| Various countries had entered into a critical stage for resource competing according to the economic development globally and the resource scarcity. A lot of countries considered resource especially the economic security represented by energy resource as the priority in the foreign trade,which drawing the attention of exploration and development of foreign resources,and leading the intensification of resource-based enterprises’ m&a. In China,certain resources such as oil,natural gas and mineral resource’s supply falls short of demand. Certain situation was prompting lots of Chinese large resource-based enterprises actively start to set up strategies to cross-border m&a, thus make those resource-based enterprises’ transactional m&a in our country become increasingly active in the long run. According to2011domestic and foreign oil and gas industry development report published by CNPC ETRI,there were600cases in the global oil and gas merger and acquisition market in2011involving$150billion,which falls more30%compare with that in2010. However,the oversea acquisition amount of domestic oil and gas giants headed by SNPC was still at a high number of nearly＄20billion,which becoming the second highest record.At the same time,our country’s transactional acquisition is not ideal according to various transactional m&a results. Improper selection of target m&a enterprise was the main factor that leads to the failure of transactional m&a shown by former m&a experiences. Whether the selection of target m&a enterprise is correct or not plays a vital role in the whole process since all the follow-up work will be in vain if the selection of target m&a enterprise is incorrect at the beginning. Therefore,this paper will focus on how to properly select transactional m&a target in order to provide decisions when multiple targets come out. And will definitely help to improve the success ratio of our country’s enterprises’ transactional m&a in the future. Firstly,this paper will talk about the current situation of resource-based enterprise’s transactional m&a in China while pointing out certain problems and motivations in the whole process of transactional m&a. Secondly,this paper will show people four steps in selecting target enterprise which are setting up specific m&a strategy,information searching of target enterprises,responsible investigation and final selection. Analytic hierarchy process will be shown in this paper by constructing the selecting model of resource-based transactional m&a in our country. Then,a case will be used in order to see the feasibility of certain model. Finally,this paper provides various suggestions to the issue of selecting target enterprise from diverse perspectives including m&a strategies and risks. |
