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1-9. AJM╬MkO O╔KA╡смБ╖ M&AA╡ БФe╨ ╬MkOMF╜Q e╨ВКБ╕Бвb╨A╥ Б║A┬ ВКA╣▒пб═б╗С╢ бЛб╣e╡щм ╖Йў╕сИБЬс╢е╢w╕ Б╕▒╖бп : 1996eС 11й╢ 9й╖ е├Б┤a╨eУ Б╕Бвb╨A╥ A╥е╢ a╡сЬЕж, aЛбЯбЙ ВКБРA╢ q└тмa╕ a╡сЬЕж! с╕eУ б╡iУ ВКБРA╢Б╖ с╕wбe╨ Б╕Бвb╨a╕iЧБ╖ b╨ЙоБФA╥A╡ б┴ў└hдa┤ iаq│i╖ aЧйЯ Бо ╢╖eУ бЛA╥iЯ xИAЙ AЦс┤ БИе╖т╕a╖бЭ БаБ╢ w╡╫ЙaпєЬAЙ ЧмbИs╨бУaФ. i╕ a┤бпeУ aд┴╡ {Иб╖ б╗qЛ wHAANeУ ё┤ў└aРAЙ aиeЯ внбХбЭ хA6NsM гFVRaИ е╗Ч╨AЦбЙ ╢╖sпбУaФ. wмС╬e╖ ЙвеЭб╖бЙ смбзaп, └NsMЗHL"B aРa┤aИ Чмeмa╢бнA╡ б╖aЯбЛ aМб╗ сИБ╖ ббeЧ Ежб┤A╡см ВКaИeИ w╕bеб╖ с╨Йвс┤б╗eбсм Bь@Ї┤eУ ANaИ w╤ўмAЦбЙ ╢╖a╖aб, e╨e═a╖бЭeУ ╠M╛FVR, └NhI╝G?JVRбЭ е╖e╨ бЩaФeЯ хA6NsM гFVRiЯ cЙбЙ ╢╖sпбУaФ. б╖сЬe╨ wHAANБ╖ БКб╣т╕ eе┴╤A╡ БФw╖a╨a╡ AнБЙbИВКБ╖ бЛє┤iЧe╖ AJM]Dj@VRiЯ с╢e╨ wG?JхA6NД@¤P ╣г A┬J┤RЁDVR бСbЭi╖ ╔╤iдa╨AЙ wЙБ║a╨бЙ ╢╖a╖aб б╖сЬe╨ вбa╬iЯ iФўмa╨бЛ с╢e╨ A┬JСM=DБ╖ a╨aРбЭсм M&AБ╖ Ч║a╢ўмб╖ a╟AЙ БжbИAЦбЙ ╢╖sпбУaФ. б╖сЬe╨ бпё╕A╡см БИA┬AЦeУ б╡iУБ╖ M&AA╡ БФe╨ ВКA╣▒пб═б╗С╢e╖ Б╢бЯaРaЬБ╖ M&AIIM ╣г УAkDўMеC>FОMA╡ a╟AЙ бЛa╡i╨ їИa╖бЭ бЛБФБ╨ aаб╗ g┤sпбУaФ. 1. їOaBБ╖ M&A ▄C╜Q ╣г ┼ЙeЭvRь@Б╖ гFVR M&AeУ ∙L▌F\NvL ANaИ ўмВоAЦс┤ iИБовЭ w╗aИa╨eУ wЙ╖╨б╖ ╢╖sпбУaФ. i╕ a┤бпeУ aд┴╡ {Иб╖ AнБЙ с┤aУaРaЬ беaФбХ M&AaИ ╔╤iдa╨AЙ б╖БЮс┤б╗бЙ ╢╖eУ aРaЬeУ ўEB│╖бУaФ. 1980eСБФA╡ бпb╕EЦ бгВКБ╖ M&AСжe╖ 1990eСБФ б┴eд q╕бп Б║С┬Ц╨a╖aР 1993eСБжс╚ aФбп ▌F╞@VRAЦбЛ бпb╕Ц╨eУAХ, б╖сЬe╨ M&AСжe╖ бгВКбЛє┤Б╖ aмє┤Б╕БКВ┬i╖ в┴е╗q╨a╖бЭс░ AнБЙбпw╕A╡см e╨╖Хe┤ ░╖Ў┤хФ AJM]Di╖ AЦx└eУAХ a╟AЙ бХС╢б╖ AЦЎ┤sпбУaФ. b╗, 1990eСБФA╡ iЧс┤см A╖єЬ┴Й ╚L▌FБ╖ wЙA╣aИ Бже╗i╖ eбб├ ╡бa╨бЙ ╢╖eУ їИ┴ЙeУ БФб╣т╕a╖бЭ ўEBANaИ х╕БЭЇ┤eУ w╕бЛeИБ╖ б╤╫╤i╖ БТбЯбЙ ╢╖eУ б╖A╖Ч║Б╖ a╨aРaИ M&AiЯ ╖╔e╨ бЛє┤Б╖ 9M╧M:G┴╡ ┤RЁDhH гNЛCA╡см бз╡ЭEЦ їИa╖бЭ йе Бо ╢╖sпбУaФ. aЛ╖Хe┤ e╨ВКA╡смБ╖ M&A ╔╤╖Хe╖ бгВК, й╖ее wЧ .HєNBA╡ бзa╨a╡ с╕б╣e╨ ╖┤wмi╖ беa╡ ╓╡a╖aб БРw╢eбA╡смбХ ў╕БжБ║бХA╡ Б╖e╨ ╝G?JЛQEVR a└е╢Б╖ a╚I╖т╕ }B?JЛQмF, ╖Хй╖ бЛє┤│╗eФA╡ внe╨ AqD}B?J?@Б╖ ЛQмFwЧб╖ БФБжЕжi╖ a└б╗a╨v╡Ў┤sпбУaФ. бЩe╨ aЛ wдєдA╡ ╢╖с┤смбХ L╛AsM4Q┴HsM бЛє┤Ев┴╤бЭ е╖a╨a╡ зKЪRsM4aLhHsM wдєдa╖бЭ б╖БЮс┤a╣ ╓╡sпбУaФ. б╖┴╡{Иб╖ e╨ВКA╡см M&A╔╤╖Хб╖ Бже╗Ц╨хФ їИe╖ Q┴HsM4fFiPsMе╖ }B?JЗHLхA6N b╗, w└є┤a╕A╡ Б╖e╨ бЛє┤б╗БдбЭ ЗHL┴╡ A┬Jб╖ бгЕжбЯ AЦс┤╢╖бЙ, ў╕БжБ╖ }B?JA┬J"B ╝F;R╬MkO wЧa╖бЭ M&A╔╤╖Хб╖ ▀EVRsM4ўMеCsMa╖бЭ ╖еснAЦс┤ е╡ AХ aЛ е╢е╖б╖ ╢╖aФбЙ i╨ Бо ╢╖sпбУaФ. aЛсЬaР, A┬eЛ a┤бпa┤ ВКaИiЧБ╖ wЙБ╢A╡бХ ё╕a└ M&AaИ ╔╤iдБ╨б╗бЙ ╢╖eУ aИЕ╢AХ e╨ВКA╡смбХ 94eСб╖Б╥ M&AaИ ё╕a└ e╟в═a╖бЭ w╗aИa╨бЙ ╢╖sпбУaФ. 95eСA╡eУ х╕eСБФбз 67%, 96eС 1 49й╢Ч║A╡eУ ИMC▌CУBМCHG 116%aР w╗aИa╨v╡бЙ, й╖Бж т╕БФт╕е╖ M&A(Hostile Takeover) aмБЭбХ iдЧмa╨бЙ ╢╖sпбУaФ. б╖сЬe╨ бЛє┤iЙs╨ гN@PxHeУ A┬eЛБ╖ M&A ┼╤wЙeе┴╤┴╡ ┼ЙeЭa╨a╡ |┤a╖бЭ сФВ╢ aИвн┴╤IЦ їИa╖бЭ х╕wаSЦбУaФ. хас╕ УFўMеCsM b├eбA╡смБ╖ vRь@гFVRiЯ беeб, ї└Б╝, БРeС 1й╢Бжс╚ мNBШ@7DУF╙G wмw╕єде╖ Б║впБ╖ БФ╖Ьс┬bЧi╖ qЛб╗a╨eУ AЛў╕б╖ Б═б╗QЦa╖бЭс░ 10%б╖wмБ╖ a╚A╥aм Б║вп Ба│╖i╖ ╖╔Б╨ iPаRЫGБ╖ A┬J"Bi╖ eЙA╣a╨сИaР B╥bЧa╨eУ їИб╖ A╣бХт╕a╖бЭ с╨w╢SЦбУaФ. ЙЦБ╝, EK∙LбC╪LУF Д@╓MA╡ Б╖Б╨ БРeСБжс╚ A╢ВКе╖A╡ БФБ╨ Б╢б╤т╕ M&AaИ с╨w╢QЦA╡ aШaЬ Ъ@ЛC∙L▌F┴Й ╠M╛FiЯ беA╖e╨ A╢ВКБ╖ БФбЛє┤iЧб╖ ВКБРбЛє┤Б╖ A┬J"B Ч╕i╚wЙЧ╕A╡ q└a╡i╨ Бо ╢╖AЙ IЦ їИ│╖бУaФ. aФq╖ A┬JСM=DsM b├eбA╡смБ╖ ┼╤wЙeе┴╤iЯ беeб, wHAVRБ╖ tBєNОM, bИ╖╣ABўMБ╖ ЧO Q wЧa╖бЭ е╖Б╨ б├i╡Б╨б╗eУ бпw╕wЙЧ╕a╨A╡см Б╢бЯбЛє┤iЧбХ б╖A╣ oMМCsMе╖ M&AiЯ б═q╨a╨eУ т╕bЛт╕е╖M&A СM=Di╖ БКaмi╨ Бо cдA╡ Ї┤AЙ AЦЎ┤sпбУaФ. ABЭEБ╖ ANБ╖ йпe╤, бпсРб╗a╥┴ЙБ╖ bЛБФ┴╤, епвнe╨ wЙw╡a╕е╢Б╖ B╥bЧ wЧБ╖ №D╝Mi╖ Б┬БКa╨бЛ с╢e╨ т╕bЛт╕е╖ M&A х╕вЬб╖ ╔╤iдб╙ бпбХIЦ їИб╖бЙ, b╦б╙ Bь@Ї┤eУ ANA╡см M&AeУ СM=DsM ■MцR┴╡ q╨AН aИw╕ Ч║a╢e╨ iЛбЭщд A┬JСM=Da╖бЭ БФБЦIЦ їИ│╖бУaФ. А(_