Author
Listed:
- Christian Merle
- Hubert Stoclin
Abstract
[eng] The US experience : this rise of takeovers and LBOs . OPA and LBO are raging in the United States, six months after the stock market break. The number of deals is actually steady but the size of the biggest ones is skyrocketing. These transactions enable corporations to carry out a strategy which opposes the conglomerate movement of the sixties and seventies. The aim of many corporations is to focus on the most profitable part of the business and sell off the least performing assets. Thus, a real market of industrial and service assets has been created. The economic effects of this corporate reorganization are controversial. The immediate winners are shareholders of the target corporation who often receive big premiums on their holdings. The acquisition is, to a [fre] Le tissu des entreprises aux États-Unis est profondément modifié par le mouvement des OPA et des LBO. Les opérations actuelles, souvent fondées sur une stratégie divergente, par rapport au développement passé des conglomérats, visent à centrer l'entreprise sur sa spécialité. La cession d'éléments de l'entreprise est le complément de ce recentrage. Le recours à l'emprunt tient une place importance avec des montages sophistiqués, dont le but est d'accroître la rentabilité des fonds propres par l'effet de levier. Les actionnaires sont les principaux bénéficiaires, à court terme, de ces opérations qui favorisent des augmentations spectaculaires des cours. Les effets sur l'économie sont controversés. Si la rationalisation qui les accompagne favorise les gains de productivité et une utilisation efficace des actifs, on critique leurs effets négatifs sur l'emploi et l'avenir à moyen terme de l'entreprise qui doit dégager immédiatement du « cash flow » pour assurer, le service de la dette. Les six années d'expansion aux États-Unis font oublier les risques d'une restructuration financée par l'endettement.
Suggested Citation
Christian Merle & Hubert Stoclin, 1988.
"L'expérience américaine : L'essor des OPA et LBO financés par la dette,"
Revue d'Économie Financière, Programme National Persée, vol. 5(2), pages 131-146.
Handle:
RePEc:prs:recofi:ecofi_0987-3368_1988_num_5_2_4650
DOI: 10.3406/ecofi.1988.4650
Note: DOI:10.3406/ecofi.1988.4650
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