Una adquisición, dos reacciones

Siguiendo de cerca el  principal subject del día de hoy en cuanto a mercados de capitales hablando, posteo una nota del Financial Times (uno de los diarios financieros, sino ¨el¨, mas importante del mundo), en donde se analiza  la reacción de ambas acciones en la bolsa de NY. Como era de esperarse, el market cap de Yahoo aumentó (18%) ante expectativas que con la venta a Microsoft, sus FF mejoren sustancialmente (el Lic. Salevsky no concuerda totalmente con este assumption de crecimiento que tendrán esos flujos… http://multitag.wordpress.com/2007/05/04/bill-es-yahoo-yahoo-no-es-googleque-es-bill/ ). En cambio, el valor de las acciones de MS bajó un 1%, consecuencia básicamente del riesgo que implica sumergirse en un M&A.

Microsoft eyes takeover of Yahoo

By Daniel Pimlott and James Politi in
New YorkMicrosoft is in early stage talks with Yahoo with a view to a possible takeover in a move that would allow the software giant to compete more effectively with Google for online advertising, according to people familiar with the matter.Yahoo shares were up 18 per cent in early trading at $33.29, while Microsoft shares were down 1 per cent at $30.66.Last year Yahoo turned down an offer from Microsoft to buy a stake in Yahoo’s search business. Terry Semel, chief executive of Yahoo, said discussions about the software group acquiring his company had not taken place.News of merger talks, first reported in the New York Post, may indicate the lengths that internet companies are going to as they seek to mount a challenge in the lucrative search business dominated by Google.Microsoft is working with Goldman Sachs on a possible deal, the newspaper said, citing an unnamed banking source. Yahoo is considered an obvious target for Microsoft, as a takeover would massively cut Google’s lead in internet search.A deal would practically triple Microsoft’s share of the US search market to 38.4 per cent, compared with Google‘s 48.3 per cent share, according to ComScore figures.Based on Thursday’s closing stock price, Yahoo has a market value of $38.2bn. Wall Street analysts consider the company to be worth as much as $50bn, the New York Post said.Yahoo would also bring a leading market position in display advertising and, added to Microsoft’s existing operations, help create a massive e-mail and instant messaging user base.But Yahoo faces problems because it has not delivered enough search advertising revenue from its army of users. Its shares fell 35 per cent in 2006.Google has in recent months gone on a spending spree, buying YouTube, the video sharing website, for $1.6bn, and winning a bidding war against Yahoo and Microsoft for DoubleClick, paying $3.1bn for the online display advertising company.Yahoo has also been seeking to bump up its dealmaking outside its core search advertising business. Last week it agreed to pay $680m for the 80 per cent it does not own of Right Media, which operates an online advertising exchange, in a deal aimed at hitting back against Google’s growing dominance of the online advertising services business.Microsoft has complained that the acquisition of DoubleClick would give Google almost monopolistic powers in search advertising online, with the power to dictate terms to online publishers and service providers.However, any Microsoft/Yahoo merger would probably attract the attention of anti-trust regulators.The merger speculation comes shortly after the exit of Christopher Payne, who led Microsoft’s efforts to compete with Google and Yahoo in internet search.

2 comentarios to “Una adquisición, dos reacciones”

  1. Ale Salevsky Says:

    la suba es una reacción natural del mercado frente al target buyout, no quiere decir que el mercado crea que los flujos van a crecer. Hay que ver como se comporta MSFT en estos días.

    Aparte en esto, en mi visión, no hay ni technicals ni fundamentlas serios (en los primeros momentos): hay olfato de los inversores. Lo que se esta mirando son las reacciones preliminares ante la idea de que los dos gigantes se fusionen

  2. Condensador de Flujo Otra potencial adquisición, las mismas dos reacciones « Says:

    […] noticia sobre las conversaciones entre Yahoo! y Microsoft para un potencial takeover, sobre la que JuanMa y Ale ya han posteado sus comentarios, sino también por el potencial friendly takeover que […]


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