penggabungan analisisi kewangan

8/3/2019 Penggabungan analisisi kewangan

1/19

Penggabungan NST-Utusan, Baik Buruk Dari Sudut Akademik Date: Friday, December 08 @ 18:20:00 GMT+8

Topic: MEDIA

Laporan Khas oleh Soraya Jamal

KUALA LUMPUR, 8 Dis (Bernama) -- Industri penerbitan Malaysia yang lazimnya tenang dan jarang bergolak hingar seketika berikutan cadangan penggabungan antara New Straits TimesPress (M) Bhd (NSTP) dan Utusan Melayu (M) Bhd.

Penggabungan kedua-dua media cetak paling berpengaruh di Malaysia ini merupakanpercantuman terbesar dalam sejarah industri penerbitan Melayu, apatah lagi apabila kedua-duanya mempunyai kaitan dengan parti paling dominan di Malaysia, Umno.

Namun perkembangan tersebut dipandang sinis oleh banyak pihak yang berpendapatpenggabungan itu akan menjadikan Umno, yang memegang lebih 50 peratus kepentingan diUtusan Melayu, sebagai pemilik langsung dan tidak langsung hampir kesemua mediatempatan.

Melalui Media Prima Bhd, Umno memiliki sebanyak 43 peratus kepentingan dalam NSTP.

ISU PEMILIKAN MEDIA OLEH PARTI POLITIK

Senario pemilikan suratkhabar oleh parti politik bukanlah sesuatu yang baru dan asing di

Malaysia.

Salah satu sekutu Umno dalam Barisan Nasional, MCA, juga mempunyai kepentingan dalamStar Publications (M) Bhd, penerbit suratkhabar berbahasa Inggeris yang mempunyaipengedaran tertinggi di Malaysia.

Jika dilihat dari faktor perniagaan, ramai yang akan setuju bahawa penggabungan ini akanmembawa kebaikan kepada kedua-dua belah pihak.

Ini adalah kerana akhbar harian bahasa Inggeris New Straits Times yang mendapat perolehaniklan yang baik tetapi rendah pengedarannya saling melengkapi dengan akhbar harianbahasa Melayu yang luas pengedarannya tetapi kurang menyerlah dari segi pulangan iklan.

Tetapi Southeast Asian Press Alliance (Seapa) tidak bersetuju dengan idea syarikat mediasebagai sebuah entiti perniagaan semata-mata.

Persatuan Kebangsaan Wartawan Malaysia (NUJ) menerusi Setiausaha agungnya, Hong BongHow juga menyuarakan kebimbangan terhadap trend penggabungan syarikat-syarikat mediapada masa ini kerana ia akan mengancam kebebasan akhbar dan objektifnya.

Mengapa penggabungan ini telah mencetuskan keraguan oleh ramai pihak? Untukmemastikan pandangan yang lebih objektif tanpa dipengaruhi kecenderungan politik,Bernama mendapatkan pandangan beberapa ahli akademik.


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TREND GLOBAL

Dr Faridah Ibrahim, pengerusi, Pusat Pengajian Media & Komunikasi, Fakulti Sains Sosial danKemanusiaan di Universiti Kebangsaan Malaysia berpendapat penggabungan bukan sahajamengukuhkan kedudukan kewangan kedua-dua buah syarikat malah menambah inovasihasil dari penggabungan sinergi.

Ini akan menghasilkan kandungan yang lebih kreatif, katanya.

"Ia akan memperkasakan syarikat serta membentuk konglomerat gergasi untuk bersaing diperingkat antarabangsa. Dengan tunjang kewangan yang kukuh, konglomerat media bolehmenembusi pasaran global seiring syarikat seperti ABC dan CNN," katanya kepada Bernama.

Jelas beliau penggabungan syarikat media juga adalah trend global masa kini contohnya

penggabungan syarikat seperti Time-Warner.

ADA JUGA KEBURUKAN

Kendatipun begitu, ia juga ada keburukannya.

Beliau berpendapat bahawa dengan penggabungan dan monopoli, akan ada sekatan darisegi kepelbagaian kandungan kerana kedua-duanya bernaung di bawah satu payung.

Ini bermakna kesemuanya terpaksa menuruti dasar dan garis panduan yang ditetapkan oleh

pihak yang berkuasa.

Mengambil kes penggabungan antara NSTP-Utusan Melayu sebagai contoh, Faridah berkatakedua-dua syarikat pastinya akan menyerap pandangan editorial yang serupa.

Beliau yakin monopoli dalam industri media juga boleh menyemai lebih banyak mediaalternatif yang lebih sukar dikawal dan selalunya tidak begitu menekankan tanggungjawabsosial.

"Rakyat mahukan platform untuk mereka menyuarakan pendapat, beri mereka ruang. Lebih

banyak pilihan yang kita ada, lebih pelbagai pendapat yang kita dapat dan masyarakat kitaakan mendapat lebih banyak pengetahuan. Ini yang patut kita tekankan.

"Apatah lagi, kita berkembang dengan kepelbagaian, justeru menjadi kreatif dan lebih baikdalam persekitaran yang kompetitif. Kita bangga dengan kepelbagaian dan keunikan kita,mengapa tidak untuk media kita juga?" katanya.

"Saya fikir sempadan antara pihak pengurusan dan editorial perlu digariskan dengan jelasdan nyata sebelum proses penggabungan dibuat. Bila tiba isu profesionalisme, berilahpenghormatan kepada wartawan, editor dan kakitangan media menjalankan tugas mereka,"

kata Faridah.


3/19


4/19

NST-Utusan merger deal back to the

drawing board

S a t u r d a y , 0 2 D e c e m b e r 2 0 0 6 0 7 : 4 0 a m

The Star (Used by permission)

KUALA LUMPUR: The New Straits Times and Utusan Malaysia merger deal has been sent

back to the drawing board hours after Umno president Datuk Seri Abdullah Ahmad Badawi

called for the tradition and histories of the newspapers to be maintained.

Sources said several party supreme council members voiced their concern over the deal and

also the long connection between the party and Utusan Malaysia.

They told the meeting they feared that any merger which could affect the identity of the

Malay daily would backfire on the party, although Umno would continue to control it.

It was learnt that the negotiators were told of the councils concern later and decided totake a re-look at the deal.

Media Prima, the parent company of NSTP, had originally scheduled a press conference on

Monday to announce the deal but that function is expected to be called off.

Earlier, at a press conference after the council meeting, Abdullah, who confirmed that the

companies were in merger talks, said it was important for the newspapers to continue

maintaining their roles, identities, traditions and histories after the merger.

It is not about the financial aspect of the merger. It is about the image, history and tradition

of each of the newspapers. It is not easy to forget the pride of newspapers that had survived

through time.

Trading in New Straits Times Press (Malaysia) Bhd and Utusan Melayu (Malaysia) Bhd shares

was voluntarily suspended from Bursa Malaysia yesterday amid speculation of the proposed

merger.
http://www.thestar.com.my/http://www.thestar.com.my/http://www.malaysianbar.org.my/index2.php?option=com_content&task=emailform&id=6429&itemid=312http://www.malaysianbar.org.my/index2.php?option=com_content&task=view&id=6429&pop=1&page=0&Itemid=312http://www.malaysianbar.org.my/index2.php?option=com_content&do_pdf=1&id=6429http://www.malaysianbar.org.my/index2.php?option=com_content&task=emailform&id=6429&itemid=312http://www.malaysianbar.org.my/index2.php?option=com_content&task=view&id=6429&pop=1&page=0&Itemid=312http://www.malaysianbar.org.my/index2.php?option=com_content&do_pdf=1&id=6429http://www.malaysianbar.org.my/index2.php?option=com_content&task=emailform&id=6429&itemid=312http://www.malaysianbar.org.my/index2.php?option=com_content&task=view&id=6429&pop=1&page=0&Itemid=312http://www.malaysianbar.org.my/index2.php?option=com_content&do_pdf=1&id=6429http://www.thestar.com.my/


5/19

Yesterday, NSTP rose one sen to RM2.94 with 1.28 million shares traded. Utusan took a nine-

sen dip to RM1.83 with 2.68 million shares changing hands.

On the merger of the countrys palm oil companies, Abdullah said the move had been

carefully planned.

Permodalan Nasional Bhd (PNB), the major shareholder of the three companies, wou ld

have no problem accepting the merger. It is a good business move that had been carefully

considered for the three companies to be consolidated into a big entity, he told reporters

after the Umno Supreme Council meeting here yesterday.

Abdullah, who is also the Finance Minister, said the merger would create a world-class

plantation company.

Sime Darby, Kumpulan Guthrie and Golden Hope and their subsidiaries would be merged

into a single entity called Synergy Drive Sdn Bhd.

Synergy Drive is formed by financial advisor CIMB to facilitate the RM31bil merger involving

nine companies.

The merged entity would own 600,000ha of oil palm plantations with a production capacityof nine million tonnes of fresh fruit bunches and 2.5 million tonnes of palm oil.

The National Union of Journalists Malaysia (NUJ) is concerned over the proposed

merger, Bernama reported.

Its general secretary Hong Boon How said the union was disappointed that the

managements of both companies had not briefed their workers and the union on the

matter.


6/19

Sime Darby, Guthrie setuju penggabunganSime Darby, Guthrie setuju penggabungan Oleh Nor Liza Ahmad

Syarikat meterai perjanjian dengan Synergy Drive dalam 14 hari

SIME Darby Bhd dan Kumpulan Guthrie Bhd mengumumkan menerima tawaran SynergyDrive Sdn Bhd bagi mengambil alih keseluruhan kepentingan ekuiti kedua-duanya.

Ia sejajar dengan cadangan menggabungkan Sime Darby, Guthrie dan Golden HopePlantations Bhd bagi mewujudkan syarikat senaraian awam terbesar di dunia denganpermodalan pasaran bernilai RM31.4 bilion.

Anak syarikat hartanah Sime Darby, Sime UEP Properties Bhd dan dua anak syarikat Guthrieiaitu Guthrie Ropel Bhd dan Highlands & Lowland Bhd turut membuat pengumuman

menerima tawaran berkenaan.

Kelima-lima syarikat itu dalam kenyataan berasingan kepada Bursa Malaysia berkata,lembaga pengarah masing-masing menerima tawaran Synergy Drive itu selepasmenimbangkan nasihat penasihatnya dan akan membentangkan tawaran itu kepadapemegang saham untuk kelulusan.

Syarikat berkenaan juga berkata, mereka akan memeterai perjanjian muktamad denganSynergy Drive dalam tempoh 14 hari dan butiran lebih terperinci akan diumumkan.

Pada 27 November lalu, CIMB Group mengumumkan cadangan untuk menggabungkan tigasyarikat perladangan yang dikuasai Permodalan Nasional Bhd itu.

Cadangan itu akan dilaksanakan menerusi Synergy Drive, iaitu syarikat tujuan khas (SPV)yang ditubuhkan CIMB Investment Bank dengan operasinya dibiayai CIMB Group.

Menerusi cadangan itu, Synergy Drive akan mengambil alih keseluruhan kepentingan ekuitiketiga-tiga syarikat berkenaan.

Turut terbabit ialah lima anak syarikat milik ketiga-tiga syarikat perladangan berkenaan iaitu

Mentakab Bhd, Sime Engineering Bhd, Sime UEP, Guthrie Ropel dan Highlands & Lowlands.

Pengambilalihan itu akan diselesaikan menerusi terbitan saham keutamaan boleh tukarboleh tebus (RCPS) dalam Synergy Drive yang boleh ditukar kepada saham bernilai RM5.25sesaham dalam syarikat atau tunai pada premium lima peratus.

Jika dipersetujui, penggabungan itu dijangka dapat diselesaikan menjelang suku keempattahun depan.

Ia akan menyaksikan Sime Darby, Guthrie dan Golden Hope dan lima anak syarikat yang

terbabit dikeluarkan daripada penyenaraian di Bursa Malaysia, dan ia akan diganti olehSynergy Drive.


7/19

Sementara Presiden merangkap Ketua Eksekutif Kumpulan PNB, Tan Sri Hamad Kama PiahChe Othman, berkata PNB bersedia menerima cadangan penggabungan tiga kumpulanperladangan terbesar yang dikuasainya itu jika ia memberikan nilai.

Ia bukan kali pertama be rlaku dalam kumpulan PNB seperti pernah dilakukan dalampenggabungan syarikat insurans MNI sebelum ini, katanya pada sidang media selepas majlispengumuman pengagihan pendapatan dan bonus bagi skim pelaburan Amanah SahamBumiputera (ASB) di Kuala Lumpur, semalam.

Mengenai bila PNB akan membuat keputusan, Hamad Kama Piah berkata, perkara itudijangka diputuskan dalam mesyuarat agung tahunan (AGM) ketiga-tiga syarikat itu kelak.

Kami akan mengundi dalam AGM itu nanti, katanya.

Mergers and acquisitions (M&A) are often referred to as a single term. Though there aremore similarities in them than there are differences, the main factor distinguishing the two isthe companies willingness for the M&A to take place.

A merger happens when two companies decide on joining forces in their respective fields of business they may be identical, similar or totally different. Both their shareholders andmanagement agree on surrendering their shares and revaluing and re-registering themunder the new company. In December 2007, Malaysian companies Sime Darby Berhad,Golden Hope Plantations Berhad and Guthrie Holdings Berhads merged to create the largestplantations company worldwide worth approximately USD15 billion (largest listed companyin Malaysia). They retained the name Sime Darby due to its established brand name.

Driven by the value in synergy three plantation companies merged to become the largestlisted Malaysia enterprise.


8/19

Image: Illustration by DinarStandard. All logos are property of Sime Darby Berhad

An acquisition happens when one of the companies, known as the target company, displayshostility towards the acquiring company. In acquisitions, the acquiring company buys overthe target companys shares. Management also changes, and more often than not, fa vours

the members of the acquiring company. A prominent acquisition in the sports gear industrytook place in January 2006, when Adidas-Salomon AG (Adidas) acquired US ReebokInternational Ltd (Reebok).

There are also several types of M&As that a company can partake in. A horizontal M&Adenotes the merging of two competitors that share the same product lines and markets. Avertical M&A on the other hand, represents the merging of two companies that reflect acustomer-company or company-supplier relationship. A market-extension M&A takes placewhen the companies sell similar products in different markets whereas a product-extension

M&A sees two companies selling related products in the same market. A conglomerationrepresents two companies that have no common business focus. An example would be theacquisition of Texas Gas Resources (natural gas transmission) by CSX Corporation (railroadtransportation) conglomeration usually takes place between two cyclical / seasonalbusiness models that compliment each other.

The Main Purpose of M&A

Companies engage in mergers and acquisitions for the main purpose of creating a highershareholder value than the sum of the companies involved. This happens when the M&Aprovides an opportunity for the new or acquiring company to either increase revenue or toreduce cost.

There are several ways a company can increase revenue through M&As.

The company foresees a new target market:

Dutch airlines, KLM, a prominet airline in Europe, purchased controlling stake in NorthwestAirlines to expand their clientele to flyers who frequented routes to and fro America andAsia. The expansion in the target market allowed them to increase their sales revenue.

The company is able to develop new products through new available technical know-how:


9/19

When Commerce International Merchant Bank Berhad (CIMB), acquired MalaysianBumiputera Commerce Bank Berhad (BCB), they spread their services to retail banking basedon the BCBs previous business model as an individual company. They later went on t oacquire Southern Bank Berhad (SBB), which, at the time, offered investors a leading mutualfund product. CIMB then repackaged the exisitng investment tool as CIMB-Wealth.

The company is able to increase product range:

Multinationals Procter & Gamble, producers of fast moving consumer goods, engaged inM&As to increase their product range. They acquired Richardson -Vicks, capturing revenuefrom Oil of Olay and Vidal Sassoon brands; they also acquired Noxell Corporation, known fortheir products Noxema and Cover Girl.

The company forsees new business opportunities:

Leading natural and organic food supermarket retailer in the US, Whole Foods Market Inc,acquired Fresh and Wild Holdings Limited, the leading organic foor retailer in the UK. Thisprovided Whole Foods Market Inc a new geographic business opportunity just by expandingbeyond the US and Canada. Hass Hassan, chairman of Fresh and Wild Holdings commentedthat the M&A was set to make improvements *in their stores+ in the UK and aroundEurope.

To compound the value of shareholder earnings, the company may also reduce costs withrespects to the new consolidation of cost centres through the M&A.

The company capitalises on products of the previously individual companies:

The Reebok Adidas M&A allowed Ad idas to capitalise on Reeboks specialty products womens sportswear. Adidas alone is positioned to serve the soccer industry, which isdominated by men. The M&A pooled market share from sales in football gear and womensapparel, without incurring new product research and development costs.

The company is able to eliminate redundant technology:

Leading search engine, Google, bought over video community website, Youtube, in recent

years. This eliminated Youtubes redundancy in search engine optimisation t hrough the use


10/19

of Googles business model as a search engine. Google was also able to fill in their void of hosting videos.

The company is able to streamline staff:

After the SBB acquisition, CIMB offered close to USD35 million worth of compensationpackages to streamline the combined human capital. This cost was perceived as part of theexpenditure inherent in restructuring but was implemented to curb costs in the long-run.

The company enjoys an increase in bargaining power

Sime Darbys new status as the l argest listed upstream palm oil group globally and thelargest stock traded on Bursa Malaysia inevitably instigates higher bargaining power withindustrial consumers both locally and internationally.

Benefits of a Merger

Synergy is a common word associated with M&As. Synergy or synergistic effects can be

represented by a simple arithmetic equation of 1+1 = 3. This translates into the increase incombined shareholder value over and above the sum of the two original companiesshareholding values.

The materialisation of synergy, however, can be curbed by intangible factors that challengethe benefits of M&As. They are discussed in the following points:

Streamlining of human capital resources

An M&A facilitates the streamlining of the cream of the crop. When companies merge,major changes occur in corporate culture, management styles, business direction, and keyoperating procedures. Only those who are flexible and adaptable to changes would beelected to stay on in the new company. This gives opportunity for human capital to bestreamlined and for top management to keep those who are most competent and valuableto the company.


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12/19

In some cases however, a merger also changes the perception of the company, especiallywhen different brands are added to the product lines. Some mergers may have negative orconfusing effects on consumer perception when a change of products and services fail toretain their interests.

Economies of scale

Economies of scale can also be achieved through mergers. New technology can wipe outmanual work. A merged company has better bargaining power with suppliers. More workcan be done in-house, such as advertising. All these changes lead to cost reduction. SimeDarby immediately announced a 10% growth rate in 2008, after the merger was completedillustrating their confidence in their market leadership in terms of size.

In general, size does matter, and size does bring in lower cost figures. However, mergers thatare classified as conglomerations, where two different business-natured companies merge,economies of scales can not always be achieved, especially if the merger is not managedadequately. This is because, essentially, with two or more different business focuses, costcentres may not be consolidated as effectively as any one of the other forms of M&As. Thedifferent focuses and ideals may require separate cost elements to sustain the differentbusiness models.

Similarly, companies engaging in an M&A can not expect immediate economies of scales.Compensation packages from downsizing, time allocation for new training programmes, newbranding and marketing schemes, are all major expenditures at the inception and the short-run following the M&A.

Conclusion

Companies engage in M&As to increase shareholder earnings by either increasing revenue orreducing costs. Generally, M&As allow a more accurate allocation of resources to do both.Synergy is a c ommon term associated with M&As, which is proof of deals effectiveness.There are times however, where synergy may not be achieved, especially in the short run companies have to work around the intangible factos that curb synergy to allow the newcompany to move forward as one and look for new business growth potential to increaseshareholder value.


13/19

Business: The Company File

Oil merger faces monopoly probe

Exxon chairman Lee Raymond and Mobil's Lucio Noto

The giant oil companies Exxon and Mobil - which have announced a merger - are to havetalks on Wednesday with the Federal Trade Commission in Washington about the deal.

It will create the world's largest business concern and the Federal TradeCommission is expected to examine whether it contravenes American anti-trust laws on monopolies.

The chairman of the Senate sub-committee dealing with the issue, MikeDeWine, said the commission should look at how the merger affectscompetition and consumers.

The deal will see the world's largest energy group, Exxon, buy out Mobil, the second biggestUS oil and gas group.

It will create the largest oil company and the third largest company in the world behind GEand Microsoft.

The wedding will lead to 9,000 job losses, or 7% of the group's workforce, around the world.

Sell-off

Exxon and Mobil have already acknowledged that they may have to sell off large parts of thecombined business to satisfy competition authorities in the US and Europe.

The merger is the latest deal in a frenetic few weeks for the oil industry as companies seekto come to terms with a slump in the oil price.

However the deal may not be such good news for consumers.

The consolidation of the oil industry will reduce competition in the market and could lead tohigher prices at the petrol pump as the new industry Goliath's wield their increased power.

Huge price tag

RichardQuestreports onthe dealbetween thecompanies
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The new entity, to be called Exxon Mobil, will be 70% owned by Exxon's existingshareholders.

The transaction was initially valued at $80.1bn but has declined to around $77bn on falls inExxon's share price since the news. Mobil shareholders will be given 1.32 Exxon shares foreach Mobil share they hold.

To put it in other words, the price tag is on par with the size of entire economy of Malaysia,whose entire output is worth around $78bn.

Exxon chairman and chief executive Lee Raymond will fill the same positions at the newgiant. Mobil's Lucio Noto will be vice chairman.

"This merger will enhance our ability to be an effective global competitor in a volatile worldeconomy and in an industry that is more and more competitive," the two executives said in a

joint statement.

They said the merger brings together two complementarybusinesses that will fit well in exploration and the production of petroleum and chemicals.

The combined company will nominally have profits of $1bn a monthand 120,000 employees world-wide.

Speaking at a joint news conference, Mr Raymond said the mergerwould boost the two companys' earnings within two years.

He also said that the merger would cost $2bn to implement butbring huge annual savings.

However the shares of the two companies fell on the US stock market on Tuesday asanalysts expressed reservations about the deal and the future of the troubled oil market.

Old acquaintances

Ironically, the deal reunites the two biggest chunks of the old Standard Oil monopoly of JohnD Rockefeller dismantled by the US Government 90 years ago.

Mobil was then Standard Oil of New York, Exxon Standard Oil of New Jersey.

The largest ever business deal before this was the merger-of-equals between Citicorp andTravelers earlier this year to form the $140bn Citigroup.

Petrol stations mayhave to be sold
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Market analysts say it could take at least nine months to completethe transaction, although the two groups are hopeful of tying up anyloose ends by the middle of next year.

Regulators will almost certainly demand the sell-off of severalrefineries and petrol stations to maintain competition levels in somemarkets.

Analysts say Mobil will have to sell some of its 6,000 Europeanpetrol stations it operates and owns jointly with BP.

Exxon runs 1,874 petrol stations in the UK under the Esso namewhile BP has 1,831. The addition of Mobil stations could raise thecombined Esso-Mobil share of petrol retailing to 25%.

UK operations

Exxon employs 2,500 staff in the UK at its Esso operations, and 780 staff at Exxon Chemicals,which operates from Fawley and Mossmorran, Fife.

Mobil employs 1,300 at its oil and gas exploration division.

A further 500 staff work for a Mobil joint venture with BP on petrol stations and lubricants.

Merger wave

Falling energy prices are forcing all oil companies in the sector to seek new partners.

The sector has already seen one massive merger this year.

In what was until now the largest industrial acquisition, British Petroleum is buying Amocofor $54bn to create the world's third largest oil and gas company.

The BP-Amoco announcement trumped the recently completed $40.5bn Daimler-Benzacquisition of Chrysler as the largest industrial acquisition.

Royal Dutch Shell and Texaco recently backed away from plans to merge their Europeanrefining operations.

If the Mobil-Exxon merger goes through, just three companies - Royal Dutch Shell, BP, andExxon - will dominate the oil industry.

The two groups hopethey can refine theirprofits
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16/19

Germanys Deutsche Boerse and NYSE Euronext said Tue sday they have struck a deal to

combine two of the worlds biggest stock exchanges in a global trading powerhouse.

The new company, which has yet to be named and will be incorporated in Amsterdam, will

be headed by NYSE Chief Executive Duncan Niederauer, with Deutsche Boerse Chief

Executive Reto Francioni taking the post of chairman, the companies said.

Deutsche Boerse shareholders are set to own 60 percent of the combined company with

NYSE Euronext shareholders taking a 40 percent stake. The combined group will have 2010combined net revenues of $ 5.4 billion, becoming the worlds largest exchange group by

revenue, the two companies said, and yield synergies of $405.2 million (300 million euros).1. More must-see stories

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2. Cyber-thieves create fake Kelley Blue Book site 3. US says Reebok toning shoes don't really 4. Can you live on $9 an hour? Play the game

Each NYSE Euronext share will be converted into 0.47 of a share in the new holding

company. Deutsche Boerse shares will be converted into one share each of the new

company. Under those terms the deal would value NYSE Euronext at about $10 billion.Last week, the two companies unveiled the first details of a merger plan that would create

the world's largest stock exchange, just hours after the London Stock Exchange said it would

buy Canada's TMX, sparking a merger frenzy in the sector.

Regulators are paying close attention to the latest round of deals. Exchange users have also

raised red flags over the proposed tie-ups.

"Euronext and Deutsche Boerse are still screwing us on fees for clearing, the closing auctions

and small and mid-cap trading the areas where they still have virtual monopolies," said

the head of markets at a large European bank, who declined to be named. "A merger is
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17/19

concerning because together they will be more powerful and better placed to protect these

monopolies."

Political and regulatory hurdles may threaten the Deutsche Boerse-NYSE Euronext tie-up.

"The biggest question mark in general is obviously the European political and regulatory

landscape coming out of this," one source said.

The boards of both exchange owners have signed off on the deal, but it must still be

approved by shareholders and regulators.

The Frankfurt- and New York-based companies were center stage in the merger frenzy that

erupted last week and heated up on Monday as Brazil's BM&FBovespa said it was looking at

its own prospects and as speculation that CME Group could jump into the fray intensified.

Fox Business Network reported that CME Group, currently the world's top derivatives

exchange group, might make a hostile bid for NYSE Euronext, citing bankers.A spokesman for the Chicago-based exchange declined to comment. CME officials have been

guiding investors away from expectations that it would do a merger deal.

Loading stock quotes

BM&FBovespa, the world's fourth-largest financial exchange operator, is closely looking out

for tie-up opportunities, Chief Executive Edemir Pinto told Reuters. Pinto said China andIndia were markets where it could expand.

Owners of traditional stock exchanges have been combining for several years to save costs

as competition mounts from new computerized stock exchanges with names like BATS and

Chi-X.

The NYSE Group, operator of the New York Stock Exchange, bought Euronext for $10.2

billion in 2007, beating out a rival bid from Deutsche Boerse. The combined company

handles stock and derivative markets in Amsterdam, Brussels, Lisbon and Paris as well as the

NYSE Liffe derivatives market.


18/19

Deutsche Boerse, whose predecessor was founded in 1585, operates the stock market in

Europe's largest economy. It also runs Europe's largest derivative exchange, the Eurex.

The largest exchange owner in the U.S. is currently the $20 billion CME Group. CME runs the

Chicago Mercantile Exchange, where wheat, corn and pork belly futures are traded, as well

as a number of other exchanges.

The Associated Press and Reuters contributed to this report.


19/19

Penggabungan MAS-AirAsia Agar Negara Dapat Bersaing DiPeringkat Global

IPOH, 13 Ogos -- Penggabungan Syarikat Penerbangan Malaysia (MAS) dan AirAsia Bhdbertujuan memastikan kedua-dua entiti penerbangan negara mampu bersaing di peringkat global,kata Menteri Kewangan Kedua Datuk Seri Ahmad Husni Hanadzlah.

Beliau berkata langkah itu perlu dilihat daripada segi jangka masa panjang dan perkhidmatan yangdapat diselaraskan bagi menghadapi persaingan di peringkat dunia terutama pesaing dari negaraTimur Tengah.

"Negara-negara tersebut yang juga pengeluar utama minyak memberikan saingan yang hebatkepada dunia kerana entiti penerbangan mereka mampu menawarkan harga tiket lebih murahberbanding entiti yang sama di seluruh dunia.

"Untuk itu, MAS dan AirAsia tidak boleh menjadi dua entiti yang bersaing antara sama lain bagimenghadapi persaingan global," katanya kepada pemberita selepas melawat Projek Pasaraya Mydindi Kampung Manjoi di sini hari ini.

Ahmad Husni berkata bagi menghadapi saingan global, kerajaan membuat keputusanmenghapuskan saingan antara dua entiti penerbangan iaitu MAS dan AirAsia.

MAS kini berhadapan dengan kos operasi yang semakin tinggi dan melalui penggabungan ini, entitisyarikat itu dapat distruktur semula, katanya.

"Kita percaya dengan berdasarkan pengalaman MAS dan AirAsia, kekuatan kini boleh ditumpukan

bagi mengukuhkan lagi kedua-dua entiti penerbangan negara," katanya ketika mengulaskebimbangan Dewan Perniagaan Melayu Malaysia (DPMM) mengenai isu itu.

Ahmad Husni menegaskan bahawa sebagai syarikat penerbangan negara, saham MAS tidak akandijual kepada pihak luar.

Katanya 50 peratus saham MAS tetap dipegang Khazanah Nasional Berhad yang berada di bawahKementerian Kewangan manakala 30 peratus lagi kini di bawah penguasaan beberapa agensiberkaitan kerajaan (GLC) manakala selebihnya milik pelabur tempatan.

"Tidak timbul isu saham tersebut akan terjual dan tergadai kepada pihak ketiga... saham tersebuttidak akan dikuasai oleh pihak luar sebaliknya tetap dimiliki pemegang saham tempatan," katanya.

Sementara itu, Ahmad Husni yang juga Anggota Parlimen Tambun berkata pasar raya Mydin yangsedang dibangunkan dengan kos RM50 juta itu bakal mengubah landskap perkampungan tradisionalMelayu itu kepada sebuah perkampungan moden.

"Pasar raya ini kelak akan menyediakan 300 peluang pekerjaan kepada penduduk tempatan sertapeluang usahawan tempatan membuka kedai sendiri di lot-lot kedai yang disediakan pemilikbangunan," katanya.

penggabungan analisisi kewangan

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