{"id":22687,"date":"2023-12-06T05:18:29","date_gmt":"2023-12-06T05:18:29","guid":{"rendered":"https:\/\/masterskills.org\/blog\/ma-la-gi-nhung-thuong-vu-ma-dinh-dam-cua-the-gioi.html"},"modified":"2023-12-06T05:18:29","modified_gmt":"2023-12-06T05:18:29","slug":"ma-la-gi-nhung-thuong-vu-ma-dinh-dam-cua-the-gioi","status":"publish","type":"post","link":"https:\/\/masterskills.org\/blog\/ma-la-gi-nhung-thuong-vu-ma-dinh-dam-cua-the-gioi.html","title":{"rendered":"M&A L\u00c0 G\u00cc? NH\u1eeeNG TH\u01af\u01a0NG V\u1ee4 M&A “\u0110\u00ccNH \u0110\u00c1M” C\u1ee6A TH\u1ebe GI\u1edaI"},"content":{"rendered":"
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Trong th\u1ebf gi\u1edbi kinh doanh ng\u00e0y nay, th\u01b0\u01a1ng v\u1ee5 M&A \u0111\u00e3 tr\u1edf th\u00e0nh m\u1ed9t ph\u1ea7n kh\u00f4ng th\u1ec3 thi\u1ebfu c\u1ee7a c\u00e1c chi\u1ebfn l\u01b0\u1ee3c ph\u00e1t tri\u1ec3n c\u1ee7a c\u00e1c c\u00f4ng ty. T\u1eeb vi\u1ec7c mua l\u1ea1i m\u1ed9t c\u00f4ng ty nh\u1ecf \u0111\u1ec3 m\u1edf r\u1ed9ng quy m\u00f4 ho\u1ea1t \u0111\u1ed9ng, \u0111\u1ebfn vi\u1ec7c h\u1ee3p nh\u1ea5t hai c\u00f4ng ty l\u1edbn \u0111\u1ec3 t\u1ea1o ra m\u1ed9t s\u1ee9c m\u1ea1nh m\u1edbi, th\u01b0\u01a1ng v\u1ee5 M&A \u0111ang ng\u00e0y c\u00e0ng tr\u1edf th\u00e0nh m\u1ed9t c\u00f4ng c\u1ee5 quan tr\u1ecdng trong vi\u1ec7c \u0111\u1ea1t \u0111\u01b0\u1ee3c s\u1ef1 th\u00e0nh c\u00f4ng v\u00e0 t\u0103ng tr\u01b0\u1edfng b\u1ec1n v\u1eefng trong th\u1ecb tr\u01b0\u1eddng c\u1ea1nh tranh kh\u1ed1c li\u1ec7t.<\/p>\n

M&A l\u00e0 g\u00ec?<\/strong><\/span><\/h2>\n

M&A l\u00e0 t\u00ean vi\u1ebft t\u1eaft c\u1ee7a c\u1ee5m t\u1eeb Mergers (S\u00e1p nh\u1eadp) v\u00e0 Acquisitions (Mua l\u1ea1i)<\/em>. M&A l\u00e0 c\u00e1c ho\u1ea1t \u0111\u1ed9ng kinh doanh trong \u0111\u00f3 m\u1ed9t c\u00f4ng ty ho\u1eb7c t\u1eadp \u0111o\u00e0n th\u1ef1c hi\u1ec7n c\u00e1c th\u01b0\u01a1ng v\u1ee5 mua l\u1ea1i ho\u1eb7c s\u00e1p nh\u1eadp v\u1edbi m\u1ed9t c\u00f4ng ty ho\u1eb7c t\u1eadp \u0111o\u00e0n kh\u00e1c \u0111\u1ec3 t\u1ea1o ra m\u1ed9t th\u1ef1c th\u1ec3 m\u1edbi c\u00f3 quy m\u00f4 l\u1edbn h\u01a1n v\u00e0 c\u00f3 th\u1ec3 mang l\u1ea1i l\u1ee3i \u00edch kinh t\u1ebf cho c\u00e1c b\u00ean li\u00ean quan. M&A th\u01b0\u1eddng \u0111\u01b0\u1ee3c s\u1eed d\u1ee5ng nh\u01b0 m\u1ed9t c\u00f4ng c\u1ee5 chi\u1ebfn l\u01b0\u1ee3c \u0111\u1ec3 m\u1edf r\u1ed9ng quy m\u00f4 kinh doanh, t\u0103ng c\u01b0\u1eddng \u0111\u1ecba v\u1ecb th\u1ecb tr\u01b0\u1eddng, t\u0103ng tr\u01b0\u1edfng nhanh ch\u00f3ng ho\u1eb7c \u0111\u1ea1t \u0111\u01b0\u1ee3c c\u00e1c l\u1ee3i \u00edch kh\u00e1c.<\/p>\n

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    M – Mergers (1)<\/sup> (s\u00e1p nh\u1eadp):<\/strong> l\u00e0 qu\u00e1 tr\u00ecnh m\u00e0 hai ho\u1eb7c nhi\u1ec1u c\u00f4ng ty t\u00e1ch ri\u00eang l\u1ebb k\u1ebft h\u1ee3p v\u1edbi nhau \u0111\u1ec3 t\u1ea1o th\u00e0nh m\u1ed9t c\u00f4ng ty m\u1edbi ho\u1eb7c m\u1ed9t c\u00f4ng ty s\u1ebd ti\u1ebfp t\u1ee5c ho\u1ea1t \u0111\u1ed9ng nh\u01b0ng s\u1ebd \u0111\u01b0\u1ee3c s\u1edf h\u1eefu ho\u1eb7c ki\u1ec3m so\u00e1t b\u1edfi c\u00f4ng ty mua l\u1ea1i. M\u1ee5c \u0111\u00edch c\u1ee7a mergers c\u00f3 th\u1ec3 l\u00e0 \u0111\u1ec3 t\u0103ng c\u01b0\u1eddng quy m\u00f4, c\u1ea1nh tranh, \u0111\u1ed9 ph\u1ee7 s\u00f3ng c\u1ee7a c\u00f4ng ty, ho\u1eb7c \u0111\u1ec3 t\u1eadn d\u1ee5ng c\u00e1c l\u1ee3i \u00edch kinh t\u1ebf kh\u00e1c nhau nh\u01b0 t\u0103ng l\u1ee3i nhu\u1eadn, ti\u1ebft ki\u1ec7m chi ph\u00ed v\u00e0 t\u0103ng gi\u00e1 tr\u1ecb cho c\u1ed5 \u0111\u00f4ng. C\u00f3 nhi\u1ec1u lo\u1ea1i mergers, bao g\u1ed3m mergers ngang h\u00e0ng (horizontal mergers)<\/em>, mergers d\u1ecdc theo chu\u1ed7i cung \u1ee9ng (vertical mergers)<\/em> v\u00e0 mergers k\u1ebft h\u1ee3p kh\u00e1c (conglomerate mergers)<\/em>.<\/p>\n<\/li>\n

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    A – Acquisitions (2)<\/sup> (Mua l\u1ea1i): <\/strong>l\u00e0 qu\u00e1 tr\u00ecnh m\u1ed9t c\u00f4ng ty mua l\u1ea1i m\u1ed9t c\u00f4ng ty kh\u00e1c b\u1eb1ng c\u00e1ch mua to\u00e0n b\u1ed9 ho\u1eb7c m\u1ed9t ph\u1ea7n c\u1ed5 ph\u1ea7n c\u1ee7a c\u00f4ng ty \u0111\u00f3. Vi\u1ec7c mua l\u1ea1i c\u00f3 th\u1ec3 \u0111\u01b0\u1ee3c th\u1ef1c hi\u1ec7n v\u1edbi m\u1ee5c \u0111\u00edch gi\u00e0nh l\u1ea5y quy\u1ec1n ki\u1ec3m so\u00e1t ho\u1eb7c qu\u1ea3n l\u00fd c\u00f4ng ty m\u1ee5c ti\u00eau, ho\u1eb7c \u0111\u1ec3 t\u1eadn d\u1ee5ng c\u00e1c t\u00e0i s\u1ea3n, kh\u1ea3 n\u0103ng s\u1ea3n xu\u1ea5t ho\u1eb7c c\u00f4ng ngh\u1ec7 c\u1ee7a c\u00f4ng ty m\u1ee5c ti\u00eau. C\u00f4ng ty mua l\u1ea1i th\u01b0\u1eddng ph\u1ea3i chi tr\u1ea3 m\u1ed9t kho\u1ea3n ti\u1ec1n ho\u1eb7c trao \u0111\u1ed5i b\u1eb1ng c\u1ed5 phi\u1ebfu \u0111\u1ec3 mua l\u1ea1i c\u1ed5 ph\u1ea7n c\u1ee7a c\u00f4ng ty m\u1ee5c ti\u00eau. Acquisitions th\u01b0\u1eddng \u0111\u01b0\u1ee3c s\u1eed d\u1ee5ng nh\u01b0 m\u1ed9t c\u00f4ng c\u1ee5 \u0111\u1ec3 t\u0103ng c\u01b0\u1eddng quy m\u00f4 ho\u1ea1t \u0111\u1ed9ng, \u0111\u1ed9 ph\u1ee7 s\u00f3ng c\u1ee7a c\u00f4ng ty, ho\u1eb7c \u0111\u1ec3 m\u1edf r\u1ed9ng l\u0129nh v\u1ef1c ho\u1ea1t \u0111\u1ed9ng v\u00e0 t\u0103ng tr\u01b0\u1edfng doanh s\u1ed1.<\/p>\n<\/li>\n<\/ul>\n

    Nh\u1eefng l\u1ee3i \u00edch c\u1ee7a vi\u1ec7c mua b\u00e1n s\u00e1p nh\u1eadp (M&A)<\/strong><\/span><\/h2>\n
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      M\u1edf r\u1ed9ng quy m\u00f4 kinh doanh:<\/strong> M&A cho ph\u00e9p c\u00e1c c\u00f4ng ty v\u00e0 t\u1eadp \u0111o\u00e0n m\u1edf r\u1ed9ng quy m\u00f4 kinh doanh c\u1ee7a m\u00ecnh b\u1eb1ng c\u00e1ch s\u00e1p nh\u1eadp ho\u1eb7c th\u00e2u t\u00f3m c\u00e1c c\u00f4ng ty kh\u00e1c, t\u0103ng c\u01b0\u1eddng s\u1ee9c m\u1ea1nh c\u1ea1nh tranh v\u00e0 n\u00e2ng cao \u0111\u1ecba v\u1ecb th\u1ecb tr\u01b0\u1eddng c\u1ee7a m\u00ecnh.<\/p>\n<\/li>\n

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      T\u0103ng tr\u01b0\u1edfng nhanh ch\u00f3ng:<\/strong> M&A c\u00f3 th\u1ec3 gi\u00fap c\u00e1c c\u00f4ng ty v\u00e0 t\u1eadp \u0111o\u00e0n t\u0103ng tr\u01b0\u1edfng nhanh ch\u00f3ng h\u01a1n b\u1eb1ng c\u00e1ch s\u00e1p nh\u1eadp ho\u1eb7c th\u00e2u t\u00f3m c\u00e1c c\u00f4ng ty kh\u00e1c \u0111\u00e3 c\u00f3 s\u1eb5n th\u1ecb ph\u1ea7n v\u00e0 kh\u00e1ch h\u00e0ng.<\/p>\n<\/li>\n

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      Ti\u1ebft ki\u1ec7m chi ph\u00ed:<\/strong> M&A c\u00f3 th\u1ec3 gi\u00fap gi\u1ea3m chi ph\u00ed s\u1ea3n xu\u1ea5t v\u00e0 qu\u1ea3n l\u00fd b\u1eb1ng c\u00e1ch chia s\u1ebb t\u00e0i nguy\u00ean v\u00e0 h\u1ec7 th\u1ed1ng c\u1ee7a c\u00e1c c\u00f4ng ty s\u00e1p nh\u1eadp ho\u1eb7c th\u00e2u t\u00f3m.<\/p>\n<\/li>\n

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      \u0110\u1ea7u t\u01b0 v\u00e0o l\u0129nh v\u1ef1c m\u1edbi: <\/strong>M&A c\u00f3 th\u1ec3 gi\u00fap c\u00e1c c\u00f4ng ty v\u00e0 t\u1eadp \u0111o\u00e0n \u0111\u1ea7u t\u01b0 v\u00e0o l\u0129nh v\u1ef1c m\u1edbi ho\u1eb7c m\u1edf r\u1ed9ng danh m\u1ee5c s\u1ea3n ph\u1ea9m v\u00e0 d\u1ecbch v\u1ee5 c\u1ee7a m\u00ecnh \u0111\u1ec3 t\u0103ng doanh s\u1ed1 b\u00e1n h\u00e0ng v\u00e0 t\u0103ng c\u01b0\u1eddng s\u1ee9c m\u1ea1nh c\u1ea1nh tranh.<\/p>\n<\/li>\n

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      T\u0103ng gi\u00e1 tr\u1ecb cho c\u1ed5 \u0111\u00f4ng:<\/strong> M&A c\u00f3 th\u1ec3 t\u0103ng gi\u00e1 tr\u1ecb cho c\u1ed5 \u0111\u00f4ng c\u1ee7a c\u00e1c c\u00f4ng ty v\u00e0 t\u1eadp \u0111o\u00e0n th\u00f4ng qua t\u0103ng tr\u01b0\u1edfng doanh thu v\u00e0 l\u1ee3i nhu\u1eadn sau s\u00e1p nh\u1eadp ho\u1eb7c th\u00e2u t\u00f3m.<\/p>\n<\/li>\n<\/ul>\n

      Tuy nhi\u00ean, M&A c\u0169ng c\u00f3 th\u1ec3 g\u1eb7p ph\u1ea3i nhi\u1ec1u th\u00e1ch th\u1ee9c v\u00e0 r\u1ee7i ro, nh\u01b0 chi ph\u00ed cao, m\u1ea5t qu\u1ea3n l\u00fd, kh\u00f3 kh\u0103n trong vi\u1ec7c h\u1ed9i nh\u1eadp v\u00e0 t\u00e1i c\u01a1 c\u1ea5u c\u00e1c ho\u1ea1t \u0111\u1ed9ng kinh doanh c\u1ee7a c\u00e1c c\u00f4ng ty v\u00e0 t\u1eadp \u0111o\u00e0n s\u00e1p nh\u1eadp ho\u1eb7c th\u00e2u t\u00f3m. Do \u0111\u00f3, c\u00e1c c\u00f4ng ty c\u1ea7n c\u1ea9n tr\u1ecdng v\u00e0 c\u00f3 k\u1ebf ho\u1ea1ch chi\u1ebfn l\u01b0\u1ee3c r\u00f5 r\u00e0ng tr\u01b0\u1edbc khi ti\u1ebfn h\u00e0nh M&A.<\/p>\n

      C\u00e1c h\u00ecnh th\u1ee9c c\u1ee7a M&A hi\u1ec7n nay<\/span><\/strong><\/h2>\n
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        M&A ngang h\u00e0ng (Horizontal M&A):<\/strong> l\u00e0 h\u00ecnh th\u1ee9c s\u00e1p nh\u1eadp ho\u1eb7c th\u00e2u t\u00f3m c\u00e1c c\u00f4ng ty ho\u1ea1t \u0111\u1ed9ng trong c\u00f9ng m\u1ed9t ng\u00e0nh c\u00f4ng nghi\u1ec7p ho\u1eb7c c\u00f9ng m\u1ed9t l\u0129nh v\u1ef1c kinh doanh \u0111\u1ec3 t\u0103ng c\u01b0\u1eddng s\u1ee9c m\u1ea1nh c\u1ea1nh tranh v\u00e0 th\u1ecb ph\u1ea7n.<\/p>\n<\/li>\n

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        M&A d\u1ecdc theo chu\u1ed7i cung \u1ee9ng (Vertical M&A):<\/strong> s\u00e1p nh\u1eadp ho\u1eb7c th\u00e2u t\u00f3m c\u00e1c c\u00f4ng ty ho\u1ea1t \u0111\u1ed9ng trong c\u00e1c m\u1eaft x\u00edch kh\u00e1c nhau c\u1ee7a chu\u1ed7i cung \u1ee9ng \u0111\u1ec3 t\u1ea1o ra hi\u1ec7u qu\u1ea3 kinh t\u1ebf v\u00e0 gi\u1ea3m chi ph\u00ed s\u1ea3n xu\u1ea5t.<\/p>\n<\/li>\n

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        M&A ch\u00e9o (Conglomerate M&A):<\/strong> s\u00e1p nh\u1eadp ho\u1eb7c th\u00e2u t\u00f3m c\u00e1c c\u00f4ng ty ho\u1ea1t \u0111\u1ed9ng trong c\u00e1c ng\u00e0nh c\u00f4ng nghi\u1ec7p ho\u1eb7c l\u0129nh v\u1ef1c kinh doanh kh\u00e1c nhau \u0111\u1ec3 t\u0103ng tr\u01b0\u1edfng doanh s\u1ed1 b\u00e1n h\u00e0ng v\u00e0 \u0111a d\u1ea1ng h\u00f3a danh m\u1ee5c s\u1ea3n ph\u1ea9m v\u00e0 d\u1ecbch v\u1ee5.<\/p>\n<\/li>\n

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        M&A t\u00e1i c\u01a1 c\u1ea5u (Restructuring M&A): <\/strong>s\u00e1p nh\u1eadp ho\u1eb7c th\u00e2u t\u00f3m c\u00e1c c\u00f4ng ty b\u1ecb kh\u00f3 kh\u0103n t\u00e0i ch\u00ednh ho\u1eb7c ho\u1ea1t \u0111\u1ed9ng k\u00e9m hi\u1ec7u qu\u1ea3 v\u1edbi m\u1ee5c \u0111\u00edch t\u00e1i c\u01a1 c\u1ea5u c\u00e1c ho\u1ea1t \u0111\u1ed9ng kinh doanh c\u1ee7a ch\u00fang \u0111\u1ec3 n\u00e2ng cao hi\u1ec7u qu\u1ea3 v\u00e0 sinh l\u1eddi.<\/p>\n<\/li>\n

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        M&A th\u1ebf ch\u1ea5p (Leveraged Buyout – LBO):<\/strong> m\u1ed9t c\u00f4ng ty ho\u1eb7c m\u1ed9t nh\u00f3m nh\u00e0 \u0111\u1ea7u t\u01b0 s\u1eed d\u1ee5ng v\u1ed1n vay \u0111\u1ec3 mua l\u1ea1i m\u1ed9t c\u00f4ng ty v\u00e0 s\u1eed d\u1ee5ng t\u00e0i s\u1ea3n c\u1ee7a c\u00f4ng ty \u0111\u00f3 l\u00e0m th\u1ebf ch\u1ea5p cho kho\u1ea3n vay.<\/p>\n<\/li>\n<\/ul>\n

        M\u1ed7i h\u00ecnh th\u1ee9c M&A \u0111\u1ec1u c\u00f3 nh\u1eefng \u01b0u \u0111i\u1ec3m v\u00e0 nh\u01b0\u1ee3c \u0111i\u1ec3m ri\u00eang, t\u00f9y thu\u1ed9c v\u00e0o m\u1ee5c ti\u00eau kinh doanh c\u1ee7a c\u00e1c c\u00f4ng ty v\u00e0 t\u1eadp \u0111o\u00e0n khi th\u1ef1c hi\u1ec7n.<\/p>\n

        Quy tr\u00ecnh th\u1ef1c hi\u1ec7n th\u01b0\u01a1ng v\u1ee5 M&A nh\u01b0 th\u1ebf n\u00e0o<\/strong><\/span><\/h2>\n

        T\u00f9y thu\u1ed9c v\u00e0o m\u1ee5c \u0111\u00edch v\u00e0 quy m\u00f4 c\u1ee7a M&A m\u00e0 s\u1ebd c\u00f3 quy tr\u00ecnh th\u1ef1c hi\u1ec7n M&A kh\u00e1c nhau.
        \n\u0110\u00e2y l\u00e0 qu\u00e1 tr\u00ecnh ph\u1ee9c t\u1ea1p v\u00e0 \u0111\u00f2i h\u1ecfi s\u1ef1 ph\u1ed1i h\u1ee3p v\u00e0 tinh th\u1ea7n h\u1ee3p t\u00e1c cao gi\u1eefa c\u00e1c b\u00ean li\u00ean quan (chuy\u00ean gia M&A, lu\u1eadt s\u01b0, nh\u00e0 \u0111\u1ea7u t\u01b0 v\u00e0 c\u00e1c th\u00e0nh vi\u00ean c\u1ee7a hai c\u00f4ng ty \u0111\u1ed1i t\u00e1c). \u0110\u1ec3 th\u1ef1c hi\u1ec7n M&A th\u00e0nh c\u00f4ng, c\u00e1c c\u00f4ng ty c\u1ea7n c\u00f3 s\u1ef1 chu\u1ea9n b\u1ecb k\u1ef9 l\u01b0\u1ee1ng v\u00e0 c\u1ea9n tr\u1ecdng, \u0111\u1ed3ng th\u1eddi c\u1ea7n \u0111\u00e1nh gi\u00e1 v\u00e0 qu\u1ea3n l\u00fd r\u1ee7i ro trong qu\u00e1 tr\u00ecnh M&A.<\/p>\n

        Quy tr\u00ecnh 6 b\u01b0\u1edbc th\u1ef1c hi\u1ec7n th\u01b0\u01a1ng v\u1ee5 M&A c\u01a1 b\u1ea3n th\u01b0\u1eddng g\u1eb7p:<\/strong><\/p>\n

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          B\u01b0\u1edbc 1: X\u00e1c \u0111\u1ecbnh m\u1ee5c ti\u00eau v\u00e0 chi\u1ebfn l\u01b0\u1ee3c M&A:\u00a0<\/strong>B\u01b0\u1edbc n\u00e0y bao g\u1ed3m x\u00e1c \u0111\u1ecbnh m\u1ee5c ti\u00eau c\u1ee5 th\u1ec3 c\u1ee7a M&A, \u0111\u1ecbnh h\u01b0\u1edbng chi\u1ebfn l\u01b0\u1ee3c, t\u00ecm ki\u1ebfm v\u00e0 l\u1ef1a ch\u1ecdn c\u00e1c \u0111\u1ed1i t\u00e1c ti\u1ec1m n\u0103ng.<\/p>\n<\/li>\n

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          B\u01b0\u1edbc 2: Th\u1ef1c hi\u1ec7n \u0111\u00e1nh gi\u00e1 s\u01a1 b\u1ed9 (Preliminary Due Diligence):\u00a0<\/strong>B\u01b0\u1edbc n\u00e0y l\u00e0 qu\u00e1 tr\u00ecnh \u0111\u00e1nh gi\u00e1 s\u01a1 b\u1ed9 v\u1ec1 t\u00e0i ch\u00ednh, qu\u1ea3n l\u00fd, c\u00e1c v\u1ea5n \u0111\u1ec1 ph\u00e1p l\u00fd, t\u00e0i s\u1ea3n v\u00e0 kh\u00eda c\u1ea1nh kh\u00e1c c\u1ee7a c\u00f4ng ty \u0111\u1ed1i t\u00e1c \u0111\u1ec3 x\u00e1c \u0111\u1ecbnh kh\u1ea3 n\u0103ng th\u00e0nh c\u00f4ng c\u1ee7a M&A.<\/p>\n<\/li>\n

        • \n

          B\u01b0\u1edbc 3: Th\u1ef1c hi\u1ec7n \u0111\u00e1nh gi\u00e1 chi ti\u1ebft (Detailed Due Diligence):\u00a0<\/strong>Sau khi \u0111\u00e1nh gi\u00e1 s\u01a1 b\u1ed9, b\u01b0\u1edbc ti\u1ebfp theo l\u00e0 \u0111\u00e1nh gi\u00e1 chi ti\u1ebft v\u1ec1 t\u00e0i ch\u00ednh, k\u1ebf ho\u1ea1ch kinh doanh, qu\u1ea3n l\u00fd, c\u00e1c v\u1ea5n \u0111\u1ec1 ph\u00e1p l\u00fd v\u00e0 kh\u00eda c\u1ea1nh kh\u00e1c c\u1ee7a c\u00f4ng ty \u0111\u1ed1i t\u00e1c.<\/p>\n<\/li>\n

        • \n

          B\u01b0\u1edbc 4: X\u00e2y d\u1ef1ng k\u1ebf ho\u1ea1ch h\u1ee3p nh\u1ea5t (Integration Planning):\u00a0<\/strong>B\u01b0\u1edbc n\u00e0y bao g\u1ed3m x\u00e1c \u0111\u1ecbnh c\u00e1c ho\u1ea1t \u0111\u1ed9ng c\u1ea7n thi\u1ebft \u0111\u1ec3 h\u1ee3p nh\u1ea5t hai c\u00f4ng ty, nh\u01b0 qu\u1ea3n l\u00fd nh\u00e2n s\u1ef1, h\u1ee3p nh\u1ea5t c\u00e1c quy tr\u00ecnh kinh doanh v\u00e0 t\u00e0i ch\u00ednh.<\/p>\n<\/li>\n

        • \n

          B\u01b0\u1edbc 5: Th\u01b0\u01a1ng l\u01b0\u1ee3ng v\u00e0 k\u00fd k\u1ebft th\u1ecfa thu\u1eadn M&A:\u00a0<\/strong>B\u01b0\u1edbc n\u00e0y l\u00e0 giai \u0111o\u1ea1n th\u01b0\u01a1ng l\u01b0\u1ee3ng v\u00e0 k\u00fd k\u1ebft th\u1ecfa thu\u1eadn v\u1ec1 vi\u1ec7c th\u1ef1c hi\u1ec7n M&A, bao g\u1ed3m c\u00e1c \u0111i\u1ec1u kho\u1ea3n v\u1ec1 gi\u00e1 tr\u1ecb v\u00e0 c\u00e1ch th\u1ee9c thanh to\u00e1n.<\/p>\n<\/li>\n

        • \n

          B\u01b0\u1edbc 6: Th\u1ef1c hi\u1ec7n h\u1ee3p nh\u1ea5t v\u00e0 qu\u1ea3n l\u00fd sau M&A:\u00a0<\/strong>B\u01b0\u1edbc n\u00e0y bao g\u1ed3m vi\u1ec7c th\u1ef1c hi\u1ec7n h\u1ee3p nh\u1ea5t hai c\u00f4ng ty, bao g\u1ed3m c\u00e1c ho\u1ea1t \u0111\u1ed9ng chuy\u1ec3n giao c\u00f4ng ngh\u1ec7, qu\u1ea3n l\u00fd nh\u00e2n s\u1ef1 v\u00e0 qu\u1ea3n l\u00fd t\u00e0i ch\u00ednh. Ngo\u00e0i ra, c\u1ea7n c\u00f3 k\u1ebf ho\u1ea1ch qu\u1ea3n l\u00fd v\u00e0 theo d\u00f5i c\u00e1c ho\u1ea1t \u0111\u1ed9ng sau khi th\u1ef1c hi\u1ec7n M&A \u0111\u1ec3 \u0111\u1ea3m b\u1ea3o s\u1ef1 th\u00e0nh c\u00f4ng c\u1ee7a M&A.<\/p>\n<\/li>\n<\/ul>\n

          C\u00e1ch t\u00ednh M&A ph\u1ed5 bi\u1ebfn<\/span><\/strong><\/h2>\n

          T\u00f9y v\u00e0o m\u1ee5c \u0111\u00edch v\u00e0 m\u1ee5c ti\u00eau c\u1ee7a M&A, c\u00e1c c\u00f4ng ty s\u1ebd s\u1eed d\u1ee5ng c\u00e1ch t\u00ednh ph\u00f9 h\u1ee3p \u0111\u1ec3 \u0111\u1ecbnh gi\u00e1 v\u00e0 th\u1ef1c hi\u1ec7n M&A. Trong \u0111\u00f3, c\u00f3 nh\u1eefng c\u00e1ch t\u00ednh M&A ph\u1ed5 bi\u1ebfn sau:<\/p>\n

            \n
          • \n

            T\u00ednh gi\u00e1 tr\u1ecb doanh nghi\u1ec7p (Enterprise Value, EV):<\/strong> \u0110\u00e2y l\u00e0 c\u00e1ch t\u00ednh th\u01b0\u1eddng \u0111\u01b0\u1ee3c s\u1eed d\u1ee5ng \u0111\u1ec3 \u0111\u1ecbnh gi\u00e1 m\u1ed9t doanh nghi\u1ec7p trong qu\u00e1 tr\u00ecnh M&A. EV bao g\u1ed3m gi\u00e1 tr\u1ecb th\u1ecb tr\u01b0\u1eddng c\u1ee7a v\u1ed1n ch\u1ee7 s\u1edf h\u1eefu (equity) c\u1ed9ng v\u1edbi n\u1ee3 v\u00e0 gi\u00e1 tr\u1ecb th\u1ecb tr\u01b0\u1eddng c\u1ee7a qu\u1ef9 ti\u1ec1n (cash) c\u1ee7a doanh nghi\u1ec7p.<\/p>\n<\/li>\n

          • \n

            T\u00ednh gi\u00e1 tr\u1ecb v\u1ed1n ch\u1ee7 s\u1edf h\u1eefu (Equity Value):<\/strong> c\u00e1ch t\u00ednh n\u00e0y ch\u1ec9 t\u00ednh gi\u00e1 tr\u1ecb th\u1ecb tr\u01b0\u1eddng c\u1ee7a v\u1ed1n ch\u1ee7 s\u1edf h\u1eefu (equity) c\u1ee7a doanh nghi\u1ec7p.<\/p>\n<\/li>\n

          • \n

            T\u00ednh t\u1ef7 l\u1ec7 \u0111\u1ed5i trao \u0111\u1ed5i (Exchange Ratio):<\/strong> l\u00e0 c\u00e1ch t\u00ednh th\u01b0\u1eddng \u0111\u01b0\u1ee3c s\u1eed d\u1ee5ng \u0111\u1ec3 quy \u0111\u1ed5i gi\u00e1 tr\u1ecb c\u1ee7a c\u00e1c c\u00f4ng ty trong qu\u00e1 tr\u00ecnh trao \u0111\u1ed5i c\u1ed5 ph\u1ea7n trong M&A. T\u1ef7 l\u1ec7 \u0111\u1ed5i trao \u0111\u1ed5i th\u01b0\u1eddng \u0111\u01b0\u1ee3c t\u00ednh d\u1ef1a tr\u00ean gi\u00e1 tr\u1ecb th\u1ecb tr\u01b0\u1eddng c\u1ee7a c\u1ed5 phi\u1ebfu c\u1ee7a c\u00e1c c\u00f4ng ty.<\/p>\n<\/li>\n

          • \n

            T\u00ednh t\u1ef7 l\u1ec7 P\/E (Price-to-Earnings Ratio):<\/strong> c\u00e1ch t\u00ednh n\u00e0y d\u00f9ng \u0111\u1ec3 \u0111\u1ecbnh gi\u00e1 m\u1ed9t doanh nghi\u1ec7p b\u1eb1ng c\u00e1ch chia gi\u00e1 tr\u1ecb th\u1ecb tr\u01b0\u1eddng c\u1ee7a doanh nghi\u1ec7p cho l\u1ee3i nhu\u1eadn sau thu\u1ebf c\u1ee7a doanh nghi\u1ec7p trong m\u1ed9t kho\u1ea3ng th\u1eddi gian nh\u1ea5t \u0111\u1ecbnh.<\/p>\n<\/li>\n

          • \n

            T\u00ednh gi\u00e1 tr\u1ecb t\u00e0i s\u1ea3n (Asset Value):<\/strong> \u0111\u1ecbnh gi\u00e1 m\u1ed9t doanh nghi\u1ec7p b\u1eb1ng c\u00e1ch t\u00ednh t\u1ed5ng gi\u00e1 tr\u1ecb t\u00e0i s\u1ea3n r\u00f2ng (Net Asset Value, NAV) c\u1ee7a doanh nghi\u1ec7p.<\/p>\n<\/li>\n

          • \n

            T\u00ednh gi\u00e1 tr\u1ecb ti\u1ec1m n\u0103ng (Potential Value):<\/strong> l\u00e0 c\u00e1ch t\u00ednh c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 d\u00f9ng \u0111\u1ec3 \u0111\u1ecbnh gi\u00e1 m\u1ed9t doanh nghi\u1ec7p b\u1eb1ng c\u00e1ch t\u00ednh gi\u00e1 tr\u1ecb ti\u1ec1m n\u0103ng c\u1ee7a doanh nghi\u1ec7p d\u1ef1a tr\u00ean c\u00e1c d\u1ef1 \u00e1n, s\u1ea3n ph\u1ea9m ho\u1eb7c th\u1ecb tr\u01b0\u1eddng ti\u1ec1m n\u0103ng c\u1ee7a doanh nghi\u1ec7p.<\/p>\n<\/li>\n<\/ul>\n

            Nh\u1eefng th\u00e1ch th\u1ee9c g\u1eb7p ph\u1ea3i trong M&A<\/strong><\/span><\/h2>\n

            M&A c\u00f3 th\u1ec3 mang l\u1ea1i nhi\u1ec1u l\u1ee3i \u00edch cho c\u00e1c c\u00f4ng ty, nh\u01b0ng c\u0169ng c\u00f3 th\u1ec3 g\u1eb7p ph\u1ea3i nhi\u1ec1u th\u00e1ch th\u1ee9c v\u00e0 r\u1ee7i ro. M\u1ed9t s\u1ed1 th\u00e1ch th\u1ee9c v\u00e0 r\u1ee7i ro th\u01b0\u1eddng g\u1eb7p khi th\u1ef1c hi\u1ec7n M&A bao g\u1ed3m:<\/p>\n

              \n
            • \n

              Chi ph\u00ed cao: <\/strong>M&A \u0111\u00f2i h\u1ecfi c\u00e1c c\u00f4ng ty ph\u1ea3i \u0111\u1ea7u t\u01b0 m\u1ed9t s\u1ed1 l\u01b0\u1ee3ng l\u1edbn ti\u1ec1n \u0111\u1ec3 ti\u1ebfn h\u00e0nh th\u01b0\u01a1ng v\u1ee5, bao g\u1ed3m chi ph\u00ed t\u01b0 v\u1ea5n, chi ph\u00ed ph\u00e1p l\u00fd, chi ph\u00ed x\u00e2y d\u1ef1ng chi\u1ebfn l\u01b0\u1ee3c, chi ph\u00ed \u0111\u00e0o t\u1ea1o nh\u00e2n vi\u00ean v\u00e0 chi ph\u00ed h\u1ee3p nh\u1ea5t h\u1ec7 th\u1ed1ng h\u1ea1 t\u1ea7ng, qu\u1ea3n l\u00fd v\u00e0 v\u1eadn h\u00e0nh.<\/p>\n<\/li>\n

            • \n

              M\u1ea5t qu\u1ea3n l\u00fd:<\/strong> M&A th\u01b0\u1eddng d\u1eabn \u0111\u1ebfn thay \u0111\u1ed5i c\u1ea5u tr\u00fac t\u1ed5 ch\u1ee9c v\u00e0 qu\u1ea3n l\u00fd c\u1ee7a c\u00e1c c\u00f4ng ty, \u0111\u1eb7c bi\u1ec7t l\u00e0 khi th\u1ef1c hi\u1ec7n th\u00e2u t\u00f3m. Vi\u1ec7c t\u1ea1o ra m\u1ed9t n\u1ec1n v\u0103n h\u00f3a m\u1edbi v\u00e0 qu\u1ea3n l\u00fd c\u00e1c t\u00e0i s\u1ea3n v\u00e0 nh\u00e2n vi\u00ean m\u1edbi c\u00f3 th\u1ec3 l\u00e0 m\u1ed9t th\u00e1ch th\u1ee9c l\u1edbn.<\/p>\n<\/li>\n

            • \n

              Kh\u00f3 kh\u0103n trong vi\u1ec7c h\u1ed9i nh\u1eadp v\u00e0 t\u00e1i c\u01a1 c\u1ea5u<\/strong> c\u00e1c ho\u1ea1t \u0111\u1ed9ng kinh doanh c\u1ee7a c\u00e1c c\u00f4ng ty v\u00e0 t\u1eadp \u0111o\u00e0n s\u00e1p nh\u1eadp ho\u1eb7c th\u00e2u t\u00f3m. C\u00e1c ho\u1ea1t \u0111\u1ed9ng kinh doanh c\u1ee7a c\u00e1c c\u00f4ng ty \u0111\u00f4i khi kh\u00f4ng t\u01b0\u01a1ng th\u00edch v\u1edbi nhau, v\u00ec v\u1eady s\u00e1p nh\u1eadp v\u00e0 th\u00e2u t\u00f3m c\u00f3 th\u1ec3 g\u1eb7p kh\u00f3 kh\u0103n trong vi\u1ec7c t\u00e1i c\u01a1 c\u1ea5u c\u00e1c ho\u1ea1t \u0111\u1ed9ng n\u00e0y \u0111\u1ec3 t\u1ed1i \u01b0u h\u00f3a hi\u1ec7u qu\u1ea3.<\/p>\n<\/li>\n

            • \n

              Kh\u00f3 kh\u0103n trong vi\u1ec7c \u0111\u00e1nh gi\u00e1 gi\u00e1 tr\u1ecb c\u1ee7a c\u00e1c c\u00f4ng ty:<\/strong> Gi\u00e1 tr\u1ecb c\u1ee7a m\u1ed9t c\u00f4ng ty c\u00f3 th\u1ec3 b\u1ecb \u1ea3nh h\u01b0\u1edfng b\u1edfi nhi\u1ec1u y\u1ebfu t\u1ed1, bao g\u1ed3m th\u1ecb tr\u01b0\u1eddng, s\u1ea3n ph\u1ea9m, d\u1ecbch v\u1ee5, c\u1ea1nh tranh, qu\u1ea3n l\u00fd, v.v. Vi\u1ec7c \u0111\u00e1nh gi\u00e1 gi\u00e1 tr\u1ecb ch\u00ednh x\u00e1c c\u1ee7a c\u00e1c c\u00f4ng ty l\u00e0 m\u1ed9t th\u00e1ch th\u1ee9c \u0111\u1ed1i v\u1edbi c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 v\u00e0 c\u00e1c chuy\u00ean gia t\u00e0i ch\u00ednh.<\/p>\n<\/li>\n<\/ul>\n

              Do \u0111\u00f3, tr\u01b0\u1edbc khi ti\u1ebfn h\u00e0nh M&A, c\u00e1c c\u00f4ng ty c\u1ea7n ph\u1ea3i c\u00f3 m\u1ed9t k\u1ebf ho\u1ea1ch chi\u1ebfn l\u01b0\u1ee3c r\u00f5 r\u00e0ng v\u00e0 c\u1ea9n tr\u1ecdng trong vi\u1ec7c \u0111\u00e1nh gi\u00e1 c\u00e1c th\u00e1ch th\u1ee9c v\u00e0 r\u1ee7i ro ti\u1ec1m n\u0103ng \u0111\u1ec3 \u0111\u1ea3m b\u1ea3o th\u00e0nh c\u00f4ng c\u1ee7a th\u01b0\u01a1ng v\u1ee5.<\/p>\n

              Nh\u1eefng th\u01b0\u01a1ng v\u1ee5 M&A \u201c\u0111\u00ecnh \u0111\u00e1m\u201d c\u1ee7a th\u1ebf gi\u1edbi<\/strong><\/span><\/h2>\n

              H\u00e0ng lo\u1ea1t c\u00e1c v\u1ee5 mua b\u00e1n s\u00e1p nh\u1eadp di\u1ec5n ra tr\u00ean kh\u1eafp th\u1ebf gi\u1edbi, kh\u1eafp c\u00e1c ng\u00e0nh ngh\u1ec1, kh\u1eafp c\u00e1c c\u00f4ng ty, t\u1eadp \u0111o\u00e0n c\u1ea3 trong v\u00e0 ngo\u00e0i n\u01b0\u1edbc. \u0110i\u1ec3m l\u1ea1i m\u1ed9t s\u1ed1 th\u01b0\u01a1ng v\u1ee5 M&A n\u1ed5i ti\u1ebfng tr\u00ean th\u1ebf gi\u1edbi \u0111\u1ec3 th\u1ea5y r\u1eb1ng, th\u00e2u t\u00f3m v\u00e0 s\u00e1p nh\u1eadp kh\u00f4ng ch\u1ec9 l\u00e0 c\u00e1ch tri\u1ec7t h\u1ea1 nhau m\u00e0 c\u00f2n l\u00e0 c\u00e1ch \u0111\u1ec3 \u201cn\u01b0\u01a1ng nhau c\u00f9ng v\u01b0\u1ee3t l\u0169\u201d trong b\u1ed1i c\u1ea3nh \u0111\u1ea7y kh\u00f3 kh\u0103n c\u1ee7a th\u1ecb tr\u01b0\u1eddng.<\/p>\n

                \n
              1. Nh\u1eefng th\u01b0\u01a1ng v\u1ee5 M&A trong kh\u1ed1i t\u00e0i ch\u00ednh ng\u00e2n h\u00e0ng\n
                  \n
                • Th\u01b0\u01a1ng v\u1ee5 ABN Amro s\u00e1p nh\u1eadp v\u1edbi Barclays PLC tr\u1ecb gi\u00e1 91 t\u1ef7 USD<\/li>\n
                • Unicredit SPA mua l\u1ea1i Societe Generale SA v\u00e0 Capitalia SpA<\/li>\n
                • Bank of America mua l\u1ea1i Merrill Lynch v\u1edbi gi\u00e1 50 t\u1ef7 USD<\/li>\n
                • Wells-Fargo mua l\u1ea1i ng\u00e2n h\u00e0ng Wachovia v\u1edbi gi\u00e1 tr\u1ecb 15,1 t\u1ef7 USD<\/li>\n
                • Ng\u00e2n h\u00e0ng UFJ Holding s\u00e1p nh\u1eadp v\u1edbi Mitsubishi Tokyo Financial group<\/li>\n
                • S\u00e0n giao d\u1ecbch New York NYSE mua Euronext v\u1edbi gi\u00e1 14,3 t\u1ef7 USD<\/li>\n<\/ul>\n<\/li>\n
                • Nh\u1eefng th\u01b0\u01a1ng v\u1ee5 M&A trong kh\u1ed1i ng\u00e0nh c\u00f4ng ngh\u1ec7\n
                    \n
                  • Antel s\u00e1p nh\u1eadp v\u1edbi TPG Capital v\u00e0 Goldman Sachs tr\u1ecb gi\u00e1 27,5 t\u1ef7 USD<\/li>\n
                  • Thomson (Canada) \u0111\u00e3 mua h\u00e3ng tin Reuters (Anh) v\u1edbi gi\u00e1 tr\u00ean 17 t\u1ef7 USD<\/li>\n
                  • T\u1eadp \u0111o\u00e0n Sony \u0111\u00e3 s\u00e1p nh\u1eadp v\u00e0o C\u00f4ng ty Truy\u1ec1n th\u00f4ng AB L.M. Ericsson<\/li>\n
                  • Th\u01b0\u01a1ng v\u1ee5 h\u1ee3p t\u00e1c th\u01b0\u01a1ng hi\u1ec7u gi\u1eefa Apples Ipod v\u00e0 HP<\/li>\n
                  • T\u1eadp \u0111o\u00e0n Oracle mua C\u00f4ng ty Siebel v\u1edbi gi\u00e1 5,85 t\u1ef7 USD<\/li>\n
                  • Th\u01b0\u01a1ng v\u1ee5 h\u1ee3p t\u00e1c gi\u1eefa hai g\u00e3 kh\u1ed5ng l\u1ed3 Microsoft v\u00e0 Yahoo<\/li>\n<\/ul>\n<\/li>\n
                  • Nh\u1eefng th\u01b0\u01a1ng v\u1ee5 M&A trong kh\u1ed1i ng\u00e0nh \u00f4t\u00f4\n
                      \n
                    • Th\u01b0\u01a1ng v\u1ee5 S\u00e1p nh\u1eadp v\u00e0 Mua l\u1ea1i (M&A) Chrysler \u2013 Fiat<\/li>\n
                    • Th\u01b0\u01a1ng v\u1ee5 S\u00e1p nh\u1eadp v\u00e0 Mua l\u1ea1i (M&A) Volkswagen \u2013 Porsche<\/li>\n<\/ul>\n<\/li>\n<\/ol>\n

                      1. Nh\u1eefng th\u01b0\u01a1ng v\u1ee5 M&A trong kh\u1ed1i t\u00e0i ch\u00ednh ng\u00e2n h\u00e0ng<\/strong><\/span><\/h3>\n

                      Xem x\u00e9t c\u00e1c l\u0129nh v\u1ef1c th\u1ef1c hi\u1ec7n s\u00e1p nh\u1eadp v\u00e0 mua l\u1ea1i (M&A), c\u00f3 th\u1ec3 n\u00f3i ng\u00e2n h\u00e0ng l\u00e0 ng\u00e0nh c\u00f3 ho\u1ea1t \u0111\u1ed9ng s\u00e1p nh\u1eadp v\u00e0 mua l\u1ea1i (M&A) di\u1ec5n ra s\u00f4i \u0111\u1ed9ng nh\u1ea5t.<\/p>\n

                      1.1. Th\u01b0\u01a1ng v\u1ee5\u00a0ABN Amro s\u00e1p nh\u1eadp v\u1edbi Barclays PLC tr\u1ecb gi\u00e1 91 t\u1ef7 USD<\/strong><\/span><\/h4>\n

                      \u0110\u1ea7u ti\u00ean ph\u1ea3i k\u1ec3 \u0111\u1ebfn hai \u0111\u1ea1i gia ng\u00e2n h\u00e0ng, ABN Amro c\u1ee7a H\u00e0 Lan v\u00e0 Barclays PLC c\u1ee7a Anh\u00a0(3)<\/sup>. Hai \u0111\u1ea1i gia n\u00e0y \u0111\u00e3 ch\u00ednh th\u1ee9c s\u00e1p nh\u1eadp v\u1edbi nhau v\u1edbi tr\u1ecb gi\u00e1 h\u01a1n 91 t\u1ef7 USD. \u0110\u00e2y \u0111\u01b0\u1ee3c coi l\u00e0 th\u01b0\u01a1ng v\u1ee5 s\u00e1p nh\u1eadp l\u1edbn ch\u01b0a t\u1eebng th\u1ea5y trong l\u1ecbch s\u1eed ng\u00e0nh ng\u00e2n h\u00e0ng ch\u00e2u \u00c2u n\u00f3i ri\u00eang v\u00e0 trong ng\u00e0nh c\u00f4ng nghi\u1ec7p t\u00e0i ch\u00ednh to\u00e0n c\u1ea7u n\u00f3i chung. Theo tho\u1ea3 thu\u1eadn s\u00e1p nh\u1eadp n\u00e0y, t\u1eadp \u0111o\u00e0n m\u1edbi c\u00f3 t\u00ean g\u1ecdi Barclays PLC, c\u00f3 \u0111\u1eb7t tr\u1ee5 s\u1edf ch\u00ednh \u0111\u1eb7t t\u1ea1i Amsterdam (H\u00e0 Lan) c\u00f3 kho\u1ea3ng 47 tri\u1ec7u kh\u00e1ch h\u00e0ng tr\u00ean to\u00e0n c\u1ea7u v\u1edbi ban \u0111i\u1ec1u h\u00e0nh m\u1edbi g\u1ed3m 10 th\u00e0nh vi\u00ean t\u1eeb Barclays v\u00e0 9 th\u00e0nh vi\u00ean t\u1eeb ABN Amro. \u0110i\u1ec1u n\u00e0y c\u0169ng c\u00f3 ngh\u0129a Barclays s\u00e1p nh\u1eadp v\u1edbi ABN Amro s\u1ebd t\u1ea1o ra m\u1ed9t trong nh\u1eefng t\u1eadp \u0111o\u00e0n ng\u00e2n h\u00e0ng l\u1edbn nh\u1ea5t th\u1ebf gi\u1edbi t\u00ednh theo s\u1ed1 v\u1ed1n th\u1ecb tr\u01b0\u1eddng. Kh\u00f4ng d\u1eebng l\u1ea1i \u1edf \u0111\u00f3, ng\u00e2n h\u00e0ng ABN Amro c\u00f2n ti\u1ebfp t\u1ee5c s\u00e1p nh\u1eadp v\u1edbi Li\u00ean minh Ng\u00e2n h\u00e0ng Ho\u00e0ng gia Scotland RBS, Stantander c\u1ee7a T\u00e2y Ban Nha v\u00e0 Fortis c\u1ee7a B\u1ec9 – H\u00e0 Lan. Th\u01b0\u01a1ng v\u1ee5 n\u00e0y c\u00f3 t\u1ed5ng gi\u00e1 tr\u1ecb 101 t\u1ef7 USD.<\/p>\n

                      1.2.\u00a0Unicredit SPA mua l\u1ea1i\u00a0Societe Generale SA v\u00e0 Capitalia SpA<\/strong><\/span><\/h4>\n

                      Ti\u1ebfp \u0111\u1ebfn l\u00e0 Unicredit SPA – m\u1ed9t ng\u00e2n h\u00e0ng n\u1ed5i ti\u1ebfng b\u1eadc nh\u1ea5t c\u1ee7a Italia \u0111\u00e3 mua l\u1ea1i c\u00e1c ng\u00e2n h\u00e0ng Societe Generale SA v\u00e0 Capitalia SpA g\u00e2y x\u00f4n xao d\u01b0 lu\u1eadn, \u0111\u00e2y l\u00e0 m\u1ed9t th\u01b0\u01a1ng v\u1ee5 M&A l\u1edbn t\u1ea1i th\u1ecb tr\u01b0\u1eddng ng\u00e2n h\u00e0ng ch\u00e2u \u00c2u. Unicredit SPA l\u00e0 m\u1ed9t trong nh\u1eefng ng\u00e2n h\u00e0ng l\u1edbn nh\u1ea5t c\u1ee7a Italia v\u00e0 \u0111\u00e3 m\u1edf r\u1ed9ng quy m\u00f4 ho\u1ea1t \u0111\u1ed9ng c\u1ee7a m\u00ecnh \u1edf nhi\u1ec1u qu\u1ed1c gia tr\u00ean th\u1ebf gi\u1edbi. Vi\u1ec7c mua l\u1ea1i Societe Generale SA v\u00e0 Capitalia SpA gi\u00fap Unicredit SPA t\u0103ng c\u01b0\u1eddng \u0111\u1ed9 ph\u1ee7 s\u00f3ng t\u1ea1i th\u1ecb tr\u01b0\u1eddng Ch\u00e2u \u00c2u v\u00e0 t\u0103ng c\u01b0\u1eddng kh\u1ea3 n\u0103ng c\u1ea1nh tranh v\u1edbi c\u00e1c \u0111\u1ed1i th\u1ee7 kh\u00e1c trong ng\u00e0nh ng\u00e2n h\u00e0ng. Th\u01b0\u01a1ng v\u1ee5 n\u00e0y \u0111\u00e3 thu h\u00fat s\u1ef1 quan t\u00e2m c\u1ee7a gi\u1edbi kinh doanh v\u00e0 c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 tr\u00ean to\u00e0n th\u1ebf gi\u1edbi v\u00ec quy m\u00f4 l\u1edbn c\u1ee7a n\u00f3 v\u00e0 \u1ea3nh h\u01b0\u1edfng c\u1ee7a n\u00f3 \u0111\u1ebfn th\u1ecb tr\u01b0\u1eddng t\u00e0i ch\u00ednh v\u00e0 kinh t\u1ebf to\u00e0n c\u1ea7u.<\/p>\n

                      1.3.\u00a0Bank of America mua l\u1ea1i Merrill Lynch v\u1edbi gi\u00e1 50 t\u1ef7 USD<\/strong><\/span><\/h4>\n

                      T\u1ea1i kh\u1ed1i ng\u00e0nh ng\u00e2n h\u00e0ng M\u1ef9, tham v\u1ecdng \u0111\u1ee9ng \u0111\u1ea7u ng\u00e0nh ng\u00e2n h\u00e0ng n\u1ed9i \u0111\u1ecba c\u1ee7a M\u1ef9 l\u00e0 \u0111\u1ed9ng l\u1ef1c khi\u1ebfn Bank of America mua l\u1ea1i Merrill Lynch v\u1edbi gi\u00e1 50 t\u1ef7 USD. Cu\u1ed9c s\u00e1p nh\u1eadp n\u00e0y \u0111\u00e3 cho ra \u0111\u1eddi t\u1eadp \u0111o\u00e0n t\u00e0i ch\u00ednh h\u00f9ng m\u1ea1nh nh\u1ea5t th\u1ebf gi\u1edbi. Theo \u0111\u00f3, Bank of America \u0111\u00e3 tr\u1edf th\u00e0nh ng\u00e2n h\u00e0ng th\u01b0\u01a1ng m\u1ea1i l\u1edbn nh\u1ea5t t\u1ea1i M\u1ef9 t\u00ednh theo l\u01b0\u1ee3ng ti\u1ec1n g\u1eedi v\u00e0 l\u01b0\u1ee3ng v\u1ed1n h\u00f3a th\u1ecb tr\u01b0\u1eddng v\u00e0 l\u00e0 ng\u00e2n h\u00e0ng th\u00e0nh vi\u00ean thu\u1ed9c t\u1eadp \u0111o\u00e0n b\u1ea3o hi\u1ec3m ti\u1ec1n g\u1eedi M\u1ef9 (FDIC). Qua \u0111\u00e2y, Bank of America thu t\u1edbi 90% l\u1ee3i nhu\u1eadn t\u1eeb th\u1ecb tr\u01b0\u1eddng n\u1ed9i \u0111\u1ecba n\u01b0\u1edbc M\u1ef9. M\u1ee5c ti\u00eau c\u1ee7a ng\u00e2n h\u00e0ng l\u00e0 lu\u00f4n \u0111\u1ee9ng \u0111\u1ea7u t\u1ea1i ng\u00e0nh ng\u00e2n h\u00e0ng n\u1ed9i \u0111\u1ecba M\u1ef9 v\u00e0 ng\u00e2n h\u00e0ng n\u00e0y \u0111\u00e3 l\u00e0m \u0111\u01b0\u1ee3c \u0111i\u1ec1u \u0111\u00f3 th\u00f4ng qua h\u00e0ng lo\u1ea1t th\u01b0\u01a1ng v\u1ee5 th\u00e2u t\u00f3m trong \u0111\u00f3 c\u00f3 vi\u1ec7c mua l\u1ea1i chi nh\u00e1nh ng\u00e2n h\u00e0ng ABN Amro t\u1ea1i B\u1eafc M\u1ef9 v\u00e0 t\u1eadp \u0111o\u00e0n ng\u00e2n h\u00e0ng t\u00e0i ch\u00ednh Lasalle v\u1edbi tr\u1ecb gi\u00e1 21 t\u1ef7 \u0111\u00f4 la M\u1ef9, mua l\u1ea1i \u0111\u1ea1i gia th\u1ebb t\u00edn d\u1ee5ng MBNA v\u1edbi gi\u00e1 35 t\u1ef7. C\u00f3 th\u1ec3 coi \u0111\u00e2y l\u00e0 th\u01b0\u01a1ng v\u1ee5 mua l\u1ea1i Merril Lynch c\u00f3 t\u00ednh l\u1ecbch s\u1eed tr\u00ean th\u1ecb tr\u01b0\u1eddng t\u00e0i ch\u00ednh M\u1ef9 trong b\u1ed1i c\u1ea3nh kinh t\u1ebf n\u01b0\u1edbc n\u00e0y \u0111ang \u0111\u1ed1i m\u1eb7t v\u1edbi r\u1ea5t nhi\u1ec1u kh\u00f3 kh\u0103n nh\u01b0 hi\u1ec7n nay<\/p>\n

                      1.4.\u00a0Wells-Fargo mua l\u1ea1i\u00a0ng\u00e2n h\u00e0ng Wachovia v\u1edbi gi\u00e1 tr\u1ecb 15,1 t\u1ef7 USD<\/strong><\/span><\/h4>\n

                      B\u00ean c\u1ea1nh \u0111\u1ea1i gia Bank of America, th\u01b0\u01a1ng v\u1ee5 mua l\u1ea1i n\u1ed5i ti\u1ebfng trong gi\u1edbi ng\u00e2n h\u00e0ng trong th\u1eddi gian g\u1ea7n \u0111\u00e2y ph\u1ea3i k\u1ec3 \u0111\u1ebfn th\u01b0\u01a1ng v\u1ee5 mua l\u1ea1i c\u1ee7a Wells-Fargo v\u1edbi ng\u00e2n h\u00e0ng Wachovia v\u1edbi gi\u00e1 tr\u1ecb 15,1 t\u1ef7 \u0111\u00f4 la M\u1ef9. Sau khi v\u01b0\u1ee3t qua \u0111\u01b0\u1ee3c \u0111\u1ed1i th\u1ee7 Citigroup trong th\u01b0\u01a1ng v\u1ee5 c\u1ea1nh tranh mua l\u1ea1i Wachovia, Wells Fargo \u0111\u00e3 n\u00e2ng t\u1ea7m c\u1ee7a m\u00ecnh l\u00ean ngang h\u00e0ng v\u1edbi c\u00e1c \u0111\u1ed1i th\u1ee7 ng\u00e2n h\u00e0ng l\u1edbn kh\u00e1c t\u1ea1i M\u1ef9 nh\u01b0 JP Morgan Chase v\u00e0 Bank of America. Theo \u0111\u00f3, ng\u00e2n h\u00e0ng n\u00e0y s\u1ebd c\u00f3 t\u00e0i s\u1ea3n 1.420 t\u1ef7 \u0111\u00f4 la v\u00e0 tr\u1edf th\u00e0nh ng\u00e2n h\u00e0ng l\u1edbn th\u1ee9 ba c\u1ee7a M\u1ef9.<\/p>\n

                      1.5. Ng\u00e2n h\u00e0ng UFJ Holding s\u00e1p nh\u1eadp v\u1edbi Mitsubishi Tokyo Financial group<\/strong><\/span><\/h4>\n

                      Ti\u1ebfp theo ph\u1ea3i k\u1ec3 \u0111\u1ebfn th\u01b0\u01a1ng v\u1ee5 s\u00e1p nh\u1eadp th\u00e0nh c\u00f4ng trong ng\u00e0nh ng\u00e2n h\u00e0ng Nh\u1eadt B\u1ea3n khi Mitsubishi UFJ Financial group l\u00e0 k\u1ebft qu\u1ea3 c\u1ee7a s\u1ef1 s\u00e1p nh\u1eadp gi\u1eefa hai ng\u00e2n h\u00e0ng UFJ Holding v\u00e0 Mitsubishi Tokyo Financial group. \u0110\u1ea1i ng\u00e2n h\u00e0ng n\u00e0y \u0111\u00e3 ch\u00ednh th\u1ee9c \u0111\u01b0\u1ee3c th\u00e0nh l\u1eadp v\u00e0 \u0111i v\u00e0o ho\u1ea1t \u0111\u1ed9ng v\u00e0o 01\/10\/2005. Mitsubishi UFJ Financial group gi\u1edd \u0111\u00e3 tr\u1edf th\u00e0nh m\u1ed9t trong nh\u1eefng t\u1eadp \u0111o\u00e0n t\u00e0i ch\u00ednh h\u00f9ng m\u1ea1nh nh\u1ea5t th\u1ebf gi\u1edbi c\u00f3 s\u1ed1 v\u1ed1n l\u00ean t\u1edbi 1.770 t\u1ef7 USD v\u1edbi 40 tri\u1ec7u kh\u00e1ch h\u00e0ng, v\u01b0\u1ee3t qua ng\u00e2n h\u00e0ng Citigroup c\u1ee7a M\u1ef9 v\u1ec1 gi\u00e1 tr\u1ecb t\u00e0i s\u1ea3n. C\u00e1c nh\u00e0 ph\u00e2n t\u00edch cho r\u1eb1ng vi\u1ec7c s\u00e1p nh\u1eadp n\u00e0y th\u1ec3 hi\u1ec7n s\u1ef1 h\u1ed3i ph\u1ee5c c\u1ee7a ng\u00e0nh ng\u00e2n h\u00e0ng Nh\u1eadt B\u1ea3n sau th\u1eddi gian n\u1ee3 n\u1ea7n ch\u1ed3ng ch\u1ea5t.<\/p>\n

                      1.6. S\u00e0n giao d\u1ecbch New York NYSE mua Euronext v\u1edbi gi\u00e1 14,3 t\u1ef7 USD<\/strong><\/span><\/h4>\n

                      S\u00e0n giao d\u1ecbch ch\u1ee9ng kho\u00e1n New York NYSE \u0111\u00e3 th\u1ef1c hi\u1ec7n m\u1ed9t th\u01b0\u01a1ng v\u1ee5 mua l\u1ea1i v\u00e0 s\u00e1p nh\u1eadp r\u1ea5t l\u1edbn khi h\u1ecd mua l\u1ea1i Euronext v\u1edbi gi\u00e1 14,3 t\u1ef7 USD. Th\u01b0\u01a1ng v\u1ee5 n\u00e0y \u0111\u00e3 \u0111\u01b0\u1ee3c c\u00f4ng b\u1ed1 v\u00e0o th\u00e1ng 6 n\u0103m 2006 v\u00e0 \u0111\u01b0\u1ee3c ho\u00e0n th\u00e0nh v\u00e0o th\u00e1ng 4 n\u0103m 2007. Euronext l\u00e0 m\u1ed9t trong nh\u1eefng s\u00e0n giao d\u1ecbch l\u1edbn nh\u1ea5t t\u1ea1i ch\u00e2u \u00c2u v\u00e0 bao g\u1ed3m c\u00e1c s\u00e0n giao d\u1ecbch t\u1ea1i Paris, Brussels, Amsterdam v\u00e0 Lisbon. Vi\u1ec7c s\u00e1p nh\u1eadp n\u00e0y \u0111\u00e3 gi\u00fap NYSE Euronext tr\u1edf th\u00e0nh m\u1ed9t trong nh\u1eefng s\u00e0n giao d\u1ecbch l\u1edbn nh\u1ea5t tr\u00ean th\u1ebf gi\u1edbi, cung c\u1ea5p nhi\u1ec1u d\u1ecbch v\u1ee5 v\u00e0 s\u1ea3n ph\u1ea9m t\u00e0i ch\u00ednh cho c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 tr\u00ean to\u00e0n c\u1ea7u. Th\u01b0\u01a1ng v\u1ee5 n\u00e0y c\u0169ng \u0111\u00e3 t\u1ea1o ra nhi\u1ec1u c\u01a1 h\u1ed9i cho NYSE Euronext \u0111\u1ec3 t\u0103ng tr\u01b0\u1edfng v\u00e0 m\u1edf r\u1ed9ng quy m\u00f4 kinh doanh tr\u00ean th\u1ecb tr\u01b0\u1eddng t\u00e0i ch\u00ednh qu\u1ed1c t\u1ebf.<\/p>\n

                      2. Nh\u1eefng th\u01b0\u01a1ng v\u1ee5 M&A trong kh\u1ed1i ng\u00e0nh c\u00f4ng ngh\u1ec7<\/strong><\/span><\/h3>\n

                      2.1. Antel s\u00e1p nh\u1eadp v\u1edbi TPG Capital v\u00e0 Goldman Sachs tr\u1ecb gi\u00e1 27,5 t\u1ef7 USD<\/strong><\/span><\/h4>\n

                      C\u00f4ng ty Antel – nh\u00e0 cung c\u1ea5p d\u1ecbch v\u1ee5 wifi \u0111\u1ee9ng trong l\u1edbp 10 t\u1ea1i M\u1ef9 \u0111\u00e3 s\u00e1p nh\u1eadp v\u00e0o C\u00f4ng ty TPG Capital v\u00e0 Goldman Sachs v\u1edbi tr\u1ecb gi\u00e1 27,5 t\u1ef7 USD. Th\u00f4ng qua th\u1ecfa thu\u1eadn n\u00e0y, Antel s\u1ebd tr\u1edf th\u00e0nh m\u1ed9t c\u00f4ng ty con c\u1ee7a TPG v\u00e0 Goldman Sachs. Th\u01b0\u01a1ng v\u1ee5 n\u00e0y \u0111\u01b0\u1ee3c \u0111\u00e1nh gi\u00e1 l\u00e0 m\u1ed9t b\u01b0\u1edbc ti\u1ebfn quan tr\u1ecdng trong vi\u1ec7c n\u00e2ng cao kh\u1ea3 n\u0103ng c\u1ea1nh tranh v\u00e0 t\u0103ng tr\u01b0\u1edfng c\u1ee7a Antel tr\u00ean th\u1ecb tr\u01b0\u1eddng. B\u00ean c\u1ea1nh \u0111\u00f3, TPG v\u00e0 Goldman Sachs c\u0169ng hy v\u1ecdng s\u1ebd t\u1eadn d\u1ee5ng \u0111\u01b0\u1ee3c kh\u1ea3 n\u0103ng t\u0103ng tr\u01b0\u1edfng c\u1ee7a Antel \u0111\u1ec3 t\u0103ng l\u1ee3i nhu\u1eadn cho ch\u00ednh h\u1ecd. Th\u01b0\u01a1ng v\u1ee5 M&A n\u00e0y c\u0169ng \u0111em l\u1ea1i nhi\u1ec1u l\u1ee3i \u00edch cho c\u00e1c b\u00ean li\u00ean quan v\u00e0 m\u1edf ra nhi\u1ec1u c\u01a1 h\u1ed9i ph\u00e1t tri\u1ec3n trong t\u01b0\u01a1ng lai.<\/p>\n

                      2.2. Thomson (Canada) \u0111\u00e3 mua h\u00e3ng tin Reuters (Anh) v\u1edbi gi\u00e1 tr\u00ean 17 t\u1ef7 USD<\/strong><\/span><\/h4>\n

                      Th\u01b0\u01a1ng v\u1ee5 Thomson (Canada) mua h\u00e3ng tin Reuters (Anh) v\u1edbi gi\u00e1 tr\u00ean 17 t\u1ef7 USD \u0111\u00e3 di\u1ec5n ra v\u00e0o n\u0103m 2008 v\u00e0 \u0111\u01b0\u1ee3c coi l\u00e0 m\u1ed9t trong nh\u1eefng th\u01b0\u01a1ng v\u1ee5 M&A l\u1edbn nh\u1ea5t trong l\u1ecbch s\u1eed truy\u1ec1n th\u00f4ng. Th\u1ecfa thu\u1eadn n\u00e0y cho ph\u00e9p Thomson s\u1edf h\u1eefu 53% c\u1ed5 ph\u1ea7n trong c\u00f4ng ty m\u1edbi \u0111\u01b0\u1ee3c t\u1ea1o ra, trong khi \u0111\u00f3 ph\u1ea7n c\u00f2n l\u1ea1i s\u1ebd thu\u1ed9c v\u1ec1 c\u1ed5 \u0111\u00f4ng c\u1ee7a Reuters.<\/p>\n

                      Th\u01b0\u01a1ng v\u1ee5 n\u00e0y \u0111\u01b0\u1ee3c \u0111\u00e1nh gi\u00e1 cao b\u1edfi s\u1ef1 k\u1ebft h\u1ee3p gi\u1eefa hai c\u00f4ng ty truy\u1ec1n th\u00f4ng h\u00e0ng \u0111\u1ea7u trong ng\u00e0nh. Thomson s\u1edf h\u1eefu c\u00e1c d\u1ecbch v\u1ee5 th\u00f4ng tin t\u00e0i ch\u00ednh v\u00e0 kinh doanh, trong khi Reuters l\u00e0 m\u1ed9t trong nh\u1eefng nh\u00e0 cung c\u1ea5p d\u1ecbch v\u1ee5 tin t\u1ee9c v\u00e0 th\u00f4ng tin t\u00e0i ch\u00ednh h\u00e0ng \u0111\u1ea7u th\u1ebf gi\u1edbi. S\u1ef1 k\u1ebft h\u1ee3p gi\u1eefa hai c\u00f4ng ty n\u00e0y \u0111\u00e3 t\u1ea1o ra m\u1ed9t t\u1ed5 ch\u1ee9c \u0111a qu\u1ed1c gia ho\u1ea1t \u0111\u1ed9ng tr\u00ean to\u00e0n th\u1ebf gi\u1edbi v\u1edbi kh\u1ea3 n\u0103ng cung c\u1ea5p c\u00e1c d\u1ecbch v\u1ee5 tin t\u1ee9c v\u00e0 th\u00f4ng tin t\u00e0i ch\u00ednh t\u1ed1t h\u01a1n v\u00e0 hi\u1ec7u qu\u1ea3 h\u01a1n.<\/p>\n

                      Th\u01b0\u01a1ng v\u1ee5 n\u00e0y \u0111\u00e3 \u0111em l\u1ea1i nhi\u1ec1u l\u1ee3i \u00edch cho c\u1ea3 hai b\u00ean. Thomson \u0111\u00e3 \u0111\u01b0\u1ee3c m\u1edf r\u1ed9ng l\u0129nh v\u1ef1c kinh doanh v\u00e0 t\u0103ng kh\u1ea3 n\u0103ng c\u1ea1nh tranh tr\u00ean th\u1ecb tr\u01b0\u1eddng to\u00e0n c\u1ea7u, trong khi \u0111\u00f3 Reuters \u0111\u00e3 \u0111\u01b0\u1ee3c t\u0103ng c\u01b0\u1eddng kh\u1ea3 n\u0103ng cung c\u1ea5p d\u1ecbch v\u1ee5 th\u00f4ng tin v\u00e0 t\u00e0i ch\u00ednh \u0111\u1ebfn kh\u00e1ch h\u00e0ng c\u1ee7a m\u00ecnh. T\u1ed5ng th\u1ec3, th\u01b0\u01a1ng v\u1ee5 M&A n\u00e0y \u0111\u00e3 mang l\u1ea1i nhi\u1ec1u l\u1ee3i \u00edch cho to\u00e0n ng\u00e0nh truy\u1ec1n th\u00f4ng v\u00e0 l\u00e0 m\u1ed9t \u0111i\u1ec3n h\u00ecnh cho s\u1ef1 h\u1ee3p t\u00e1c gi\u1eefa c\u00e1c c\u00f4ng ty h\u00e0ng \u0111\u1ea7u trong ng\u00e0nh.<\/p>\n

                      2.3. T\u1eadp \u0111o\u00e0n Sony\u00a0\u0111\u00e3 s\u00e1p nh\u1eadp v\u00e0o C\u00f4ng ty Truy\u1ec1n th\u00f4ng AB L.M. Ericsson<\/strong><\/span><\/h4>\n

                      Th\u01b0\u01a1ng v\u1ee5 T\u1eadp \u0111o\u00e0n Sony \u0111\u00e3 s\u00e1p nh\u1eadp v\u00e0o C\u00f4ng ty Truy\u1ec1n th\u00f4ng AB L.M. Ericsson t\u1eeb th\u00e1ng 9\/2001. T\u1ea1i th\u1eddi \u0111i\u1ec3m \u0111\u00f3, Ericsson \u0111ang b\u1ecb Nokia cho ra r\u00eca. Kh\u00f4ng th\u1ec3 ng\u1ed3i m\u1ed9t b\u00ean khi th\u1ecb ph\u1ea7n \u0111ang d\u1ea7n r\u01a1i v\u00e0o tay \u0111\u1ed1i th\u1ee7 c\u1ea1nh tranh Nokia. Ericsson bu\u1ed9c ph\u1ea3i t\u1ef1 t\u00ecm l\u1ed1i tho\u00e1t cho m\u00ecnh. Theo \u0111\u00f3,\u00a0 nh\u1eefng ng\u01b0\u1eddi \u0111\u1ee9ng \u0111\u1ea7u c\u1ee7a Ericsson \u0111\u00e3 ngh\u0129 t\u1edbi h\u00ecnh th\u1ee9c s\u00e1p nh\u1eadp v\u00e0 mua l\u1ea1i (M&A) nh\u01b0 m\u1ed9t ph\u01b0\u01a1ng th\u1ee9c c\u1ee9u c\u00e1nh cho h\u00e3ng. C\u00f2n \u0111\u1ed1i v\u1edbi Sony, v\u1edbi tham v\u1ecdng m\u1edf r\u1ed9ng v\u00e0 b\u00e0nh tr\u01b0\u1edbng l\u0129nh v\u1ef1c kinh doanh, \u0111\u00e3 h\u01b0\u1edbng t\u1edbi k\u1ebft h\u1ee3p v\u1edbi Ericsson nh\u01b0 m\u1ee5c ti\u00eau v\u00e0 k\u1ef3 v\u1ecdng m\u1edbi. C\u00f3 l\u1ebd nh\u1edd th\u1ebf m\u00e0 hai \u00fd t\u01b0\u1edfng l\u1edbn g\u1eb7p nhau. S\u1ef1 s\u00e1p nh\u1eadp gi\u1eefa c\u00f4ng ngh\u1ec7 \u0111i\u1ec7n tho\u1ea1i Ericsson v\u00e0 kh\u1ea3 n\u0103ng chinh ph\u1ee5c kh\u00e1ch h\u00e0ng c\u1ee7a Sony kh\u00f4ng tr\u00e1nh kh\u1ecfi s\u1ef1 t\u00f2 m\u00f2 trong gi\u1edbi kinh doanh. Nh\u01b0ng, k\u1ebft qu\u1ea3 th\u1eadt nh\u01b0 mong mu\u1ed1n, th\u01b0\u01a1ng hi\u1ec7u Sony Ericsson \u0111\u00e3 v\u00e0 \u0111ang \u0111\u01b0\u1ee3c l\u00f2ng ng\u01b0\u1eddi ti\u00eau d\u00f9ng.<\/p>\n

                      2.4. Th\u01b0\u01a1ng v\u1ee5 h\u1ee3p t\u00e1c th\u01b0\u01a1ng hi\u1ec7u gi\u1eefa Apples Ipod v\u00e0 HP<\/strong><\/span><\/h4>\n

                      Trong n\u0103m 2004, Apple v\u00e0 HP \u0111\u00e3 k\u00fd k\u1ebft m\u1ed9t th\u1ecfa thu\u1eadn h\u1ee3p t\u00e1c, trong \u0111\u00f3 HP \u0111\u01b0\u1ee3c ph\u00e9p b\u00e1n s\u1ea3n ph\u1ea9m m\u00e1y nghe nh\u1ea1c iPod c\u1ee7a Apple d\u01b0\u1edbi th\u01b0\u01a1ng hi\u1ec7u ri\u00eang c\u1ee7a m\u00ecnh tr\u00ean m\u1ed9t s\u1ed1 th\u1ecb tr\u01b0\u1eddng qu\u1ed1c t\u1ebf. Th\u1ecfa thu\u1eadn n\u00e0y \u0111\u00e3 gi\u00fap Apple m\u1edf r\u1ed9ng th\u1ecb tr\u01b0\u1eddng c\u1ee7a m\u00ecnh th\u00f4ng qua k\u00eanh ph\u00e2n ph\u1ed1i to\u00e0n c\u1ea7u c\u1ee7a HP, trong khi HP c\u00f3 th\u1ec3 cung c\u1ea5p cho kh\u00e1ch h\u00e0ng c\u1ee7a m\u00ecnh m\u1ed9t s\u1ea3n ph\u1ea9m m\u00e1y nghe nh\u1ea1c \u0111\u01b0\u1ee3c \u01b0a chu\u1ed9ng v\u1edbi th\u01b0\u01a1ng hi\u1ec7u c\u1ee7a m\u00ecnh.<\/p>\n

                      Vi\u1ec7c h\u1ee3p t\u00e1c th\u01b0\u01a1ng hi\u1ec7u gi\u1eefa Apples Ipod v\u00e0 HP l\u00e0 tr\u01b0\u1eddng h\u1ee3p \u0111\u01b0\u1ee3c cho l\u00e0 ng\u01b0\u1ee3c \u0111\u1eddi \u0111i\u1ec3n h\u00ecnh. B\u1edfi HP v\u1ed1n \u0111\u00e3 l\u00e0 m\u1ed9t th\u01b0\u01a1ng hi\u1ec7u m\u1ea1nh, c\u00f3 uy t\u00edn v\u00e0 l\u1ecbch s\u1eed ph\u00e1t tri\u1ec3n l\u00e2u \u0111\u1eddi v\u1edbi quy m\u00f4 kh\u1ed5ng l\u1ed3, trong khi \u0111\u00f3, Apple l\u00e0 m\u1ed9t c\u00f4ng ty tr\u1ebb tu\u1ed5i. Hai th\u01b0\u01a1ng hi\u1ec7u n\u00e0y d\u01b0\u1eddng nh\u01b0 kh\u00f4ng th\u1ec3 c\u00f3 s\u1ef1 h\u00f2a h\u1ee3p khi ti\u1ebfn t\u1edbi vi\u1ec7c k\u1ebft h\u1ee3p v\u1edbi nhau. Nh\u01b0ng, h\u1ecd \u0111\u00e3 ch\u1ee9ng minh s\u1ef1 s\u00e1p nh\u1eadp c\u1ee7a m\u00ecnh l\u00e0 ho\u00e0n to\u00e0n c\u00f3 c\u01a1 s\u1edf. M\u1ed9t c\u00f4ng ty l\u00e2u \u0111\u1eddi v\u1edbi \u0111\u1ea7y kinh nghi\u1ec7m v\u1edbi m\u1ed9t c\u00f4ng ty tr\u1ebb c\u1ee7a s\u00e1ng t\u1ea1o, ph\u00e1 c\u00e1ch v\u1ec1 h\u00ecnh th\u1ee9c c\u0169ng nh\u01b0 c\u00f4ng ngh\u1ec7. K\u1ebft qu\u1ea3 c\u1ee7a s\u1ef1 s\u00e1p nh\u1eadp l\u1ecbch s\u1eed n\u00e0y l\u00e0 s\u1ef1 t\u0103ng c\u01b0\u1eddng s\u1ee9c m\u1ea1nh th\u01b0\u01a1ng hi\u1ec7u v\u00e0 c\u00e1c chi\u1ebfn l\u01b0\u1ee3c marketing r\u1ea5t \u0111\u00e1ng ch\u00fa \u00fd.<\/p>\n

                      2.5.\u00a0T\u1eadp \u0111o\u00e0n Oracle mua C\u00f4ng ty Siebel v\u1edbi gi\u00e1\u00a05,85 t\u1ef7 USD<\/strong><\/span><\/h4>\n

                      M\u1ed9t th\u01b0\u01a1ng v\u1ee5 s\u00e1p nh\u1eadp v\u00e0 mua l\u1ea1i (M&A) kh\u00e1c mang l\u1ea1i hi\u1ec7u qu\u1ea3 \u0111\u1ea7u t\u01b0 m\u1ea1nh m\u1ebd v\u00e0 t\u1ea7m nh\u00ecn chi\u1ebfn l\u01b0\u1ee3c l\u00e0 T\u1eadp \u0111o\u00e0n Oracle mua C\u00f4ng ty Siebel, nh\u00e0 cung c\u1ea5p ph\u1ea7n m\u1ec1m CRM (customer relation manager – qu\u1ea3n l\u00fd quan h\u1ec7 kh\u00e1ch h\u00e0ng) 5,85 t\u1ef7 USD. B\u1edfi khi \u0111\u00f3, h\u1ecd h\u1ee3p nh\u1ea5t \u0111\u1ec3 tri\u1ec3n khai v\u00e0 t\u0103ng c\u01b0\u1eddng kh\u1ea3 n\u0103ng t\u00edch h\u1ee3p c\u00e1c \u1ee9ng d\u1ee5ng v\u00e0 d\u1eef li\u1ec7u gi\u1eefa c\u00e1c s\u1ea3n ph\u1ea9m, h\u1ed7 tr\u1ee3 t\u1ed1i \u0111a trong qu\u1ea3n l\u00fd v\u00e0 h\u1ed7 tr\u1ee3 kh\u00e1ch h\u00e0ng t\u1ed1c \u0111\u1ed9 h\u01a1n. V\u00e0 nh\u1edd c\u00f3 chi\u1ebfn l\u01b0\u1ee3c n\u00e0y m\u00e0 Oracle \u0111\u00e3 gi\u00e0nh \u0111\u01b0\u1ee3c th\u1ecb ph\u1ea7n t\u1eeb tay \u0111\u1ed1i th\u1ee7 SAP.<\/p>\n

                      Vi\u1ec7c mua l\u1ea1i Siebel \u0111\u00e3 gi\u00fap Oracle m\u1edf r\u1ed9ng d\u1ecbch v\u1ee5 qu\u1ea3n l\u00fd quan h\u1ec7 kh\u00e1ch h\u00e0ng c\u1ee7a m\u00ecnh v\u00e0 t\u0103ng c\u01b0\u1eddng n\u0103ng l\u1ef1c c\u1ea1nh tranh tr\u00ean th\u1ecb tr\u01b0\u1eddng ph\u1ea7n m\u1ec1m. Khi h\u1ee3p nh\u1ea5t, hai c\u00f4ng ty \u0111\u00e3 t\u1ea1o ra m\u1ed9t n\u1ec1n t\u1ea3ng ph\u1ea7n m\u1ec1m qu\u1ea3n l\u00fd quan h\u1ec7 kh\u00e1ch h\u00e0ng (CRM) ti\u00ean ti\u1ebfn, \u0111\u01b0\u1ee3c t\u00edch h\u1ee3p v\u1edbi c\u00e1c gi\u1ea3i ph\u00e1p ph\u1ea7n m\u1ec1m kh\u00e1c c\u1ee7a Oracle. Ngo\u00e0i ra, Oracle c\u00f2n c\u00f3 th\u1ec3 t\u1eadn d\u1ee5ng c\u00e1c kh\u00e1ch h\u00e0ng c\u1ee7a Siebel \u0111\u1ec3 b\u00e1n c\u00e1c s\u1ea3n ph\u1ea9m ph\u1ea7n m\u1ec1m kh\u00e1c c\u1ee7a m\u00ecnh.<\/p>\n

                      Tuy nhi\u00ean, th\u01b0\u01a1ng v\u1ee5 n\u00e0y c\u0169ng kh\u00f4ng tr\u00e1nh kh\u1ecfi nh\u1eefng kh\u00f3 kh\u0103n. Sau khi mua l\u1ea1i Siebel, Oracle ph\u1ea3i \u0111\u1ed1i m\u1eb7t v\u1edbi vi\u1ec7c t\u00edch h\u1ee3p c\u00e1c s\u1ea3n ph\u1ea9m v\u00e0 c\u00f4ng ngh\u1ec7 c\u1ee7a hai c\u00f4ng ty kh\u00e1c nhau. \u0110\u1ec3 gi\u1ea3i quy\u1ebft v\u1ea5n \u0111\u1ec1 n\u00e0y, Oracle \u0111\u00e3 ph\u1ea3i \u0111\u1ea7u t\u01b0 nhi\u1ec1u v\u00e0o nghi\u00ean c\u1ee9u v\u00e0 ph\u00e1t tri\u1ec3n \u0111\u1ec3 h\u1ed7 tr\u1ee3 t\u00edch h\u1ee3p c\u00e1c s\u1ea3n ph\u1ea9m v\u00e0 d\u1eef li\u1ec7u.<\/p>\n

                      2.6. Th\u01b0\u01a1ng v\u1ee5 h\u1ee3p t\u00e1c gi\u1eefa hai g\u00e3 kh\u1ed5ng l\u1ed3 Microsoft v\u00e0 Yahoo<\/strong><\/span><\/h4>\n

                      G\u1ea7n \u0111\u00e2y d\u01b0 lu\u1eadn th\u1ebf gi\u1edbi \u0111\u1eb7c bi\u1ec7t ch\u00fa \u00fd \u0111\u1ebfn th\u01b0\u01a1ng v\u1ee5 h\u1ee3p t\u00e1c c\u1ee7a hai \u0111\u1ea1i gia trong ng\u00e0nh c\u00f4ng ngh\u1ec7 c\u1ee7a M\u1ef9 l\u00e0 Microsoft v\u00e0 Yahoo. Sau h\u01a1n m\u1ed9t n\u0103m r\u01b0\u1ee1i \u0111\u00e0m ph\u00e1n, cu\u1ed1i c\u00f9ng th\u00ec hai g\u00e3 kh\u1ed5ng l\u1ed3 c\u0169ng \u0111\u1ea1t \u0111\u01b0\u1ee3c m\u1ed9t th\u1ecfa thu\u1eadn chung \u0111\u01b0\u1eddng k\u00e9o d\u00e0i 10 n\u0103m, m\u00e0 m\u1ee5c ti\u00eau hi\u1ec3n nhi\u00ean l\u00e0 nh\u1eafm v\u00e0o k\u1ebb th\u00f9 chung Google, h\u00e3ng \u0111ang ki\u1ec3m so\u00e1t t\u1edbi 65% th\u1ecb ph\u1ea7n t\u00ecm ki\u1ebfm tr\u1ef1c tuy\u1ebfn. Vi\u1ec7c h\u1ee3p t\u00e1c gi\u1eefa hai \u0111\u1ea1i gia n\u00e0y \u0111\u01b0\u1ee3c nhi\u1ec1u ng\u01b0\u1eddi mong ng\u00f3ng t\u1eeb l\u00e2u, ph\u00fat ch\u00f3t c\u0169ng th\u00e0nh hi\u1ec7n th\u1ef1c. Trong m\u1ed9t th\u1eadp k\u1ef7 t\u1edbi, Yahoo.com v\u00e0 Bing.com s\u1ebd v\u1eabn duy tr\u00ec th\u01b0\u01a1ng hi\u1ec7u c\u1ee7a m\u00ecnh, song c\u00e1c k\u1ebft qu\u1ea3 t\u00ecm ki\u1ebfm tr\u00ean Yahoo.com s\u1ebd c\u00f3 m\u1ed9t d\u00f2ng ch\u00fa th\u00edch \u0111i k\u00e8m l\u00e0 “\u0111\u01b0\u1ee3c cung c\u1ea5p b\u1edfi Bing”. \u0110\u1ed5i l\u1ea1i, Yahoo s\u1ebd ch\u1ecbu tr\u00e1ch nhi\u1ec7m thu h\u00fat c\u00e1c nh\u00e0 qu\u1ea3ng c\u00e1o l\u1edbn v\u1ec1 cho c\u1ea3 hai c\u00f4ng c\u1ee5 t\u00ecm ki\u1ebfm. Microsoft s\u1ebd tr\u1ea3 cho Yahoo 88% doanh thu m\u00e0 h\u00e3ng n\u00e0y ki\u1ebfm \u0111\u01b0\u1ee3c t\u1eeb c\u00e1c l\u01b0\u1ee3t t\u00ecm ki\u1ebfm tr\u00ean Yahoo. G\u00e3 kh\u1ed5ng l\u1ed3 ph\u1ea7n m\u1ec1m c\u0169ng c\u00f3 quy\u1ec1n t\u00edch h\u1ee3p c\u00f4ng ngh\u1ec7 t\u00ecm ki\u1ebfm c\u1ee7a Yahoo v\u00e0o trong n\u1ec1n t\u1ea3ng t\u00ecm ki\u1ebfm Web s\u1eb5n c\u00f3 c\u1ee7a m\u00ecnh. M\u1ee5c \u0111\u00edch c\u1ee7a li\u00ean minh n\u00e0y kh\u00f4ng g\u00ec kh\u00e1c l\u00e0 t\u1ea5n c\u00f4ng m\u1ea1nh m\u1ebd h\u01a1n n\u1eefa v\u00e0o m\u1ed9t th\u1ecb tr\u01b0\u1eddng m\u00e0 b\u1ea5y l\u00e2u nay Google v\u1eabn l\u00e0 b\u00e1 ch\u1ee7.<\/p>\n

                      3. Nh\u1eefng th\u01b0\u01a1ng v\u1ee5 M&A trong kh\u1ed1i ng\u00e0nh \u00f4t\u00f4<\/strong><\/span><\/h3>\n

                      Cu\u1ed9c kh\u1ee7ng ho\u1ea3ng t\u00e0i ch\u00ednh v\u00e0 suy tho\u00e1i kinh t\u1ebf \u0111ang di\u1ec5n ra nh\u01b0 gi\u1ecdt n\u01b0\u1edbc l\u00e0m tr\u00e0n ly \u0111\u00e3 g\u00e2y ra nh\u1eefng \u1ea3nh h\u01b0\u1edfng n\u1eb7ng n\u1ec1 \u0111\u1ed1i v\u1edbi kh\u1ed1i ng\u00e0nh \u00f4t\u00f4 tr\u00ean th\u1ebf gi\u1edbi. Do \u0111\u00f3, vi\u1ec7c h\u1ee3p t\u00e1c mua l\u1ea1i v\u00e0 s\u00e1p nh\u1eadp l\u00e0 m\u1ed9t xu h\u01b0\u1edbng t\u1ea5t y\u1ebfu trong b\u1ed1i c\u1ea3nh kh\u00f3 kh\u0103n chung c\u1ee7a kh\u1ed1i ng\u00e0nh n\u00e0y.<\/p>\n

                      3.1. Th\u01b0\u01a1ng v\u1ee5 S\u00e1p nh\u1eadp v\u00e0 Mua l\u1ea1i (M&A) Chrysler \u2013 Fiat<\/strong><\/span><\/h4>\n

                      M\u1ed9t trong nh\u1eefng th\u01b0\u01a1ng v\u1ee5 h\u1ee3p t\u00e1c mua l\u1ea1i th\u00e0nh c\u00f4ng trong th\u1eddi gian qua ph\u1ea3i k\u1ec3 \u0111\u1ebfn vi\u1ec7c Fiat \u2013 h\u00e3ng s\u1ea3n xu\u1ea5t \u00f4t\u00f4 c\u1ee7a \u00dd \u0111\u00e3 mua l\u1ea1i c\u1ed5 ph\u1ea7n c\u1ee7a h\u00e3ng s\u1ea3n xu\u1ea5t \u00f4t\u00f4 l\u1edbn th\u1ee9 ba c\u1ee7a M\u1ef9 l\u00e0 Chrysler sau khi h\u00e3ng n\u00e0y \u0111\u1ec7 \u0111\u01a1n xin b\u1ea3o h\u1ed9 ph\u00e1 s\u1ea3n. \u0110\u01a1n xin ph\u00e1 s\u1ea3n c\u1ee7a Chrysler v\u00e0 th\u1ecfa thu\u1eadn c\u1ee7a h\u00e3ng xe n\u00e0y v\u1edbi Fiat \u0111\u01b0\u1ee3c gi\u1edbi quan s\u00e1t xem l\u00e0 di\u1ec5n bi\u1ebfn c\u00f3 t\u00e1c \u0111\u1ed9ng quan tr\u1ecdng \u0111\u1ed1i v\u1edbi to\u00e0n ng\u00e0nh c\u00f4ng nghi\u1ec7p \u00f4t\u00f4 c\u1ee7a th\u1ebf gi\u1edbi, bao g\u1ed3m c\u1ea3 c\u00e1c \u0111\u1ed1i th\u1ee7 v\u00e0 c\u00e1c nh\u00e0 cung c\u1ea5p c\u1ee7a Chrysler. Theo \u0111\u00f3, Chrysler \u0111\u00e3 b\u1ea5t ng\u1edd c\u00f4ng b\u1ed1 \u0111\u00e3 \u0111\u1ea1t \u0111\u01b0\u1ee3c th\u1ecfa thu\u1eadn s\u00e1p nh\u1eadp v\u1edbi Fiat, trong \u0111\u00f3 h\u00e3ng xe c\u1ee7a \u00dd ban \u0111\u1ea7u s\u1ebd n\u1eafm gi\u1eef 20% c\u1ed5 ph\u1ea7n trong Chrysler. Th\u1ecfa thu\u1eadn n\u00e0y c\u0169ng cho ph\u00e9p Fiat \u0111\u01b0\u1ee3c n\u1eafm gi\u1eef l\u01b0\u1ee3ng c\u1ed5 ph\u1ea7n l\u00ean t\u1edbi 35% trong Chrysler n\u1ebfu h\u00e3ng xe Italy n\u00e0y \u0111\u1ea7u t\u01b0 v\u00e0o ho\u1ea1t \u0111\u1ed9ng t\u1ea1i th\u1ecb tr\u01b0\u1eddng M\u1ef9 v\u00e0 chuy\u1ec3n giao c\u00f4ng ngh\u1ec7 s\u1ea3n xu\u1ea5t xe k\u00edch th\u01b0\u1edbc nh\u1ecf cho Chrysler. Ngo\u00e0i ra, m\u1ed9t khi Chrysler \u0111\u00e3 ho\u00e0n t\u1ea5t vi\u1ec7c thanh to\u00e1n c\u00e1c kho\u1ea3n vay \u0111\u00e3 \u0111\u01b0\u1ee3c c\u1ea5p cho B\u1ed9 T\u00e0i ch\u00ednh M\u1ef9, Fiat cu\u1ed1i c\u00f9ng c\u00f3 th\u1ec3 s\u1edf h\u1eefu c\u1ed5 ph\u1ea7n 51% trong Chrysler.<\/p>\n

                      L\u00fd do quan tr\u1ecdng nh\u1ea5t \u0111\u1ec3 h\u00e3ng xe l\u1edbn nh\u1ea5t Italia mong mu\u1ed1n b\u1eaft tay v\u1edbi Chrysler kh\u00f4ng g\u00ec kh\u00e1c l\u00e0 \u0111\u1ec3 c\u00f3 c\u1ea7u n\u1ed1i th\u00e2m nh\u1eadp v\u00e0o th\u1ecb tr\u01b0\u1eddng M\u1ef9. V\u1edbi n\u1ed9i l\u1ef1c v\u1ed1n c\u00f3, th\u00f4ng qua Chrysler, Fiat th\u1eeba s\u1ee9c t\u1ea1o n\u00ean \u0111i\u1ec1u b\u1ea5t ng\u1edd tr\u00ean th\u1ecb tr\u01b0\u1eddng M\u1ef9. Nh\u1eefng m\u1eabu xe Fiat r\u1ea5t mu\u1ed1n \u0111\u01b0a v\u00e0o M\u1ef9 hi\u1ec7n nay l\u00e0 m\u1eabu xe nh\u1ecf \u0103n kh\u00e1ch Fiat 500 v\u00e0 m\u1ed9t s\u1ed1 m\u1eabu Alfa Romeo m\u1edbi. C\u00e1c m\u1eabu xe n\u00e0y n\u1ebfu c\u00f3 m\u1eb7t t\u1ea1i M\u1ef9 ch\u1eafc ch\u1eafn s\u1ebd r\u1ea5t \u0111\u1eaft h\u00e0ng b\u1edfi gi\u00e1 r\u1ebb, ti\u1ebft ki\u1ec7m nhi\u00ean li\u1ec7u v\u00e0 ki\u1ec3u d\u00e1ng h\u1ea5p d\u1eabn. Tuy nhi\u00ean, Fiat nh\u1eadn th\u1ea5y r\u1eb1ng nh\u1eefng m\u1eabu xe c\u1ee7a m\u00ecnh s\u1ebd b\u00e1n ch\u1ea1y h\u01a1n n\u1ebfu \u0111\u01b0\u1ee3c l\u1eafp r\u00e1p v\u00e0 s\u1ea3n xu\u1ea5t t\u1ea1i M\u1ef9.<\/p>\n

                      V\u1ec1 ph\u1ea7n m\u00ecnh, Chrysler c\u0169ng thu \u0111\u01b0\u1ee3c kh\u00f4ng \u00edt l\u1ee3i \u00edch n\u1ebfu b\u1eaft tay v\u1edbi g\u00e3 kh\u1ed5ng l\u1ed3 c\u1ee7a \u00dd. Ngo\u00e0i nh\u1eefng ngu\u1ed3n l\u1ee3i v\u1ec1 t\u00e0i ch\u00ednh gi\u00fap Chrysler v\u01b0\u1ee3t qua kh\u1ee7ng ho\u1ea3ng, h\u00e3ng xe M\u1ef9 n\u00e0y c\u00f2n nh\u1eadn \u0111\u01b0\u1ee3c s\u1ef1 tr\u1ee3 gi\u00fap v\u1ec1 m\u1eb7t c\u00f4ng ngh\u1ec7 trong c\u00f4ng cu\u1ed9c chinh ph\u1ee5c kh\u00e1ch h\u00e0ng kh\u00f3 t\u00ednh t\u1ea1i Ch\u00e2u \u00c2u.<\/p>\n

                      3.2. Th\u01b0\u01a1ng v\u1ee5 S\u00e1p nh\u1eadp v\u00e0 Mua l\u1ea1i (M&A) Volkswagen \u2013 Porsche<\/strong><\/span><\/h4>\n

                      Kh\u1ed1i ng\u00e0nh \u00f4t\u00f4 Ch\u00e2u \u00c2u trong th\u1eddi gian qua c\u0169ng kh\u00f4ng k\u00e9m ph\u1ea7n nh\u1ed9n nh\u1ecbp trong c\u00e1c th\u01b0\u01a1ng v\u1ee5 mua l\u1ea1i v\u00e0 s\u00e1p nh\u1eadp. Ngo\u00e0i vi\u1ec7c kh\u1ed1i ng\u00e0nh \u00f4t\u00f4 \u0110\u1ee9c \u0111ang xem x\u00e9t vi\u1ec7c mua l\u1ea1i ph\u00e2n nh\u00e1nh Opel c\u1ee7a GM t\u1ea1i Ch\u00e2u \u00c2u, v\u1edbi khuynh h\u01b0\u1edbng th\u00e0nh c\u00f4ng nghi\u00eang v\u1ec1 h\u00e3ng Magna c\u1ee7a Canada th\u00ec hi\u1ec7n kh\u1ed1i ng\u00e0nh \u00f4t\u00f4 c\u1ee7a Ch\u00e2u \u00c2u c\u0169ng nh\u1eadn \u0111\u01b0\u1ee3c th\u00f4ng tin vui v\u1ec1 th\u1ecfa thu\u1eadn s\u00e1p nh\u1eadp gi\u1eefa hai \u0111\u1ea1i gia \u00f4t\u00f4 c\u1ee7a \u0110\u1ee9c l\u00e0 Volkswagen v\u00e0 Porsche. Theo \u0111\u00f3, t\u00ednh \u0111\u1ebfn n\u0103m 2011, hai h\u00e3ng s\u1ebd v\u1ec1 chung m\u1ed9t m\u00e1i nh\u00e0 v\u00e0 tr\u1edf th\u00e0nh m\u1ed9t trong nh\u1eefng th\u01b0\u01a1ng hi\u1ec7u \u00f4t\u00f4 l\u1edbn nh\u1ea5t t\u1ea1i Ch\u00e2u \u00c2u.<\/p>\n

                      Nh\u00e0 s\u1ea3n xu\u1ea5t xe l\u1edbn nh\u1ea5t ch\u00e2u \u00c2u – Volkswagen v\u00e0 Porsche c\u00f4ng b\u1ed1 h\u1ecd \u0111\u00e3 \u0111\u1ea1t \u0111\u01b0\u1ee3c th\u1ecfa thu\u1eadn s\u00e1p nh\u1eadp ho\u1ea1t \u0111\u1ed9ng \u0111\u1ec3 tr\u1edf th\u00e0nh m\u1ed9t t\u1eadp \u0111o\u00e0n xe h\u01a1i nh\u1ea5t th\u1ec3 h\u00f3a d\u01b0\u1edbi s\u1ef1 l\u00e3nh \u0111\u1ea1o c\u1ee7a Volkswagen. Theo th\u1ecfa thu\u1eadn n\u00e0y, cho \u0111\u1ebfn cu\u1ed1i n\u0103m 2009, Volkswagen s\u1ebd mua 42% c\u1ed5 ph\u1ea7n c\u1ee7a Porsche. Cu\u1ed9c s\u00e1p nh\u1eadp n\u00e0y s\u1ebd t\u1ea1o n\u00ean m\u1ed9t t\u1eadp \u0111o\u00e0n kh\u1ed5ng l\u1ed3 s\u1edf h\u1eefu 10 th\u01b0\u01a1ng hi\u1ec7u danh ti\u1ebfng c\u00f3 doanh s\u1ed1 g\u1ea7n 6.4 tri\u1ec7u xe v\u00e0 h\u01a1n 400,000 c\u00f4ng nh\u00e2n vi\u00ean. Qu\u00e1 tr\u00ecnh \u0111\u01b0\u1ee3c th\u1ef1c hi\u1ec7n theo giai \u0111o\u1ea1n v\u00e0 d\u1ef1 ki\u1ebfn ho\u00e0n t\u1ea5t v\u00e0o n\u0103m 2011.<\/p>\n

                      \u0110i\u1ec1u th\u00fa v\u1ecb \u1edf ch\u1ed7, ch\u00ednh Porsche m\u1edbi l\u00e0 c\u00f4ng ty trong m\u1ea5y n\u0103m g\u1ea7n \u0111\u00e2y \u0111\u00e3 n\u1ed7 l\u1ef1c \u0111\u1ec3 gi\u00e0nh quy\u1ec1n ki\u1ec3m so\u00e1t Volkswagen v\u00e0 Porsche c\u0169ng \u0111\u00e3 s\u1edf h\u1eefu 51% c\u1ed5 ph\u1ea7n c\u1ee7a t\u1eadp \u0111o\u00e0n \u0110\u1ee9c kh\u1ed5ng l\u1ed3, th\u1eadm ch\u00ed c\u00f2n \u0111\u1eb7t m\u1ee5c ti\u00eau \u0111\u01b0a con s\u1ed1 n\u00e0y l\u00ean 75%. Tuy nhi\u00ean, c\u00f9ng l\u00fac,\u00a0 Porsche c\u0169ng n\u1ee3 g\u1ea7n 10 t\u1ec9 euro (kho\u1ea3ng 14 t\u1ec9 USD) do \u1ea3nh h\u01b0\u1edfng c\u1ee7a cu\u1ed9c kh\u1ee7ng ho\u1ea3ng kinh t\u1ebf hi\u1ec7n h\u00e0nh, d\u1eabn \u0111\u1ebfn s\u1ef1 ra \u0111i c\u1ee7a Porsche CEO\u00a0 Wendelin Wiedeking v\u00e0 bu\u1ed9c c\u00f4ng ty ph\u1ea3i t\u00ecm ki\u1ebfm s\u1ef1 gi\u00fap \u0111\u1ee1 t\u1eeb Volkswagen.<\/p>\n

                      (Ngu\u1ed3n: bandoanhnghiep.net)<\/em><\/p>\n

                      <\/p>\n

                      \n

                      CH\u01af\u01a0NG TR\u00ccNH \u0110\u00c0O T\u1ea0O<\/p>\n

                      GI\u00c1M \u0110\u1ed0C \u0110I\u1ec0U H\u00c0NH – CEO<\/strong><\/span><\/span><\/p>\n

                      (CHIEF EXECUTIVE OFFICER)<\/em><\/p>\n

                      Trong s\u1ed1 h\u01a1n 110 ch\u01b0\u01a1ng tr\u00ecnh \u0111\u00e0o t\u1ea1o m\u00e0 Masterskills \u0111\u00e3 v\u00e0 \u0111ang tri\u1ec3n khai th\u00e0nh c\u00f4ng trong su\u1ed1t h\u01a1n m\u1ed9t th\u1eadp ni\u00ean qua, Ch\u01b0\u01a1ng tr\u00ecnh \u0111\u00e0o t\u1ea1o Gi\u00e1m \u0110\u1ed1c \u0110i\u1ec1u H\u00e0nh<\/strong> (CEO)<\/strong> l\u00e0 m\u1ed9t trong s\u1ed1 5 ch\u01b0\u01a1ng tr\u00ecnh \u0111\u00e0o t\u1ea1o \u0111\u1eb7c bi\u1ec7t nh\u1ea5t do Masterskills nghi\u00ean c\u1ee9u, thi\u1ebft k\u1ebf v\u00e0 bi\u00ean so\u1ea1n theo m\u00f4 h\u00ecnh qu\u1ea3n tr\u1ecb chuy\u00ean bi\u1ec7t c\u1ee7a Masterskills. Ch\u01b0\u01a1ng tr\u00ecnh n\u00e0y c\u0169ng nh\u1eb1m g\u00f3p ph\u1ea7n “kh\u1edfi \u0111\u1ea7u cho m\u1ed9t th\u1ebf h\u1ec7 CEO m\u1edbi”<\/em> c\u1ee7a Vi\u1ec7t Nam, \u0111\u1ed3ng th\u1eddi, ti\u1ebfp t\u1ee5c \u0111\u1ed3ng h\u00e0nh c\u00f9ng Doanh gi\u1edbi Vi\u1ec7t Nam tr\u00ean ch\u1eb7ng \u0111\u01b0\u1eddng \u201cqu\u1ed1c t\u1ebf h\u00f3a tr\u00ecnh \u0111\u1ed9 ngu\u1ed3n nh\u00e2n l\u1ef1c cao c\u1ea5p\u201d<\/em> (nh\u1ea5t l\u00e0 nh\u00e2n l\u1ef1c qu\u1ea3n l\u00fd v\u00e0 nh\u00e2n l\u1ef1c l\u00e3nh \u0111\u1ea1o).<\/p>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

                      Trong th\u1ebf gi\u1edbi kinh doanh ng\u00e0y nay, th\u01b0\u01a1ng v\u1ee5 M&A \u0111\u00e3 tr\u1edf th\u00e0nh m\u1ed9t ph\u1ea7n kh\u00f4ng th\u1ec3 thi\u1ebfu c\u1ee7a c\u00e1c chi\u1ebfn l\u01b0\u1ee3c ph\u00e1t tri\u1ec3n c\u1ee7a c\u00e1c c\u00f4ng ty. T\u1eeb vi\u1ec7c mua l\u1ea1i m\u1ed9t c\u00f4ng ty nh\u1ecf \u0111\u1ec3 m\u1edf r\u1ed9ng quy m\u00f4 ho\u1ea1t \u0111\u1ed9ng, \u0111\u1ebfn vi\u1ec7c h\u1ee3p nh\u1ea5t hai c\u00f4ng ty l\u1edbn \u0111\u1ec3 t\u1ea1o ra m\u1ed9t s\u1ee9c m\u1ea1nh m\u1edbi, th\u01b0\u01a1ng v\u1ee5 M&A \u0111ang ng\u00e0y c\u00e0ng tr\u1edf th\u00e0nh m\u1ed9t c\u00f4ng c\u1ee5 quan tr\u1ecdng trong vi\u1ec7c \u0111\u1ea1t \u0111\u01b0\u1ee3c s\u1ef1 th\u00e0nh c\u00f4ng v\u00e0 t\u0103ng tr\u01b0\u1edfng b\u1ec1n v\u1eefng trong th\u1ecb tr\u01b0\u1eddng c\u1ea1nh tranh kh\u1ed1c li\u1ec7t.<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[168],"tags":[],"_links":{"self":[{"href":"https:\/\/masterskills.org\/blog\/wp-json\/wp\/v2\/posts\/22687"}],"collection":[{"href":"https:\/\/masterskills.org\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/masterskills.org\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/masterskills.org\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/masterskills.org\/blog\/wp-json\/wp\/v2\/comments?post=22687"}],"version-history":[{"count":0,"href":"https:\/\/masterskills.org\/blog\/wp-json\/wp\/v2\/posts\/22687\/revisions"}],"wp:attachment":[{"href":"https:\/\/masterskills.org\/blog\/wp-json\/wp\/v2\/media?parent=22687"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/masterskills.org\/blog\/wp-json\/wp\/v2\/categories?post=22687"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/masterskills.org\/blog\/wp-json\/wp\/v2\/tags?post=22687"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}