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"This thesis focuses on revaluation of KMG before the acquisition between KMG and APC. The objectives are to gain better understanding factors of investment spending in oil and natural gas industry and to compare the result of fundamental analysis and the price APC spent for the acquisition. The valuation of stock price will be calculated based on fundamental analysis using top-down approach where valuation is done using FCFF. The result shows the price and the valuation are almost the same, so in taking decision of acquisition, many non-financial factors have to be more considered like risks, synergies, and oil reserves."

"Perkembangan kebijakan perbankan di Indonesia pasca dikeluarkannya program Arsitektur Perbankan Indonesia yang bertujuan untuk menciptakan perbankan nasional yang sehat, kuat dan efisien, menyebabkan banyaknya transaksi merger dan akuisisi di perbankan Indonesia. Terdapat setidaknya dua kebijakan yang kemudian mendorong banyak terjadinya transaksi merger dan akuisisi di bidang perbankan Indonesia, yaitu kebijakan mengenai kepemilikan tunggal (single presence policy) dan kebijakan mengenai jumlah modal minimum. Tujuan umum dari penelitian ini adalah untuk mempelajari proses akuisisi unit usaha yang dilakukan oleh PT Bank ABC terhadap unit usaha retail, pembiayaan konsumen dan perbankan komersial yang dimiliki oleh Bank XYZ. Selain itu akan dilihat tantangan-tantangan yang utama yang dihadapi oleh PT Bank ABC serta implikasi aksi korporasi ini terhadap kondisi perusahaan PT Bank ABC dilihat dari sisi aset secara umum. Penelitian ini adalah penelitian kualitatif yang datanya berasal dari data primer yang diperoleh melalui wawancara dan data sekunder berupa dokumen-dokumen terkait dengan transaksi akuisisi unit usaha yang dilakukan oleh PT Bank ABC. Hasil penelitian menemukan bahwa proses transaksi akuisisi unit usaha oleh PT Bank ABC dilakukan dengan melewati tiga fase penting yaitu fase pertama (due diligence), fase kedua (persetujuan regulator) dan fase ketiga (integrasi). Terdapat tiga tantangan utama dari hasil penelitian yaitu sehubungan dengan persetujuan dari regulator, perekrutan dan adaptasi karyawan, dan teknologi informasi yang digunakan. Selain itu hasil penelitian menemukan bahwa terdapat peningkatan aset yang signifikan pada buku PT Bank ABC.

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Banking policy developments in Indonesia after the issuance of the Indonesian Banking Architecture which aims to create a national bank that is healthy, strong and efficient, resulting in numbers of merger and acquisition transaction in Indonesian banking. There are at least two policies, which led to these merger and acquisition transactions in the banking sector, namely the single presence policy and policy regarding the capital minimum requirements.

The general objective of this research is to study the acquisition process of the business unit conducted by PT Bank ABC to retail, consumer finance and commercial banking business units owned by Bank XYZ. Additionally, this research is studying the major challenges faced by PT Bank ABC and the implications of this corporate action on the condition of PT Bank ABC in terms of assets in general.

This study is a qualitative research study where the data is obtained from primary data resulting from interviews and secondary data in the form of documents related to the transaction of business unit acquisitions conducted by PT Bank ABC.

The research suggests that the process of acquisition transactions business unit by PT Bank ABC was involving three important phases namely the first phase (due diligence), the second phase (regulatory approval) and third phase (integration). There are three main challenges from the research that is in connection with the approval from the regulator, employee recruitment and adaptation, and the use of information technology. In addition, this research also sugests that there was a significant increase in the book assets of PT Bank ABC."

"A multicarrier modulation system based on M-band wavelet modulation consists of a bank of filters satisfying the perfect reconstructed quadradture mirror filter (PR-QMF) theory. The system exploits the localisation properties of the wavelets in time and frequency to develop the transmitted signal that has compact PSD characteristics and resilient in a channel exposed to fading. A timing synchronisation that comprises acquisition using the wavelet properties has been proposed. This paper discusses the analysis and simulation results of the timing aquisition, taking advantage of the wavelet signal correlation properties. The designed acquisition circiut work using the correlation property of wavelet signal which has a unique peak. The proposed wavelet synchroniser shows good performance with the time variance close to the cramer Rao lower bound."

"Semaraknya akuisisi bank nasional oleh bank asing saat ini perlu dicermati dengan bijak oleh Bank Indonesia. Akuisisi oleh bank asing merupakan strategi untuk mengembangkan bisnisnya, baik di dalam maupun di luar negeri tanpa harus membentuk badan usaha yang baru. Oleh karena itu, asas resiprositas perlu untuk diberlakukan, agar bank umum juga dapat mengembangkan bisnisnya. Seperti akuisisi saham BII oleh Maybank yang perlu dicermati oleh Bank Indonesia, yang dapat memperlemah pasar bisnis perbankan Indonesia. Metode penelitian yang digunakan pada penulisan ini adalah metode yuridis normatif. Hasil dari penelitian ini menyarankan agar dimasukkannya klausul asas resiprositas dalam Rancangan Undang-Undang (RUU) Perbankan yang baru.

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A rampant general bank acquisition by foreign bank at this moment need to be supervised wisely by Bank Indonesia. Acquisition by foreign bank is strategy to develop its business, both inside and outside the country without having to establish a new business entity. Therefore, it is necessary to apply the principle of reciprocity, so that commercial banks can expand their business. As happening with Maybank acquisition of BII need to be supervised by Bank Indonesia, which can weaken the Indonesia banking market. Research methods used in this research is juridical normative. The result of this research suggest that the inclusion of the reciprocity clause in the Draft of the new Banking Act."

"ABSTRAKMerger dan akuisisi banyak dilakukan perusahaan perusahaan di dunia untuk meningkatkan pertumbuhan termasuk industri Fast Moving Consumer Goods FMCG yang menjadi top deal value pada masa deal decade. Di Indonesia salah satu perusahaan FMCG yang melakukan merger dan akuisisi adalah PT Unilever Indonesia Tbk. Pemilihan Unilever Indonesia sebagai objek penelitian karena Unilever Indonesia telah melakukan berbagai strategi merger dan akuisisi. Pada penelitian ini pembahasan difokuskan pada merger dan akuisisi yang terjadi di antara 2005 2014 yaitu ketika pengambilalihan Buavita dan Gogo serta Sara Lee Body Care Indonesia. Reaksi pasar pada pengumuman kedua akuisisi tersebut merespon negatif. Akan tetapi pada pelaksanaannya Unilever Indonesia dapat meningkatkan pertumbuhan profitabilitas bahkan dapat memberikan dividen. Tingkat kegagalan yang dihadapi dapat diminimalisir dengan penggunaan metode dan strategi merger dan akuisisi yang berbeda.

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ABSTRACT

Mergers and acquisitions were conducted by many companies in the world to increase the company growth including Fast Moving Consumer Goods FMCG industry which became a top deal value during the deal decade. In Indonesia one of the FMCG companies that conducted mergers and acquisitions is PT Unilever Indonesia Tbk. Selection of Unilever Indonesia as the object of research because Unilever Indonesia has conducted various merger and acquisition strategies. In this study the discussion focused on mergers and acquisitions that occurred between 2005 2014 when the Buavita and Gogo and Sara Lee Body Care Indonesia takeover Market reaction to the announcement both of the acquisition respond negatively. However in practice Unilever Indonesia could improve the growth and profitability even distributed dividends. The risk of failure of those mergers and acqusition can be minimized with the use of different methods and strategies of mergers and acquisitions."

"Penelitian ini berfokus pada mengidentifikasi faktor-faktor yang menghambat proses pengadaan tanah untuk kepentingan umum yaitu pembangunan jalan tol serta dampak dari terhambatnya proses pengadaan tanah tersebut. Pengadaan tanah merupakan penghambat utama dalam percepatan pembangunan jalan tol. Studi terkait faktor-faktor yang menghambat proses pengadaan tanah untuk kepentingan umum masih terlalu berfokus pada dampaknya dan kurang mengurai simpul penyebab utama dari masalah ini. Dalam studi ini, peneliti melihat bahwa proses pengadaan tanah untuk pembangunan infrastruktur dan kepentingan ekonomi didominasi oleh negara sehingga hal tersebut dapat berdampak merugikan masyarakat. Dengan menggunakan metode kualitatif dan teknik wawancara mendalam, studi ini menemukan bahwa masalah pembagian peran dan efektifitas mekanisme kerja birokrasi menjadi hambatan utama. Di sisi lain, dampak ketidakpastian keresahan kesulitan mencari tanah pengganti, cukup banyak dialami oleh masyarakat. Secara teoritik, pengadaan tanah untuk pembangunan infrastruktur di Indonesia mencerminkan state centered development yang kurang optimal karena involusi mekanisme kerja birokrasi pemerintah sendiri. Gejala soft state masih sangat terlihat ketika negara kurang bisa melindungi masyarakat dari dampak pengadaan tanah.

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This study focuses on identifying the factors that hamper the process of land acquisition process for the public interest, espescially toll road construction and the impact of the hampered land acquisition process. Land acquisition is a major obstacle in accelerating toll road development. Studies related to factors that hamper the land acquisition process are still too focused on their impact and do not examine the main causes of this problem. In this study, researchers see that the land acquisition process for the public interests is dominated by the state so that it can adversely affect the community. By using qualitative methods and in-depth interview techniques, this study found that the problem of the division of roles and the effectiveness of bureaucratic work mechanisms were the main obstacles. On the other hand, the impact of the uncertainty of anxiety on the difficulty of finding replacement land, is quite a lot experienced by the community. Theoretically, land acquisition for infrastructure development in Indonesia reflects a less than optimal state centered development due to the involution of the government's own bureaucratic work mechanism. Soft state symptoms are still very visible when the state is less able to protect the community from the effects of land acquisition."

"Penelitian ini bertujuan untuk menganalisis proses knowledge acquisition pada bisnis kuliner, dan faktor yang menjadi pengahambat knowledge acquisition. Penelitian ini menggunakan pendekatan kualitatif dengan metode studi kasus. Studi kasus penelitian ini dilakukan di Macaroni Panggang, dimana Macaroni Panggang menjadi salah satu bisnis kuliner yang melakukan knowledge acquisition pada menu-menu masakan dan manajemen restoran. Data yang dianalisis adalah hasil wawancara dengan pemilik, supervisor dan wakil supervisor Macaroni Panggang. Hasil penelitian menemukan bahwa terdapat empat proses knowledge acquisition di Macaroni Panggang yaitu perencanaan, pengambilan pengetahuan, tahap pengujian, dan tahap revisi. Faktor yang menjadi penghambat knowledge acquisition di Macaroni Panggang adalah faktor sumber daya manusia. Saat ini Macaroni Panggang belum memiliki sumber daya yang mempuni untuk melakukan knowledge acquisition. Hal tersebut membuat tidak seluruh pengetahuan yang diambil dapat dijadikan sebuah produk nyata di Macaroni Panggang.

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This study aims to analyze the process of knowledge acquisition in the culinary business, and the factors that inhibit knowledge acquisition. This research uses a qualitative approach with a case study method. This research case study was carried out in Macaroni Panggang, where Macaroni Panggang became one of the culinary businesses that carried out knowledge acquisition on food menus and restaurant management. The data analyzed are the results of interviews with owners, supervisors and vice supervisors of Macaroni Panggang. The results of the study found that there are four knowledge acquisition processes in Macaroni Panggang namely planning, taking knowledge, testing stage, and revision stage. Factors that inhibit knowledge acquisition in Macaroni Panggang are human resource factors. At present Macaroni Panggang does not yet have the resources to conduct knowledge acquisition. This makes not all the knowledge taken can be a real product in Macaroni Panggang. "

"Sektor perbankan memiliki posisi vital dalam menjaga stabilitas perekonomian negara. Strategi akuisisi merupakan salah satu langkah yang diambil pemerintah untuk menjaga kesehatan sistem perbankan. Skripsi ini membahas mengenai pelaksanaan akuisisi bank berbentuk perusahaan terbuka oleh lembaga keuangan bank. Pelaksanaan akuisisi bank berbentuk perusahaan terbuka tidak hanya tunduk pada aturan di bidang perbankan melainkan juga wajib tunduk pada aturan di bidang pasar modal yang mengatur mengenai pelaksanaan MTO. Aturan tersebut secara spesifik diatur melalui Surat Keputusan Direksi Bank Indonesia Nomor 32/51/KEP/DIR/1999 tentang Persyaratan dan Tata Cara Merger, Konsolidasi, dan Akuisisi Bank Umum dan Peraturan Otoritas Jasa Keuangan Nomor 9/POJK.04/2018 tentang Pengambilalihan Perusahaan Terbuka. Dengan adanya aturan tersebut, maka dengan pendekatan yuridis-normatif skripsi ini akan meninjau mengenai penerapan pelaksanaan akuisisi PT Bank Mitraniaga Tbk (NAGA) oleh Industrial Bank of Korea (IBK) dan meninjau kepemilikan saham IBK setelah dilakukannya akuisisi dikaitkan dengan Peraturan Pemerintah Nomor 29 Tahun 1999 tentang Pembelian Saham Bank Umum dan Peraturan Otoritas Jasa Keuangan Nomor 56/POJK.03/2016 tentang Kepemilikan Saham Bank Umum. Dengan adanya aturan mengenai batas kepemilikan saham bank umum diharapkan dapat menjadi pelindung perekonomian Indonesia khususnya pada sektor perbankan.Kata kunci: akuisisi, bank, penawaran tender wajib (MTO), batas kepemilikan saham.

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The banking sector has a vital position in maintaining the stability of the country's economy. The acquisition strategy is one of the steps taken by the government to maintain the health of the banking system. This thesis discusses the implementation of bank acquisitions in the form of public companies by bank. The acquisition of a bank in the form of a public company is not only subject to the rules in the banking sector but also must comply with the rules in the capital market that govern the implementation of the MTO. These rules are specifically regulated through Decree of the Directors of Bank Indonesia Number 32/51 / KEP / DIR / 1999 concerning Requirements and Procedures for Mergers, Consolidations, and Acquisitions of Commercial Banks and Financial Services Authority Regulation Number 9 / POJK.04 / 2018 concerning Public Company Takeovers. Then, with a juridical-normative approach this thesis will review the implementation of the acquisition of PT Bank Mitraniaga Tbk (NAGA) by the Industrial Bank of Korea (IBK) and review the ownership of IBK shares after the acquisition is associated with Government Regulation No. 29 of 1999 concerning Purchases of Commercial Bank Shares and Financial Services Authority Regulation Number 56 / POJK.03 / 2016 concerning Commercial Bank Share Ownership. With the existence of rules regarding the limit of share ownership of commercial banks, it is expected to be able to protect the Indonesian economy, especially in the banking sector. acquisition, bank, MTO, share ownership limit."