Mergers and acquisitions : an energy sector case study

When I decided to do a thesis focused on Energy Mergers and Acquisitions, EDP’s Privatization had just been launched and E.ON was one of the potential bidders. Soon after E.ON joined the pool of bidders, discussion emerged about E.ON’s motivations for the deal. Was E.ON interested in the deal for the value creation potential of acquiring EDP or was it being pressed by Berlin to participate in the bid and help show worldwide investors that the Portuguese Privatization Program was credible and contained attractive investing opportunities? Another question that arose was if E.ON would be willing to pay a fair price for EDP or if they were just looking to the deal as good bargain from a seller (Portuguese State) in need. This thesis intends to help answering these two questions. After revising valuation and M&A literature, I focused on analyzing the energy sector and both companies’ profiles. I concluded that there was, in fact, perfect economic reasoning for E.ON bidding for EDP. EDP acquisition would allow E.ON to accomplish two major strategic goals: increase the foothold in renewables and expand its presence in fast growing emerging markets. When I finished covering the first question, E.ON had already made the bid in late 2011. This allowed analyzing a posteriori the bid and concluding that the bid price offered by E.ON was reasonably below the fair price they could have paid. Ultimately, E.ON lost the bid to China Three Gorges which proposed a higher price and more favorable payment terms. E.ON lost a good opportunity to add growth and diversification to its business portfolio

Characterisation of microbial attack on archaeological bone

As part of an EU funded project to investigate the factors influencing bone preservation in the archaeological record, more than 250 bones from 41 archaeological sites in five countries spanning four climatic regions were studied for diagenetic alteration. Sites were selected to cover a range of environmental conditions and archaeological contexts. Microscopic and physical (mercury intrusion porosimetry) analyses of these bones revealed that the majority (68%) had suffered microbial attack. Furthermore, significant differences were found between animal and human bone in both the state of preservation and the type of microbial attack present. These differences in preservation might result from differences in early taphonomy of the bones. © 2003 Elsevier Science Ltd. All rights reserved

Núcleos de Ensino da Unesp: artigos 2008

Conselho Nacional de Desenvolvimento Científico e Tecnológico (CNPq