Dow Chemical

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Andres Felipe Lucena 200415294

REPORTE CASO DOW CHEMICAL-PBB

En noviembre de 1995, la compañía Dow Chemical Company (Dow), empresa líder a nivel mundial en la producción de polietileno, está considerando la participación en la oferta pública por Petroquímica Bahia Blanca S.A (PBB), la cual quiere ser privatizada por el gobierno Argentino, haciendo la oferta publica del 51% de la compañía.
Dow Chemical tiene que valorar esta compañía por medio de la metodología de Flujos de Caja Libre, adicional deberá tener en cuenta factores como: * Riesgo país, se debe tener en cuenta una prima de riesgo país, la cual afectara directamente la tasa de descuento de los flujos de caja libre (WACC), se va a tener en cuenta una tasa de riesgo …show more content…

Con estas dos etapas se está cerrando el ciclo de producción y se tendrían todas las líneas de producción para abastecer el mercado local e internacional.

La tercera y última etapa consiste en ampliar la capacidad de producción y se deberá generar una estrategia para el suministro de gas que de acuerdo a estudios es viable.

* Precio, el etileno representa el 85% de los costos variables y actualmente se cuenta con un precio muy alto lo cual lo está ubicando en una posición ineficiente frente a la competencia. Se espera que con la inversión en nuevas tecnologías en la primera etapa se pueda obtener un mejor precio del etileno. El etileno es generado principalmente con petróleo y gas los cuales son commodities y tienen valores fijos a nivel mundial por lo cual el precio del etileno dependerá principalmente de la forma de producción.

* Competencia, la competencia en esta oferta publica son Copesur y Perez Companc. Perez Companc tiene ventas adicionales a Copesul por 35.9%, tiene mayor valor de activos en 49.9%, tienes un shareholder equity parecido y tiene unos pasivos adicionales del 88.2%. Según esta información se considera que la empresa con mayor opción de competir según los estados financieros es Perez Companc, la cual tiene una opción de financiamiento adicional a través del patrimonio dado que tiene una participación mayor en el mercado del 35.9%.

MM USD | | Perez Companc | Copesul | Diferencia | Ventas Totales |

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