ACCA P4 AFM Adavance Financial Management

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ACCA P4
Advanced Financial Management (AFM)
高级财务管理
ACCA Lecturer: Lily Wang




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, P4 Chapter 12 Content




1 Business reorganisation methods




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, 1.Business reorganisation methods

 Unbundling companies
Unbundling is the process of selling off incidental non-core businesses
to release funds, reduce gearing and allow management to concentrate
on their chosen core businesses. The main aim is to improve
shareholder wealth. Unbundling can take a number of forms:
• Spin-offs, or demergers, in which the ownership of the business does
not change, but new company is formed with shares in the new
company owned by the shareholders of the original business. This
results in two or more companies instead of the original one
• Sell-offs, which involves the sale of part of the original company to a
third party, usually in return for cash




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