| In recent years,with the continuous development of new industries,the traditional industry of non-ferrous metal mining is also being given new connotations.In the face of the new wave of industrial revolution,further enhancement of production capacity and continuous expansion of resource reserves is the key to corporate development.Cross-border mergers and acquisitions are an important way to achieve this goal.Luoyang Molybdenum,one of the leading companies in China’s non-ferrous metal mining industry,seized the opportunity to make cross-border acquisitions of mineral resources against the cycle in 2013 and began to undertake successive cross-border M&A activities with remarkable results.By studying the value creation effect of continuous cross-border M&A in Luoyang Molybdenum,this paper hopes to provide some reference for the implementation of continuous cross-border M&A in China’s non-ferrous metal mining industry,with a view to enabling more non-ferrous metal mining industries to successfully "go global" under the international situation impacted by the wave of counter-globalisation.This paper first introduces the company’s profile,the process of successive cross-border M&As and the motivation for them,and then analyses the value creation effect of successive cross-border M&As in Luoyang Molybdenum by applying the event study method,the financial indicators method and the EVA method.The study found that through successive cross-border M&As,Luoyang Molybdenum has advanced and implemented its international investment strategy,optimised its resource allocation,enhanced its profitability and improved its industry position.Overall,the successive cross-border acquisitions have brought value creation to the company.Finally,the successive cross-border M&As of Luoyang Molybdenum provide some suggestions and insights for future cross-border M&As of Luoyang Molybdenum and other mining companies in the non-ferrous metals industry. |
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