Hostile takeovers in Europe Essay Example

Hostile takeovers in Europe Essay Example Hostile takeovers in Europe Paper Hostile takeovers in Europe Paper Mergers and acquisitions are considered to be an important aspect of strategic financial management. Viewing markets from a dynamic perspective it is argued that an efficient market for corporate control encourages firms to redraw their boundaries in a search for the best configuration of assets. Acquisition and subsequent divestment are not, therefore, seen as necessarily a sign of failure or greed. The threat of takeover whether it materializes or not, is regarded as a vital discipline of management. In a hostile takeover, an investor or a group of investors, intend to purchase a majority stake in a corporation, often secretly, against the wishes of its board. The case of the takeover of Arcelor by Mittal steel is a textbook case of a hostile takeover. There are two sides of arguments for a hostile takeover. On one side, one could argue that hostile takeovers are ultimately possible only because shareholders want to sell their stocks, otherwise they would keep them anyway. On the other side, an ethical concern arises with the remaining shareholders that do not want to sell. If the company is taken over by someone who has different ides about the corporation, for instance, who wants to split the company and sell off certain parts, a hostile takeover might interfere quite significantly with the property rights of those remaining shareholders (Crane, Matten, 2007, p. 231). Hostile takeovers can reduce managerial agency costs in public firms. The stock price of the mismanaged forms will sag, and takeover entrepreneurs or managers at other forms will buy up the stock cheaply, improve the target firms’ operations, and thereby profit. While the debate in the 1980s in the United States was wide as to whether this was the primary goal and effect, surely it was one effect, and a shareholder-oriented takeover policy would cull out the extraneous causes and effects. Hostile takeovers have been notoriously harder in continental Europe than in United States and Britain. True, there are fewer fully public European firms, making the background rate necessarily low. But, although a few hostile takeovers were attempted in Germany, they usually floundered due to political pressure one would expect in a social democracy, as workers campaigned to block the takeovers and politicians sided with employees and against capital owners (Roe, 2006, p. 43). The overriding concern of the European Commission is to promote the restructuring of European industry. Even though there are large fluctuations over the time in individual countries, the general perception is that at least, during the 1970s and 1980s, the Untied States has been more successful in restructuring its industry. A considerable share of this restructuring was achieved through hostile takeovers, and even when transactions were negotiated the potential for a hostile bid played an important role. However, within Europe, the hostile takeovers were confined primarily to he United Kingdom, Hostile takeovers, in the sense of tender offers launched in the market, have been very rare in Continental Europe, at least until very recently. For instance, in 1989, there were only four hostile takeovers in all the rest of EU15, compared to thirty two in United Kingdom. This number was however equaled at 21 in the year 1999 (Huizinga, Jonung, 2005, p. 36). A number of features of the Continental European economies (i. e. Europe minus UK or non-UK regions of Europe) have been put forward to explain the differences in the level of their takeover activity. The takeover barriers are functionally similar to takeover defenses, in that they both help to entrench target management. Takeover barriers are common in Continental Europe, while takeover defenses are widely used in the United States, though in case of Arcelor-Mittal both are equally significant (de Menil, Portes, 2003, p. 78). Many continental European countries have structural and/or regulatory barriers to takeover activity: control over voting rights, privileges granted to management to take actions without shareholder approval, and restrictions on shareholders access to information. These barriers are sufficient in some case to preclude takeover attempts. However, in general these barriers are increasingly being dismantled though gradually (Smith, 1994, p. 89). Also funds have been found to finance even the hostile takeover moves by local banks, as is seen in the case of the Societe Generale bank in the Arcelor-Mittal takeover. This section will discuss the takeover barriers existing in Europe in detail, as they are applicable to the Arceor-Mittal case study. It must be noted here that many of the takeover barriers that are usually applicable for companies based in Continental Europe either did not matter or mattered very less in case of Arcelor, as will be seen in the discussions below. Takeover barriers can be broken down into structural and technical barriers. Structural barriers are part of the institutional setting such as the influence of banks, the ownership structure and the size of the equity market. Technical barriers, on the other hand are part of each individual firm’s governance structure, as laid down in the corporate charter and allocating the powers among its constituencies i. e. shareholders, management, workers etc. Examples of such common technical barriers that are specifically aimed at frustrating hostile bids are restrictions on the transferability of shares and voting restrictions. Dual-class shares, pyramidal groups and cross-shareholdings are devices to separate ownership and control, thereby also providing against unfriendly acquisition attempts (de Menil, Portes, 2003, p. 78).

5 Interesting Facts About the Medici Coat of Arms

5 Interesting Facts About the Medici Coat of Arms The Medici have long been associated with balls. Their family emblem - five red balls and one blue on a gold shield - is prominently displayed on buildings all over Florence and Tuscany which have Medicean connections or which were financed with Medici money. Some examples of where you can see them outside of Florence are Piazza Grande in Montepulciano and Piazza del Campo in Siena. In fact, the coat of arms was so widespread that one outraged contemporary of Cosimo il Vecchio declared, He has emblazoned even the monks privies with his balls. To prepare you for your trip to Tuscany (or just to add some historical fodder to your next conversation in Italian), here are five cocktail party facts about the Medici coat of arms. Five Facts About the Medici Coat of Arms 1.) One origin story for the coat of arms comes from a giant named Mugello. The Medici family crest has long been the object of much historical speculation. The most romantic (and far-fetched) explanation of the origin of the palle is that the balls are actually dents in a shield, inflicted by the fearsome giant Mugello on one of Charlemagnes knights, Averardo (from whom, legend claims, the family were descended). The knight eventually vanquished the giant and, to mark his victory, Charlemagne permitted Averardo to use the image of the battered shield as his coat of arms. 2.) Other origin stories for the coat of arms represent pills  and money. Others say the balls had less exalted origins: that they were pawnbrokers coins or medicinal pills (or cupping glasses) that recalled the familys origins as doctors (medici) or apothecaries. Others say they are bezants, Byzantine coins, inspired by the arms of the Arte del Cambio (or the Guild of Moneychangers, the bankers organization to which the Medici belonged). I’ve also read that the balls are meant to represent gold bars, again  representing their profession as bankers,  as many frescoes and works of art in Florence depict gold bars as originally being formed as balls. 3.) If you were a supporter of the Medici family, you might be seen enthusiastically yelling â€Å"Palle! Palle! Palle!† In times of danger, Medicean supporters were rallied with cries of Palle! Palle! Palle!, a reference to the balls (palle) on their armorial bearings. 4.) The number of balls on the shield changed over the years. Originally there were 12 balls. In Cosimo dà © Medicis time, it was seven, the ceiling of San Lorenzos Sagrestia Vecchi has eight, Cosimo Is tomb in the Cappelle Medicee has five, and Ferdinando Is coat of arms in the Forte di Belvedere has six. The number six remained stable after 1465. 5.) The blue ball has the symbol of the kings of France on it - three golden lilies. It’s said that Louis XI had a debt with the Medici family and in order to reduce his debts, he allowed the bank to use his symbol, giving the Medici bank more clout among the people.

E. Coli Bacteria Engineered to Eat Switchgrass and Make Transportation Research Paper

E. Coli Bacteria Engineered to Eat Switchgrass and Make Transportation Fuels - Research Paper Example Q2.Why did the scientists conduct the study? This study was driven by the fact that these compounds are dangerous in nature and therefore, extremely risky to both man and other animals. Due this reason, the need arose to come up with a mechanism which can help in the breakdown of this compound will be very useful. Successful identification of proteins that can break down these molecules mean a positive progress towards finding a solution to this problem which have persisted for several years now (Chen, 2011). From this point, it will be very easy for researchers to develop special bacteria in the laboratory which can destroy this compound and render them harmless. Being that phosphonic acid is very stable would mean that these compounds cannot be broken down with ease. It is surprising that bacteria can break down these bonds with ease in other linked or related molecules. It is worth noting that simple sugars in corn grain, the cellulose and hemicelluloses in plant biomass are diffi cult to take out because the tough, woody material known as lignin around them. After extraction, it is, therefore necessary that the complex sugars get hydrolyzed into simpler sugar molecules and finally synthesized into fuels (Chen, 2011). Q3.How the study was done? The study involved pre-treating switchgrass biomass in ionic liquid with engineered E.coli. The significance of this pretreatment is to make the biomass readily digestible by the bacteria. The study started by, identification of complex proteins which are capable of digesting or breaking up of the key bonds. An estimate found out that exceeding numbers of phosphonic acids get released into the environment each year especially in the western countries. Being that it cannot be broken down with ease would mean that most of it will end up as pollutant to the underground water. This has resulted into concern of this contamination to the human health and aquatic ecosystem which will impact on the water dependent lives (Chen, 2011). Q4.What did the study find? Following this revelation, researcher at the U.S department of Energy (DOE) have come up with the first strains of bacteria E.coli that can breakdown switchgrass and synthesize its sugar component into all the important transportation fuels i.e. gasoline, diesel and jet fuels. This study is considered a milestone as the thriving fuel crisis can be combated through its realization. In addition, this kind of fuel is regarded clean, green and renewable. The process of making this kind of fuel is very easy as there is no enzyme additives needed in order for the bacteria to synthesize these compound to produce the fuel. The study found out that most demanding part of bio-fuel production is the addition of enzymes. This challenge is eliminated through this type of bio-fuel production. The essence of this addition is to depolymerize cellulose and hemicelluloses sugars which are fermented into sugar with a final yield of fuels. It is evident that the thre e advance bio-fuels can be synthesized from ionic liquid treated switchgrass using laboratory engineered E.coli

Personal class Design Project Assignment Example | Topics and Well Written Essays - 1250 words

Personal class Design Project - Assignment Example th many youth especially those from my class are continuing to fall victims of drug abuse, it will be necessary to have practical examples through group discussions in order to effectively communicate with the students. The class is composed of 20 students who have just joined the secondary education. The class is a mixed class with more boys than girls. The sessions are designed to be taught 2 hours one in the morning and the second one in the afternoon. The class will be made up of students from all walks of life. This is a good parameter through which students from different backgrounds would be subjected to discussions with students from other settings to have the issue of drug abuse addressed comprehensively. Experiences of people with relatives or students with drug addiction would be indispensable in making the learning more practical. The10 minutes of the class will entails students responding to the questions outlined in their journals and which will also be written for them on the blackboard. The first question will entail what drug abuse is. The second one will entail causes of drug abuse, and the third one will entail effects of drug abuse. This part of introductory in a new class is intended to bring to the speed on whether the students prior understanding on the issue of drug abuse (Dupper, 2002). This way, the following activities will be dependent on the understanding of what the students know about drug abuse. This session will entail taking the students through various readings on the definition of drug abuse and its causes. This is critical in that it will first make students understand the topic at hand even before detailing how to develop an ad for anti-drug campaign. For this lesson, the students will be required to give their own understanding of what drug abuse is and give practical examples of the same. This is essential in that it will help in bridging the gap between the materials the students read in class and what they belief drug

Interpreting Dreams Through Humanistic Sandtray Therapy

Interpreting Dreams Through Humanistic Sandtray Therapy Aaron Glogowski Dr. Michael E. Dunn Swan, K. L., Schottelkorb, A. A. (2013). Interpreting Children’s Dreams Through Humanistic Sandtray Therapy. International Journal of Play Therapy, 22 (3), 119-128. doi: 10.1037/a0033389 Swan and Schottelkorb open this article with a statement on dreams and adolescence. They first not that studies have shown that children as young as three years old are able to recall their dreams. Some studies have even hypothesized that children’s dreams can reveal what they think about themselves. Afterward, they proceed to show an example of how children’s dreams change as they develop. Children tend to take on a more active part in their dreams as they get older, and their dreams from ages 4-12 become scarier, based on events in their lives. In this way, traumatic experiences could wind up playing a large part in children’s dreams. In their analysis, Swan and Schottelkorb determined that they wanted to find an approach to aid children in examining their dreams for various thoughts and feelings that may be hidden within them. But to do that, they needed to develop a method of experimentation first, and they wound up choosing the sandtray method. According to their research, Margaret Lowenfeld is the person responsible for creating the World Technique, which gave the base for the development of sandtray therapy. The sandtray method is meant to allow children to recreate scenes from their dreams on a sandtray, which they are then able to explore. Through their experiment, Swan and Schottelkorb hoped to determine whether the children’s dreams could be based on past or present events, in addition to providing them with an outlet to explore their dreams. To carry out their experiment, they began by creating four distinct phases through which the study would occur. These included the precreation phase, the creation phase, the dream processing phase, and the postprocessing phase. Each phase had a very specific goal attached to it. In the first phase, the precreation phase, the aim was to help the children recreate the dreams in their mind, and to bring them to a state of relaxation. The phase began by putting the child through a sense of meditation. The therapist took them through a series of steps to relax them and help them focus their mind. They started by giving them simple statements about themselves or their environment, before moving their attention to the dream aspect of the therapy. The therapist would ask them a series of questions about the dreams to get the child’s thought process focused on the dream’s details. Once they were done asking questions about the dream, they proceeded to the next step. In phase two, the creation phase, the focus shifted to the child’s creation of their dream. At the beginning of phase two, the child was given a sandtray to recreate their dream to the best of their ability. They were told to use as much or as little as necessary to properly create the dream. Swan and Schottelkorb note that it is imperative that the therapist stays engaged and focused on the child, watching their process silently, in order to maintain the proper therapeutic environment for the child to continue to create their dreams in the sand. It was offered that the therapist may note their thoughts and feelings as they try to track the course of the dream. Once that phase concluded, they moved on to the actual dream processing. Phase three, the phase of the processing of the dream, was divided up into several steps. This phase was designed to help better understand the dream and the feelings associated with it. The dream processing phase began with the therapist asking the child to explain the scene that they had created. Swan and Schottelkorb note that by doing this, the focus was able to shift from the child to the creation in the sand, thus making it easier for them to discuss the dream, and any issues or problems that may go along with it. In the first step of the process, the therapist’s goal was to get a firm idea of the world of the dream, asking the child very specific questions about the objects that they had created within the sandtray. At that point, the therapist would ask questions about what happened between certain objects. In the next step, the therapist would ask the child about how certain objects made them feel. The therapist would try to follow along in a way that mimicked the child’s feelings, for example, telling the child about things that they saw with them when they were talking about a certain object. The goal of this portion of the phase was to take notice of how the child felt toward certain triggers. Step three involves the therapist and child trying to figure out what the child sees or imagines when he is presented with a specific object from the set. The hoped to use this step to discover hidden meanings with objects, and how they may be associated with other experiences that th e child may have had. Step four is about examining any possible events that could be in some way linked to the formulation of the dream. Swan and Schottelkorb say that the therapist may need to ask questions in a more solid way to get the specific responses required based on the issue of determining specific triggers for past or present memories. The final step is about reflection, or trying to piece all of the information together. The therapist may ask the child some questions about how they feel about what the dream means, allowing the child to come to terms with the dream as well. The final phase of the study was the postprocessing phase, in which the main goal was to determine the ultimate meaning behind the dream. The therapist asked the child to create a title for the sandtray creation. They hope that this title would help to create a single idea for the meaning of the dream. The child was then asked to create a phrase to sum up how they discovered the meaning of the dream. They make it clear that a picture should be taken of all of the dream scenes to monitor the therapeutic process. They also caution against resetting the dream scene in the sandtray until the child leaves, as it may serve as an extension of the unconscious. Swan and Schottelkorb note one particular case in which a ten year old patient by the name of Mary was subjected to this form of therapy. Mary’s mother had brought her in to therapy because she was worried about Mary being abnormally anxious and sad. The therapist used the sandtray process to uncover the meanings behind a dream that Mary had involving an attacking clock, a fighting wolf, and a protective dog. Through the process, Mary and the therapist were able to determine that she was having these feelings of sadness and anxiety because of her parent’s recent divorce. After the session was over, Mary revealed that she was now feeling more at ease with everything. Swan and Schottelkorb note that the sandtray method used in this instance seemed to activate a healing process for the patient. They end their study by stating that dream based therapy may prove useful for children experiencing emotional difficulties, but where there is no official evidence on the specific type of therapy, counselors should make sure that they obtain full consent before using the method.

Language Policy Essay

LANGUAGE LEGISLATION: VOTER DRIVEN INITIATIVES Kelly M. Jefferson Grand Canyon University: SPE 523 July 23, 2012 The issue of language policy and the education of English language learners (ELLs) in this country has been hotly debated and widely contested. Students who enter our school systems without an understanding of the English language must attain not only conversational proficiency, but also academic literacy in English. Academic literacy is the foundation of school success and necessary for students to master content standards (Echevarria, Short, & Vogt, 2008).All parties agree that ELLs are federally entitled to a quality education once they join this country’s educational system. The debate stems from how to effectively teach students English and core content, simultaneously, in ways that ensure their success within the curriculum. Politicians and educators must also grapple with the dilemma of how to effectively educate non-native students, so as to facilitate their adequate proficiency on a myriad of statewide tests required of all pupils enrolled in public schools.ELLs are concentrated in the urban areas of states like California, Texas, Florida, Illinois, and New York, which have seen the largest influx of English learners within their schools (Boyle, Cadiero-Kaplan, & Peregoy, 2008). Students with limited English proficiency (LEP) made up almost ten percent of the K-12 public school student population in the 2004-2005 school year (Echevarria et al. , 2008). Spanish is the most prevalent primary language (L1) and is spoken by eighty percent of ELLs (Boyle et al. , 2008).In the absence of clear direction at the federal level on how to best prepare ELLs academically, many states have taken the matter into their own hands through various voter initiatives. Arizona, California, and Massachusetts are states that have attempted to solve these questions through ballot initiatives. The voters of each state overwhelmingly adopted a Structured Englis h Immersion (SEI) approach in which ELLs receive all content in English via a sheltering technique that allows learners to understand their instruction.The goal of SEI is language, literacy, and content learning exclusively in English. Each state elected to limit the amount of time ELLs are provided with language assistance to roughly one year, despite research findings that show students need at least five to seven years of language assistance to acquire the English proficiency required for successful academic participation (Boyle et al. , 2008). Arizona’s Proposition 203 was passed in November of 2000 and effectively repealed bilingual education laws in effect at that time.Proposition 203 required all students to be taught in English with the exception of those classified as† English Learners†. Designated pupils are instructed through sheltered English immersion programs (SEI) primarily in English, although a minimal amount of a child’s native language ma y be incorporated, when necessary (â€Å"www. ballotpedia. org†, 2012). Students who demonstrate a solid working knowledge of English are transferred out of the SEI program into a regular English classroom. Parents of identified ELL children have the ability to obtain a waiver that excuses their child from participation in the SEI program.Excused students are often taught English and other content via traditional bilingual education instruction or another recognized instruction method (www. ballotpedia. org, 2012). Parents are also entitled to recoup any actual and compensatory damages they incur as the result of school officials failing to comply with Proposition 203. The Massachusetts English in Public Schools Initiative, known as Question 2, is very similar to the Arizona law, in that Question 2 places a heavy reliance on SEI programs and lessens the availability and access to bilingual education programs.Passed in 2002, the law mandates that all public school children mus t be taught English. All content is delivered in English language classrooms (â€Å"www. ballotpedia. org†, 2012). Children whose native language is not English are educated using the SEI method with minimal access to their native language at their teacher’s discretion. Question 2 allows for children from diverse native language groups to be placed in the same classroom provided their English skills are of similar levels. The law does not affect students with physical and mental impairments in special education programs (â€Å"www. ballotpedia. org†, 2012).Question 2 differs from Arizona’s Proposition 203, in that if twenty or more students in any one grade level at a school obtain waivers that school must offer bilingual education classes in both the child’s native language and English or another type of generally recognized educational program. Question 2 contains some of the same provisions as Proposition 203, such as a parent’s right to sue school officials who obstruct its implementation. English learners in the state undergo annual standardized tests of their English skills and students in grades two and above take annual written standardized tests in English (â€Å"www. allotpedia. org†, 2012). California voters passed Proposition 227 by a huge majority in 1998. The law answered the question of how to educate English language learners in that state by putting in place a statewide SEI program and drastically eliminating access to bilingual education programs (Purcell, 2002). In sync with similar initiatives in Arizona and Massachusetts, Proposition 227 calls for the education of all children in English by being taught in English. The law allows LEP students one year of language assistance before they are mainstreamed into total English speaking classrooms.Each piece of legislation fails to consider the body of research that finds that nonnative speakers need anywhere from five to seven years of language in struction in order to attain a level of proficiency within a second language. The laws also neglect studies that prove that time spent learning in a student’s native tongue does not negate English language development, but enhances it due the transference of literacy skills from one language to another (Purcell, 2002). Also, within the pressurized and time constrained settings of many SEI programs, students are not granted the involuntary and often incidental tmosphere that language development often occurs in. Without necessary native language instruction amid an English language deficit, many LEP students have failed to attain the level of academic achievement and English language proficiency entitled to them. References Arizona english language education for children in public schools, proposition 203 (2000). (2012, February 28). Retrieved from http://ballotpedia. org/wiki/index. php/Arizona_English_Language. Boyle, O. F. , Cadiero-Kaplan, K. , & Peregoy, S. F. (2008). Rea ding, writing, and learning in ESL: A resource book for K-12 teachers.Boston, MA: Allyn & Bacon. Echevarria, J. , Short, D. J. , & Vogt, M. (2008). Making content comprehensible for English learners: The SIOP Model. Boston, MA: Allyn & Bacon. Massachusetts english in public schools initiative, question 2 (2002). (2012, February 27). Retrieved from http://www. ballotpedia. org/wiki/index. php/Massachusetts_Question 2. Purcell, J. (2002). The foundations and current impact of california’s proposition 227. Retrieved February 28, 2012 from U. S Department of Education, Educational Resources Information Center: http://www. eric. ed. gov.

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