{"id":69162,"date":"2023-08-08T14:35:00","date_gmt":"2023-08-08T21:35:00","guid":{"rendered":"https:\/\/penderfund.com\/?p=69162"},"modified":"2025-09-22T08:22:22","modified_gmt":"2025-09-22T15:22:22","slug":"why-do-some-mergers-fail","status":"publish","type":"post","link":"https:\/\/penderfund.com\/fr\/education\/why-do-some-mergers-fail\/","title":{"rendered":"Pourquoi certaines fusions \u00e9chouent-elles?"},"content":{"rendered":"<div class=\"uk-grid-margin uk-container\">\n<div class=\"tm-grid-expand uk-child-width-1-1 uk-grid uk-grid-stack\">\n<div class=\"uk-first-column\">\n<div class=\"uk-panel uk-margin\">\n<p class=\"translation-block\">La r\u00e9partition de l\u2019actif constitue la responsabilit\u00e9 la plus fondamentale des cadres d\u2019entreprise. Une soci\u00e9t\u00e9 bien nantie dispose de nombreuses options pour mettre son capital \u00e0 profit. Elle peut choisir de rendre une portion de ce capital \u00e0 ses actionnaires au moyen de rachats d\u2019actions, d\u2019augmentations des dividendes ou de remboursement de la dette. Elle peut \u00e9galement investir dans ses propres activit\u00e9s commerciales en augmentant ses d\u00e9penses en capital, en misant sur la recherche et le d\u00e9veloppement et en favorisant ses fonds de roulement, ou elle peut s\u2019adonner \u00e0 des activit\u00e9s de fusion et acquisition (F&amp;A). Or, il appert que ces activit\u00e9s de F&amp;A sont les plus gourmandes sur le plan du capital et pourtant, on constate que plus des deux tiers des fusions \u00e9chouent, m\u00eame si l\u2019objectif consiste \u00e0 accro\u00eetre la valeur. En fait, les \u00e9tudes ont d\u00e9montr\u00e9 que les transactions sont davantage porteuses de valeur pour le vendeur que l\u2019acqu\u00e9reur.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<div class=\"uk-grid-margin uk-container\">\n<div class=\"tm-grid-expand uk-grid-column-medium uk-grid-divider uk-grid\">\n<h2 class=\"uk-width-1-3@m uk-first-column translation-block\">Voici huit raisons commun\u00e9ment \u00e9num\u00e9r\u00e9es pour expliquer ce ph\u00e9nom\u00e8ne :<\/h2>\n<ul>\n<li>Cible surpay\u00e9e.<\/li>\n<li>Incompatibilit\u00e9 culturelle.<\/li>\n<li>Fusion in extremis pour \u00ab sauver \u00bb l\u2019entreprise ou distraire des probl\u00e8mes minant l\u2019entreprise.<\/li>\n<li>Achat d\u2019une cible plus grande ou dont le mod\u00e8le d\u2019affaires est non reli\u00e9.<\/li>\n<li>Achat d\u2019une cible plus grande ou dont le mod\u00e8le d\u2019affaires est non reli\u00e9.<\/li>\n<li>Achat d\u2019une entreprise qui n\u2019a pas fait ses preuves ou d\u2019une entreprise concept assortie d\u2019une faible visibilit\u00e9 sur le plan de la rentabilit\u00e9.<\/li>\n<li>Motivations divergentes.<\/li>\n<li>Int\u00e9gration mal ex\u00e9cut\u00e9e.<\/li>\n<\/ul>\n<p class=\"translation-block\">Malgr\u00e9 les risques, lorsqu\u2019une fusion ou une acquisition r\u00e9ussie bien, elle peut procurer des avantages incommensurables \u00e0 une entreprise. Prenons l\u2019exemple des secteurs \u00e0 forte croissance, comme celui de la technologie. Dans leurs cas, il pourrait s\u2019av\u00e9rer moins dispendieux \u00e0 long terme d\u2019acqu\u00e9rir une entreprise d\u00e9j\u00e0 en place que de tenter de mettre sur pied des capacit\u00e9s comparables. Voici trois exemples de ce type d\u2019acquisition strat\u00e9gique r\u00e9alis\u00e9es en vue d\u2019alimenter la croissance : achat d\u2019Android par Google pour son syst\u00e8me d\u2019exploitation mobile dans le but d\u2019\u00e9largir la port\u00e9e des capacit\u00e9s de recherche et de publicit\u00e9s au-del\u00e0 de sa plateforme d\u2019ordinateurs personnels; achat d\u2019Instagram par Facebook (maintenant Meta) pour sa grande base d\u2019utilisateurs et sa strat\u00e9gie cellulaire \u00e9volu\u00e9e; achat de Pixar par Disney pour sa technologie d\u2019animation. Au moyen d\u2019une acquisition, l\u2019acheteur peut se pr\u00e9valoir de nouveaux talents fort comp\u00e9tents, r\u00e9aliser des synergies qui optimisent la productivit\u00e9 ou encore r\u00e9duire les co\u00fbts, \u00e9liminer la concurrence ou diversifier ses gammes de produits ou agrandir sa part de march\u00e9.<\/p>\n<h2 class=\"translation-block\">Sept facteurs qui augmentent les chances de r\u00e9ussite d\u2019une F&amp;A<\/h2>\n<div class=\"uk-panel uk-margin\">\n<ol>\n<li>Choix du moment opportun et optimal dans le cycle des fusions. Il y a quatre phases dans le cycle des fusions :<\/li>\n<\/ol>\n<p style=\"padding-left: 40px;\">Il y a quatre phases dans le cycle des fusions :<\/p>\n<ul>\n<li style=\"list-style-type: none;\">\n<ul>\n<li>Au cours de la premi\u00e8re phase, l\u2019\u00e9conomie ne tourne pas rond (r\u00e9cession) et les investisseurs regimbent \u00e0 payer des primes \u00e9lev\u00e9es, pr\u00e9f\u00e9rant des ententes qui rapporteront leurs fruits dans une p\u00e9riode d\u2019un \u00e0 deux ans.<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<ol>\n<li style=\"list-style-type: none;\">\n<ul>\n<li>Pendant la deuxi\u00e8me phase, on constate l\u2019infusion d\u2019un plus grand financement. Les fusions y sont toujours consid\u00e9r\u00e9es comme \u00e9tant risqu\u00e9es, mais le volume d\u2019ententes augmente tranquillement.<\/li>\n<li>\u00c0 la phase trois, on assiste \u00e0 un boom l\u00e9gitime des activit\u00e9s de F&amp;A et les entreprises qui n\u2019y participent pas sont mal vues. Par peur de manquer le bateau, un plus grand nombre de soci\u00e9t\u00e9s embarquent, ce qui fait grimper les primes et chuter les possibilit\u00e9s de cr\u00e9ation de valeur.<\/li>\n<li>Finalement, le quatri\u00e8me et dernier cycle des fusions est caract\u00e9ris\u00e9 par un nombre croissant d\u2019\u00e9checs, un recul du financement et un d\u00e9clin dans la qualit\u00e9 des entreprises cibles.<\/li>\n<\/ul>\n<\/li>\n<li>Prime raisonnable pay\u00e9e, tant sur le plan absolu que relatif par rapport aux synergies nettes r\u00e9alisables.<\/li>\n<li>La cible est plus petite et op\u00e8re dans un secteur d\u2019activit\u00e9 comparable.<\/li>\n<li>Les \u00e9quipes de gestion sont sur la m\u00eame longueur d\u2019onde et partagent les m\u00eames motivations de cr\u00e9ation de valeur (par action) \u00e0 long terme.<\/li>\n<li>Le financement se fait en contrepartie d\u2019esp\u00e8ces ou principalement en esp\u00e8ces.<\/li>\n<li>Il y a une bonne compatibilit\u00e9 sur le plan culturel.<\/li>\n<li>L\u2019ex\u00e9cution du processus de F&amp;A est bien men\u00e9e.<\/li>\n<\/ol>\n<h2><span class=\"TextRun SCXW48785373 BCX0\" lang=\"EN-CA\" xml:lang=\"EN-CA\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW48785373 BCX0\">O\u00f9 en sommes-nous dans le cycle des F&amp;A?<\/span><\/span><\/h2>\n<div class=\"uk-panel uk-margin\" data-id=\"page#0-4-0-1\">\n<div class=\"uk-grid-margin uk-margin-remove-top uk-container\">\n<div class=\"uk-margin-remove-top tm-grid-expand uk-child-width-1-1 uk-grid uk-grid-stack\">\n<div class=\"uk-first-column\">\n<div class=\"uk-panel uk-margin\" data-id=\"page#0-4-0-1\">\n<p class=\"translation-block\">Les taux d\u2019inflation et d\u2019int\u00e9r\u00eat ont connu un essor fulgurant en 2023 et, contrairement \u00e0 eux, les \u00e9valuations ont chut\u00e9. Devant un co\u00fbt du capital plus \u00e9lev\u00e9, les acheteurs sont moins nombreux \u00e0 se faire concurrence pour les actifs, ce qui r\u00e9duit davantage les \u00e9valuations dans certains cas. Les entreprises au bilan financier d\u00e9bo\u00eet\u00e9 sont en situation de d\u00e9tresse, laquelle pourrait \u00eatre r\u00e9sorb\u00e9e \u00e0 l\u2019aide d\u2019une fusion ou d\u2019une acquisition. Les entreprises poss\u00e9dant un solide bilan financier, un plan \u00e0 long terme rigoureux et une \u00e9quipe de gestion motiv\u00e9e seront celles qui tireront le plus profit du cycle de F&amp;A actuel.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<div class=\"uk-grid-margin uk-container\">\n<div class=\"tm-grid-expand uk-child-width-1-1 uk-grid uk-grid-stack\">\n<div class=\"uk-first-column\"><\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>","protected":false},"excerpt":{"rendered":"<p>Capital allocation is the most fundamental responsibility of senior management.\u00a0\u00a0A company\u00a0flush with cash has\u00a0several options when it comes to\u00a0deploying\u00a0capital.\u00a0It\u00a0can return some of\u00a0it\u00a0to\u00a0stakeholders\u00a0through stock buybacks,\u00a0raising\u00a0dividends or reducing debt.\u00a0It\u00a0can also invest in the business through\u00a0increased\u00a0capex,\u00a0or\u00a0investments into research\u00a0&amp; development\u00a0and\u00a0working capital\u00a0or\u00a0it can engage in\u00a0M&amp;A.\u00a0Mergers\u00a0&amp; acquisitions\u00a0are\u00a0the largest use of\u00a0capital.\u00a0yet\u00a0it is widely accepted that\u00a0over two-thirds of mergers fail despite their goal [&hellip;]<\/p>\n","protected":false},"author":10,"featured_media":70226,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[124],"tags":[],"fund-type":[],"class_list":["post-69162","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-education"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.2 (Yoast SEO v27.2) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Why do some mergers fail? 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