The different phases of the leveraged buyout of the Cognis group'

Bolz, Steffen (2005-12)

Thesis (MBA)--Stellenbosch University, 2005.

Thesis

ENGLISH ABSTRACT: This study project explains the theory of Leveraged-Buy-Outs and describes the different financial tools than can be used. Special emphasis is laid in the capital structure of a Leveraged-Buy-Out and its impact on the return for the investor. The theory is then put in perspective by giving insight in the case study of the Cognis Group, a speciality chemicals company, based in Germany. It was sold to Private Equity companies in 2001 and since then underwent various refinancing including the issuing of High Yield Bonds and the issuing of Payment-In-KindNotes.

AFRIKAANSE OPSOMMING: Die teorie rakende gehefboomde bestuuroornames en die gebruik van verskillende finansiele instrumente by bestuursoornames word in hierdie werkstuk beskryf. Klem word gelê op die impak wat 'n verandering in die kapitaalstruktuur van die maatskappy op die belegger kan hê as gevolg van 'n gehefboomde bestuursoorname. Die teorie word toegelig deur te vervvys na die Cognis Groep maatskappye in Duitsland as gevallestudie. Die maatskappy het 'n bestuursoorname ondergaan in 2001 asook verskeie veranderinge in die kapitaalstruktuur daarna waar onder andere gebruik gemaak was van lae gehalte effekte.

Please refer to this item in SUNScholar by using the following persistent URL: http://hdl.handle.net/10019.1/50480
This item appears in the following collections: