РИНОК ЗЛИТТІВ І ПОГЛИНАНЬ В УКРАЇНІ: ТЕНДЕНЦІЇ ТА ПРОБЛЕМИ

Abstract

The purpose of the article is to study the current state, features and problems of the development of the market of mergers and acquisitions in Ukraine. The urgency of considering this topic is due to the importance for Ukrainian companies of participating in the processes of mergers and acquisitions, which gives the opportunity to expand the scope of activities, increase profitability, penetrate new markets, and reach a qualitatively new level of development. The essence of mergers and acquisitions as a form of integration processes has been specified. Motives for initiating the process of merger or acquisition are analyzed. The classification of types of mergers of companies is considered. An analysis of the state of development of the Ukrainian M&A market for the period 2017–2021 was carried out, positive dynamics of the number and value of deals were revealed. The distribution of M&A deals by industry was analyzed. The most attractive sectors of the Ukrainian economy from the point of view of conducting mergers and acquisitions were identified: IT and telecommunications, agriculture, food industry, mining industry. Attention was drawn to the significant growth of M&A deals in software, electronic and data-intensive industries due to the impact of the COVID-19 pandemic on increased Internet activity. It was concluded that the most active participants in the Ukrainian M&A market are European investors, investors from the Middle East and North America. Obstacles to the formation of investment attractiveness of the Ukrainian market are named, in particular: high tax pressure; lack of stimulating function of taxes; high currency risks and currency restrictions; ineffective system of protection of private property rights. Among the problems of the development of the domestic M&A market, the following are identified as the main ones: underdevelopment of the stock market; a significant share of unfriendly takeovers, shady deals and raiding of business assets; a high share of insiders among shareholders; low development of business culture and ethics; insufficient use of mechanisms for financing deals, such as IPO and LBO financing; lack of transparency and availability of information about concluded agreements. The main directions of activation of M&A processes on the Ukrainian market are outlined.