Merger-Bat Rothmans free essay sample

The report will evaluate the impact of the merger between the two companies which resulted in the capture of the largest market share in cigarettes manufacturing in Malaysia and the emerged of a â€Å"Winning Organization† tagline for British American Tobacco Malaysia Berhad. The submission is also a part of requirement for completion of FIN 745 Managerial Finance subject. ? Merger This section will provide the basic elucidation from the academic view and the basic principles of a merger. ? Tobacco Industry in Malaysia This section will provide the overview of Tobacco Industry players, market share and brand name in which the players presents. ? Background of Merger Case Study The background section will provides the merged companies and the information of the new emerge company resulted from the merger. ? Merger Transaction Details This section will provide transaction details of how the merger took and what had transpired during the merger process. ? Merger Results –Financial Performance Merger results will analyse the outcome from the financial performance perspective during and after the merger. We will write a custom essay sample on Merger-Bat Rothmans or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page ? Conclusion This section will provide the conclusion of the merger which happened between Rothmans of Pall Mall (Malaysia) Berhad and Malaysian Tobacco Company Berhad. b) Merger 1. Definition of Merger Merger is defined as the combination of two or more firms, in which the resulting firm maintains the identity of one of the firms, usually the larger one. 2. Motives of Merger i. Growth or Diversification Firms that desire rapid growth in size of market share or diversification in their range of products ii. Synergy The synergy of merger is the economies of scale resulting from the merged firms’ lower overhead. Synergy is most obvious when Horizontal merger take place as many redundant functions and employees can be eliminated. iii. Fund Raising Fund-raising merger motive happens when a â€Å"cash rich† firm merges with a â€Å"cash poor† firm. This will allow funds to be raised externally at lower cost as it will increase the borrowing power by decreasing its financial leverage. iv. Increased Managerial Skill or Technology Increased Managerial Skill or Technology happens when the merger motive is to adapt or combine the managerial personal skill or acquire the technology needed. v. Tax Considerations Tax Considerations motive happens when a firm merge with another as acquire the target’s tax loss carryforward. The tax loss can be applied against a limited amount of future income of the merged firm. 3. Types of Merger i. Horizontal Merger Horizontal merger is a merger of two firms in the sale line of business. ii. Vertical Merger Vertical merger is a merger in which a firm acquires a supplier or a customer. iii. Congeneric Merger Congeneric merger is a merger in which one firm acquires another firm that is in the same general industry but neither in the same line of business not a supplier or a customer. v. Conglomerate Merger Conglomerate merger is a merger combining firms in unrelated businesses. c) Tobacco Industry In Malaysia There are three biggest manufacturers of cigarettes in Malaysia which together control over 90% of the legal market share. The three manufacturers are: 1. British American Tobacco Malaysia Berhad (BAT) Major shareholder of British American Tobacco is British American Tobacco Holdings (Malaysia) which hold 50%. BAT manufactures the cigarettes brands of Dunhill, Kent, Pall Mall, Peter Stuyvesant, Lucky Strike, Benson and Hedges and Rothmans. BAT’s 2010 total net sales amounted to RM 3,965 million and profit after tax of RM 959 million. They are currently the market leader in Malaysia as they hold approximately 65% of market share in Malaysia. British American Tobacco Group the second largest global tobacco company with more that 700 million cigarettes sold in 2010. 2. JT International Berhad (JTI Malaysia) JT International Berhad is the Malaysian division of Japan Tobacco International. JTI Malaysia manufactures the cigarettes brands of Winston, Mild Seven, Camel and Salem. JTI’s 2010 total net sales amounted to RM 1,205. 1 million and profit after tax of RM 178. 9 million. Currently JTI held almost 10 % of cigarette market share in Malaysia. Japan Tobacco International is the third largest global tobacco company with more that 500 million cigarettes sold in 2010. 3. Philip Morris (Malaysia) Sdn Bhd (PMM) Philip Morris (Malaysia) Sdn Bhd is wholly owned by Philip Morris International. PMM manufactures the cigarettes brands of Marlboro, LM and Semporna A. Currently PMM held almost 15 % of cigarette market share in Malaysia. Japan Tobacco International are the largest global tobacco company with more that 900 million cigarettes sold in 2010. d) Background of Merger Case Study British American Tobacco (Malaysia) Berhad (British American Tobacco Malaysia) emerged on 3rd November 1999 from the merger of Rothmans of Pall Mall (Malaysia) Berhad and Malaysian Tobacco Company Berhad. These two long established tobacco companies brought with the merger, experience and an unrivalled portfolio of highly successful international brands to create the largest tobacco company in the country. British American Tobacco Malaysia manufactures and markets high quality tobacco products designed to meet diverse consumer preferences. Brand portfolio includes well-established international names like Dunhill, Kent and Pall Mall. 1. Rothmans of Pall Mall Rothmans of Pall Mall (M) Bhd was incorporated on September 1, 1961 and was listed on the Main Board of the Kuala Lumpur Stock Exchange (KLSE) on October 27, 1961. It involved in the manufacture, importation and sale of cigarettes, pipe tobaccos, cigars, the sale and distribution of luxury consumer products and the provision of travel services. Rothmans Malaysia manufacture and markets Malaysia’s leading cigarette brand, Dunhill and other brands such as Peter Stuyvesant, Perillys, Rothmans and Winfield. Its financial year ended March 31, 1999 recorded a turnover of RM1. 95 billion and a pre-tax profit of Rm616. 6 million. 2. Malaysia Tobacco Company Malaysia Tobacco Company Bhd (MTC) was incorporated on September 28, 1956, and listed on the Main Board of the Kuala Lumpur Stock Exchange (KLSE) on July 1, 1978. MTC is principally involved in the manufacture, importation and sale of cigarettes and other tobacco products in Malaysia. Through its subsidiaries, MTC is involved in the marketing and distribution of cigarettes, and the provision of travel services. British American Tobacco brands manufactured and marketed under licence by MTC include Benson Hedges, Kent, Pall Mall, Lucky Strike and State Express 555. For its financial year ended December 31, 1998 MTC recorded a turnover of RM525 million and a pre-tax profit of RM23. 2 million. e) Merger Transaction Details Both Rothmans Malaysia and MTD have entered into an Asset Sale and Investment Agreement for the purchase of JPS, and a Sale and Purchase Agreement for the acquisition of MTCM.

TOEFL IBT - Advantages and Disadvantages

TOEFL IBT - Advantages and DisadvantagesThe TOEFL IBT is a great platform, to help those who are searching for a step-by-step solution to get started with the IBT. You can find this application at most local colleges that offer online courses in many different subjects. As you learn more about these different programs, you will be able to see that each of them has its own unique advantages and disadvantages, depending on your individual needs.The most important advantage of the TOEFL IBT is that it can be completed in as little as one or two hours per week. If you were to attend two separate classes to study for the IBT, you would be able to earn your IBT in as little as ten weeks, depending on how hard you wanted to work. This way, you will not only have more time to spend with your family, but also enjoy being an extra support to your family.The TOEFL IBT also has its distinct disadvantages. For starters, it is expensive to enroll in the IBT. It costs upwards of $200 dollars, which makes it difficult for the average college student to afford the cost.The second disadvantage of the TOEFL IBT is that it is a rather time consuming process. Although it is the fastest way to earn your IBT, it is also the most time consuming, requiring you to be able to spend eight hours per week studying for the IBT.Although the TOEFL IBT is only available in two classes per week, you will need to attend both classes if you want to earn your IBT. As the classes are at different times of the day, it may be difficult for you to be available during the times that are most convenient for you. It will also mean that you will need to schedule these classes around your other classes and your job.The third disadvantage of the TOEFL IBT is that you cannot earn your IBT through the use of a mock test. Because of this, you cannot take the IBT if you are currently studying for the real test. If you want to earn your IBT, you will need to sit for the real test to demonstrate that you have been studying enough.With all these drawbacks, it is clear that the TOEFL IBT is the best way to earn your IBT. By taking advantage of a TOEFL IBT supplement, you will be able to maximize your study time and help you earn your IBT in a short amount of time.

What to Do if Social Security Declares You Dead

What to Do if Social Security Declares You Dead You might arrangements for somebody to take care of your affairs after you die, but what if that â€Å"somebody† ends up being you? What should you do if the Social Security Administration (SSA) prematurely declares you dead? I’m Not Quite Dead Yet It starts with little clues, like when your ATM card no longer access your bank account or your druggist informs you that your health insurance seems to have been cancelled. You actually start to feel like you no longer exist. Then, the next day, a letter from the Social Security Administration confirms your fears by offering its sympathy for your death, informing you that your monthly benefit payments will stop  and that any payments made since your â€Å"death† would be removed from your bank account. Poor, poor dead you. Being incorrectly tagged as dead by Social Security can be devastating. Once SSA decides you are dead, it publishes your full name, Social Security number, birthday and supposed date of death in a publicly-accessible document called the Death Master File. Created to help prevent fraud, like somebody getting a credit card in a dead person’s name, or using dead peoples’ names to get tax refunds, the Death Master File too often exposes living people incorrectly listed on it to identity theft. Most cases of being incorrectly flagged as deceased are due to simple clerical errors, sometimes related to the actual death of close relatives – like spouses – who have the same last names. Sometimes states send incorrect or incomplete death information to SSA, or data entry errors might occur if SSA employees manually input death records.   How Often Does it Happen? How likely are you to be incorrectly listed as dead? According to a 2011 audit report from the Social Security Administration’s inspector general, from May 2007 to April 2010, almost 36,657 living people – 12,219 per year had been incorrectly listed as deceased on the Death Master File. The inspector general further estimated that since the file’s inception in 1980, from 700 to 2,800 people had been incorrectly declared dead every month a total of more than 500,000. Considering that the SSA receives about 2.5 million death records each year from many sources, the error rate is really very low, and when the SSA becomes aware it has posted a death record in error, the agency typically moves quickly to correct the situation.   Maintaining the Death Master File involves a complex, multi-level reporting process, so most cases of being incorrectly flagged as deceased are due to simple clerical errors; sometimes related to the actual deaths of close relatives, like spouses, who have the same last names. How Do You Fix It? It’s easy to prove you are not â€Å"a† dead person, but not so easy to prove you are not â€Å"the† dead person. How do you do it? According to the Social Security Administration (SSA), if you suspect you might have been incorrectly listed as dead on your Social Security record, you should visit – in person your local Social Security office as soon as possible. Most offices allow you to call ahead for an appointment. When you go, make sure to bring at least one of the following pieces of identification with you: Passport;Adoption record;Drivers license;Employee ID card;Military record;School ID card, record or report card;Marriage or divorce record;Health insurance card (except a Medicare card);Certified copy of medical record;Life insurance policy;Court order for name change; orChurch membership that establishes your identity. Important: The SSA stresses that the identification documents you show them must be original documents or copies certified by the agency that issued to them. They will not accept non-certified photocopies or notarized copies. In addition, all identification documents must be current. Expired documents will not be accepted. Finally, the SSA will not accept a receipt showing you applied for a document. Ask for Your ‘Proof of Life’ Letter When and if the correct your records, the SSA can send you a letter that you can give to banks, doctors or others to show that your death report was in error. This letter is called the Erroneous Death Case - Third Party Contact Notice.† Be sure to request this letter when you visit your SSA office. The Death Master File Cuts Both Ways Just as the SSA can wrongly declare people dead, it can declare then immortal, which poses an expensive problem for all living taxpayers. In May 2016, another SSA inspector general reported that more than 6.5 million Americans aged 112 and older still have active Social Security numbers. Seems strange, considering that a New York resident believed at the time to be the world’s oldest living man at age 112, died in 2013.

Geography and Information About the State of Louisiana

Geography and Information About the State of Louisiana Capital: Baton RougePopulation: 4,523,628 (2005 estimate prior to Hurricane Katrina)Largest Cities: New Orleans, Baton Rouge, Shreveport, Lafayette and Lake CharlesArea: 43,562 square miles (112,826 sq km)Highest Point: Mount Driskill at 535 feet (163 m)Lowest Point: New Orleans at -5 feet (-1.5 m)Louisiana is a state located in the southeastern portion of the United States between Texas and Mississippi and south of Arkansas. It features a distinct multicultural population that was influenced by French, Spanish and African peoples during the 18th century due to colonization and slavery. Louisiana was the 18th state to join the U.S. on April 30, 1812. Prior to its statehood, Louisiana was a former Spanish and French colony.Today, Louisiana is most known for its multicultural events such as Mardi Gras in New Orleans, its Cajun culture, as well as its economy based on fishing in the Gulf of Mexico. As such, Louisiana was severely impacted (like all Gulf of Mexico states) by a large oil spill off of its coast in April 2010. In addition, Louisiana is prone to natural disasters like hurricanes and flooding and has recently been hit by several large hurricanes in recent years. The largest of these was Hurricane Katrina which was a category three hurricane when it made landfall on August 29, 2005. 80% of New Orleans was flooded during Katrina and more than two million people were displaced in the region.The following is a list of important things to know about Louisiana, provided in an effort to educate readers about this fascinating U.S. state. Louisiana was first explored by Cabeza de Vaca in 1528 during a Spanish expedition. The French then began exploring the region in the 1600s and in 1682, Robert Cavelier de la Salle arrived at the mouth of the Mississippi River and claimed the area for France. He named the area Louisiana after the French king, King Louis XIV.Throughout the rest of the 1600s and into the 1700s, Louisiana was colonized by both the French and Spanish but it was dominated by the Spanish during this time. During Spains control of Louisiana, agriculture grew and New Orleans became a major trading port. In addition, during the early 1700s, Africans were brought to the region as slaves.In 1803, the U.S. took control of Louisiana after the Louisiana Purchase. In 1804 the land purchased by the U.S. was divided into a southern part called the Territory of Orleans which eventually became the state of Louisiana in 1812 when it was admitted into the union. After becoming a state, Louisiana continued being influence d by French and Spanish culture. This is shown today in the states multicultural nature and the various languages are spoken there. Today, unlike other states in the U.S., Louisiana is divided into parishes. These are local government divisions that are equivalent to counties in other states. Jefferson Parish is the largest parish-based on population while Cameron Parish is the largest by land area. Louisiana currently has 64 parishes.Louisianas topography consists of relatively flat lowlands located on the coastal plain of the Gulf of Mexico and the Mississippi Rivers alluvial plain. The highest point in Louisiana is along its border with Arkansas but it still below 1,000 feet (305 m). The main waterway in Louisiana is the Mississippi and the states coast is full of slow-moving bayous. Large lagoons and oxbow lakes, like Lake Ponchartrain, are also common in the state.Louisianas climate is considered humid subtropical and its coast is rainy. As a result, it contains many biodiverse marshes. Louisianas inland areas are drier and are dominated by low prairies and low rolling hills. Average temperatures vary based on location within the state and the northern regions are colder in the winters and hotter in the summers than those areas closer to the Gulf of Mexico. Louisianas economy is heavily dependent on its fertile soils and waters. Because much of the states land sits on rich alluvial deposits, it is the U.S.s largest producer of sweet potatoes, rice, and sugarcane. Soybeans, cotton, dairy products, strawberries, hay, pecans, and vegetables are also abundant in the state. In addition, Louisiana is well-known for its fishing industry that is dominated by shrimp, menhaden (mostly used to make fishmeal for poultry) and oysters.Tourism is also a large part of Louisianas economy. New Orleans is especially popular due to its history and the French Quarter. That location has many famous restaurants, architecture and is the home of the Mardi Gras festival which has been held there since 1838.The population of Louisiana is dominated by Creole and Cajun peoples of French ancestry. Cajuns in Louisiana are descended from French colonists from Acadia in what were the present-day Canadian provinces of New Brunswick, Nova Scotia, and Prince Edward Island . Cajuns are mainly settled in southern Louisiana and as a result, French is a common language in the region. Creole is the name given to people born to French settlers in Louisiana when it was still a colony of France. Louisiana is home to some of the most famous universities in the U.S. Some of these include Tulane and Loyola Universities in New Orleans and the University of Louisiana in Lafayette. References Infoplease.com. (n.d.). Louisiana - Infoplease.com. Retrieved from: infoplease.com/ce6/us/A0830418.htmlState of Louisiana. (n.d.). Louisiana.gov - Explore. Retrieved from: louisiana.gov/Explore/About_Louisiana/Wikipedia. (2010, May 12). Louisiana - Wikipedia, the Free Encyclopedia. Retrieved from: http://en.wikipedia.org/wiki/Louisiana

Discussthetraitsapproachtotheentrepreneurialpersonalityandthereasons Essay

Discussthetraitsapproachtotheentrepreneurialpersonalityandthereasons why it fails to properly predict the behaviour of entrepreneurs - Essay Example Traits can be defined as habitual behavioural and thought patterns of people. Traits have been measured to reflect how much of a particular trait does a specific category of people reflect. This also implies that individuals that behave in a similar fashion can be compared and norms for various categories of people can be identified based on trait patterns. The trait approach has set down these patterns for entrepreneurs (Okhomina, 2010). The trait approach has set down certain parameters based on this very measurable feature of behavioural pattern and the paper seeks to study this approach. It moves on to explore the drawbacks of the trait approach and discusses the reason behind the failures of the theory. Entrepreneurship can be narrowly defined as a person who establishes and runs his or her own business. An aspiring entrepreneur is a one that hopes to establish and run his or her own business at some point in time. Entrepreneurship can also be defined as creation of something that adds value with appropriate time and efforts going towards its development. This definition assumes that personal satisfaction and monetary gains are rewards for various risks (social, physical and financial) undertaken. Entrepreneurship and the entrepreneur have changed that path for markets and economies. They have contributed in developing new services and products and have given way to creativity and innovation that made economic development and prosperity possible. It is because of this importance that entrepreneurs hold in shaping the economic future of the country, that studies have been conducted to study entrepreneurial behaviour and define traits that would in turn help in developing entrepreneurial ability in the nations. There are many traits for an entrepreneur but the trait that has been identified as one of the critical ones is the ability to identify opportunity and making profits

Competitive Advantage of Marks and Spenser Essay - 1

Competitive Advantage of Marks and Spenser - Essay Example The present research has identified that during the 1997 period Marks and Spencer took important strategic decisions like pushing the supplier groups to procure materials the far eastern and African region to help lower the cost of production. Side by side the firm also focused on not only enhancing the product assortments but also transforming its image from conservative to fashion minded.In taking such decisions the company found that the cost of supply chain activities increased for the goods being procured from Asiatic and African countries to their United Kingdom distribution houses. Again focusing on enhancement of product assortments meant the display of garments in small numbers thus failing to counter high demand. Moving over to high trend fashion wear also led the company to bear large chunks of unsold merchandises. Thus the past strategic decision taken by Marks and Spencer is found to render negative impact on its competitive advantage. In the present scenario, Marks and Spencer also were noted to carry out some important strategic activities like focusing on rendering diversification to the existing category and groups of products. Moreover, the company also worked in an expansion of the size of the stores from small units to help in the effective stocking of its diversified displays and thus gaining in more consumers. Other strategic decisions incorporated by the firm are acquiring of other small firms for expansion of business to other areas and also in creating distribution houses for stocking merchandises. Marks and Spencer did not only focused on filling up the stores with different product categories and assortments but also in opening up diversified units like food marts and other specialty stores. Strategic decisions like changing on in displays to help stock more products also helped the store in grabbing more consumers. Again the business of Marks and Spencer also took resort of a diversification strategy thus moving into newer service se ctors like finance and insurance. All these strategic decisions taken by the company helped in augmenting the level of competitive advantage of the concern in the light of other competitors.

The Epic Poem, Beowulf - Is Beowulf History or Myth? :: Epic of Beowulf Essay

Is Beowulf History or Myth?  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚      Many of the characters and episodes and material artifacts mentioned poetically in Beowulf are likewise presented to us from archaeological sources and from various written sources, especially Scandinavian records, thus adding credibility to the historicity of the poem. But it is obvious that Beowulf, Grendel and the Dragon clearly belong to the classification of â€Å"myth.†    In his essay â€Å"The Digressions in Beowulf† David Wright says:    Another effect of what are called the ‘historical elements’ in Beowulf – the subsidiary stories of the Danes and the Geats – is to give the poem greater depth and verisimilitude. Hrothgar, the Danish king, is a ‘historical character, and the site of his palace of Heorot has been identified with the village of Leire on the island of Seeland in Denmark. The Geat king Hygelac really existed, and his unlucky expedition against the Franks, referred to several times in the poem, is mentioned by Gregory of Tours in the Historia Francorum and has been given the approximate date of AD521 (127).    Does the above not establish in our minds an historically sound footing for the poem? â€Å"I suggested in an earlier paper that the Beowulf poet’s incentive for composing an epic about sixth-century Scyldings may have had something to do with the fact that, by the 890’s at least, Heremod, Scyld, Healfdene, and the rest, were taken to be the common ancestors both of the Anglo-Saxon royal family and of the ninth-century Danish immigrants, the Scaldingi† (Frank 60). Is not universal acceptance as truth in fact not a proof that the geneologies of the work are factual? With the exception of the hero, this literary scholar seems to agree: â€Å"He [Beowulf] appears unknown outside the poem, while virtually every other character is found in early legends† (Chickering 252). Consider the following royal burial of the Danish king, and how unrealistic it appears:    Scyld then departed  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   at the appointed time, still very strong,  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   into the keeping of the Lord†¦. They laid down the king  Ã‚  Ã‚  Ã‚  Ã‚   they had dearly loved, their tall ring-giver,  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   in the center of the ship, the mighty by the mast.  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   Great treasure was there, bright gold and silver,  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   gems from far lands (26-37)    But we know from archaeological evidence that the royal and aristocratic milieu of Beowulf with its lavish burials and gold-adorned armor â€Å"can no longer be dismissed as poetic exaggeration or folk memories of an age of gold before the Anglo-Saxons came to England (Cramp 114).