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La scission d'Eridania-Béghin-Say:essai d'évaluation par un modèle d'options réelles

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  • Pascal Barneto

    (Université de Limoges)

Abstract

(VF)L'objet de ce papier est d'étudier la scission du groupe Eridania-Béghin-Say intervenue en juillet 2001 pour s'interroger sur l'oppor-tunité et la valeur de cette décision à partir d'un modèle formalisé fondé sur les options réelles. Le marché a réagi favorablement et positivement à l'effet d'annonce de la scission validant ainsi l'intention stratégique, organisationnelle et financière des dirigeants. En appliquant un modèle formalisé d'options, la valeur de l'option d'abandon va permettre non seulement de fixer la date de la scission mais aussi de quantifier la richesse transférée au profit des actionnaires et au détriment des créanciers. Enfin, nous examinons dans quelle mesure des options de croissance sont offertes aux investisseurs des quatre sociétés indépendantes, nouvellement créées:Béghin-Say, Cerestar, Cereol et Provimi.(VA)The object of this paper is to analyze the announcement effect and realization on the performance of Eridania-Béghin-Say by examining the split-up's impact on shareholder value with real options models. We find that excess returns suggest that the stock market agrees with the announcement translating strategic, organizational and financial intentions. The split-up will reduce the selection adverse and legal problems between managers and stakeholders. We use the Bellalah and Jacquillat (1995) model with selection adverse. The value of the abandonment option shows that some of the wealth transfers occur between managers and debtors. Further, we evaluate if growth options are presents through the valuation model of the new companies (Béghin-Say, Cerestar, Cereol and Provimi).

Suggested Citation

  • Pascal Barneto, 2003. "La scission d'Eridania-Béghin-Say:essai d'évaluation par un modèle d'options réelles," Revue Finance Contrôle Stratégie, revues.org, vol. 6(2), pages 5-42, June.
    • Handle: RePEc:dij:revfcs:v:6:y:2003:i:q2:p:5-42
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    References listed on IDEAS

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    More about this item

    Keywords

    scission; options réelles; création de richesse; évaluation; outil d'aide à la décision; split up; real options; shareholder value; valuation; criteria for decision-making.;
    All these keywords.

    JEL classification:

    • D81 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Criteria for Decision-Making under Risk and Uncertainty
    • G14 - Financial Economics - - General Financial Markets - - - Information and Market Efficiency; Event Studies; Insider Trading
    • G31 - Financial Economics - - Corporate Finance and Governance - - - Capital Budgeting; Fixed Investment and Inventory Studies
    • G34 - Financial Economics - - Corporate Finance and Governance - - - Mergers; Acquisitions; Restructuring; Corporate Governance

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