| Summary: | 碩士 === 國立中興大學 === 高階經理人碩士在職專班 === 92 === In the changing global environment, there are full of risks and uncertainties to a multinational business, managers should judge various situations and exploit alternative strategies efficiently to overcome difficulties they faced and eventually, to maximize shareholders’ real value. Companies thrive only when they can create real economic value by investing capital at rates of return that exceed cost of capital.
There are two benchmarks, The Laminex Group, Australia and Fletcher Building Limited, New Zealand in the industry of woodpanels, creating their own maximized value by using alternative strategies under long-term co-operations and competitions. At last, Laminex was taken over by Fletcher willingly.
From the case study we found that at the initiating stage they focused on finding core competent products、R&D and strategic alliance(or strategic buyer). At the developing stage, they used the strategies of equity joint venture, internationalization, product differentiation, while at the maturing stage they exploited branding strategies、financial engineering and M&As. Since M&A activities which are prompter way to achieve corporate goals and fulfill managers’ ambitions, whereas the uncertainties and risks behind the M&A activities are becoming a concernment to this issue. We will keep observing the consequences attentively.
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