Valero Energy Essay Example | Topics and Well Written Essays - 1250 words

Valero Energy - Essay Example 4. Critically discuss whether Valero Energy has diversified its products and services. Provide 3 recommendations with a timeframe included of how Valero Energy can create better value through diversification of its corporate-level strategy. 5. Critically discuss whether Valero Energy has created and sustained a competitive advantage through its business-level strategy. Provide 3 examples of different environmental influencers that have affected its business-level strategy. [1] Valero is a refiner of oil feedstock. It buys oil from companies that extract them from the ground and Valero turns the stuff into clean fuel and other products like plastics, asphalt, aromatics, etc. that it sells to other companies. Valero’s entrepreneurial philosophy is closer to that of a small family business where all who work for it feel that they have a stake in the success and profitability of the company. In a June 2006 interview with HR Magazine, Valero’s first CEO (who retired in 2005) admitted that the concern of management is basically how to take care of its people so that they improve their operations, increase refining capacity and yield, and help run the company better. Profits usually follow because the people are happy working for the company. Since 1980, the company has taken care of its people – it has not laid off a single employee in the last twenty-nine years – and so has the luxury of getting the best among those who apply for jobs there, rewarding them for their contributions to the company. Process and product innovations at Valero are managed by sharing the R&D expertise of researchers for its four fuel (gasoline, diesel, jet fuel and renewables) and eight specialty (aromatics, asphalt, propane, sulfur, base and process oils, petroleum coke, solvents and natural gas liquids) products following the basic guidelines of being environment-friendly,

The Puzzling Message of Figure in the Carpet :: Figure in the Carpet Essays

The Puzzling Message of Figure in the Carpet At the beginning of "The Figure in the Carpet", the main character considers the criticism of literature to be a career, something he does for money. "I had done a few things and earned a few pence" (p. 357), declares the narrator in the opening line. He says later in the paragraph that having an advanced copy of a prominent novel to review was desirable because it would advance his career: "Öand whatever much or little it should do for his reputation I was clear on the spot as to what it should do for mine." (p. 357) The character sees Vereker's work as a vehicle to advance his career. There seems to be little excitement as to the content of Vereker's work, the reader is never given even so much as the subject matter of a Vereker novel. Instead, all of the focus of the opening scenes is directed towards the narrator's struggle to become a renowned critic. Henry James is contrasting the practice of literary criticism with the ideal of what literary criticism should be. Even the characters that seem to be in the purest pursuit of Vereker's great secret, Corvick and Gwendolen, will not share it with their friends. When they discover it, they all want to publish it for themselves. Vereker himself seems to hold the literary critics in the book in contempt, citing their lack of vision. Vereker speaks to the narrator at several points in the novel, "You miss it, my dear fellow, with inimitable assurance; the fact that your being awfully clever and your article's being very awfully nice doesn't make a hairs breadth of difference." (p.365) The work of a literary critic in Vereker's eyes is to find the figure in the carpet. Which is to say that what a literary critic and readers of literature should do is to look for a deeper meaning or context in works of literature. Vereker is upset because the critics fail to grasp the deeper meaning in his works. James himself must have been quite upset at the critics of his day. Influential critics can make or break a writer. More than anyone else, critics can sway how people perceive the work of an author. As James illustrates in the story, critics are not to be trusted as authority.

Effects of Agriculture Essay

Because it was tremendously essential for survival, had a monumental impact immediately on society and continues to affect us even to this day, agriculture was the most influential development of the early civilizations. The people of the first civilizations needed agriculture because it was an easy, more efficient way of obtaining food. The early peoples had to hunt and gather their food, and, â€Å"Hunting depended on the careful observation of behavioral patterns† (Duiker, W. J. & Spielvogel, J. J. 2001). It must have been challenging to always be moving and searching, just so they could find food that day. However, deciding to stop and grow food, in one reachable convenient location, would have solved the issue of having to go through all the extra steps of hunting down animals. After a long time of humans living successfully in the Old Stone Age, and ice age occurred cause a devastating drought, which killed off most of the vegetation. â€Å"All living things started clustering around sources such as lakes and river† (Howe, H. , & Howe, R. T. 1992). Because all living things clustered around water sources, there was more competition, human and non-human alike, for the already diminished food supply. Naturally, the people of the early civilizations would need to grow their own food in order to sustain their population. Shortly after farming’s conception many life-changing discoveries, like trade, were made. â€Å"Some people became artisan, made weapons, and jewelry that were traded with neighbors† (Duiker, W. J. & Spielvogel, J. J. 2001). When people started to farm they began producing more food then they need. These food surpluses allowed people to do other things with their time such as, make weapons and jewelry that could in turn be traded for other people’s goods. The change to farming also immediately affected the relationships between men and women. â€Å"Men assumed the primary responsibility for working in the fields and herding animals, jobs that kept them away from the home. Women remained behind caring for the children and weaving cloth, making cheese from milk, and jobs that required considerable labor in one place† (Duiker, W. J. & Spielvogel, J. J. 2001). The men had to go work in the fields because planting, growing and harvesting crops required long hours of great physical labor that the women couldn’t take. Also the work in the fields was seen as more important, and so men assumed a more dominant role in society. Not only did agriculture immediately change society, but the changes it created are still evident today. Trade is done in the almost same way and for the same reasons as in ancient times. People still make goods and perform services in exchange for something else. However, rather than exchanging work for another good or service, people today use the cash system. In the cash system people provide labor so they get money in return. The money they earn can then be used to by various products or services. The relationship between men and women established because of agriculture is prevalent today as well. Not only do men still have a more dominant role in society but they still do more difficult and important work. The standard of men working while the women stay home and care for the house is still typical for families today. If the women do work though, they almost never have physically demanding jobs with long, hard hours like being a construction worker or farmer. Also not only are the vast majority of politicians, C. E. O. s, business owners, and other powerful workers men, but men also more often than not get paid higher than women. Truly, because of the fact the early people needed a more steady food source, it almost instantaneously changed humankind, and it evidently still affects the world today, agriculture was the most significant advancement of the early peoples. Bibliography Duiker, W. J. & Spielvogel, J. J. , (2001) Third Edition World History Comprehensive Volume. assBelmont, CA: Thomson Learning, Inc. Howe, H. , & Howe, R. T. , (1992) A World History. White Plains, NY: Longman

Tata Corus Case - Free Essay Example

Sample details Pages: 6 Words: 1862 Downloads: 10 Date added: 2017/09/22 Category Advertising Essay Type Argumentative essay Did you like this example? Abstract: |On January 31, 2007, Tata Steel Limited (Tata Steel), one of the |[pic][pic][pic] | |leading steel producers in India, acquired the Anglo Dutch steel | | |producer Corus Group Plc (Corus) for US$ 12. 11 billion (â‚ ¬ 8. 5 | | |billion). The process of acquisition concluded only after nine | | |rounds of bidding against the other bidder for Corus the Brazil | | |based Companhia Siderurgica Nacional (CSN). | | | | | |This acquisition was the biggest overseas acquisition by an Indian| | |company. Tata Steel emerged as the fifth largest steel producer in| | |the world after the acquisition. The acquisition gave Tata Steel | | |access to Corus strong distribution network in Europe. | | Corus expertise in making the grades of steel used in automobiles and in aerospace could be used to boost Tata Steels supplies to the Indian automobile market. Corus in turn was expected to benefit from Tata Steels expertise in low cost manufacturing of steel. However, some f inancial experts claimed that the price paid by Tata Steel (608 pence per share of Corus) for the acquisition was too high. Corus had been facing tough times and had reported a substantial decline in profit after tax in the year 2006. Analysts asked whether the deal would really bring any substantial benefits to Tata Steel. Moreover, since the acquisition was done through an all cash deal, analysts said that the acquisition would be a financial burden for Tata Steel. Issues:  » Gain an in-depth knowledge about various corporate valuation techniques. Critically examine the rationale behind the acquisition of Corus by Tata Steel.  » Understand the advantages and disadvantages of cross-border acquisitions.  » Understand the need for growth through acquisitions in foreign countries.  » Study the regulations governing mergers acquisitions in the case of a cross-border acquisition.  » Get insights into the consolidation trends in the Indian and global steel industries. Contents : |   |Page No. |Introduction |1 | |Background Note |2 | |Tata Steel Vs CSN: The Bidding War |4 | |Financing the Acquisition |5 | |The Integration Efforts |7 | |The Synergies |8 | |The Pitfalls |9 | |The Road Ahead |10 | |Exhibits | | The financials for this deal [require] high performance levels, perfect post-deal execution and sustained high steel prices. It is a risky game and will be okay for Tata as long as the economy is growing and no major bumps occur. If [these bumps] do occur, they can become a challenge, and I am reminded of the high leverage days of the mid-1980s. 1 Vivek Gupta, Managing Director, AT Kearney (India), in February 2007. Indian steel companies are on a consolidation mode. The Tata-Corus deal has set many records. So far, the only $1 billion-plus deal was done by ONGC, and its the first milestone for India Inc, with the Tata deal crossing $10 billion mark. Its a landmark deal since an Indian company has taken over an international company three times i ts size. 2 S. Mukherji, Managing Director, ICICI Securities, in February 2007. Introduction |On January 31, 2007, India based Tata Steel Limited (Tata Steel) |[pic][pic][pic][pic][pic][pic] | |acquired the Anglo Dutch steel company, Corus Group Plc (Corus) | | |for US$ 13. 0 billion3. The merged entity, Tata-Corus, employed | | |84,000 people across 45 countries in the world. It had the | | |capacity to produce 27 million tons of steel per annum, making it | | |the fifth largest steel producer in the world as of early 2007 | | |(Refer Exhibit I for the top ten players in the steel industry | | |after the merger). Commenting on the acquisition, Ratan Tata, | | |Chairman, Tata Sons, said, Together, we are a well balanced | | |company, strategically well placed to compete at the leading edge | | |of a rapidly changing global steel industry. 4 | | Tata Steel outbid the Brazilian steelmaker Companhia Siderurgica Nacionals (CSN) final offer of 603 pence per share by offering 608 penc e per share to acquire Corus. |[pic][pic][pic] |Tata Steel had first offered to pay 455 pence per share of Corus, | | |to close the deal at US$ 7. 6 billion on October 17, 2006. CSN then| | |offered 475 pence per share of Corus on November 17, 2006. | | | | | |Finally, an auction5 was initiated on January 31, 2007, and after | | |nine rounds of bidding, Steel could finally clinch the deal with | | |its final bid 608 pence per share, almost 34% higher than the | | |first bid of 455 pence per share of Corus. | | | | |Many analysts and industry experts felt that the acquisition deal | | |was rather expensive for Tata Steel and this move would overvalue | | |the steel industry world over. | Tata Steels Acquisition of Corus Next Page [pic] Top of Form |[pic] |[pic]Enter your search terms [pic]Submit search form [pic] | |[pic][pic][pic][pic][pic][pic][pic][pic][pic][pic][pic][pic] | Bottom of Form [pic] [pic] | | | |[pic] | |Marketing Financial Products |Case Studies in Finance Vol II I | |Textbooks Collection |[pic] | | |[pic] | | |Case Study Volumes Collection | 1] Did Tata Steel Overheat in its Zeal to Win Corus? [emailprotected], February 08, 2007. ] Tata Win Booster for Corporate Indias Confidence, The Economic Times, February 01, 2007. 3] As on January 31, 2007, 1 US Dollar = 44. 18 INR and 1 Pound = 86. 73 INR. 4] Tata Steel Completes Acquisition of European Steelmaker Corus, International Herald Tribune, April 03, 2007. 5] Since Tata Steel and CSN could not declare their final offer by January 31, 2007, an auction had to be initiated by The Takeover Panel which oversees mergers and acquisitions in the UK. Introduction Contd |Commenting on the deal, Sajjan Jindal, Managing Director, Jindal |[pic][pic][pic][pic][pic][pic] | |South West Steel said, The price paid is expensive ll steel | | |companies may get re-rated now but its a good deal for the | | |industry. 6 Despite the worries of the deal being expensive for | | |Tata Steel, industry experts were opt imistic that the deal would | | |enhance Indias position in the global steel industry with the | | |worlds largest7 and fifth largest steel producers having roots in| | |the country. Stressing on the synergies that could arise from this| | |acquisition, Phanish Puram, Professor of Strategic and | | |International Management, London Business School said, The | | |Tata-Corus deal is different because it links low-cost Indian | | |production and raw materials and growth markets to high-margin | | |markets and high technology in the West. | | The cost advantage of operating from India can be leveraged in Western markets, and differentiation based on better technology from Corus can work in the Asian markets. 8 |[pic][pic][pic] |Background Note | | |Tata Steel | | | | | |Tata Steel is a part of the Tata Group, one of the largest | | |diversified business conglomerates in India. Tata Group companies | | |generated revenues of Rs. 967,229 million in the financial year | | |2005-06. | | | | |The groups market capitalization was US$ 63 billion as of July | | |2007 (only 28 of the 96 Tata Group companies were publicly | | |listed). In 1907, Jamshedji Tata established Tata Steel at Sakchi | | |in West Bengal. The site had a good supply of iron ore and | | |water | Excerpts Tata Steel Vs CSN: The Bidding War There was a heavy speculation surrounding Tata Steels proposed takeover of Corus ever since Ratan Tata had met Leng in Dubai, in July 2006. On October 17, 2006, Tata Steel made an offer of 455 pence a share in cash valuing the acquisition deal at US$ 7. 6 billion. Corus responded positively to the offer on October 20, 2006. Agreeing to the takeover, Leng said, This combination with Tata, |[pic][pic][pic][pic][pic][pic] | |for Corus shareholders and employees alike, represents the right | | |partner at the right time at the right price and on the right | | |terms. In the first week of November 2006, there were reports in | | |media that Tata was joining hands with Corus to acquire the | | |Brazilian steel giant CSN which was itself keen on acquiring | | |Corus. On November 17, 2006, CSN formally entered the foray for | | |acquiring Corus with a bid of 475 pence per share. In the light of| | |CSNs offer, Corus announced that it would defer its extraordinary| | |meeting of shareholders to December 20, 2006 from December 04, | | |2006, in order to allow counter offers from Tata Steel and CSN | | Financing the Acquisition By the first week of April 2007, the final draft of the financing structure of the acquisition was worked out and was presented to the Corus Pension Trusties and the Works Council by the senior management of Tata Steel. The enterprise value of Corus including debt and other costs was estimated at US$ 13. 7 billion (Refer Table I for fund raising mix for the Corus acquisition) [pic][pic][pic] |The Integration Efforts | | |Industry experts felt that Tata Steel should adopt a light handed| | |integrationapproach, which meant tha t Ratan Tata should bring in | | |some changes in Corus but not attempt a complete overhaul of | | |Corussystems (Refer Exhibit XI and Exhibit XII for projected | | |financials of Tata-Corus). N Venkiteswaran, Professor, Indian | | |Institute of Management, Ahmedabad said, â€Å"If the target company is| | |managed well, there is no need for a heavy-handed integration. It | | |makes sense for the Tatas to allow the existing management to | | |continue as before | The Synergies |Most experts were of the opinion that the acquisition did make |[pic][pic][pic][pic][pic][pic] | |strategic sense for Tata Steel. After successfully acquiring | |Corus, Tata Steel became the fifth largest producer of steel in | | |the world, up from fifty-sixth position. | | | | | |There were many likely synergies between Tata Steel, the | | |lowest-cost producer of steel in the world, and Corus, a large | | |player with a significant presence in value-added steel segment | | |and a strong distribution ne twork in Europe. Among the benefits to| | |Tata Steel was the fact that it would be able to supply | | |semi-finished steel to Corus for finishing at its plants, which | | |were located closer to the high-value markets | | The Pitfalls Though the potential benefits of the Corus deal were widely appreciated, some analysts had doubts about the outcome and effects on Tata Steels performance. They pointed out that Corus EBITDA (earnings before interest, tax, depreciation and amortization) at 8 percent was much lower than that of Tata Steel which was at 30 percent in the financial year 2006-07 [pic][pic][pic] |The Road Ahead | | |Before the acquisition, the major market for Tata Steel was India. | | |The Indian market accounted for sixty nine percent of the | | |companys total sales. | | | | | |Almost half of Corus production of steel was sold in Europe | | |(excluding UK). The UK consumed twenty nine percent of its | | |production. | | | | | |After the acquisition, the European ma rket (including UK) would | | |consume 59 percent of the merged entitys total production (Refer | | |Table III for the spread of Tata-Corus markets before and after | | |the acquisition) |Tata Steels Acquisition of Corus |  |Top of Form | |Case Details | |++ Font | Font | |Case Intro 1 | |Bottom of Form | |Case Intro 2 | | | |Excerpts | | | | | |ICMR HOME | Case Studies Collection | | | | | | | |Case Details: | | | | | | | |Case Code : FINC049 | | | |Case Length : 27 Pages | | | |Period : 2006-2007 | | | |Pub. Date : 2008 | | | |Teaching Note : Available | | | |Organization : Tata Steel Limited, Corus Group Plc | | | |Industry : Iron Steel | | | |Countries : India, Netherlands | | | | | | | |To download Tata Steels Acquisition of Corus case study | | | |(Case Code: FINC049) click on the button below, and select | | | |the case from the list of available cases: | | | | | | | |[pic] | | | | | | | |Price: | | | | | | | |For delivery in electronic format: Rs. 00; | | | |For deliv ery through courier (within India): Rs. 400 + Rs. | | | |25 for Shipping Handling Charges | | | | | | | |[pic] | | | | | | | | | | | | | | | | | | | | | | | | | | |[pic] | | | |Gadgets powered by Google | | | | | | | | » Finance Case Studies | | | | » Short Case Studies | | | | » View Detailed Pricing Info | | | | » How To Order This Case | | | | » Business Case Studies | | | | » Case Studies by Area | | | | » Case Studies by Industry | | | | » Case Studies by Company | | | | | | | |[pic] | | | |Top of Form | | | |[pic] | | | |[pic][pic][pic] | | | | | | | |[pic]Web | | | |[pic]icmrindia. rg | | | | | | | |[pic][pic][pic][pic][pic][pic] | | | | | | | |Bottom of Form | | | |[pic][pic] | | | |[pic] | | | |Please note: | | | | | | | |This case study was compiled from published sources, and is| | | |intended to be used as a basis for class discussion. It is | | | |not intended to illustrate either effective or ineffective | | | |handling of a management situation. Nor i s it a primary | | | |information source. | |[pic][pic][pic] | | | | Don’t waste time! Our writers will create an original "Tata Corus Case" essay for you Create order