M&A Hungary

Pruning is healthy - Creating value with spin-offs and carve-outs

Pruning is healthy - Creating value with spin-offs and carve-outs ?Smart apple farmers routinely saw off dead and weakened branches to keep their trees healthy. Every year, they also cut back a number of vigorous limbs . Those that are blocking light from the rest of the tree, or otherwise hampering its growth. And, as the growing season progresses, they pick and discard some perfectly good apples, ensuring that the remaining fruit gets the energy needed to reach its full size and ripeness. Only through such careful, systematic priming does an orchard produce its highest possible yield.?

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Interview of the month: Deal Signed After One Month Intensive Work

Pannon Pellet Kft. was formed in 2006 by Hungarian private investors who recognized that pellet ? an environmentally friendly heating material made from waste wood that is cheaper than traditional fuels ? could gain significant market share in Hungary, as it had in Western Europe. Creating the required manufacturing capacity ran into some unexpected difficulties, then the economic crisis also had its adverse impact, so Pannon Pellet needed a capital injection ? bank financing or refinancing were not realistic options. It shows the opportunities in the pellet market that the owners soon managed to find a strategic investor. We talked to Zoltán Burján, Pannon Pellet?s Business Manager about the background of the deal.read more »

Interview of the month: Deal Signed After One Month Intensive Work

The Last Resort in Transfer Pricing - Recommended reading not only for multinationals!

The concept of arm?s length pricing, which is essentially based on what the price of a transaction would be on the open market, was introduced in the 1930s, when those open market transactions were practically limited to raw materials, finished products and crops. The world has changed a lot since then, however ? we now have holdings that vertically integrate complete production cycles, there are offshore financial centers, and complex services and intangible assets account for a considerable part of global market turnover. In this environment, comparable data are often hard to come by.read more »

The Last Resort in Transfer Pricing  - Recommended reading not only for multinationals!

Dutch shoe shopping in the UK

Macintosh Retail Group NV acquired UK shoe retailer, Jones Bootmaker for an unknown consideration.read more »

Dutch shoe shopping in the UK