Modulhandbuch (Module manual)

M.184.5203 Mergers, Acquisitions and Divestures
(Mergers, Acquisitions and Divestures )

Koordinator (coordinator):	Prof. Dr. Sönke Sievers
Ansprechpartner (contact):	Prof. Dr. Sönke Sievers (soenke.sievers[at]uni-paderborn.de)
Credits:	10 ECTS
Workload:	300 Std (h)
Semesterturnus (semester cycle):	WS
Studiensemester (study semester):	1-4
Dauer in Semestern (duration in semesters):	1

Lehrveranstaltungen (courses):
	Nummer / Name (number / title)	Art (type)	Kontaktzeit (contact time)	Selbststudium (self-study)	Status (P/WP) (status)	Gruppengröße (group size)
a)	K.184.52031 / Mergers, Acquisitions and Divestures	Seminar	70 Std (h)	230 Std (h)	P	20 TN (PART)
Wahlmöglichkeiten innerhalb des Moduls (Options within the module):
Keine

Empfohlene Voraussetzungen (prerequisites):
In order to take this course successfully, students should know: English Basics of bookkeeping and financial accounting (preferably under International Financial Reporting Standards), e.g. M.184.2231 Grundlagen des externen Rechnungswesens or M.184.2264 International Financial Reporting Standards Basics of equity valuation, e.g. M.184.2285 Unternehmensbewertung Basics of business taxation, e.g. M.184.2216 TX1 Unternehmensbesteuerung Basics of capital market theory (CAPM, Fama French), e.g. M.184. 2241 Kapitalmarkttheorie

Empfohlene Voraussetzungen (prerequisites):

In order to take this course successfully, students should know:

English
Basics of bookkeeping and financial accounting (preferably under International Financial Reporting Standards), e.g. M.184.2231 Grundlagen des externen Rechnungswesens or M.184.2264 International Financial Reporting Standards
Basics of equity valuation, e.g. M.184.2285 Unternehmensbewertung
Basics of business taxation, e.g. M.184.2216 TX1 Unternehmensbesteuerung
Basics of capital market theory (CAPM, Fama French), e.g. M.184. 2241 Kapitalmarkttheorie

Inhalte (short description):
The module gives participants an overview of processes that a firm undertakes when engaging in mergers, acquisitions and divestures. In today's competitive environment, this is a common way to adjust a business that requires consideration of various aspects and taking of different decisions. The module focuses on aspects of valuation, accounting and taxation. It builds the process of mergers, acquisitions and divestures on a case of a typical company. The first step of the process is target identification. After potential targets are identified the firm decides whether to proceed with business expansion (e.g., asset deals, share deals, full acquisitions (business combinations)). Since business divestures are also an important part of such deals the module introduces, e.g., spin offs as well. Students get familiar with the procedures and management decisions accompanying each of the steps, e.g. due diligence, tax considerations, financing decisions, valuation procedures and appropriate accounting treatments. Specific concepts related to these procedures are practiced in case studies throughout the module. For example, in case of acquiring a new business the firm has to apply consolidation accounting and perform purchase price allocation procedures. Students will therefore learn how to apply IFRS 3 and IFRS 10 for consolidation accounting.

Inhalte (short description):

The module gives participants an overview of processes that a firm undertakes when engaging in mergers, acquisitions and divestures. In today's competitive environment, this is a common way to adjust a business that requires consideration of various aspects and taking of different decisions.

The module focuses on aspects of valuation, accounting and taxation. It builds the process of mergers, acquisitions and divestures on a case of a typical company. The first step of the process is target identification. After potential targets are identified the firm decides whether to proceed with business expansion (e.g., asset deals, share deals, full acquisitions (business combinations)). Since business divestures are also an important part of such deals the module introduces, e.g., spin offs as well. Students get familiar with the procedures and management decisions accompanying each of the steps, e.g. due diligence, tax considerations, financing decisions, valuation procedures and appropriate accounting treatments. Specific concepts related to these procedures are practiced in case studies throughout the module. For example, in case of acquiring a new business the firm has to apply consolidation accounting and perform purchase price allocation procedures. Students will therefore learn how to apply IFRS 3 and IFRS 10 for consolidation accounting.

Lernergebnisse (learning outcomes):

Fachkompetenz Wissen (professional expertise):
Studierende... 1.1. Have good understanding of the key concepts and aspects of the process of mergers, acquisitions and divestures. 1.2. Have knowledge to describe applicable valuation techniques in the process of mergers, acquisitions and divestures. 1.3. Have knowledge to describe taxation issues in the process of mergers, acquisitions and divestures. 1.4. Have knowledge to describe consolidation accounting principles according to IFRS in the process of mergers, acquisitions and divestures.
Fachkompetenz Fertigkeit (practical professional and academic skills):
Studierende... 2.1. Are able to value a target firm in various circumstances. 2.2. Are able to calculate tax effects of different business transactions. 2.3. Are able to correctly apply basic consolidation accounting principles in the acquisition process.
Personale Kompetenz / Sozial (individual competences / social skills):
Studierende... 3.1. Independently build learning groups to repeat and deepen knowledge that was presented in the module. 3.2. Actively discuss the case studies presented in the module.
Personale Kompetenz / Selbstständigkeit (individual competences / ability to perform autonomously):
Studierende... 4.1. Critically evaluate a specific process of mergers, acquisitions and divestures in practice. 4.2. Critically participate in discussions about consequences of specific business transactions. 4.3. Apply IFRS accounting rules to typical consolidation topics independently.

Prüfungsleistungen (examinations)
Art der Modulprüfung (type of modul examination): Modulteilprüfungen
	Art der Prüfung (type of examination)	Umfang (extent)	Gewichtung (weighting)
a)	Portfolio	30 Seiten	100.00 %

Studienleistung / qualifizierte Teilnahme (module participation requirements)
Nein

Voraussetzungen für die Teilnahme an Prüfungen (formal requirements for participating in examinations)
Keine

Voraussetzungen für die Vergabe von Credits (formal requirements for granting credit points)
Die Vergabe der Credits erfolgt, wenn die Modulnote mindestens „ausreichend“ ist

Gewichtung für Gesamtnote (calculation of overall grade)
Das Modul wird mit der Anzahl seiner Credits gewichtet (Faktor: 1)

Verwendung des Moduls in den Studiengängen (The module can be selected in the following degree programmes)
M.Sc. Taxation, Accounting and Finance

Umfang QT (participation requirements):

Lernmaterialien, Literaturangaben (learning material, literature):

Sonstige Hinweise (additional information):
Unterrichts- und Prüfungssprache des Moduls ist Englisch.

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