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M&

M&A

2006
M&A






M&A



Kumi Miyauchi Eishi Harada Takashi Mizukami

20111 1
.
1.3
M&A


1996
M&A2008
2009
20091,587
M&A20091,457 2000 5,000
19963.4 M&A
M&A
M&A
2006

M&A
101
20091301996

M&A


2,000

1,800 IN-IN
M&A
1,600 IN-OUT
M&A
1,400

1,200

1,000

800

600

400

200

0
1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010

2010927 M&A

2

M&A


M&A M&A





PMI
Post Merger Integration M&A

M&A

2 M&A


400 80,000

IN-OUT M&A

350 70,000
IN-OUT 1

300 IN-IN
60,000

250 50,000

200 40,000

150 30,000

100 20,000

50 10,000

0 0
1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010

2010927 M&A

3
.

1990








1M&A NASA
IC

30
1
1946


IC

CCFLLED

199012

5,800754,000

4
21%
2 2011/3

20057 28





2010/3

1 2 3

03/3 10/3




500 4

1 2 3
400 3.5

300 3


200 2.5

100 2

0 1.5

14%

1,400

1,200 12%

10%
1,000

800 8%

600 6%

400 4%

200 2%

0
0
-200 -2%
91/3 92/3 93/3 94/3 95/3 96/3 97/3 98/3 99/3 00/3 01/3 02/3 03/3 04/3 05/3 06/3 07/3 08/3 09/3 10/3

100

5

3









3
EVP

1123


3-1 1





1992/31993/3



1993121

IC15
35
IC

6

19996
1995/3
1996/3




199911
44
1997/3
1


20005



8,000



4
VP2001
1998/3 EVP

3-2 2 24

1


1998


SCVStrategic Corporate Vision











1993









4

8
2

19901997



EVP

1992/31993/3199312

19982002
1999

1998199911
41

200064
1VP2002/3EVP

SCV
Strategic Corporate Vision

200221

2002S

2003


2007IPO

IPO

9
3-3 3
2000
2003




2
2009/34
3

1



2005

2002
5S





2003/3

10

4


1



2 3

4,500 450

4,000
400


/


3,500 350


3,000 300

1 2 3

2,500 250

2,000 200

1,500 150

1,000 100

500 50

0
91/3 92/3 93/3 94/3 95/3 96/3 97/3 98/3 99/3 00/3 01/3 02/3 03/3 04/3 05/3 06/3 07/3 08/3 09/3 10/3

100

11

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