Brexit and its Economic Impacts
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This assignment delves into the multifaceted economic impacts of Brexit. It examines the implications for UK trade with its top trading partners, explores the effects on merger and acquisition (M&A) activity involving Chinese companies, and analyzes the fluctuations in the value of the British pound sterling. The document draws upon various sources, including academic journals, news articles, and online reports, to present a comprehensive understanding of Brexit's economic consequences.
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Abstract
Aim: To explore the role of Brexit in the Merger and acquisitions of public companies in UK in
terms of securing their operational presence in European Union.
Research methods: Secondary information will be collected. This information is already
published in the articles, books, and journals. Therefore, for collecting secondary information
books, articles and internet is used.
Results: economies is adversely affected as it lead to provide less trade facility with EU
members. Along with this, short term cost of leaving. From the date when referndum has been
announced the value of sterling has fallen. Markets get worried about the economic implication
of leaving the EU. Sterling has fallen Upto 7% in 3 months. A specific economic concern for the
United Kingdom leaving the EU is that decline in inward investment from the European union
Aim: To explore the role of Brexit in the Merger and acquisitions of public companies in UK in
terms of securing their operational presence in European Union.
Research methods: Secondary information will be collected. This information is already
published in the articles, books, and journals. Therefore, for collecting secondary information
books, articles and internet is used.
Results: economies is adversely affected as it lead to provide less trade facility with EU
members. Along with this, short term cost of leaving. From the date when referndum has been
announced the value of sterling has fallen. Markets get worried about the economic implication
of leaving the EU. Sterling has fallen Upto 7% in 3 months. A specific economic concern for the
United Kingdom leaving the EU is that decline in inward investment from the European union
Table of Contents
Abstract............................................................................................................................................2
CHAPTER 1: INTRODUCTION....................................................................................................1
1.1 Background of study.........................................................................................................1
1.2 Chapter structure: ............................................................................................................2
1.3 Aims and Objectives.........................................................................................................3
Research questions.................................................................................................................3
1.5 Purpose of this study........................................................................................................4
CHAPTER 2 LITERATURE REVIEW..........................................................................................5
2.1 Introduction......................................................................................................................5
2.2 Overview of M&A in UK and impact of Brexit on it .....................................................5
2.3 To analyses the impact of Brexit on Merger and Acquisitions (M&A) in the UK and in
Europe.....................................................................................................................................7
CHAPTER 3: RESEARCH METHODOLOGY...........................................................................11
3.1 Introduction:...................................................................................................................11
3.2 Research approach: ........................................................................................................11
3.3 Research design..............................................................................................................11
3.4 Research philosophy......................................................................................................12
3.5 Data collection................................................................................................................12
3.6 Data analysis...................................................................................................................12
3.7 Ethical consideration......................................................................................................13
3.8 Research limitation.........................................................................................................13
3.9 Validity and reliability....................................................................................................13
Chapter 4: Data analysis................................................................................................................14
4.1 Introduction....................................................................................................................14
4.2 Brexit has benefited the UK from a free trade and outside the single market................14
4.3 As per the business report European trade is affected due to Brexit..............................14
4.6 Brexit impact Merger and Acquisitions (M&A) in the UK and in Europe..................16
4.7 Economies get affected of the UK leaving the EU, GDP, Pounds and per capita income
has been fallen......................................................................................................................17
Abstract............................................................................................................................................2
CHAPTER 1: INTRODUCTION....................................................................................................1
1.1 Background of study.........................................................................................................1
1.2 Chapter structure: ............................................................................................................2
1.3 Aims and Objectives.........................................................................................................3
Research questions.................................................................................................................3
1.5 Purpose of this study........................................................................................................4
CHAPTER 2 LITERATURE REVIEW..........................................................................................5
2.1 Introduction......................................................................................................................5
2.2 Overview of M&A in UK and impact of Brexit on it .....................................................5
2.3 To analyses the impact of Brexit on Merger and Acquisitions (M&A) in the UK and in
Europe.....................................................................................................................................7
CHAPTER 3: RESEARCH METHODOLOGY...........................................................................11
3.1 Introduction:...................................................................................................................11
3.2 Research approach: ........................................................................................................11
3.3 Research design..............................................................................................................11
3.4 Research philosophy......................................................................................................12
3.5 Data collection................................................................................................................12
3.6 Data analysis...................................................................................................................12
3.7 Ethical consideration......................................................................................................13
3.8 Research limitation.........................................................................................................13
3.9 Validity and reliability....................................................................................................13
Chapter 4: Data analysis................................................................................................................14
4.1 Introduction....................................................................................................................14
4.2 Brexit has benefited the UK from a free trade and outside the single market................14
4.3 As per the business report European trade is affected due to Brexit..............................14
4.6 Brexit impact Merger and Acquisitions (M&A) in the UK and in Europe..................16
4.7 Economies get affected of the UK leaving the EU, GDP, Pounds and per capita income
has been fallen......................................................................................................................17
4.7.Commercial and legal impact on UK related to M&A...................................................18
4.7 Brexit will be beneficial to firms willing to enter into M&A deals with other firms across
the EU...................................................................................................................................18
CHAPTER 5: CONCLUSION AND RECOMMENDATION.....................................................20
5.1 Conclusion......................................................................................................................20
5.2 Recommendation............................................................................................................21
References......................................................................................................................................22
4.7 Brexit will be beneficial to firms willing to enter into M&A deals with other firms across
the EU...................................................................................................................................18
CHAPTER 5: CONCLUSION AND RECOMMENDATION.....................................................20
5.1 Conclusion......................................................................................................................20
5.2 Recommendation............................................................................................................21
References......................................................................................................................................22
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CHAPTER 1: INTRODUCTION
1.1 Background of study
Brexit is stated as British exit. It is referred to the vote in which British voters voted
regarding leave European Union. The vote could have thoughtful consequences for all European
Union, Britain, and global economy. Since from last 1973 Britain was the member of European
Union. At present crises which taken place have shaken British confidence in the EU (Böckli,
Davies and Soltysinski, 2017.). Brexit can also lead to creating big problem for people who
move between Britain and the continent (Legal implications of Brexit for Merger & Acquisition
activity. 2017). Therefore, it can be stated that Brexit leads to have more paper work and hassles
and because of this it some people can lose their rights to live in the UK and can be deported. On
the other hand, European Union is known as the economic and political partnership which
involve 28 countries of Europe. People who are in favour of leaving the state that Britain was
being held back by the European Union. Along with this, they said there are too many rules in
business which become the barrier for them in carrying out their business in an effective manner.
After triggering article 50 Britain is engaged in complex negotiations and it decided to
leave the European Union. Brexit can be the greatest disaster for the European Union since from
last many years (Ken, Tournier and Parent 2016. ). As per the article 50, the Treaty of Lisbon
permit members of EU to quit unilaterally and follow the procedure for doing this. Further, it
also provides two years to negotiate before deciding to leave EU. At present, there is not the
country who leave EU before and there is path is provided to leave the European Union before
signing the treaty of Lisbon in 2007 (What is Article 50? The only explanation you need to read.
2017). This treaty of Lisbon become a law in at the end of 2009 and it is designed so that EU can
become democratic, efficient and transparent. This agreement was also signed by all the
government of countries who work under the EU. The present report is based on to explore the
role of Brexit in the Merger and acquisitions of public companies in the UK in terms of securing
their operational presence in the European Union. There is some legal implication for Merger
and Acquisition of Brexit. It is important for the firm to understand that after exiting from
European union UK firm cannot take the participation of legislation in EU member states.
Therefore, it implies that United Kingdom laws and regulation will be in one hand and EU law
1
1.1 Background of study
Brexit is stated as British exit. It is referred to the vote in which British voters voted
regarding leave European Union. The vote could have thoughtful consequences for all European
Union, Britain, and global economy. Since from last 1973 Britain was the member of European
Union. At present crises which taken place have shaken British confidence in the EU (Böckli,
Davies and Soltysinski, 2017.). Brexit can also lead to creating big problem for people who
move between Britain and the continent (Legal implications of Brexit for Merger & Acquisition
activity. 2017). Therefore, it can be stated that Brexit leads to have more paper work and hassles
and because of this it some people can lose their rights to live in the UK and can be deported. On
the other hand, European Union is known as the economic and political partnership which
involve 28 countries of Europe. People who are in favour of leaving the state that Britain was
being held back by the European Union. Along with this, they said there are too many rules in
business which become the barrier for them in carrying out their business in an effective manner.
After triggering article 50 Britain is engaged in complex negotiations and it decided to
leave the European Union. Brexit can be the greatest disaster for the European Union since from
last many years (Ken, Tournier and Parent 2016. ). As per the article 50, the Treaty of Lisbon
permit members of EU to quit unilaterally and follow the procedure for doing this. Further, it
also provides two years to negotiate before deciding to leave EU. At present, there is not the
country who leave EU before and there is path is provided to leave the European Union before
signing the treaty of Lisbon in 2007 (What is Article 50? The only explanation you need to read.
2017). This treaty of Lisbon become a law in at the end of 2009 and it is designed so that EU can
become democratic, efficient and transparent. This agreement was also signed by all the
government of countries who work under the EU. The present report is based on to explore the
role of Brexit in the Merger and acquisitions of public companies in the UK in terms of securing
their operational presence in the European Union. There is some legal implication for Merger
and Acquisition of Brexit. It is important for the firm to understand that after exiting from
European union UK firm cannot take the participation of legislation in EU member states.
Therefore, it implies that United Kingdom laws and regulation will be in one hand and EU law
1
on another hand. This lead to impact the overall public companies as well as private (Farooq,
Garlanger and Waring, 2017). The present research will help in identifying the negative impact
and positive impact on public companies after exiting from the European Union.
1.2 Chapter structure:
At the time of undertaking research, it is important to follow all the sequential pattern by
following the well appropriate structure. The structure can be demonstrated with the following
chapter series that is as follows:
Chapter 1: Introduction – It is the chapter of the dissertation which provides the clear
framework of the selected topic and it will consist of the overview of the headings which
is being defined in this study. The chapter includes research problem, tools, and methods
of research, the purpose of the study, aims, and objectives. At the end of it, the potential
significance of the present topic will also discuss in this chapter.
Chapter 2: Literature Review – It is second chapter in which detail information of Brexit
is beneficial to firms willing to enter into M&A deals with other firms across the EU is
explained. Along with this, the impact of Brexit on Merger and Acquisitions (M&A) in
the UK and in Europe is analyses. At last, it develops understanding related to the public
companies in the UK to use M&A as a means of securing an operational presence in the
EU so as to preserve access to European markets and diversify their customer base or
would it be better for public companies to completely rethink their M&A strategies
Chapter 3: Research Methodology –In a research methodology chapter different tools and
techniques which are used for the present study will be discussed. Further different
methods will be provided which help researcher in taking the present investigation in
right direction
Chapter 4: Data Analysis and Findings – All the collected information is analysed in this
chapter.
Chapter 5: Conclusion and Recommendations – In this chapter finding will be presented
which are gathered in data analysis chapter. The further recommendation will be
provided for the improvements.
2
Garlanger and Waring, 2017). The present research will help in identifying the negative impact
and positive impact on public companies after exiting from the European Union.
1.2 Chapter structure:
At the time of undertaking research, it is important to follow all the sequential pattern by
following the well appropriate structure. The structure can be demonstrated with the following
chapter series that is as follows:
Chapter 1: Introduction – It is the chapter of the dissertation which provides the clear
framework of the selected topic and it will consist of the overview of the headings which
is being defined in this study. The chapter includes research problem, tools, and methods
of research, the purpose of the study, aims, and objectives. At the end of it, the potential
significance of the present topic will also discuss in this chapter.
Chapter 2: Literature Review – It is second chapter in which detail information of Brexit
is beneficial to firms willing to enter into M&A deals with other firms across the EU is
explained. Along with this, the impact of Brexit on Merger and Acquisitions (M&A) in
the UK and in Europe is analyses. At last, it develops understanding related to the public
companies in the UK to use M&A as a means of securing an operational presence in the
EU so as to preserve access to European markets and diversify their customer base or
would it be better for public companies to completely rethink their M&A strategies
Chapter 3: Research Methodology –In a research methodology chapter different tools and
techniques which are used for the present study will be discussed. Further different
methods will be provided which help researcher in taking the present investigation in
right direction
Chapter 4: Data Analysis and Findings – All the collected information is analysed in this
chapter.
Chapter 5: Conclusion and Recommendations – In this chapter finding will be presented
which are gathered in data analysis chapter. The further recommendation will be
provided for the improvements.
2
1.3 Aims and Objectives
Aim: To explore the role of Brexit in the Merger and acquisitions of public companies in UK in
terms of securing their operational presence in European Union.
Obectives
To understand Brexit be beneficial to firms willing to enter into M&A deals with other
firms across the EU
To analyses the impact of Brexit on Merger and Acquisitions (M&A) in the UK and in
Europe.
To understand public companies in UK to use M&A as a means of securing an
operational presence in the EU so as to preserve access to European markets and
diversify their customer base or would it be better for public companies to completely
rethink their M&A strategies.
Research questions
To what extent will Brexit impact Merger and Acquisitions (M&A) in the UK and in
Europe?
Will Brexit be beneficial to firms willing to enter into M&A deals with other firms across
the EU?
Does it still make sense for public companies in UK to use M&A as a means of securing
an operational presence in the EU so as to preserve access to European markets and
diversify their customer base or would it be better for public companies to completely
rethink their M&A strategies?
1. 4 Framework analysis
Framework analysis is the important chapter in because all the information which is
collected form the reliable sources is included in order to make right decisions. The steps are as
follows
Design of research– In the present dissertation, descriptive research design will be used
in order to reach the valid outcome and for getting meaningful information.
3
Aim: To explore the role of Brexit in the Merger and acquisitions of public companies in UK in
terms of securing their operational presence in European Union.
Obectives
To understand Brexit be beneficial to firms willing to enter into M&A deals with other
firms across the EU
To analyses the impact of Brexit on Merger and Acquisitions (M&A) in the UK and in
Europe.
To understand public companies in UK to use M&A as a means of securing an
operational presence in the EU so as to preserve access to European markets and
diversify their customer base or would it be better for public companies to completely
rethink their M&A strategies.
Research questions
To what extent will Brexit impact Merger and Acquisitions (M&A) in the UK and in
Europe?
Will Brexit be beneficial to firms willing to enter into M&A deals with other firms across
the EU?
Does it still make sense for public companies in UK to use M&A as a means of securing
an operational presence in the EU so as to preserve access to European markets and
diversify their customer base or would it be better for public companies to completely
rethink their M&A strategies?
1. 4 Framework analysis
Framework analysis is the important chapter in because all the information which is
collected form the reliable sources is included in order to make right decisions. The steps are as
follows
Design of research– In the present dissertation, descriptive research design will be used
in order to reach the valid outcome and for getting meaningful information.
3
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Research approach –Inductive approach will be used for the preset investigation so that
focus will be on moving from specific to general.
Research philosophy – For the current investigation interpretivism philosophy will be
used.
Techniques of research – For conducting the research qualitative techniques will be used
Method for data collection – For the present research secondary information will be
collected. This information is already published in the articles, books, and journals.
Therefore for collecting secondary information books, articles and internet will be used.
Analysis of data – For analysing the collected data qualitative techniques will be used
under which different themes will be prepared for interpreting the collected information.
1.5 Purpose of this study
The purpose of this study is to develop understanding related to European Union rules
and regulation and Brexit (Chaudary, and Mirza, 2017). There are many issues which private
and public company can face due to Brexit. The present study will provide deep knowledge
regarding the issues which company can face after Brexit.
4
focus will be on moving from specific to general.
Research philosophy – For the current investigation interpretivism philosophy will be
used.
Techniques of research – For conducting the research qualitative techniques will be used
Method for data collection – For the present research secondary information will be
collected. This information is already published in the articles, books, and journals.
Therefore for collecting secondary information books, articles and internet will be used.
Analysis of data – For analysing the collected data qualitative techniques will be used
under which different themes will be prepared for interpreting the collected information.
1.5 Purpose of this study
The purpose of this study is to develop understanding related to European Union rules
and regulation and Brexit (Chaudary, and Mirza, 2017). There are many issues which private
and public company can face due to Brexit. The present study will provide deep knowledge
regarding the issues which company can face after Brexit.
4
CHAPTER 2 LITERATURE REVIEW
2.1 Introduction
Literature review may serve as a process of evaluating books, journals and scholarly
articles that are related to the issue which is being going to be investigated. It is the most
effectual tool which helps in doing analysis of secondary data set in an effectual way. By
undertaking this, researcher can develop brief thesis and thereby would become able to
understand the aspects associated with the issue. Moreover, in the section of literature review
scholar evaluates different articles and records both positive as well as negative aspects. Thus, it
can be depicted that findings of secondary data, included in literature review section, assists
scholar in presenting appropriate findings or result of issue. In this, with the motive to assess the
impact of Brexit on the merger and acquisition of UK companies operating in public several
books, journals as well as scholarly articles have been evaluated. Hence, brief thesis has been
framed by the researcher through evaluating the articles pertaining to M&A, Brexit and its
influence on the operational presence of European Union.
2.2 Overview of M&A in UK and impact of Brexit on it
In accordance with Yueh (2017) merge involves two companies and convert them into a
single entity. Now, companies are placing high level of emphasis on undertaking merger activity
which in turn offers s several benefits to them. Moreover, merger provides company with high
economies of scale and thereby gives benefit in terms of cost reduction and high margin. Along
with this, merger and acquisition activity enables companies to diversify their business
operations and functions. Hence, by acquiring the companies of other sectors business units can
facilitate diversification and thereby would become able to widen their reach. Thus, it can be said
merger and acquisition activity offers higher benefit to the corporations.
As per the views of Sweet and Smith (2017) M&A is the most effectual and reliable
means of value creation which in turn helps in exploiting synergies to a great extent. Besides
this, M&A activity assists in enhancing the market power, increasing growth and getting benefits
from both financial as well as operational restructuring. In UK, M&S market becomes more
dynamic for the purpose of corporate control. From assessment, it has been identified that during
the 6 months of 2015, M&A deal in UK accounted for 45% of European contracts. This aspect
shows that, in UK, level of M&A activities are high to the large extent. Chaudary and Mirza
(2017) argued that in the first quarter of 2016, pattern of M&A deals were in line with 2015 to
5
2.1 Introduction
Literature review may serve as a process of evaluating books, journals and scholarly
articles that are related to the issue which is being going to be investigated. It is the most
effectual tool which helps in doing analysis of secondary data set in an effectual way. By
undertaking this, researcher can develop brief thesis and thereby would become able to
understand the aspects associated with the issue. Moreover, in the section of literature review
scholar evaluates different articles and records both positive as well as negative aspects. Thus, it
can be depicted that findings of secondary data, included in literature review section, assists
scholar in presenting appropriate findings or result of issue. In this, with the motive to assess the
impact of Brexit on the merger and acquisition of UK companies operating in public several
books, journals as well as scholarly articles have been evaluated. Hence, brief thesis has been
framed by the researcher through evaluating the articles pertaining to M&A, Brexit and its
influence on the operational presence of European Union.
2.2 Overview of M&A in UK and impact of Brexit on it
In accordance with Yueh (2017) merge involves two companies and convert them into a
single entity. Now, companies are placing high level of emphasis on undertaking merger activity
which in turn offers s several benefits to them. Moreover, merger provides company with high
economies of scale and thereby gives benefit in terms of cost reduction and high margin. Along
with this, merger and acquisition activity enables companies to diversify their business
operations and functions. Hence, by acquiring the companies of other sectors business units can
facilitate diversification and thereby would become able to widen their reach. Thus, it can be said
merger and acquisition activity offers higher benefit to the corporations.
As per the views of Sweet and Smith (2017) M&A is the most effectual and reliable
means of value creation which in turn helps in exploiting synergies to a great extent. Besides
this, M&A activity assists in enhancing the market power, increasing growth and getting benefits
from both financial as well as operational restructuring. In UK, M&S market becomes more
dynamic for the purpose of corporate control. From assessment, it has been identified that during
the 6 months of 2015, M&A deal in UK accounted for 45% of European contracts. This aspect
shows that, in UK, level of M&A activities are high to the large extent. Chaudary and Mirza
(2017) argued that in the first quarter of 2016, pattern of M&A deals were in line with 2015 to
5
some extent. Moreover, in the first quarter, 11.8% inclining trend was recorded in the announced
deals and 0.6% pertaining to the transaction value. Hence, as compared to 2015, in 2016
slowdown in the transactions in relation to M&A activities were recorded. Springford and Whyte
(2014) stated that in UK current global environment is encouraging M&A activities to the
significant level. Moreover, now interest rates are favorable which in turn shows that funding is
readily available to investors. Hence, it is one of the main aspects which in turn may result into
more deals related to M&A.
Reddy (2016) found in their investigation that there is a slowdown in M&A activities of
UK after the news regarding potential Brexit. Moreover, there are mainly two reasons which are
assessed behind the decreasing rate of M&A. It includes slowing global economy and market
volatility which in turn influenced M&A deal in 2016 negatively. Hence, it can be said that
Brexit will influence M&A activity of UK under the prism of merger regulation, alternative trade
agreements and London’s role as hub for such deals. Greve and Zhang (2017) mentioned in their
study that EU competition law provides all the member states with unified framework and
regulatory process. In the context of M&A, approximately all the deals related to proposed
mergers, acquisitions and joint ventures are held in UK. Further, as per EU merger regulations all
the companies including those which are operating in Europe needs to meet the certain threshold
limit such as combined turnover.
Further, UK has undertaken legislation such as Competition Act, Enterprise Act etc in
line with EU provisions. In this, decision regarding Brexit may result into changes in the
fundamental regulations of competition regulations of UK. Thus, Brexit will impact M&A and
position of UK to a great extent. Moreover, UK has attained the position of global leader in
competition regulations. Thus, by considering such aspect it can be said that UK’s leadership
pertaining to this will be influenced significantly from M&A. From such evaluation it can be
presented that Brexit will increase the fundamental and legal issues in front of UK. Thus, Brexit
will place significant impact on takeover strategies because in the new environment deals are
highly based on the nature of relationship takes place between UK and EU. On the other side,
Boschma and Hartog (2014) shared their views that Brexit will highly impact the aspects of
alternative trade agreements. In the study, wide ranges of possible outcomes are mentioned in
against to the post- Brexit relationship between UK and EU. Hence, after Brexit M&S
6
deals and 0.6% pertaining to the transaction value. Hence, as compared to 2015, in 2016
slowdown in the transactions in relation to M&A activities were recorded. Springford and Whyte
(2014) stated that in UK current global environment is encouraging M&A activities to the
significant level. Moreover, now interest rates are favorable which in turn shows that funding is
readily available to investors. Hence, it is one of the main aspects which in turn may result into
more deals related to M&A.
Reddy (2016) found in their investigation that there is a slowdown in M&A activities of
UK after the news regarding potential Brexit. Moreover, there are mainly two reasons which are
assessed behind the decreasing rate of M&A. It includes slowing global economy and market
volatility which in turn influenced M&A deal in 2016 negatively. Hence, it can be said that
Brexit will influence M&A activity of UK under the prism of merger regulation, alternative trade
agreements and London’s role as hub for such deals. Greve and Zhang (2017) mentioned in their
study that EU competition law provides all the member states with unified framework and
regulatory process. In the context of M&A, approximately all the deals related to proposed
mergers, acquisitions and joint ventures are held in UK. Further, as per EU merger regulations all
the companies including those which are operating in Europe needs to meet the certain threshold
limit such as combined turnover.
Further, UK has undertaken legislation such as Competition Act, Enterprise Act etc in
line with EU provisions. In this, decision regarding Brexit may result into changes in the
fundamental regulations of competition regulations of UK. Thus, Brexit will impact M&A and
position of UK to a great extent. Moreover, UK has attained the position of global leader in
competition regulations. Thus, by considering such aspect it can be said that UK’s leadership
pertaining to this will be influenced significantly from M&A. From such evaluation it can be
presented that Brexit will increase the fundamental and legal issues in front of UK. Thus, Brexit
will place significant impact on takeover strategies because in the new environment deals are
highly based on the nature of relationship takes place between UK and EU. On the other side,
Boschma and Hartog (2014) shared their views that Brexit will highly impact the aspects of
alternative trade agreements. In the study, wide ranges of possible outcomes are mentioned in
against to the post- Brexit relationship between UK and EU. Hence, after Brexit M&S
6
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arrangements or deal will include lengthy negotiation process and thereby closely influence such
aspect.
Along with this, Reddy and et.al., (2016) entailed that there is an uncertainty in relation
to position on UK in relative to EU after post-Brexit. Moreover, now London is recognized as a
hub for European deal making. In this regard, there is a risk that in the near future that London
will no longer be an appellant point. Moreover, after post-brexit might be sovereign wealth fund
prefer to invest money in the much larger European market. By considering this, it can be said
that long term relevance of UK regarding M&A will be reduced. Cooper and Finkelstein (2014)
claimed that as global investors are highly interested in investing money in the assets which in
turn helps in generating higher returns. Hence, now threat in relation to UK leaving EU and the
uncertainty in relation to final trade agreement started to influence the M&A investments.
2.3 To analyses the impact of Brexit on Merger and Acquisitions (M&A) in the UK and in
Europe
According to the Zhu and Moeller, (2016), the effect of Brexit on Merger and
Acquisitions (M&A) in the UK and in Europe is both uncertainly and more time and costs spend.
It is so because of the duplication of legal requirements which become applicable to companies
and transaction which have on the both United Kingdom and European Union. Brexit basically
have some sustainable implication for business from legal perspective. There are some
uncertainty which is surrounded on company due to Brexit. Therefore, there are many companies
who already have started measuring the risk and opportunities which can take place due to Brexit
on business related to legal perspective. As per the view of, it is important to develop deep
understanding that the UK which will longer enable to participate in no longer participate in the
harmonisation of legislation in European Union members state at the time when they exit from
EU.
As per the view of Lyons, Reader and Stephan, (2016) Brexit supporters argue that the
European Union threatens sovereignty and stifles growth while opponents counter that European
Union membership strengthens trade, investment and the UK standing in the world. Form
decades the United Kingdom has had an ambivalent and sometimes contentious relationship with
the European Union. London has kept its distance from Brussels's authorities by negotiation
opts-out from some of EU's central policies. The referendum of 23 June 2016 outcome is
7
aspect.
Along with this, Reddy and et.al., (2016) entailed that there is an uncertainty in relation
to position on UK in relative to EU after post-Brexit. Moreover, now London is recognized as a
hub for European deal making. In this regard, there is a risk that in the near future that London
will no longer be an appellant point. Moreover, after post-brexit might be sovereign wealth fund
prefer to invest money in the much larger European market. By considering this, it can be said
that long term relevance of UK regarding M&A will be reduced. Cooper and Finkelstein (2014)
claimed that as global investors are highly interested in investing money in the assets which in
turn helps in generating higher returns. Hence, now threat in relation to UK leaving EU and the
uncertainty in relation to final trade agreement started to influence the M&A investments.
2.3 To analyses the impact of Brexit on Merger and Acquisitions (M&A) in the UK and in
Europe
According to the Zhu and Moeller, (2016), the effect of Brexit on Merger and
Acquisitions (M&A) in the UK and in Europe is both uncertainly and more time and costs spend.
It is so because of the duplication of legal requirements which become applicable to companies
and transaction which have on the both United Kingdom and European Union. Brexit basically
have some sustainable implication for business from legal perspective. There are some
uncertainty which is surrounded on company due to Brexit. Therefore, there are many companies
who already have started measuring the risk and opportunities which can take place due to Brexit
on business related to legal perspective. As per the view of, it is important to develop deep
understanding that the UK which will longer enable to participate in no longer participate in the
harmonisation of legislation in European Union members state at the time when they exit from
EU.
As per the view of Lyons, Reader and Stephan, (2016) Brexit supporters argue that the
European Union threatens sovereignty and stifles growth while opponents counter that European
Union membership strengthens trade, investment and the UK standing in the world. Form
decades the United Kingdom has had an ambivalent and sometimes contentious relationship with
the European Union. London has kept its distance from Brussels's authorities by negotiation
opts-out from some of EU's central policies. The referendum of 23 June 2016 outcome is
7
expected to reduce merger and acquisitions activities in the UK as well as other regions. In
general the Brexit does have also a negative impact on company valuations. Brexit is the popular
term for the withdrawal of UK from the EU.
Razavi, Ho and Fox, (2017) state that In referendum on 23rd June 2016 51.9% of the
participating UK electorate voted to leave the EU. Then on 29th march 2017 the British
government invoke Article 50 of the Treaty on the EU the UK in this course to leave the EU on
Friday 29th march 2019. The treaty gives the UK 2 year window to negotiate the terms of its
withdrawal (Kiesel Riesand and Tielmann, 2017). The effect of Brexit on the following topics
is both the uncertainty as well as more time and cost spend due to duplication of legal
requirement that may become applicable to companies and transactions which have both an EU
and a UK angle:
Merger control and competition supervising authorities.
Shares purchase and asset deal agreements.
Possible implications for intellectual property registrations.
Working and living permits for employees on international assignments.
Provisions regarding material adverse effect in businesses agreements to negotiated.
According to the view of Sweet and Smith, (2017), Brexit is expected to cause a
decrease in M&A activities as a result of uncertainty surrounding the future relationship of UK
with the EU and the legal implications. These situations can also strategic and opportunistic
transactions resulting from significant fluctuations in exchange rates and share price. Instead of
M&A companies may also consider reallocating their activities geographically.
Wright, Wilson and Amess, (2016) state that although will take some more time before
there is more clarity, businesses should already start preparing and include legal aspects in their
Brexit impact assessment. Reviewing relevant contracts the IP portfolio human resource policies
the regulatory landscape and other key legal areas can provide valuable insights reduce risk and
may even expose opportunities. With Brexit the EU lose its second-largest economy the country
with third-largest population and the financial capital of the world (Cooper and Finkelstein,
2014). Also, it loses its second-largest net contributor to the EU budget. This departure of Britain
would result in an addition financial burden for the remaining net contributors. Unless the budget
is reduced accordingly. The UK received more from EU for research than it contributed with
university getting just 10% research income from the EU. All funding for net beneficiaries from
8
general the Brexit does have also a negative impact on company valuations. Brexit is the popular
term for the withdrawal of UK from the EU.
Razavi, Ho and Fox, (2017) state that In referendum on 23rd June 2016 51.9% of the
participating UK electorate voted to leave the EU. Then on 29th march 2017 the British
government invoke Article 50 of the Treaty on the EU the UK in this course to leave the EU on
Friday 29th march 2019. The treaty gives the UK 2 year window to negotiate the terms of its
withdrawal (Kiesel Riesand and Tielmann, 2017). The effect of Brexit on the following topics
is both the uncertainty as well as more time and cost spend due to duplication of legal
requirement that may become applicable to companies and transactions which have both an EU
and a UK angle:
Merger control and competition supervising authorities.
Shares purchase and asset deal agreements.
Possible implications for intellectual property registrations.
Working and living permits for employees on international assignments.
Provisions regarding material adverse effect in businesses agreements to negotiated.
According to the view of Sweet and Smith, (2017), Brexit is expected to cause a
decrease in M&A activities as a result of uncertainty surrounding the future relationship of UK
with the EU and the legal implications. These situations can also strategic and opportunistic
transactions resulting from significant fluctuations in exchange rates and share price. Instead of
M&A companies may also consider reallocating their activities geographically.
Wright, Wilson and Amess, (2016) state that although will take some more time before
there is more clarity, businesses should already start preparing and include legal aspects in their
Brexit impact assessment. Reviewing relevant contracts the IP portfolio human resource policies
the regulatory landscape and other key legal areas can provide valuable insights reduce risk and
may even expose opportunities. With Brexit the EU lose its second-largest economy the country
with third-largest population and the financial capital of the world (Cooper and Finkelstein,
2014). Also, it loses its second-largest net contributor to the EU budget. This departure of Britain
would result in an addition financial burden for the remaining net contributors. Unless the budget
is reduced accordingly. The UK received more from EU for research than it contributed with
university getting just 10% research income from the EU. All funding for net beneficiaries from
8
the EU including university was government in august 2016. Before the funding announcement a
newspaper investigating reported that some research projects were reluctant to include British
researcher due to uncertainty over funding.
According to the view of Harrison, Richardson and Barabu, (2017) During the
referendum the economic arguments were major area of debate. Most economies including the
UK Treasury, argued that being in the EU has a strong positive effect on the trade and as a result
UK's trade would be worse off if it left EU. Others argued that the benefits of being free of EU
red tape regulations and from going full route of complete free trade. Additionally, not
contributing to the EU budget would improve the budget and allowing tax cut or higher
government spending. Brexit requires relocating the offices and the staff of the European
Medicines Agency and European banking authorities as they are currently based in London
(Goulding, Szalajand and Portugal, 2017). There are many negative impact which private as well
as public company can bear due to Brexit. It is important for the companies to understand the
problem which they face and develop understanding so that they can make carry out their
activities in another country without facing any type of issues and run business successfully.
According to the view of Buchan, Hennigs and Surdak, (2017.) The government of UK
has set that its aim is to set a new strategic partnership with the EU. The UK government wants
to carry out secure and compressive deal that is free trade agreements with the European union.
Along with this it wants to remove the tariffs and tariff barriers for making sure to carry out the
frictionless trade between the EU and the United Kingdom. Apart from this UK government
wants to guarantee the right of citizen of UK in EU and vice versa. Further it is decided that
between EU and Brexit there will be different trading relationship will be carried out. Along with
this UK government also provide some certainty for carrying out the business between EU and
United kingdom (Böckli, Davies and Soltysinski, 2017). However, after Brexit UK need to
work hard so that it can maintain its position. There can be major impact of Brexit on the merger
and Acquisition activities. For this purpose there are some consideration regarding the Post
Brexit model adopted. On the basis of this model If the UK leave EU but if remain the member
of EEA then EU laws will be continue to apply. Apart from this if the United kingdom exit both
the EU and the EEA then those UK no need to follow the EU rules and regulations. In such a
situation the chances of intervention may take place in term of post Brexit (Hirai, Kresse and
Schauber, 2016). Under EU all the companies who can operates their export and import activities
9
newspaper investigating reported that some research projects were reluctant to include British
researcher due to uncertainty over funding.
According to the view of Harrison, Richardson and Barabu, (2017) During the
referendum the economic arguments were major area of debate. Most economies including the
UK Treasury, argued that being in the EU has a strong positive effect on the trade and as a result
UK's trade would be worse off if it left EU. Others argued that the benefits of being free of EU
red tape regulations and from going full route of complete free trade. Additionally, not
contributing to the EU budget would improve the budget and allowing tax cut or higher
government spending. Brexit requires relocating the offices and the staff of the European
Medicines Agency and European banking authorities as they are currently based in London
(Goulding, Szalajand and Portugal, 2017). There are many negative impact which private as well
as public company can bear due to Brexit. It is important for the companies to understand the
problem which they face and develop understanding so that they can make carry out their
activities in another country without facing any type of issues and run business successfully.
According to the view of Buchan, Hennigs and Surdak, (2017.) The government of UK
has set that its aim is to set a new strategic partnership with the EU. The UK government wants
to carry out secure and compressive deal that is free trade agreements with the European union.
Along with this it wants to remove the tariffs and tariff barriers for making sure to carry out the
frictionless trade between the EU and the United Kingdom. Apart from this UK government
wants to guarantee the right of citizen of UK in EU and vice versa. Further it is decided that
between EU and Brexit there will be different trading relationship will be carried out. Along with
this UK government also provide some certainty for carrying out the business between EU and
United kingdom (Böckli, Davies and Soltysinski, 2017). However, after Brexit UK need to
work hard so that it can maintain its position. There can be major impact of Brexit on the merger
and Acquisition activities. For this purpose there are some consideration regarding the Post
Brexit model adopted. On the basis of this model If the UK leave EU but if remain the member
of EEA then EU laws will be continue to apply. Apart from this if the United kingdom exit both
the EU and the EEA then those UK no need to follow the EU rules and regulations. In such a
situation the chances of intervention may take place in term of post Brexit (Hirai, Kresse and
Schauber, 2016). Under EU all the companies who can operates their export and import activities
9
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in such a manner that they no need to pay any tariff or extra cost. Along with this, companies can
freely carry out trading activites and need to follow only the laws and legislation made by
European Union. Ads the result of Brexit is the companies no more carry out free trading. Along
with this they need to pay taxes and tariff for importing and exporting their products and
services. However, negotioan can be take place between both EU and UK which lead to provide
some chances to both for carrying out their business activities under some terms and conditions
10
freely carry out trading activites and need to follow only the laws and legislation made by
European Union. Ads the result of Brexit is the companies no more carry out free trading. Along
with this they need to pay taxes and tariff for importing and exporting their products and
services. However, negotioan can be take place between both EU and UK which lead to provide
some chances to both for carrying out their business activities under some terms and conditions
10
CHAPTER 3: RESEARCH METHODOLOGY
3.1 Introduction:
This is one of the essential chapter which provide detail information for the present study.
Further it includes different procedure and tools that is research design, approach and data
collection method etc. The present study is based on to explore the role of Brexit in the Merger
and acquisitions of public companies in UK in terms of securing their operational presence in
European Union. Therefore, qualitative investigation is undertaken so that latent reason can be
identified which can impact the public companies after Brexit.
3.2 Research approach:
Research approach is one of the essential aspect of the research methodology. This put
lights on the way data is gathered. There are two methods which can be used for completing the
present research that is deductive and inductive. The selection of the research approach is based
on the type of investigation which is carried out for present investigation. Inductive approach
research demand for the generalization of the gathered data and then focus on specific on
collecting the specific information (Cooper, Desjardins and Croll, 2016. ). On the other hand in
deductive approach it focuses on collecting specific information at first and then genralisation of
the same is done. The present research is based on to explore the role of Brexit in the Merger and
acquisitions of public companies in UK in terms of securing their operational presence in
European Union, inductive approach has been applied. This approach is selected for carrying out
study in which general information is collected then specific reason is find out related impact of
Brexit on public companies.
3.3 Research design
Research design is known as the process in which all the findings are presented in order
to accomplish the aims and objectives of the present research. There are various type of research
design which can be used for the present research that is case study, descriptive, explanatory etc.
The explanatory research design is basically used at the time when researcher want to uncover
the issues which are not identified yet (Attar, Haghighat and Ghassemi, 2016.). On the other side
descriptive research design support to describe the population included in the study. Further,
explanatory research design is used to investigate the uncover issues that which provide valid
outcome in line to its aim. In this dissertation researcher is using explanatory research design in
respect to understand the issues and problem which public limited company can face due to
11
3.1 Introduction:
This is one of the essential chapter which provide detail information for the present study.
Further it includes different procedure and tools that is research design, approach and data
collection method etc. The present study is based on to explore the role of Brexit in the Merger
and acquisitions of public companies in UK in terms of securing their operational presence in
European Union. Therefore, qualitative investigation is undertaken so that latent reason can be
identified which can impact the public companies after Brexit.
3.2 Research approach:
Research approach is one of the essential aspect of the research methodology. This put
lights on the way data is gathered. There are two methods which can be used for completing the
present research that is deductive and inductive. The selection of the research approach is based
on the type of investigation which is carried out for present investigation. Inductive approach
research demand for the generalization of the gathered data and then focus on specific on
collecting the specific information (Cooper, Desjardins and Croll, 2016. ). On the other hand in
deductive approach it focuses on collecting specific information at first and then genralisation of
the same is done. The present research is based on to explore the role of Brexit in the Merger and
acquisitions of public companies in UK in terms of securing their operational presence in
European Union, inductive approach has been applied. This approach is selected for carrying out
study in which general information is collected then specific reason is find out related impact of
Brexit on public companies.
3.3 Research design
Research design is known as the process in which all the findings are presented in order
to accomplish the aims and objectives of the present research. There are various type of research
design which can be used for the present research that is case study, descriptive, explanatory etc.
The explanatory research design is basically used at the time when researcher want to uncover
the issues which are not identified yet (Attar, Haghighat and Ghassemi, 2016.). On the other side
descriptive research design support to describe the population included in the study. Further,
explanatory research design is used to investigate the uncover issues that which provide valid
outcome in line to its aim. In this dissertation researcher is using explanatory research design in
respect to understand the issues and problem which public limited company can face due to
11
Brexit at the time of Merger and Acquisition. It assists in determining the different ways for
reaching at the end of the result. Here causes and effects relationship is determined at where one
factor is assessed on other one. Therefore, in the present investigation explanatory design has
been applied. One of the main reason behind selecting this design is that it help in determining
the causes and effects relationship is determined at where one factor is assessed on other one.
3.4 Research philosophy
Research philosophy is depended on the values and belief of the investigator in relation to its the
present research. Two kind of philosophy which can be applied that is interpretivism and
positivism. It is important for scholar to pay attention at the time of selecting it (Raynor,
Ayubcha and Alavi, 2017. ). As per the nature or present report research it focuses on the role of
Brexit in the Merger and acquisitions of public companies in UK in terms of securing their
operational presence in European Union, interpretivism research design has been applied. The
specific reason behind selecting this design is that it lay importance on qualitative observation
and it helps in identifying the possible causes of Brexit on public companies.
3.5 Data collection
To carry out the present study in an effective manner it is important to collected
information from different sources that is primary and secondary. As per looking at the nature of
present study investigator is using secondary sources for collecting the information. Secondary
information is that information which are already published by different authors in their books,
journals and internet (Mammen, Norton and Butz, 2016. ). Therefore, scholar is using books,
journals, and articles for collecting the wide range of information in respect to make present
research reliable and valid. The reason behind selecting the secondary sources is that it help in
gathering valuable information related to the present topic that is the role of Brexit in the Merger
and acquisitions of public companies in UK in terms of securing their operational presence in
European Union.
3.6 Data analysis
After collecting the data it is important to analysed it with the use of effective techniques
in respect to get desired findings. Under this section, systematic application of statistical and
logical techniques is accomplished. There are two ways for analysing the collected data that is
qualitative and quantitative techniques. In qualitative analysis, a particular phenomenon is
studied in a depth manner. While in quantitative techniques there are different statistical tools
12
reaching at the end of the result. Here causes and effects relationship is determined at where one
factor is assessed on other one. Therefore, in the present investigation explanatory design has
been applied. One of the main reason behind selecting this design is that it help in determining
the causes and effects relationship is determined at where one factor is assessed on other one.
3.4 Research philosophy
Research philosophy is depended on the values and belief of the investigator in relation to its the
present research. Two kind of philosophy which can be applied that is interpretivism and
positivism. It is important for scholar to pay attention at the time of selecting it (Raynor,
Ayubcha and Alavi, 2017. ). As per the nature or present report research it focuses on the role of
Brexit in the Merger and acquisitions of public companies in UK in terms of securing their
operational presence in European Union, interpretivism research design has been applied. The
specific reason behind selecting this design is that it lay importance on qualitative observation
and it helps in identifying the possible causes of Brexit on public companies.
3.5 Data collection
To carry out the present study in an effective manner it is important to collected
information from different sources that is primary and secondary. As per looking at the nature of
present study investigator is using secondary sources for collecting the information. Secondary
information is that information which are already published by different authors in their books,
journals and internet (Mammen, Norton and Butz, 2016. ). Therefore, scholar is using books,
journals, and articles for collecting the wide range of information in respect to make present
research reliable and valid. The reason behind selecting the secondary sources is that it help in
gathering valuable information related to the present topic that is the role of Brexit in the Merger
and acquisitions of public companies in UK in terms of securing their operational presence in
European Union.
3.6 Data analysis
After collecting the data it is important to analysed it with the use of effective techniques
in respect to get desired findings. Under this section, systematic application of statistical and
logical techniques is accomplished. There are two ways for analysing the collected data that is
qualitative and quantitative techniques. In qualitative analysis, a particular phenomenon is
studied in a depth manner. While in quantitative techniques there are different statistical tools
12
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which are used for analysing purpose (Hwang, Mossa-Basha and Anzai, 2016.). The present
dissertation is based on the role of Brexit in the Merger and acquisitions of public companies in
UK in terms of securing their operational presence in European Union. Therefore, qualitative
techniques is used for analysing the collected information. Under this different themes are
prepared and on the basis which interpretation has been done. This method is effective as it will
help in getting reliable finding.
3.7 Ethical consideration
In order to conduct a research there are some ethical issue which can affect the overall
reliability of study. In the present research information is collected from different sources which
is cited properly with proper evidence (Landau, Mitnik and Lev-Ari, 2016. ). Through doing this
lead to determine the ethical aspect and assist investigator in meeting the aims and objectives in
an systematic manner. Along with this, research ethic need to be taken into consideration
because of using variety of tools and techniques. This help in resolving the issues which can be
faced at the time of carrying out the research. The entire research activities are completed on
time. So that investigator get time for analysing the collected data.
3.8 Research limitation
In the present dissertation researcher has been tried to put best efforts for completing the
entire research in an effective manner. There was a limited time and monetary resources due to
which researcher has not conducted highly detailed investigation. All the information is collected
from the articles, internet, and journals for specific information (Kalra, Phadnis and Joshi,
2017). Further because of lack of monetary resources advanced tools and techniques are not
applied. Through this way investigator tried to overcome all the issues which come up while
conducting research.
3.9 Validity and reliability
For raising the validity and reliability of the present dissertation there are several aspects
which are undertaken by the researcher. For conducting the study in an appropriate manner all
the information which is collected from different sources are properly cited and used authentic
sources. The reason behind this is the copyright protected data sources are highly reliable and it
assists in deriving the right solution of the problem (Abidin, Rusli and Khan, 2016. ). Along with
this latest articles were taken into consideration with the aim of collecting new and appropriate
information in regarding the Brxit and its impact of merger and acquisition activities.
13
dissertation is based on the role of Brexit in the Merger and acquisitions of public companies in
UK in terms of securing their operational presence in European Union. Therefore, qualitative
techniques is used for analysing the collected information. Under this different themes are
prepared and on the basis which interpretation has been done. This method is effective as it will
help in getting reliable finding.
3.7 Ethical consideration
In order to conduct a research there are some ethical issue which can affect the overall
reliability of study. In the present research information is collected from different sources which
is cited properly with proper evidence (Landau, Mitnik and Lev-Ari, 2016. ). Through doing this
lead to determine the ethical aspect and assist investigator in meeting the aims and objectives in
an systematic manner. Along with this, research ethic need to be taken into consideration
because of using variety of tools and techniques. This help in resolving the issues which can be
faced at the time of carrying out the research. The entire research activities are completed on
time. So that investigator get time for analysing the collected data.
3.8 Research limitation
In the present dissertation researcher has been tried to put best efforts for completing the
entire research in an effective manner. There was a limited time and monetary resources due to
which researcher has not conducted highly detailed investigation. All the information is collected
from the articles, internet, and journals for specific information (Kalra, Phadnis and Joshi,
2017). Further because of lack of monetary resources advanced tools and techniques are not
applied. Through this way investigator tried to overcome all the issues which come up while
conducting research.
3.9 Validity and reliability
For raising the validity and reliability of the present dissertation there are several aspects
which are undertaken by the researcher. For conducting the study in an appropriate manner all
the information which is collected from different sources are properly cited and used authentic
sources. The reason behind this is the copyright protected data sources are highly reliable and it
assists in deriving the right solution of the problem (Abidin, Rusli and Khan, 2016. ). Along with
this latest articles were taken into consideration with the aim of collecting new and appropriate
information in regarding the Brxit and its impact of merger and acquisition activities.
13
Chapter 4: Data analysis
4.1 Introduction
The data analysis chapter is one of the important chapter as because in this all the
information which is collected from secondary sources is analysis with the use of thematic
method. In the present study, qualitative techniques is of data analysis has been used in which all
the finding are presents in a systematic form with themes.
4.2 Brexit has benefited the UK from a free trade and outside the single market.
Analysis and discussion: Trade leads to encourage specilaistion and lower the cost with increase
in the productivity. As EU promoted free trade but custom charge need to paid by the rest of the
world. Along with this the single market also imposes a burden on economic activity in the
European Union (Zhu and Moeller, 2016). Therefore, it is analysed that after Brexit UK get
opportunity to make own policy related to free trade with the rest of the world and it can easily
escape from the unnecessary regulatory burden of the single market. It makes easy for the UK
companies to make deal with other countries such as (China, India, japan etc.)who does not
come under the EU membership with their own policy. Therefore, it provides strong freedom to
trade and deals with other nations which lead to boost the economy (Lyons, Reader and Stephan,
2016.). Not only UK will be benefited with the EU policy but the countries who are interested in
making deal with UK will also get huge benefit. However, if UK only exist with EU and remain
under the EEA then it need to follow the polices and laws of EU which can become barrier in
carrying out free trade practices.
4.3 As per the business report European trade is affected due to Brexit.
Analysis and discussion: : It is analysed that at the time of withdrawing from the EU, the UK
will no longer duty-bound to interpret the national law in respect with EU law and companies
have to follow with different systems. According to the economy report if UK exit from UK the
it will put negative impact on trade (Razavi, Ho and Fox, 2017). The trade done more for the
betterment of the economy. As it provide 10% of all job in the economy. While working under
EU it is each for UK and companies to sell their goods freely to customers from any place at
anywhere without paying any additional taxes for importing the goods. Along with this Brsitish
companies and consumers can import at any place in the EU without paying tariffs. Due to
Brexit, The UK will need to deals new orders to for free trading with the countries who are
working under the EU (Kiesel Riesand and Tielmann, 2017). There are many jobs which are
14
4.1 Introduction
The data analysis chapter is one of the important chapter as because in this all the
information which is collected from secondary sources is analysis with the use of thematic
method. In the present study, qualitative techniques is of data analysis has been used in which all
the finding are presents in a systematic form with themes.
4.2 Brexit has benefited the UK from a free trade and outside the single market.
Analysis and discussion: Trade leads to encourage specilaistion and lower the cost with increase
in the productivity. As EU promoted free trade but custom charge need to paid by the rest of the
world. Along with this the single market also imposes a burden on economic activity in the
European Union (Zhu and Moeller, 2016). Therefore, it is analysed that after Brexit UK get
opportunity to make own policy related to free trade with the rest of the world and it can easily
escape from the unnecessary regulatory burden of the single market. It makes easy for the UK
companies to make deal with other countries such as (China, India, japan etc.)who does not
come under the EU membership with their own policy. Therefore, it provides strong freedom to
trade and deals with other nations which lead to boost the economy (Lyons, Reader and Stephan,
2016.). Not only UK will be benefited with the EU policy but the countries who are interested in
making deal with UK will also get huge benefit. However, if UK only exist with EU and remain
under the EEA then it need to follow the polices and laws of EU which can become barrier in
carrying out free trade practices.
4.3 As per the business report European trade is affected due to Brexit.
Analysis and discussion: : It is analysed that at the time of withdrawing from the EU, the UK
will no longer duty-bound to interpret the national law in respect with EU law and companies
have to follow with different systems. According to the economy report if UK exit from UK the
it will put negative impact on trade (Razavi, Ho and Fox, 2017). The trade done more for the
betterment of the economy. As it provide 10% of all job in the economy. While working under
EU it is each for UK and companies to sell their goods freely to customers from any place at
anywhere without paying any additional taxes for importing the goods. Along with this Brsitish
companies and consumers can import at any place in the EU without paying tariffs. Due to
Brexit, The UK will need to deals new orders to for free trading with the countries who are
working under the EU (Kiesel Riesand and Tielmann, 2017). There are many jobs which are
14
linked with EU which can be lost due to Brexit. Further it also needs to replace the trade deals
with EU and non-EU countries such as India, China, Korea. Therefore, it can be stated that while
trading with countries comes under EU, the UK need to put much more efforts.
15
Illustration 1: The UK's top 10 trading partners
(Sources: )
with EU and non-EU countries such as India, China, Korea. Therefore, it can be stated that while
trading with countries comes under EU, the UK need to put much more efforts.
15
Illustration 1: The UK's top 10 trading partners
(Sources: )
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4.6 Brexit impact Merger and Acquisitions (M&A) in the UK and in Europe
Analysis and discussion: The impact of Brexit on UK export and import pattern which has
become one of the most central economic field of battle of the referendum campaign. Due to
Brexit there may be decrease in the Merger and Acquisition activity it is so because of doubt
around the future relations between the European Union and United Kingdom (Kiesel Riesand
and Tielmann, 2017). The situation may lead significant fluctuation in the exchange rates and
share prices. Alternatively, of Merger and acquisition, organisation may have to reallocate their
activities geographically. The merger and acquisition activity can crisply slip dramatically that
which result uncertainty. It is expected by the law firm that UK will reach upto $125bn in 2107.
There is great expectation of weaker economic growth because of the problem which can take
place related to the UK companies who deal with EU members company (Sweet and Smith,
2017). Therefore, UK government is trying to triggering the article 50 for negotiation with the
EU which is upto last for 2 years. In the finance and industrialist sector the merger and
acquisition activity are at higher risk as because of the Brexit.
16
Illustration 2: Merger and Acquisition activity
Analysis and discussion: The impact of Brexit on UK export and import pattern which has
become one of the most central economic field of battle of the referendum campaign. Due to
Brexit there may be decrease in the Merger and Acquisition activity it is so because of doubt
around the future relations between the European Union and United Kingdom (Kiesel Riesand
and Tielmann, 2017). The situation may lead significant fluctuation in the exchange rates and
share prices. Alternatively, of Merger and acquisition, organisation may have to reallocate their
activities geographically. The merger and acquisition activity can crisply slip dramatically that
which result uncertainty. It is expected by the law firm that UK will reach upto $125bn in 2107.
There is great expectation of weaker economic growth because of the problem which can take
place related to the UK companies who deal with EU members company (Sweet and Smith,
2017). Therefore, UK government is trying to triggering the article 50 for negotiation with the
EU which is upto last for 2 years. In the finance and industrialist sector the merger and
acquisition activity are at higher risk as because of the Brexit.
16
Illustration 2: Merger and Acquisition activity
4.7 Economies get affected of the UK leaving the EU, GDP, Pounds and per capita income has
been fallen
Discussion and analysis: The UK has been the member of the European union from last many
years and it has provide many economic benefits to member countries (Gudgin, Coutts and
Buchanan, 2017). That is inward investment, free trade and harmonisation of regulation etc.
Some of critics argued that EU charge unnecessary cost on business which lead to hamper the
UK ability to grow. According to the articles economies is adversely affected as it lead to
provide less trade facility with EU members. Along with this, short term cost of leaving. From
the date when referndum has been announced the value of sterling has fallen. Markets get
worried about the economic implication of leaving the EU (Wright, Wilson and Amess, 2016.).
Sterling has fallen Upto 7% in 3 months. A specific economic concern for the United Kingdom
leaving the EU is that decline in inward investment from the European union. As per the
economist the pound lead to slip to $1.32. The UK paid upto £17bn to the EU that is 0.06% of
GDP. Therefore, EU will not allow UK to take benefit of single market without paying into it as
17
Illustration 3: Pound sterling index
(Sources: Pettinger. T, 2016)
been fallen
Discussion and analysis: The UK has been the member of the European union from last many
years and it has provide many economic benefits to member countries (Gudgin, Coutts and
Buchanan, 2017). That is inward investment, free trade and harmonisation of regulation etc.
Some of critics argued that EU charge unnecessary cost on business which lead to hamper the
UK ability to grow. According to the articles economies is adversely affected as it lead to
provide less trade facility with EU members. Along with this, short term cost of leaving. From
the date when referndum has been announced the value of sterling has fallen. Markets get
worried about the economic implication of leaving the EU (Wright, Wilson and Amess, 2016.).
Sterling has fallen Upto 7% in 3 months. A specific economic concern for the United Kingdom
leaving the EU is that decline in inward investment from the European union. As per the
economist the pound lead to slip to $1.32. The UK paid upto £17bn to the EU that is 0.06% of
GDP. Therefore, EU will not allow UK to take benefit of single market without paying into it as
17
Illustration 3: Pound sterling index
(Sources: Pettinger. T, 2016)
it lead to impact the GDP. The Brexit impact the business confidence it lead to fall the values of
Merger and Acquisition upto one third. As if UK exit the market of EU then it lead to face
problem at the time of trading.
4.7.Commercial and legal impact on UK related to M&A
Analysis and discussion: As per the commercial perspective the uncertainty flow because
of the votes increase related to leaving EU. The organisation who merge with companies
working under the EU members lead to impact the trading activities. This is because of the
different laws and regulation of both the nations. Due to Brexit, the laws regarding the M&A
transaction in the UK are changes as because for limiting the amount of EU derived law and
regulation (Goulding, Szalajand and Portugal, 2017.). The future deals and Brexit condition can
impacted. As per the standard MAC clause, it is that acquire will wish in future will do
negotiation conditional clause in acquisition agreements lead to increase flexibility. Further, in
future different laws such as passport rights and laws and regulation will be started appearing.
However, the public takeover government in the United Kingdom will not be changed excluding
the merger clearances. At the time UK takeover code slightly provide effects to the UK takeover
directive. The takeover government in the UK get established in sustainability then it leads to
change the takeover code. From the perspective of merger control one of the consequences is that
increases in the number of filings and greater burden on business (Harrison, Richardson and
Barabu, 2017). There may be increase in the number of UK filings in the post Brexit UK filing
as compare to EU filing. However it is stated that UK was consider as one of the strongest M&A
market in Europe and this activity was last year 9% across in rest of the Europe.
4.7 Brexit will be beneficial to firms willing to enter into M&A deals with other firms across the
EU
Analysis and discussion: Post Brexit taken some time for the negotiations as because
there are many stakeholders need to be consulted and the process is unprecedented which means
that there is much more chances of increase in the merger and acquisition activity after Brexit.
M&A take time because it is long termed process and risk is also high especially at the time of
merging with other companies across the countries. However, at preset the for carrying out the
M&A activity is not appropriate (Masouros and Papadopoulos, 2016.). It is so because there is
slow growth rate in economy because of Brexit. The EU competition law provided an
18
Merger and Acquisition upto one third. As if UK exit the market of EU then it lead to face
problem at the time of trading.
4.7.Commercial and legal impact on UK related to M&A
Analysis and discussion: As per the commercial perspective the uncertainty flow because
of the votes increase related to leaving EU. The organisation who merge with companies
working under the EU members lead to impact the trading activities. This is because of the
different laws and regulation of both the nations. Due to Brexit, the laws regarding the M&A
transaction in the UK are changes as because for limiting the amount of EU derived law and
regulation (Goulding, Szalajand and Portugal, 2017.). The future deals and Brexit condition can
impacted. As per the standard MAC clause, it is that acquire will wish in future will do
negotiation conditional clause in acquisition agreements lead to increase flexibility. Further, in
future different laws such as passport rights and laws and regulation will be started appearing.
However, the public takeover government in the United Kingdom will not be changed excluding
the merger clearances. At the time UK takeover code slightly provide effects to the UK takeover
directive. The takeover government in the UK get established in sustainability then it leads to
change the takeover code. From the perspective of merger control one of the consequences is that
increases in the number of filings and greater burden on business (Harrison, Richardson and
Barabu, 2017). There may be increase in the number of UK filings in the post Brexit UK filing
as compare to EU filing. However it is stated that UK was consider as one of the strongest M&A
market in Europe and this activity was last year 9% across in rest of the Europe.
4.7 Brexit will be beneficial to firms willing to enter into M&A deals with other firms across the
EU
Analysis and discussion: Post Brexit taken some time for the negotiations as because
there are many stakeholders need to be consulted and the process is unprecedented which means
that there is much more chances of increase in the merger and acquisition activity after Brexit.
M&A take time because it is long termed process and risk is also high especially at the time of
merging with other companies across the countries. However, at preset the for carrying out the
M&A activity is not appropriate (Masouros and Papadopoulos, 2016.). It is so because there is
slow growth rate in economy because of Brexit. The EU competition law provided an
18
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appropriate legal framework and common process for member states. In context to Merger and
acquisition it is EU rules provide opportunity to merger with EU member companies. There are
many impacts of M&A activity in the UK because of Brexit. As EU competition rules impact
differently as UK deal may not be get impacted by UK to EU vice versa. Further, introducing the
extra complexity because of different in rules and regulation of both EU and UK (Tijssen and
Yegros, 2017. ). Further diligence impact as this lead that EU accounting rules. As these rules in
the Europe is different and after Brexit UK companies do not need to follow this rules. Apart
from this EU funder may not interested in the UK.
19
acquisition it is EU rules provide opportunity to merger with EU member companies. There are
many impacts of M&A activity in the UK because of Brexit. As EU competition rules impact
differently as UK deal may not be get impacted by UK to EU vice versa. Further, introducing the
extra complexity because of different in rules and regulation of both EU and UK (Tijssen and
Yegros, 2017. ). Further diligence impact as this lead that EU accounting rules. As these rules in
the Europe is different and after Brexit UK companies do not need to follow this rules. Apart
from this EU funder may not interested in the UK.
19
CHAPTER 5: CONCLUSION AND RECOMMENDATION
5.1 Conclusion
From the first objectives that is to understand Brexit be beneficial to firms willing to
enter into M&A deals with other firms across the EU it is concluded that Brexit will be
beneficial to firms who are willing to enter into this activity with other companies who are
operating their business in other countries. Merge involve two companies which convert into a
single entity. In the UK the M&S market become one of the dynamic in order to control the
corporate activity. In 2015, there are many public companies who enter into M&S activity with
companies across the UK. Further from the research it is identified that there is slowdown in the
rate of M&S market due to the impact of Brexit. As it lead to slowing the global economy and
volatility which in turn influenced M&S activity in 2016 negatively. Along with this UK has
also followed rules and regulation which are made by EU such as competition act, enterprise act
which are lined with EU provisions. Therefore, after Brexit at the time of carrying out Merger
and Acquisition activity it led to impact the activities and create difficulty because of different
laws and regulation. Therefore it show that UK laws and regulation is one side and EU laws are
another side which create barrier for the companies. For this purpose they need to adopt some
strategies so that it become easy to trade and carry out other activity in EU member countries and
other countries after Brexit. Further it is concluded that If the UK leave EU but if remain the
member of EEA then EU laws will be continue to apply. Apart from this if the United kingdom
exit both the EU and the EEA then those UK no need to follow the EU rules and regulations. In
such a situation the chances of intervention may take place in term of post Brexi
From the second objective “to analyses the impact of Brexit on Merger and Acquisitions
(M&A) in the UK and in Europe”. it is concluded that Brexit is awaited to cause a drop-off in
M&A activities as a result of doubt surrounding the future relationship of UK with the EU and
the legal implications. These situation can be also strategic and opportunistic transaction which is
result from the significant fluctuations in exchange rates and share price. Due to Brexit the UK
can lost it positions in economy and it may lose it seconds largest net contributor to the EU
budget. There are lots of efforts have been put in over recent years for building the UK's
reputation which has a hugely attractive venue for entrepreneurship. Leaving EU membership
negatively impact the merger and acquisition activities as companies suffer a lot and country lost
its economy position. Further it is concluded that the result of the UK's vote on its membership
20
5.1 Conclusion
From the first objectives that is to understand Brexit be beneficial to firms willing to
enter into M&A deals with other firms across the EU it is concluded that Brexit will be
beneficial to firms who are willing to enter into this activity with other companies who are
operating their business in other countries. Merge involve two companies which convert into a
single entity. In the UK the M&S market become one of the dynamic in order to control the
corporate activity. In 2015, there are many public companies who enter into M&S activity with
companies across the UK. Further from the research it is identified that there is slowdown in the
rate of M&S market due to the impact of Brexit. As it lead to slowing the global economy and
volatility which in turn influenced M&S activity in 2016 negatively. Along with this UK has
also followed rules and regulation which are made by EU such as competition act, enterprise act
which are lined with EU provisions. Therefore, after Brexit at the time of carrying out Merger
and Acquisition activity it led to impact the activities and create difficulty because of different
laws and regulation. Therefore it show that UK laws and regulation is one side and EU laws are
another side which create barrier for the companies. For this purpose they need to adopt some
strategies so that it become easy to trade and carry out other activity in EU member countries and
other countries after Brexit. Further it is concluded that If the UK leave EU but if remain the
member of EEA then EU laws will be continue to apply. Apart from this if the United kingdom
exit both the EU and the EEA then those UK no need to follow the EU rules and regulations. In
such a situation the chances of intervention may take place in term of post Brexi
From the second objective “to analyses the impact of Brexit on Merger and Acquisitions
(M&A) in the UK and in Europe”. it is concluded that Brexit is awaited to cause a drop-off in
M&A activities as a result of doubt surrounding the future relationship of UK with the EU and
the legal implications. These situation can be also strategic and opportunistic transaction which is
result from the significant fluctuations in exchange rates and share price. Due to Brexit the UK
can lost it positions in economy and it may lose it seconds largest net contributor to the EU
budget. There are lots of efforts have been put in over recent years for building the UK's
reputation which has a hugely attractive venue for entrepreneurship. Leaving EU membership
negatively impact the merger and acquisition activities as companies suffer a lot and country lost
its economy position. Further it is concluded that the result of the UK's vote on its membership
20
of the EU develop a large number of uncertainty. Further the M&A activity in the UK highlight
the significant consequences related to Brexit without a favorable trade agreement in place. The
UK is merger and acquisition activity is significantly impacted because of leaving EU
membership. On the other side it also get some benefits such as Brexit provide opportunity of
free trade to the UK. It does not need to carry out the burden of EU laws related to trading in the
other countries. As per the article 50, the Treaty of Lisbon permit members of EU to quit
unilaterally and follow the procedure for doing this. Further, it also provides two years to
negotiate before deciding to leave EU
5.2 Recommendation
It is recommended that UK can negotiate with the EU as it benefit the UK companies
who merged with the EU members companies. It can negotiate for the secure free trading
agreement with EU. Along with this public companies are not much affected due to Brexit as
they can carry out their business activities with making significant changes as per new rules and
regulation which take place after Berxit. Through maintaining relationship between both the
country it becomes easy to carry out trading across the country without facing any issues. The
companies need to make changes in their merger and acquisition activity by adopting new
strategy. As it help them in carrying out their business operation in an effective manner.
Company can make changes in their imports and export activities as per the new rules and
regulation. At last it is recommended that companies need to follow the rules and regulation so
that it may not face any kind of trouble while merging with other companies in across the
country.
21
the significant consequences related to Brexit without a favorable trade agreement in place. The
UK is merger and acquisition activity is significantly impacted because of leaving EU
membership. On the other side it also get some benefits such as Brexit provide opportunity of
free trade to the UK. It does not need to carry out the burden of EU laws related to trading in the
other countries. As per the article 50, the Treaty of Lisbon permit members of EU to quit
unilaterally and follow the procedure for doing this. Further, it also provides two years to
negotiate before deciding to leave EU
5.2 Recommendation
It is recommended that UK can negotiate with the EU as it benefit the UK companies
who merged with the EU members companies. It can negotiate for the secure free trading
agreement with EU. Along with this public companies are not much affected due to Brexit as
they can carry out their business activities with making significant changes as per new rules and
regulation which take place after Berxit. Through maintaining relationship between both the
country it becomes easy to carry out trading across the country without facing any issues. The
companies need to make changes in their merger and acquisition activity by adopting new
strategy. As it help them in carrying out their business operation in an effective manner.
Company can make changes in their imports and export activities as per the new rules and
regulation. At last it is recommended that companies need to follow the rules and regulation so
that it may not face any kind of trouble while merging with other companies in across the
country.
21
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