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Acquisitions in Complex Markets
CFO SUMMIT 2014
Core Process – M&A
Strategy
Management
Positioning
Strategic Planning
Target Selection
Justification
Transaction
Management
Structuring the deal
Project Management
Due Diligent
Valuation
Negotiation
Integration
Management
Integration Concept
Start the integration
From first day
Manage the
Integration
Process
Strategy Management
Companies should consider pursuing targets that add
value medium term while providing long-term
positional advantages.
Markets are not homogeneous, think strategically.
Selectiveness – less is more most of the time..
Consider other different types of models such as JV etc.
Transaction Management
Emerging marketing are still emerging. So, transaction
structuring is hard to be immune of risks:
 In Brazil is impossible to avoid liabilities.
 In China need structural protections other than
contract terms.
Be patient and move judiciously, emerging markets
could be treacherous due to unstable political
environments, unreliable legal systems and very
different account systems.
Transaction Management (risks)
Market
 Local governances & practices
 Unpredictable regulatory & political environment
 Unclear title of seller assets
 Valuation challenges
Financial
 Quality of financial information
 Inadequate reporting of liability
 Tax-driven accounting
 Ever-changing tax regimes
Operational
 Lack of infrastructure and substantive controls
 Employment of family members
My advice:
Hope for the best, prepare for the worst
Transaction Management (risks)
Set sail with a compass and experienced crew.
Understand the ownership structure (in buy side
transaction) you are dealing with.
Identify and bridge cultural gaps.
You have to have a business model that can
withstand a volatile business environment.
Integration Management
Marcos Dussoni, Regional CFO at Sodexo - Acquisitions in complex markets: taking the process beyond the immediate challenges towards growth and resilience

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Marcos Dussoni, Regional CFO at Sodexo - Acquisitions in complex markets: taking the process beyond the immediate challenges towards growth and resilience

  • 1. Acquisitions in Complex Markets CFO SUMMIT 2014
  • 2. Core Process – M&A Strategy Management Positioning Strategic Planning Target Selection Justification Transaction Management Structuring the deal Project Management Due Diligent Valuation Negotiation Integration Management Integration Concept Start the integration From first day Manage the Integration Process
  • 3. Strategy Management Companies should consider pursuing targets that add value medium term while providing long-term positional advantages. Markets are not homogeneous, think strategically. Selectiveness – less is more most of the time.. Consider other different types of models such as JV etc.
  • 4. Transaction Management Emerging marketing are still emerging. So, transaction structuring is hard to be immune of risks:  In Brazil is impossible to avoid liabilities.  In China need structural protections other than contract terms. Be patient and move judiciously, emerging markets could be treacherous due to unstable political environments, unreliable legal systems and very different account systems.
  • 5. Transaction Management (risks) Market  Local governances & practices  Unpredictable regulatory & political environment  Unclear title of seller assets  Valuation challenges Financial  Quality of financial information  Inadequate reporting of liability  Tax-driven accounting  Ever-changing tax regimes
  • 6. Operational  Lack of infrastructure and substantive controls  Employment of family members My advice: Hope for the best, prepare for the worst Transaction Management (risks)
  • 7. Set sail with a compass and experienced crew. Understand the ownership structure (in buy side transaction) you are dealing with. Identify and bridge cultural gaps. You have to have a business model that can withstand a volatile business environment. Integration Management