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ABSTRAKIndonesia akan segera menghadapi MEA dan sektor keuangan merupakan salah satu sektor yang terpengaruh dan harus dapat bersaing di MEA. Sektor keuangan yang paling dominan di Indonesia adalah Industri Perbankan. Oleh karena itu, Pemerintah memiliki rencana untuk melakukan megamerjer dua bank BUMN besar Indonesia, Bank Mandiri sebagai perusahaan bidder dan BNI sebagai perusahaan target. Penelitian ini akan difokuskan kepada analisis deal payment, struktur kepemilikan bank yang baru, dan hal-hal apa yang perlu diperhatikan demi kesuksesan megamerjer. Hasil penilaian megamerjer yang terjadi antara Bank Mandiri dan BNI pada seluruh skenario memiliki nilai sinergi yang positif yaitu sebesar Rp 1.103,482 Triliun untuk skenario pertama, Rp 7,543 Triliun untuk skenario kedua dan Rp 823,892 Triliun untuk skenario ketiga. Dari ketiga skenario tersebut, diperoleh kesimpulan mengenai Alternatif pembiayaan merjer yang terdiri atas cash dan stock, yang apabila hendak membeli 50% kepemilikan dari BBNI memiliki nilai transaksi sebesar Rp 65,270 Triliun. Dengan jumlah pembayaran tersebut, shareholder BBNI akan menerima 2,78% dari perusahaan setelah merjer pada skenario I, menerima 5,26% pada skenario II, dan 3,16% pada skenario III. Analisis terhadap bobot kepemilikan bank pada scenario I dan III menunjukkan bahwa sesudah merjer bobot kepemilikan majority shareholder dan minority shareholder tidak mengalami perubahan, sedangkan pada skenario II kepemilikan majority shareholder mengalami penurunan dari 60% menjadi 57% dan minority shareholder mengalami peningkatan dari 40% menjadi 43%. Hasil ini menunjukkan bahwa tidak terjadi ekspropriasi terhadap minority shareholder.
ABSTRACTIndonesia will face AEC soon and The Financial sector is one sector that‟s affected
and should be able to compete in the AEC. The most dominant financial sector in
Indonesia is The Banking Industry. Therefore, the Government has plan to merge
two major state-owned bank in Indonesia, Bank Mandiri as the bidding firm and BNI
as the target firm. This study will be focused on analysis of deal payment, bank
ownership structure, and what things to consider for the success of megamerger two
Indonesian state-owned banks. Megamerjer assessment results that occur between
Bank Mandiri and BNI on the whole scenario has a positive synergy value that is
equal to Rp 1.103,482 trillion for the first scenario , Rp 7,543 trillion for the second
scenario and Rp 823,892 trillion for the third scenario. Of the three scenarios, the
conclusion regarding the financing alternative merger consisting of cash and stock,
which, if they wanted to buy 50 % ownership of BBNI having a transaction value of
Rp 65,270 trillion . With the amount of such payment , BBNI shareholders will
receive 2,78% of the company after the merger in the first scenario , receiving 5,26%
in scenario II, and 3,16% in the third scenario. Analysis of the weight bank
ownership in scenario I and III shows that after the merger the weight of majority
shareholders and minority ownership shareholder is unchanged, while in the scenario
II majority shareholder ownership decreased from 60% to 57% and minority shareholders increased from 40% to 43%. These results indicate that there is no expropriation of the minority shareholder.;Indonesia will face AEC soon and The Financial sector is one sector that‟s affected
and should be able to compete in the AEC. The most dominant financial sector in
Indonesia is The Banking Industry. Therefore, the Government has plan to merge
two major state-owned bank in Indonesia, Bank Mandiri as the bidding firm and BNI
as the target firm. This study will be focused on analysis of deal payment, bank
ownership structure, and what things to consider for the success of megamerger two
Indonesian state-owned banks. Megamerjer assessment results that occur between
Bank Mandiri and BNI on the whole scenario has a positive synergy value that is
equal to Rp 1.103,482 trillion for the first scenario , Rp 7,543 trillion for the second
scenario and Rp 823,892 trillion for the third scenario. Of the three scenarios, the
conclusion regarding the financing alternative merger consisting of cash and stock,
which, if they wanted to buy 50 % ownership of BBNI having a transaction value of
Rp 65,270 trillion . With the amount of such payment , BBNI shareholders will
receive 2,78% of the company after the merger in the first scenario , receiving 5,26%
in scenario II, and 3,16% in the third scenario. Analysis of the weight bank
ownership in scenario I and III shows that after the merger the weight of majority
shareholders and minority ownership shareholder is unchanged, while in the scenario
II majority shareholder ownership decreased from 60% to 57% and minority shareholders increased from 40% to 43%. These results indicate that there is no expropriation of the minority shareholder., Indonesia will face AEC soon and The Financial sector is one sector that‟s affected
and should be able to compete in the AEC. The most dominant financial sector in
Indonesia is The Banking Industry. Therefore, the Government has plan to merge
two major state-owned bank in Indonesia, Bank Mandiri as the bidding firm and BNI
as the target firm. This study will be focused on analysis of deal payment, bank
ownership structure, and what things to consider for the success of megamerger two
Indonesian state-owned banks. Megamerjer assessment results that occur between
Bank Mandiri and BNI on the whole scenario has a positive synergy value that is
equal to Rp 1.103,482 trillion for the first scenario , Rp 7,543 trillion for the second
scenario and Rp 823,892 trillion for the third scenario. Of the three scenarios, the
conclusion regarding the financing alternative merger consisting of cash and stock,
which, if they wanted to buy 50 % ownership of BBNI having a transaction value of
Rp 65,270 trillion . With the amount of such payment , BBNI shareholders will
receive 2,78% of the company after the merger in the first scenario , receiving 5,26%
in scenario II, and 3,16% in the third scenario. Analysis of the weight bank
ownership in scenario I and III shows that after the merger the weight of majority
shareholders and minority ownership shareholder is unchanged, while in the scenario
II majority shareholder ownership decreased from 60% to 57% and minority shareholders increased from 40% to 43%. These results indicate that there is no expropriation of the minority shareholder.]
T-Sarah Marina Gultom.pdf :: Unduh