Cas pédagogiques

GDF SUEZ 2010 : mise en oeuvre d'une 'mégafusion' en Europe

B. GARRETTE

2010

La fusion entre GDF et Suez a été une des méga-fusions les plus marquantes en Europe ces dernières années. Alors que sa logique stratégique et industrielle ne faisait guère de doute, il a fallu quatre ans (2004-2008) pour la réaliser, à cause d'une série impressionnante d'obstacles politiques et sociaux. Les dirigeants de GDF et Suez, Gérard Mestrallet en tête, ont dû faire preuve d'une motivation sans faille pour mener à bien cette fusion, ce qui suggère que les gains à en tirer devaient être très substantiels pour les deux entreprises. Cette fusion a en effet créé de fortes synergies et elle a été évaluée favorablement par la Bourse. Elle s'est accompagnée d'un spin-off de Suez Environnement, dont GDF SUEZ ne détient plus que 35%.Toute la question est maintenant de formuler une stratégie et une organisation cohérentes pour piloter le premier groupe énergétique mondial.

Mots clés : Fusion/Acquisition , Création de valeur , Corporate strategy , Synergie , Cours de Bourse

GDF SUEZ 2010: Implementing a 'Megamerger' in Europe

B. GARRETTE, H. HELLEZ, E. LELIEVRE

2010

The GDF SUEZ "megamerger" has been one of the largest deals in Europe. While this merger made sense in strategic terms, it took four years (2004-2008) to complete it, for a series of political and social issues. GDF and Suez top executives, and Suez CEO Gérard Mestrallet in particular, had to have a very strong motivation to pull the project through, which suggests that this merger created substantial gains for both companies. The merger indeed created significant synergies and it was well received by the financial markets. It entailed a spin-off of Suez Environment, in the equity of which GDF SUEZ retained only 35%. The issue at hand now is to design a consistent strategy and organizational structure to manage the first utility company in the world.

Mots clés : Merger , Acquisition , Energy , Value creation , Corporate strategy , Synergy , Stock market , Stock price

Going Green: The Pfizer Freiburg Energy Initiative (A)

S. AFLAKI, P. Kleindorfer

2010

This case describes the successful implementation of sustainable operations at Pfizer's Freiburg production facility in Germany. It charts the planning and execution of an ambitious portfolio of projects directed toward energy efficiency, with significant financial, social and environmental impacts. The case illustrates the necessary ingredients of a successful energy conservation programme as well as the financial implications when both carbon and energy are priced. The teaching objectives are to: (1) illustrate the evaluation of energy conservation projects in a manufacturing environment; (2) indicate the relationship between sustainable operations and a company's carbon objective / obligations; (3) highlight the importance of sustainable operations and engineering practices to identify energy and carbon strategies; and (4) illustrate interdependencies in the execution of sustainable practices

Mots clés : Energy conservation; Environmental operations; Carbon accounting; ESCO (Energy Services Company); Sustainability; Renewable energy; Kyoto


JavaScriptSettings