Sommaire
Préambule………………………………………………………………………………………2
Introduction…………………………………………………………………………………….5
I – Les 2 géants de l’animation : Disney – Pixar……………………………………………6 A/ Présentation des deux entités……………………………………………………….6
1/ Disney……………………………………………………………………………………….6
2/ Pixar………………………………………………………………………………………..13 B/ Le contexte du rachat : Un rapprochement inéluctable……………………………15
1) Années 90………………………………………………………………………………….15
2) 2003 – 2006………………………………………………………………………………..16 C/ Les raisons de l’acquisition………………………………………………………..17
1) Aspect stratégique………………………………………………………………………….17
2) Aspect économique………………………………………………………………………...19
3) Aspect financier……………………………………………………………………………20
II - Le processus du rachat…………………………………………………………………22 A/Le processus d’une acquisition…………………………………………………….22 B/Le déroulement……………………………………………………………………..23 C/Les modalités………………………………………………………………………25
III - Niveau de performance accru pour une nouvelle entité…………………………. …26 A/Sur le plan managérial……………………………………………………………..26 B/Sur le plan des résultats globaux…………………………………………………...27

Conclusion……………………………………………………………………………………31
Bibliographie…………………………………………………………………………………33
Annexes…………………………………………………………………………………..35- 45

Préambule

To find our subject, we shared our centers of interest, for then choosing the cinema world. We sought on Internet, if there had been acquisitions or fusion on this market. We thus found a company like Pixar: giant of cartoon film and Disney: giant of the entertainment. In 2006, the Disney group repurchased the Pixar Company. We did not hesitate to take this subject, because the group was agree to deal this buyout which we didn’t know. We wanted to really understand why Disney needed this buyout. We chose this subject by passion, interest, because we did not know that it was now the same group (because the name Pixar always exists).

First of all, Animation is the rapid display of a sequence of images of 2-D or