1a.
Value Vodafone 17 dec = sharesVodafone*priceVodafone = 154186,4042
Value Mannesmann 17 dec = sharesMannesmann*price Mannesman = 121188,6
Value combo 17 dec = 275375,0042
Value Vodafone 21 oct = sharesVodafone*priceVodafone = 130206,9767
Value Mannesmann 21 oct = sharesMannesmann*price Mannesman = 75276,765
Value combo 21 oct = 205483,7417
Indicated synergies = (275375,0042 - 205483,7417) / 0.6 = 116485,4374
We devided the difference in combined shareprices by 0.6, as the shareprices only reflect 60% of the synergies. That means the indicated synergies are 116 billion.
1b.
2000E 2001E 2002E 2003E 2004E 2005E 2006E Terminal Value
Operating profit AfterTax (I) 0 58,5 159,9 447,2 639,6 793,65 967,85 (II)26884,72
Savings 0 60 147 360 420 469 506
Total Synergies AfterTax 0 118,5 306,9 807,2 1059,6 1262,65 1473,85
PV Total Synergies (III) 110,1301 265,0772 647,9542 790,4836 875,4304 949,6852 & ...