Studentkinja Angelina Čolović je u sredu, 18. septembra 2024. godine odbranila svoj master rad na temu Managing the Financing of Acquisition Processes – Acquisition of Radisson Collection Hotel Old Mill Belgrade pred mentorom dr Brankom Uroševićem i članovima komisije dr Milanom Nedeljkovićem i dr Vladimirom Vasićem.
U uvodu svog rada Angelina je istakla:
The impact of globalization on economic development and the evolution of free markets has significantly reshaped competition, both domestically and internationally. This dynamic has led companies to continuously refine their strategies to maintain competitiveness, ensuring their survival and striving to achieve organizational goals, especially maximizing profits. In the midst of this competitive milieu, various avenues for growth and improvement are emerging, with business expansion standing out as a key strategy. Business expansion can be manifested by internal and/or external means. Internally, companies may decide to increase their operations by establishing new departments, increasing plant capacity, or increasing production units. In contrast, external expansion often involves mergers and acquisitions. Mergers and acquisitions (M&A) is a common strategy used by many firms. M&A serves as a catalyst for business expansion, offering avenues to gain competitive advantages and foster synergies.
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The phenomenon of mergers and acquisitions has continued to interest and engage managers and researchers since the late 19th century because of its potential in advancing competitive advantage, rebuilding and growing the economy, and, conversely, because of its high failure rates. Despite the abundance of research on this topic, understanding of the reasons why acquisitions occur and what their key performance drivers are is limited. In the course of their business, companies often apply the acquisition process, i.e. Taking over another target company for the purpose of growing and developing your business. Still, there are numerous reasons to take over. In an acquisition, the acquirer buys most of the shares (over 50%) of another company (the „target company“) or parts of it (e.g., a business unit or division). Acquisition motives, types of acquirers, and dynamics vary, but most acquisitions aim to generate value from a transaction in some form. However, the prevailing dilemma in practice and literature is that acquisitions often do not provide the intended benefits. The reasons for the negative performance of the acquirer stem from the overestimation of potential synergies and the payment of high premiums for objectives before the conclusion of the contract. Another problem lies in ensuring the creation of value after the deal. The challenges after the agreement relate to the optimal speed of integration, the degree of integration, changes or management of integration, communication, sharing of resources and knowledge, motivation and turnover of employees, and cultural integration. It is necessary to conduct additional research on how pre-contract processes, such as goal assessment and negotiations, affect the performance of the takeover. – zaključila je Angelina.