Research On Value Creation Of CMOC's M&A Of TFM In DRC

Chinese non-ferrous metal mining companies are one of the early practitioners of China's"going out",and they occupy an important position in the status of Chinese companies' overseas mergers and acquisitions,and their overseas M&A investment is on the rise.CMOC was originally a state-owned holding company.After the transfer of control in 2014,it became a private enterprise.Its industry is the non-ferrous metal ore processing industry in the mining sub-industry.After statistical analysis of overseas M&A by Chinese companies,it is concluded that the cases selected in this article are cases of overseas M&A carried out at the peak of overseas M&A of Chinese companies,and are also extremely classic among the super-large overseas non-ferrous metal M&A initiated by Chinese companies.Case.In the context of the relative lack of research on China's mining M&A and other popular industries,it has highlighted more research value and research significance.The M&A case has a huge amount and adopted the Earn-out payment mechanism.Prior to the case of M&A in 2016,mining commodity prices entered a"cold winter" period,with poor market conditions and low stability.It was the golden opportunity for non-ferrous metal mining M&A.This paper uses the literature-research-method to review the literature and theories of M&A value creation,uses the case study method to study specific cases of M&A value creation,and combines financial analysis and non-financial analysis to construct an analysis system for M&A value creation.This article analyzes the value creation of M&A cases from the financial perspective through three aspects:short-term value creation based on event research method,long-term value creation based on EVA evaluation method,and overall value creation based on financial capability.The scale of influence analyzes the value creation of M&A cases from the non-financial perspective,and obtains the result that the case M&A creates value.This article summarizes the successful enlightenment of CMOC's significant increase in corporate value after the M&A and puts forward relevant suggestions for Chinese non-ferrous metal mining enterprises through a detailed combing of M&A cases and an analysis with a value creation analysis system.