M&A jsong@snu.ac.kr unedouee@yahoo.co.kr : 2009.8.12 1
M&A 90, M&A.,,.,..,, M&A., M&A. 2007 49 Bobcat, M&A... 2015 100, 10, 90%.. 1995 5 3,000 2008 23, 1998 48 2007. 2007 1.6, 33%. Exhibit 1 M&A, M&A. 1 1. 1896 4. 2 33 19 巨 商. 1920. 1946, 2008 23, 3 5, 60%. 3 1952 OB. 4 60 70, OB 40. OB. OB 1969, 1975,, 1979. 60, 1980, 2
85, 93. 1 94. /. 60,,,,,,,, 90,., KFC,, Polo, Guess, Nestle,, 3M,. 100 1995, 100 100. 5. 100. 95 9,080,. 1, 624%, 1%. 6.. 93 OB 40 1,. Exhibit 2 2. 1995 12, 100 1. Challenge, Create, Change Tri C,... OB, Nestle,, 3M,. Exhibit 3. OB,,, 3M,.. 1 5,900, 2 1997 130. Exhibit 4 1997 IMF 2. 600%. 2. 7 23 5,. OB 50%. 1998 332%, 1999 159%. 8 3
1999 3.,, ERP. 5% 11.5%. 3.. 2000 M&A. Tri C M&A CFP Corporate Financing Project. 9,. 1990,, % organic growth.. ISB, Infrastructure Support Business, 10 2009.6.3 CEO 3. 1997 IMF.,.,,. 1999,.,,,,,. 91, 99 139%. 2000,,. Exhibit 5,,,,. Exhibit 6,,,. Exhibit 7 4
..,, 4. 11.,.. 2000 12, 3 5..,,,. 12 M&A M&A.,. 90. Exhibit 8. 2 2003,,.,, SOC,. 13 Exhibit 9,. 14 21 29 10,.,,,,,,,,,.,. SOC, PF,. Exhibit 10 M&A. M&A. 2001, 6 2005. 15. 7 10, 1 7. 16 5
, 1. Exhibit 11, work out. Exhibit 12 1990,,. 2004 2, 10 739. 4,.. OB 2001 2 5%,. 1997 74 26 30 70, 2007 15 85. ISB Infrastructure Support Business. M&A,, 3 ISB, ISB 5. ISB.. ISB... R&D, '. M&A. Exhibit 13 4. M&A 2005 AES 60.. 2006 6 IMGB IMGB. IMGB. 17 30 2,. 18,,.,. 6 4 1,600.,,, B&W, Foster 6
Wheeler, Alstom,. 19,.,, 30,. 20 2007 3, 26., 40%. 21, 1 A/S. 4 HCNG CTI 58. CTI CNG HCNG Hydrogen Blended Compressed Natural Gas, CTI HCNG,. 22 CTI, 12%. 23,,. 5. Bobcat 24 2005. AES, IMGB,,, CTI.. CFP. Bobcat. Bobcat 1947 E.G Melroe Combine:. 1958 Cyril / Louis Keller Melroe Self Propelled Loader 1962 Skid loader, M 440,. Bobcat Skid Loader. Bobcat 1965. 1969 Melroe Clark Equipment Company,. 1970 7
,. 1988 Bobcat Fortune 100 America s Best 100 Products, 1991. 2004 Bobcat 60,. 1995, Bobcat Ingersoll Rand Company,, 135 114 1. Bobcat, 27 73 5,600. 25 2007 Bobcat 38%, 43% 2,700 16, 9 R&D Center, 28.5 EBITDA 4.4. 26 Exhibit 14 2007.., Bobcat., Bobcat Ingersoll Rand Company 2007 5 Bobcat. M&A 2007 7 49 Bobcat. 49 4 5,000 16 4 1, 2 5,000 2. Bobcat., 2015 5 100. 27 Exhibit 15 Bobcat 2007. 2005 Top Player Bobcat. 28 CFP. 29 Bobcat. 30 M&A... Bobcat, PMI. 31 M&A,, 8
,. 5,800 Bobcat 5. 32 M&A Bobcat.,. 33 M&A 2., M&A., Bobcat. M&A. STX,. 30% M&A, M&A. 6. M&A,. ISB, M&A. Exhibit 16 2009,, M&A. 34 9
Exhibit 1 1 20 : 18.6 15 14.2 10 5 5.3 4.9 3.4 3.4 6.9 7.2 0 1995 1996 1998 2000 2002 2004 2006 2007 : 2008 doosan fact book Exhibit 1 2 : 30 25 24.1 20 15 10 10.8 5 0 0.5 0.9 2.1 1998 2002 2004 2006 2007 : 2008 doosan fact book 10
Exhibit 2 1 1 1961 1970 1980 1990 2000 l 0.04 0.22 1.04 1.83 1.78 : WHO Exhibit 2 2 : 11
Exhibit 3 1,539,000 1996 235 3M 960,000 1996 900 423,000 1996 500 OB 1996 1124 1997 4322 1998 690 TV 1998 55 1998 1275 OB 1998 3500 OB 45% 2001 5600 2006 1050 MBK 2008 4000 2009 5030 DST,,, SRS 2009 7808 : Exhibit 4 : 7,700 3,500 130 1995 1996 1997 1998 1999-9,080-6,900 : 12
Exhibit 5 2000 NSSS, BOP, CLP, CPTS, TURBINE, Rotor, BOILER 42.7%,,,, 27.3%, KDX, 6.6%,, 7.5%,, 15.8% : Exhibit 6 1997~2000 2000 1999 1998 1997 100% 100% 100% '98 100% 62%* '98, '99, '00 * 1997 19% 1999,. : Exhibit 7 mil$ MIGD * Al Shoaiba Ph 2 1993.11 493 10MIGD*10 Turnkey Al Taweelah A2 1998.12 315 12.5MIGD* Turnkey Az Zour South Ph 3 1999.3 163 6MIGD*4 Turnkey UmmAlNar Desalination Station B 2000.7 453 12.5MIGD* Turnkey *50MIGD Million Imperial Gallon per Day 23 150 : 13
Exhibit 8 1 2001~2007 : 15 13.2 10 5 4 0 1 0.6 2001 2002 2005 2007 : 2008 doosan fact book Exhibit 8 2, 2000~2007 :, % 6 5 4 3 2 1 0 2000 2001 2002 2003 2004 2005 2006 2007 2008 매출액 2.4 2.5 2.8 2.1 2.5 3.3 3.5 4.1 5.7 영업이익률 3.4% 3.8% 5.4% 3.3% 8.5% 6.7% 5.9% 6.9% 8.3% 10.0% 5.0% 0.0% -5.0% -10.0% -15.0% -20.0% : 14
Exhibit 9 2003 : 2003 Exhibit 10 1999~2008 :, % 2.5 10% 2 5% 1.5 0% -5% 1-10% 0.5-15% 0 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 매출액 0.85 0.91 0.4 0.71 0.47 1.42 1.71 1.91 1.8 1.94 영업이익률 6% 3% -20% 6% 10% 7% 7% 7% 8% 6% -20% : 15
Exhibit 11 1 2003 68.3%,,, 20.4%,, 11.3%, : 2003 Exhibit 11 2 2003 : 2003 Exhibit 12 :, % 4.5 4.0 3.5 3.0 2.5 2.0 1.5 1.0 0.5-2000 2001 2002 2003 2004 2005 2006 2007 2008 매출액 0.4 1.5 1.9 2.3 2.9 2.8 3.3 3.7 4.0 영업이익률 -4.2% 4.7% 8.4% 8.9% 7.3% 6.2% 7.4% 8.6% 8.8% 10.0% 5.0% 0.0% -5.0% -10.0% -15.0% -20.0% : 16
Exhibit 13 M&A 2001 3,057,, 2003 3,364 2005 1 6,880,, AES 2005 60 IMGB IMGB 2006 146 2006 680, 2006 1,600 2007 26 CTI 2007 58, 49 3 2007 4 5 Bobcat, Attachments, Utility 2008 1040, Moxy 2008 5,500 853 : 17
Exhibit 14 Bobcat SSL/CTL* 1 38% 1 38% 3 9% 2 20% Attachment 1 8% 1 6% PAC 1 28% 1 36% * SSL Skid Steer Loader, CTL Compact Track Loader, PAC Portable Compressors : Bobcat Exhibit 15 30 25 20 26.1 단위: 십억 $ 15 11.1 10 5 7.6 5.8 5.5 5.4 4.1 0 Caterpillar Komatsu Terex John Deere Volvo Hitachi 두산+Bobcat : 18
Exhibit 16 2007 : 2008 doosan fact book 19
1, M&A,, 2007/08/01. http://www.hankyung.com/news/app/newsview.php?aid 2007080147011 2 2001,, 1882 1951, :. 3, http://www.doosan.com/kr/about/doosan_history.page? 4 Ibid. 5 2002, CEO Study:, N CEO 6 2001,,, 2001 4 7 2009,, 8 2001, Ibid. 9, 0.03%,, 2008/05/20. http://economy.hankooki.com/lpage/industry/200805/e2008052017391747580.htm 10,,?,, Weekly Biz, Choson Ilbo, 2007.11.23. http://news.chosun.com/site/data/html_dir/2007/11/23/2007112300619.html 11 2002, Ibid 12 2002, Ibid 13,,, 2005/06/20. http://ksdaily.co.kr/news/article.html?no 8955 14 Ibid. 15,, 03 37, SK, 2003/10/23/ http://www.priden.com/data1/research/qna_file/ 03 37 daewoomachine 1023.PDF 16,,,, 2005 04 29. http://economy.hankooki.com/lpage/industry/200504/e2005042917244447580.htm 17,,,, 2007.11.23 http://news.mk.co.kr/v3/view.php?year 2007&no 641560 18 Ibid. IMGB 19, M&A, 1, 2008 9 20,, 1600,, 2006.11.08 21,,,, 2007 03 19 http://www.fnnews.com/view?ra Sent0601m_View&corp fnnews&arcid 00000920953741&cDateYe ar 2007&cDateMonth 03&cDateDay 19 22, KORUS FTA /,, 2007 04 17 http://www.fnnews.com/view?ra Sent0601m_View&corp fnnews&arcid 0920975341&cDateYear 2 20
007&cDateMonth 04&cDateDay 17 23 Ibid. CTI 24 2008, Doosan M&A Case. 25,..,, 2008/08/13. http://economy.hankooki.com/lpage/industry/200808/e2008081313042347580.htm 26,, M&A,, 2007/07/30. http://news.choson.com/site/data/html_dir/2007/07/30/2007073001304.html 27 Ibid 28, M&A..A Z,, 2009/06/11, http://www.asiae.co.kr/news/view.htm?idxno 2009061110474877274&nvr 29 Ibid 30,, Ibid 31, M&A,, 2008/08/13. http://economy.hankooki.com/lpage/industry/200808/e2008081313093747580.htm 32 Ibid 33 2007 Bobcat EBITDA 13.1, Volvo 11~12. 2007.7.31 34,,, 2009/06/12. http://www.asiae.co.kr/news/view.htm?idxno 2009061211192524630&nvr y 21