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In: Business and Management

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UNIVERSITY CAMPUS SUFFOLK

BA (Hons) in BUSINESS MANAGEMENT LEVEL 6 2011/2012 Semester Two

FINANCIAL STRATEGY Lecturer: Dr Vadim Grinevich

ASSIGNMENT TWO Assessment weighting: 50%

Learning outcomes covered in this assignment 1. Identify and evaluate strategies for the management of working capital. 2. Identify and evaluate the financial implications of acquisitions including the valuation of companies. 3. Analyse relevant costs, benefits and risks of a project and make appropriate recommendations Assessment criteria: see below

Distribution date: 04 April, 2012 Return date: 11 May, 2011

Part 1 Dell’s Working Capital
Dell Computer Corporation reported impressive growth in the mid-1990s. Although it was financed internally, the company management needed a plan for financing the future growth. Enclosed are further details of this case as designed by Ruback and Sesia, 2003 (Attachment 1). REQUIRED    Discuss how Dell financed its growth in 1996. Discuss whether Dell’s working capital management is a factor of the company’s competitive advantage. Briefly outline what improvements in capital management can be recommended for Dell.

Part 2 Sanofi-Synthelabo and Aventis
“In January 2004, a hopeful, scrappy Sanofi-Synthélabo officially announced that it was making a $60 billion bid to take over French-German drugmaker Aventis in an effort to become the world's third largest pharmaceutical group. Although France's Sanofi was quick to outline the advantages of the deal, the larger Aventis wasn't initially too keen on the offer” (Fierce Farma, 2010). Enclosed are further details of this case as developed by Petitt, 2005 (Attachment 2). REQUIRED    Discuss pros and cons of a merger between Sanofi and Aventis. Estimate the value of Aventis for Sanofi. Make a recommendation for Sanofi on whether they should increase their offer for Aventis.

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