How Preussag Became TUI: A Clinical Study of Institutional Blockholders and Restructuring in
plm是什么
Europe
nicolaus copernicus
ax期刊名称: Financial Managementabnce
作者: Ingolf Dittmann,Ernst Maug,Christoph Schneider
作者机构: Ingolf Dittmann is Professor of Corporate Governance at Erasmus University Rotterdam, Netherlands,Ernst Maug is Professor of Corporate
红孩连连看Finance at the University of Mannheim, Germany,Christoph Schneider is PhD Student in Finance at the University of Mannheim, Germany
年份: 2008年
预算造价>underconstruction
overture期号: 第3期
lotro关键词: Discrete optimization;Pruning strategies;Safety First;Heaviside function
摘要:Between 1997 and 2004, Preussag, a diversified German conglomerate of "old economy" business, transformed itlf into TUI, a company focud almost entirely on tourism and logistics. We analyze how Preussag executed this change, and how the change contributed to Preussag's underperformance in the stock market. We find that only the divestitures created value, that the strategy to invest in tourism destroyed value, and that the acquisition premiums Preussag paid were mostly unjustified. The ca shows how divestiture programs increa the liquid resources available to management and casts doubt on the positive governance role of institutional blockholders.
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