Stanford Graduate School of Business (USA)
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Restructuring a Utility: RWE's Carve-out of innogy
Reichelstein, S; Comello, S; Bebb, DCase SGSB-SM278-EStrategyIn 2016, the German utility RWE undertook a carve-out in which substantial parts of the company’s assets and liabilities were offered to the general public as part of an IPO. The case describes the developments in the German energy landscape that led RWE to this unusual move. The case also examines how investors responded to this carve-out in terms of the valuations attached to RWE and the new subsidiary.Starting at €8.20
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Sticks and Stones? How Companies Respond to "Tax Shaming"
DeSimone, L; Hoopes, H; Lester, R; Melvin, SCase SGSB-A226-EAccounting and ControlAn increasing number of global corporations have experienced negative publicity over complicated tax structures established to minimize their tax burdens. In the case of U.S. companies, there has been a growing outcry over “inversions,” a means of restructuring the business so that the U.S. parent was replaced by a foreign parent entity in a nation with lower corporate tax rates. Apple CEO Tim Cook was called to testify regarding Apple’s tax st...Starting at €8.20