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Managing Acquisition-Related Currency Risk Exposures: The E.ON-Powergen Case

In: Risk Management

Author

Listed:
  • Stefan Hloch

    (E.ON AG)

  • Ulrich Hommel

    (International University)

  • Karoline Jung-Senssfelder

    (International University)

Abstract

In April 2001, E.ON AG announced the details of its pre-conditional cash offer for Powergen plc. Due to pending regulatory clearance in the USA, the UK and Europe as well as shareholder acceptance, the acquisition was not finalized until July 2002. This chapter identifies contingent currency risk exposures as a predominant concern in such cross-border acquisitions and develops an acquisition- related approach to managing them. Based on an exemplary risk management process, decision problems arising in the various phases of the acquisition are discussed and complemented with information on E.ON’s risk management policies actually adopted.

Suggested Citation

  • Stefan Hloch & Ulrich Hommel & Karoline Jung-Senssfelder, 2005. "Managing Acquisition-Related Currency Risk Exposures: The E.ON-Powergen Case," Springer Books, in: Michael Frenkel & Markus Rudolf & Ulrich Hommel (ed.), Risk Management, edition 0, pages 631-650, Springer.
    • Handle: RePEc:spr:sprchp:978-3-540-26993-9_32
    DOI: 10.1007/3-540-26993-2_32
    as

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