Diversification strategies

The cross-conjugated trienes have potential in many different types of diversification strategies. For example, the triene clearly lends itself to inter- and intramolecular Diels-Alder reactions. Incorporation of the hydroxymethyl group on the tether allows attachment of functionality suitable for reactions subsequent to the Alder-ene reactions. As depicted in Scheme 8.5, propargyl tosylamides A, alkynyl silanes B, acrylate esters C, and propargyl ethers D can all be readily prepared from 39... 

And finally the entry of Gazprom in the Georgian energy market - as a main supplier, operator and manager of the main pipeline - does not comply with the energy market liberalization and gas supply diversification strategy... 

The keywords that characterize the strategy for a transition into the world s future energy economy are conservation, substitution, and diversification strategy, necessary to reduce the burning of fossil fuels and to improve efficiencies, to replace them by environmentally benign energy carriers, and to avoid new and too strong dependencies. 

As shown with the minimum-variance method, solution of implementing traditional portfolio optimization is often expressed in highly concentrated portfolio. One alternative to overcome such difficulties is to use the equal weighting approach. This method is often considered as a naive diversification strategy which attempts to capture some of the potential gains from international diversification ([14], p. 229). Its major advantage is robustness as it does not require return or volatility forecasts, which is also one of the most important reasons for popularity of the EQW approach. Despite its simplicity and popularity, EQW certainly has some pitfalls. One of the most obvious is the fact that it does not account for volatilities and correlations between assets. 

Scheme 17.23 Chemical diversification strategy via reductive formation of 5-amino (64) or 9-amino (68) sial oconjugate intermediates with subsequent chemoselective acylation.

This chapter is organised as follows. Section 2 describes the dataset, while section 3 analyses the origin of acquiring firms and target firm s location. In section 4, we attempt to identify sector differences in the pattern of M As in the US and Western Europe. In section 5, we examine the diversification strategy and the extent of ownership control exercised by parents on subsidiaries. In particular, we assess whether minority acquisitions are more likely when firms enter new markets. Section 6 concludes. 

We now turn to the diversification strategies and the extent of ownership control over acquired firms. In particular, we compare intra-regional and international M As, and attempt to provide explanations for these differences when they exist. We pay particular attention to the R D intensity of the industries, and assess whether this results in different diversification strategies. 

Using the 4-digit SIC code of target and acquiring companies and the distinction between Core Chemicals (CCs) and Vertical Related Industries (VRIs), we identify six different diversification strategies, as depicted in Figure 1. 

As far as vertical integration is concerned, the relative importance of this diversification strategy is higher for international M As compared to domestic ones. The number of Vertical-Diversification transactions is consistently higher than Vertical-Horizontal M As. Moreover, Table 8 shows that the number of Vertical-to-Core transactions is pretty much the same as those labelled Vertical Diversification. This means that vertical integration is the result of two-way flows chemical firms expanding their activity up-stream and down-stream, but also non-chemical firms expanding in CCs. 

The evidence provided in Table 9 does not support this hypothesis for Horizontal diversification strategies. Minority is constantly lower for Broad than Strict Horizontal, whatever the market entered. The results for Vertical integration are mixed. Minority plays a major role both in absolute and relative terms in Vertical-Diversification and Vertical-to-Core for investments originating in North America (first two columns). However, this is not the case for M As undertaken by European acquirers. 

Table 9. Percentage of Ownership by Type of Diversification Strategy...

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