A Performance Analysis On The Cross-border Merger Between ESTUN And Cloos In The Context Of "Smart Manufacturing"

Against the background that the Internet and big data are widely used in all walks of life,a new technology and industrial revolution with the theme of "intelligent manufacturing" is emerging around the world.China launched the "intelligent manufacturing" plan in 2015 and regarded it as the main direction of its strategy.With the advancement of national strategic planning,Chinese companies have also begun to deploy "intelligent manufacturing" development strategies.As the main equipment for the development of intelligent manufacturing,robots have broad market prospects in my country.At present,the advanced technology of robots is currently in the hands of foreign companies.As China's international competitiveness has increased,China and Western countries have implemented blockades in the field of high-tech technology.This makes it more difficult for domestic companies to merge foreign high-tech companies.Based on the above background,this article selects Estun Group's acquisition of Cloos,a leading German welding robot company,as a case study for M&A performance analysis.This article selects the manufacturing company Estun Group's cross-border mergers and acquisitions as the case performance analysis.On the one hand,this merger is a typical case of traditional manufacturing industries accelerating the deployment of "intelligent manufacturing" through mergers and acquisitions;on the other hand,Estun,as the leader of traditional automation equipment,makes This merger is more representative.Starting from the background of the merger,this article analyzes the basic overview and financial status of ESTUN and CLOOS,and believes that this acquisition can meet the development needs of both parties.Then,the paper summarizes and analyzes the M&A case.First,it analyzes Estun's motivation for choosing CLOOS as the target company from the motivation.Then,using the shortterm effect of event research on mergers and acquisitions research,it is concluded that the cumulative excess return is positive,and the synergy effect is further verified through financial indicators.In this article,we find that: First,mergers and acquisitions can not only promote the development of the company's "dual wisdom",but also help Estun to open up a larger market.Secondly,mergers and acquisitions are recognized by the market in the short term,but with the growth of the window period,the impact weakens,and the long-term impact needs to be further studied.Third,the merger is completed,Eston substantial growth in the amount of debt,asset-liability ratio has increased,revenues in the short-term emergence of an increase.