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The ethical problems linked to hostile acquisitions ? Example of Mittal/Arcelor

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  1. Acquisitions and mergers - The overview
    1. Merger
    2. Acquisition
    3. Classification of Mergers and Acquisitions
    4. Defending against acquisitions
    5. Motivation of mergers and acquisitions
    6. European Regulations: the British and the German model
  2. Ethical framework for mergers and acquisitions - The hostile takeover Mittal/Arcelor as a case study
    1. The market ethic
    2. Utilitarianism
    3. Proportionality
    4. Virtue ethics
    5. Kant's theory

Since 2004, I have been particularly interested in finance and more precisely in the 'stock market world'. This is why I wanted a topic related to finance. My topic can be summarized in this sentence, 'The ethical problems linked to hostile acquisitions'. Instead of acquisitions, plenty of words can be said like takeovers, mergers etc. The topic is related to the theme, more precisely with 'ethical issues' because the consequences of a takeover can be an important ethical issue, for example, if hostile mergers destroy jobs. The topic is also very interesting because there are more and more hostile takeovers in the world and nowadays, and a lot of sectors are merging. Like a case study, I have chosen the merger of Arcelor and Mittal Steel. Mittal Steel is the biggest producer of steel in the world and has bought Arcelor which was the leading producer in Europe. This merger happened in 2005. The paper will show hostile acquisition consequences, for the buyer and the target, what are buyers motivations? What are the employment consequences? How is it possible? What is the aim of the mergers? Nowadays, plenty of the biggest multinationals enterprises (MNE's) are concerned by mergers and that globalization is going to accelerate this phenomenon. European merger transactions are being propelled by several economic and political forces that have developed in the last 10 to 15 years. Globalization has lead to industrial competitiveness and financial markets have become more integrated.

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