Sunday, January 26, 2020

Modern Hot Metal Desulfurization

Modern Hot Metal Desulfurization Modern Hot Metal Desulfurization And Dephosphorization Technologies Introduction The purpose of phosphorus and sulfur removal is to decrease the concentration of these particles along with the undesired inclusions (oxides, borides, nitrides, carbides, and chlorides) to accomplish the final product quality requirements [5]. Dephosphorization involves low temperature, high slag basicity (CaO/ SiO2 ratio) and high oxygen activity whereas desulphurization entails high temperature, high slag basicity (CaO/ SiO2 ratio) and low oxygen activity. Initially, dephosphorization was performed by the addition of iron ores in the blast furnace runner. Soda ash (Na2CO3) was used in the blast furnace house during desulphurization. Subsequently, dephosphorization was improved by the subsurface injection of reagents in vessels, such as torpedo or submarine cars. Desulfurization was enhanced by co-injection of lime and magnesium into the hot metal transfer ladles [6]. The following dephosphorization and desulphurization technologies are reviewed: 1. Dephosphorization by the multirefining converter (MURC) process 2. Dephosphorization using CaO aggregates 3. Desulfurization by Magnesium 4. Desulfurization by flux injection using a new kinetic model 5. Desulfurization by the CFD modeling 1. Dephosphorization By The Murc Process The multirefining converter (MURC) process claims to improve the efficiency of the dephosphorization procedure by reducing the cost and minimizing the slag volume. It is a new hot metal pretreatment in which dephosphorization and decarburization processes are developed in the same converter for further reduction of the decarburization slag. The MURC process reduces the amount of slag by 50 % in comparison to the conventional pretreatment processes (30 %). The decarburization slag is continuously recycled (Figure 1). A low basicity dephosphorization slag is discharged from the MURC due to the high amount of total iron in the slag (T Fe) and no desiliconization treatment of the hot metal. This results into a valuable utilization of the dephosphorization slag in the steelmaking process. 2. Dephosphorization Using Cao Aggregates The multiphase dephosphorization slag is analyzed through the addition of calcium ferrite flux powder into hot metal. It is observed that high [Si] content (0.15 %) shows a similar CaO efficiency for dephosphorization than low [Si] content (0.00 %). The low [Si] content exhibits calcium phosphate (3CaO.P2O5) whereas high [Si] content shows a combination of calcium silicate (2CaO.SiO2), and calcium phosphate. The formation of these solid phases explains a similar CaO efficiency under different [Si] content. 3. Desulfurization By Magnesium Desulfurization is enhanced by the stirring effect of Mg bubbles in the hot metal. The reaction speeds up by the addition of lime and CaC2. These desulfurization reagents were tested in ArcelorMital Indiana Harbor. The typical inclusions before reagent injection were TiC and MnS. TiO2 is added to protect the graphite lining in the blast furnace. MgS + TiC and MgS were the most frequent inclusions after the reagent injection. MnS inclusions were not observed after this stage. This means, most of these inclusions floated up at the end of desulphurization. Further improvement of desulfurization can be achieved by Al addition. The latter reacts with lime to form lower melting point calcium aluminates. 4. Desulfurization By Flux Injection Using A New Kinetic Model Desulfurization is performed by introducing powder reagents (CaO, calcium carbonate, calcium diamide carbonate) into the hot metal using either core wired or a carrier gas (nitrogen). This creates a complex variety of interfaces in torpedo ladles (Figure 2) [7]. There are two reaction modes that are present in the heterogeneous/ immiscible phases. The first mode is related to the transitory reaction between the liquid steel and powder particles. The second mode is the permanent reaction between the slag on the surface and the molten steel. Desulfurization in torpedo ladles. The interfaces are: (1) Jet zone; (2) bubbles and particles rise in the plume zone; (3) bubbles emerge in the breakthrough zone; (4) slag zone; (5) gas-slag-metal emulsion forms in the dispersion zone; (6) metal reacts with lining in the lining zone; (7) lowest stirring intensity in the intermediate zone Several parameters influence the desulfurization of hot metal and are predicted by a new model of submerged powder injection. The total amount of the flux is considered to be liquid at steelmaking temperature and the injection rate along with the time lapse can be determined. The total sulfur removal rate for both the permanent contact (top slag) and transitory (injection powder) mode is obtained by the following equation, The right hand side of the reaction is related to the transitory reaction. This equation is only useful during the powder injection. After that, the right hand side becomes worthless. Sulfide solubility in slag is restricted. Once the sulfide solubility limit is reached, a pure sulfide phase grows within the slag to absorb the excess of sulfur. Sulfide saturation may occur before the slag and metal reach equilibrium. The speed of the reaction is reduced until the sulfur content is dropped. Excess of sulfur in permanent reactions produces a reversion reaction and further desulphurization cannot occur. The transitory reaction removes the excess of sulfur by the continuously addition of fresh powder into the torpedo ladle. It is also recommended to deslag after powder injection. Figure 3 is divided into [% S] wt % and reaction rate. The experimental results are obtained from the 20 CaO-60CaF2-20Al2O3 (by weight) powder injection under an argon atmosphere into 3.4-3.8 kg cast iron at 1310 Â °C. Once the slag (permanent-contact reaction) experiences an excess of sulfur at 420 s, the sulfur concentration decreases continuously until 950 s. The contributions of the permanent and transitory reactions are also displayed. The permanent reaction increases with time until it is saturated. The transitory reaction never approaches to saturation conditions. The difference between these two reactions is not significant large. Therefore, the contribution of these both reactions is generally equal. 5. Desulfurization By CFD Modeling Synthetic slag is used on the desulfurization process due to its reuse in several treatments. The sulfur is transferred to the synthetic slag followed by slag regeneration. Slag regeneration is performed by the oxygen injection to produce gaseous sulfur dioxide (Equation 3). The sulfur distribution also differs from the slag and the metal once desulfurization begins (Figure 4). A porous plug at the bottom of the vessel is used to inject nitrogen in the hot metal. The fluid velocity is increased to optimize the desulfurization rate to improve sulfur transport. Therefore, CFD analyzes the desulfurization and slag regeneration processes to optimize the plug position and calculate the drift velocity of gas bubbles, desulfurization rate, among other parameters, for future design of desulphurization processes. Conclusions Multirefining converter (MURC) (1) Dephosphorization and decarburization are carried out in the same converter, reducing the slag volume for better industrial, economical and environmental purposes (2) The dephosphorization efficiency is increased by greater amounts of CaO to produce solid phases, such as 3CaOP2O5 and 2CaSiO2 Desulfurization by Mg (1) TiC particles are nucleation sites for MnS and MgS (2) MgS inclusions are the most frequent particles after the reagent injection Desulfurization by flux injection using a new kinetic model (1) A new model is developed to evaluate and identify separately the transitory and permanent reactions (2) This model helps to predict the excess of sulfur to avoid reversion of it in the hot metal (3) The contributions of the transitory and permanent contact reactions are observed to be in a similar proportion, concluding equal influence in the powder injection technique CFD Modelling (1) The desulfurization and slag regeneration are successfully modeled using thermal and transport mechanisms References [1] S.Y. Kitamura, K. Yonezawa, Y. Ogawa, N. Sasaki (2002). Improvement of reaction efficiency in hot metal dephosphorization, 29 (2), 121-124 [2] Q. Liu, H. Pielet, P. Kaushik B. Chukwulebe (2009). AISTech 2009 Proceedings. An investigation of hot metal desulfurization by Mg, 1, 821-827 [3] S. Ohguchi and D.G.C. Robertson (1984). Kinetic model for refining by submerged powder injection: Part 1 Transitory and permanent contact reactions, 11(5), 261-274 [4] S. Pirker, P. Gittler, H. Pirker J. Lehner (2002). Elsevier. CFD, a design tool for a new hot metal desulfurization technology, 26, 337-350 [5] X. LV and L. Zhang (2008). Removal of impurity elements from molten aluminum: part 1. A review. 1, 1-35 [6] R.J. Fruehan (Ed.) (1998). The making, shaping and treating of steel (11th ed.). Pittsburgh: The AISE Steel Foundation [7] M. Sadmi S. Ashhab (2007). Jordan Journal of Mechanical and Industrial Engineering. Application of neural net modeling and inverse control to the desulfurization of hot metal process, 1 (2), 79-84

Friday, January 17, 2020

Bullying and Memorable Punch Line

What is a good structure, outline or good guidelines to writing an Informative speech? * Your Opener – the opening, ice-breaker or attention grabber * Introduction – Tell them what the speech is about and what your main points will be * Knowledge – Establish credibility by demonstrating expertise and knowledge of the subject – conveying information, presenting ideas, facts and statistics to adequately inform the audience about the subject * Confirmation – Confirm and repeat the key points * Conclusion – Try to end with a memorable punch line or positive statement By a show of hands, who in here has been bullied?Who in here has been a bully? Did you know that throughout the past years, bullying has become so severe that for every one two three four five six seven eight nine; a student has just dropped out. All on account of bullying or things otherwise. Many things can define bullying. Bullying is another word for harassing. Whether it’ s punching, kicking, or making fun of someone, it all concludes to two forms: physical and mental bullying. Physical bullying involves body contact whereas mental bullying involves messing with the brain.Examples of physical bullying are, pushing, kicking, spitting, punching, hitting, or any other physical contact that the person finds to be abrasive. Examples of mental bullying are being made fun of, making someone feel low of their selves, teasing, or anything that makes the person feel emotionally bad by someone else. Another form of bullying is cyber bullying. It is where students are being bullied online. Things usually said are threatening or sometimes worst. When you really think about it there are three differences of bullying.Some can just be a rough play – usually by friends and no intention to harm. Some can be real fighting – usually not by friends. Another behavior can be actual bullying, which usually are not friends and is intentional. Statistics show th at over one-fourth of students in all grades have reported being bullied because of their religion, race, sexual orientation, gender, disabilities, or simply just being different. Sometimes it can lead to horrible violence in which the bully is jailed. About 60 percent of students have been arrested or jailed for bullying.Bullying has lead to over 75 percent of shootings that starts in schools. About 33 percent of youth has been bullied over the internet but are more likely to not mention anything about it. Bullying has such affects on teens, that it can lead them to feeling five times more likely to be depressed or suicidal. About a good ten percent of teens have attempted suicide. In Wisconsin, it is a law to not discriminate or bully people based on race, gender, religion, ancestry, pregnancy, parental status, sexual orientation, or physical, emotional, or mental disabilities.There is no law on cyber bullying. In recent news, six students have committed suicide because of bullyin g and only ranging from the ages 11-18. These six students were constantly bullied whether it was online, on the phone, in school or wherever else. Some of these students jumped a bridge, hung their selves, shot their selves, or did other things. All for being gay and invading privacy. All for being different. Ways you can stop bullying is to tell a wise person, ask for help, and definitely stand up for yourself.Bullying is not worth killing yourself over for because in the long-run, these bullies will not be in your future. Most of these kids you won’t even see after school. You have a few years of these people bullying you and the rest of your life to go – the rest of your life to live. What I don’t get frankly is why do you have the courage to commit suicide but not have the courage to stand up to your bullies. Suicide is a permanent solution to a temporary problem. You allow people to treat you the way that do and what you can do is to stand up for yourself.

Thursday, January 9, 2020

Gender Inequality Within The Language - 882 Words

Gender inequality in language In 2013 there was a change in Sweden language that dragged people’s attention on gender inequality. Sweden has added a gender neutral pronoun â€Å"hen† into the language system. â€Å"Hen† this words represents both male and female. This events reminded people about gender inequality happened in language. Every language people speak tend to have gender inequality in them. However does it really work to just change the pronoun in the language? I think probably not. There is indeed some reasons to the change in the language. Language plays a significant role on effecting how we think, so if there is gender inequality appears in language we speak every day, then it tend to give everyone an impression that male and female are naturally unequal. People talk every day. The words used by them has become a habit of them, it has stuck into people’s mind, when the language divided people into two gender, people in their mind will automatically divide people into two genders, and view two gender differently. In Japanese for example, they divide language into only used by male or to male, only used by female or to female and neutralize. It is very different from how a man talk than how a female talk. It has strong rule on the language. So in Japanese family you can see there are obvious division of labor between male and female, man are expected to work outside and woman are expected to stay at home and obey what husband says. So it is well known t hat Japanese manShow MoreRelatedDiscourse Community Project : Discourse1705 Words   |  7 Pagesapplication of common language norms, characteristics, patterns and rhetorical strategies. 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Read MorePriestley s Views On Inequalities1296 Words   |  6 Pagesare Priest ley’s Views on Inequalities in society shown in the Presentation on Sheila before, during and after the Inspectors Visit? Throughout the play An Inspector Calls by J B Priestley, it is clear that Priestley strongly believes in the importance of a caring society and the consequences of our actions. He presents these views on inequalities through the presentation of Sheila Birling. This is done in various different ways using numerous techniques. A major inequality that has been highlightedRead MoreAttire Analysis. In Terms Of Attire, From A Visual Standpoint1354 Words   |  6 Pagescarried forth into today’s society, as the clothes one wears and brands one represents in public, sends a message of identity to everyone around (Kaiser, Susan B 2005, p. 34; Ang 2000, p. 11). 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Wednesday, January 1, 2020

Banking Industry Example For Free - Free Essay Example

Sample details Pages: 8 Words: 2306 Downloads: 6 Date added: 2017/06/26 Category Business Essay Type Analytical essay Tags: Banking Essay Did you like this example? Introduction Coverage of merger and takeover activity fills a large proportion of business reporting in todays media. Mergers occur more frequently in certain industries compared with others. Mulherin Boone (2000) outlined the variation of merger activity by industry in the 1990s; approximately half the businesses in industries such as oil and gas, banking and telecommunications were involved in merger activity compared to less than 10% in the construction, newspaper or shoe industry. Don’t waste time! Our writers will create an original "Banking Industry Example For Free" essay for you Create order This essay discusses the factors which control the differences in frequency of mergers across industries and relates general findings to the banking industry which has experienced much merger activity over the last 40 years. Mergers are distinct from takeovers in that mergers involve two or more companies combining to form a new business entity whereas a takeover or acquisition involves one business buying another business (Gaughan 2015). To avoid unnecessary complication, all mergers and takeovers in this essay are referred to as mergers and the findings are derived from US and European industries. Mergers come in waves An established observation by empirical researchers is the presence of defined periods of general increased merger activity known as waves (Mitchell Mulherin, 1996). Researchers highlight 6 distinct waves traced from the beginning of the 20th century to present day (Gaughan, 2015). The 3rd, 4th and 5th waves occurred during the 1970s, 1980s and 1990s respectively. Mitchell Mulherin (1996) observed that mergers in these distinct waves cluster by industry. Merger activity in a particular industry will tend to be more active a narrow range of time such as a 5 year to 10 year span. There is limited overlap in the types of industry where mergers are most common when comparing mergers in each wave. For instance, in the 3rd wave mergers were most common in the mining, real estate and oil gas industry, whereas in the 4th wave mergers were most prevalent in the oil gas industry, textiles and manufacturing. In the 5th wave the highest frequency of mergers occurred in the mining, media t elecom and banking sectors. As an indicator of typical merger growth during a wave, at the height of the 4th wave there were 3336 registered mergers in the US in 1986 compared with 1889 in 1980 (Gaughan, 2015). The sixth wave of mergers occurred between 2003 and 2007 with quite similar frequency distributions across industry types compared to the 5th wave with the healthcare being a new prominent sector of increased activity (Alexandridis, Mavrovitis Travlos, 2012). In 2014 the industry with the highest global value for mergers was media telecommunications, followed by healthcare and energy (Statista 2015). Industry clustering in mergers is linked to a variety of reasons referred to as shocks by researchers (Andrade, Mitchell Stafford, 2001). Shocks are sudden external changes that cause merger waves that affect whole industries such as variations in economic activity, technological change or government deregulation policy (Kaplan, 2000). Scholars refer to the neoclassical hyp othesis that states once a shock occurs to an industrys environment, the assets in that industry are reallocated through mergers and partial-firm acquisitions. Managers in certain businesses simultaneously react and complete for the best assets available (Harford, 2005). Economic recessions can cause shocks across many industries as some firms that are less competitive either invite merger or are subject to hostile takeover. Conversely the 6th wave was characterised by businesses having an abundance of liquid cash through a strong global growth cycle that funded increased takeover activity (Gaughan, 2015). Deregulation is the prominent example of a shock type affecting many industries as governments change legislation to opens up markets and allows mergers activity to be more accessible. Often industries that were previously dominated by public sector control are made available to the private sector such as the telecommunications industry in the US in 1984 with the break-up of AT T (Harford, 2005). Acts are passed which lead to subsequent merger activity in the immediate following years (Mitchell Mulherin, 1996). Examples would be the Telecommunications Act in 1996 and the Airline Deregulation Act of 1978. Investment banks provide process, legal and financial support to businesses to complete mergers and often encourage such activity (Gaughan, 2015). Often deregulation leads to geographical mergers where businesses from other countries or regions have the opportunity to take over existing firms, for example utility companies in the UK. More than any other factor, the relative presence of merger activity in different industries at any one time is reflection of the prevalent shock and subsequent clustering phenomenon (Harford, 2005). Motives for mergers in industry The presence of stronger incentives for merger in certain industries has also been recognised. The motives for mergers have been analysed and classified into a series of themes that can be related to various industries (Gaughan, 2015). Broadly speaking scholars recognise mergers achieve synergies where the combination of the two or more merged businesses leads to advantages that continued separation wouldnt have achieved (Bradley, Desai Man, 1988). Such advantages ultimately allow an increased market value and profitability in the firm even after any expenses incurred during the merger process are met. Reductions in unit costs can often be achieved immediately after a merger as duplication of operation can be removed. During horizontal integration when two firms merge in the same industry and the same level of production, there often can be immediate significant cost savings as some expertise and resources can now be shared. Merger can lead to the removal of one set of central off ices, unnecessary plant and machinery, and/or layers of higher management (Gaughan, 2005). Businesses in some industries can easily find initial savings such as the airline industry where the two airlines that merged can use the same offices, flight bays, machinery and personal at airports after the merger has occurred (Kim Singal, 1993). A series of economies of scale are possible where average unit costs are reduced after a merger which lead to competitive advantage (Gaughan, 2015). Typically these could be purchasing economies of scale where the merged company in the manufacturing sector could negotiate lower unit cost with suppliers. Marketing economies of scale occur when the newly merged firm does not have to increase the marketing budget by the same proportional rate as new there were two separate companies so as to reduce marketing unit cost. The cruise ship industry is an example where marketing costs were cut during significant mergers in the 1990s as TV advertising an d travel agency fees per unit could be reduced significantly (Gaughan 2005). Financial economies of scale are possible as the larger merged company can reduce borrowing costs per unit as banks will lend at lower interest rates to larger loans or when more collateral is available. Mergers can occur in those industries which have the opportunities that allow a range of economies of scale to be achieved by the implied increase in size of operation. A slightly different concept that is related but distinct from economies of scale is economies of scope where the new merger uses a wider range of inputs to offer more goods or services to customers which leads to unit cost reductions (Cummins et al, 2010). Economies of scope can often be observed with mergers in financial institutions where each firm brings some unique inputs which are targeted to the whole new customer base. The fixed cost of developing the inputs has not changed as it is spread across the new merged firm and there are cen tral operational costs such as management remuneration and administration costs that can be spread across the whole product portfolio. Another common theory of motives for mergers is that they allow for the new firm to obtain market power by having enough market share to set and keep prices above competitive levels. Gaughan (2015) suggests that horizontal integration may only allow market power with the presence of strong product differentiation and barriers to entry. If it takes much resources and time to enter a market such as the airline industry then the benefits of market power may be realised. Eckbo (1983) found little evidence for market power being a conscious motive for executives pursuing mergers. However, Kim Singal (1993) did conclude it existed in the airline industry. Other motives for merger include reduction of risk through diversification and a means of geographic expansion. Executives in corporations pursue a variety of motives which relate the industry within which they operate. Mergers in the Banking Industry Throughout all the last 3 merger waves and to the present day, mergers are very prominent in the banking industry. Mulherin Boone (2000) reported that 57% of all banks in the US were part of merger activity during the 1990s. Deregulation such as the Financial Services Modernization Act 1999 is the main shock factor that has led to continued consolidation in the banking sector in US and Europe (Madura, 2003). Also during testing economic situations, less profitable or liquid banks need the support of an acquiring bank that sees the potential for growth at a reasonable cost (Bottiglia, Gualandri Mazzocco, 2010). Banks mergers can often bring immediate unit cost saving especially with horizontal mergers in the same region. Economies of Scope are common where each merging bank brings inputs that can be spread across all customers such as a computer system for deposits or an economic research unit (Gaughan, 2005). Mergers have allowed banks to expand to new markets to take advantage o f economies of scale as happened across Europe in the past decade. Reviewing the performance of bank mergers in the US during the 1990s, Calomoris Kareeski (2000) concluded that many mergers created value by cost-saving and taking advantage of economies of scope through cross-selling and up-selling to boost growth. However some banks didnt perform well after the initial merger period due to a variety of poor business practice often related to staff performance. Mulherin Boone (1997) reported medium-sized banks generally had the lowest average costs and so large mergers as a means of guaranteeing economies of scale are questionable. Anderson Joeveer (2012) found in a later study that bank mergers had created economies of scale and scope benefits to shareholders and executives in larger banks in the US during the 1990s and early 2000s. Bank mergers have failed in the sense of not providing long-term shareholder value for similar reasons to takeovers in other industries (Gaughan, 2005).The buying bank can pay too much for the bank it acquires as the executives get too ambitious for short-term gains and then find it difficult to generate revenues to realise their investment. Also mergers fail when the buyer funds the takeover through a leverage buyout where money is borrowed to finance the purchase against the assets of the existing business. Many times the debt accrued during leverage buyouts proves difficult to repay. Clearly there are challenges measuring the success of mergers in the bank sector and variations in conclusions by researchers. Banks can meet post-merger objectives but after the merger there still needs to be good business practice. Conclusion Research shows that at any one time during the last 50 years, it is possible to outline and rationalise those industries that have most merger activity. Shock factors such as deregulation or the prevalent economic conditions trigger increased merger activity in certain industries in phases known as waves which last for 5 to 10 years. The present time is not considered to be in a wave phase but there is significant merger activity in the healthcare, telecommunications, energy and financial service industries (Langston, 2014). Various motives pursued by managers drive merger activity and some industries have tendencies to present more potential opportunities from mergers compared to others. Banking sector mergers often allows two businesses to reduce risk and promote growth through initial cost savings and economies of scope. Mergers are not always successful for managers and shareholders as businesses can be overpriced or leverage buyouts can be misconceived. Mergers activity seems set to continue in the near future as a preferential method of growth in many industries. Bibliography Alexandridis, G., Mavrovitis, C.F. Travlos, N.G. (2012) How Have MAS Changed? Evidence from the Sixth Merger Wave. European Journal of Finance. 18. pp.663-688. Anderson R.W. Joeveer K. (2012) Bankers and Bank Investors: Reconsidering the economies of scale in banking. Financial Markets Discussion Paper 712. London: The London School of Economics and Political Science. Andrade, G., Mitchell, M. Stafford, E. (2001) New evidence and perspectives on Mergers. Journal of Economic Perspectives. 15(2). pp.103-120. Bottiglia, R., Gualandri, E. Mazzocorro, N.G. (2010) Consolidation in the Financial Industry. Basingstoke: MacMillan. Bradley, M., Desai, A. Man, K.E. (1988) Synergistic Gains from Corporate Acquisitions and Their Division Between Shareholders and Acquiring Firms. Journal of Financial Economics. 21. pp.3 -40. Calominiris, C.W. Kareeski, J. (1998) Is the Bank Merger Wave of the 1990s Efficient? In: Kaplan, S. (ed). Mergers and Productivity. London: The Univers ity of Chicago Press. Cummins, D.J. et al. (2010) Economies of scope in financial services: A DEA efficiency analysis of the US insurance industry. Journal of Banking Finance. 34(7). pp.1525-1539. Eckbo, B.E. Horizontal Mergers, Collusion and Stockholder Wealth. Journal of Financial Economics. 11(1). pp.241-273. Gaughan, P.A. (2015) Mergers, Acquisitions, and Corporate Restructurings. 6th Ed. Hoboken, New Jersey: Wiley. Gaughan, P.A. (2005) Mergers: What can go wrong and How to Prevent It. Hoboken, New Jersey: Wiley. Harford, J. (2005) What drives merger waves? Journal of Financial Economics. 77. pp.529-560. Kaplan, S. (2000) Mergers and Productivity. Chicago: University of Chicago Press. Kim, E.H. Singal, V. (1993) Mergers and Market Power: Evidence from the Airline Industry. American Economic Review. 83(3). pp.549-569. Langston, R. (2014) M A Deal-Makers. [Online} Available from: https://raconteur.net/finance/ma-deal-makers Madura, J. (2003) Financial Markets and Institutions. New York: Thompson. Mitchell, M.L. Mulherin, J.H. (1996). The Impact of Industry Shocks on Takeover and Restructuring Activity. Journal of Financial Economics. 41. pp.191-229. Mulherin, J.H. Boone, A.L. (2000) Comparing acquisitions and divestitures. Journal of Corporate Finance. 6. pp.117-139. Statista (2015). Value of global mergers and acquisitions in 2014: by industry (in billion U.S. dollars). [Online] Available from: https://www.statista.com/statistics/245949/value-of-global-m-and-a-in-h1-2012-by-industry