ; Inovation is nice to have ! M&A is like drug addiction Once you start , difficult to stop M&A 16
  • 17. Take this picture home with you !!! In business great numbers/performances sometimes are not what they appear, There is no magic secret and no super power ; only money M&A 17
  • 18. Central Point to share files and opinions: www.05112013.info M&A 18
  • 19. Give me feedback ! www.05112013.info M&A 19
  • 20. I will make the feedback public ! See example from my latest München University event M&A 20
  • 21. DISCUSSIONS M&A 21
  • 22. Who can answer these question ? 1) Why are M&A projects never known as failures ? 2) Who pays the price ? Who suffers ? 3) What should you do when you become important in a M&A deal ? M&A 22