Alexander, Benson and Kampmeyer, 1984. Investigating the valuation effects of Announcement of Voluntary Corporate Selloffs. The Journal of Finance, Vol. XXXIX, no. 2, June, page 503-516.
Allen, J. W. and McConnell J. J. 1998. Equity Carve-Outs and Managerial Discretion. The Journal of Finance, vol.
LIII, no. 1.
Annema, A., Fallon, W. and Goedhart, M. 2001; Do Carve-outs make sense? McKinsey on Finance (Fall 2001) 6-10.
Boot, A. W. A., 1992. Why Hang on to Losers? Divestitures and Takeovers. The Journal of Finance, Vol. XLVII, no.
4, September.
Boston Consulting Group, n.d. The Experience Curve – Reviewed. [Online] Available at:
http://www.bcg.com/publications/files/Experience_Curve_IV_Growth_Share_Matrix_1973.pdf [Accessed 29 June 2009]
Brandimarte, J., Fallen, W. and McNish, R. 2001. Trading the Corporate Portfolio. McKinsey on Finance (Fall 2001) 1-5.
Brown, S. J., and Warner, J. B., 1980. Measuring Security Price Performance. Journal of Financial Economics 8 page 205-258.
Brødrene Hartmanns Fond, 2009. Vedtægter. [Online] Available at: http://www.hartmannfonden.dk – Vedtægter. [Accessed 29 May 2009]
Business Insights, 2008. The Top 10 Flavor and Fragrance Companies. [Online] Available at:
http://reutersbusinessinsight.com/autologin.asp – Access from CBS Library E-resources. [Accessed 13 May 2009]
Business & Company Ressource Center, 2009. Dalhoff Larsen & Horneman A/S. [Online] Available at:
http://galenet.galegroup.com.esc-web.lib.cbs.dk/servlet/BCRC?vrsn=unknown&locID=cbs&ste=1&n=25 [Accessed 28 June 2009]
Bygma, 2009. Nøgletal for Bygma Gruppen. [Online] Available at: www.bygma.dk – Bygma Gruppen A/S – Om Bygma Gruppen – Nøgletal. [Accessed 20 June 2009]
Cho, M. and Cohen, M. 1997. The Economic Causes and Consequences of Corporate Divestitures. Managerial and Decision Economics, Vol. 18, p. 367-374.
Choi, Y. K. and Merville, L. K., 1998. A unified Model of Corporate Acquisitions and Divestitures: An Incentive Perspective. Review of Quantitative Finance and Accounting, 10: 127-154.
Christensen, J. R., Baden, M. and Hyltoft, V., 2007. Et guldæg I frit fald. Berlingske Nyhedsmagasin, 16 April page 10.
Coase, Ronald H. (1960). The Problem of Social Cost. Journal of Law and Economics, 3 (1): 1–44.
Danisco, 2005. Annual report 2004/05. [Online]. Available at: http://www.danisco.com. Danisco – Investor relations – Result and announcements – Annual reporting – 2004/05. [Accessed 1 April 2009]
Danisco, 2006. Annual report 2005/06. [Online]. Available at: http://www.danisco.com. Danisco – Investor relations – Result and announcements – Annual reporting – 2005/06. [Accessed 1 April 2009]
Danisco, 2007a. Danisco signs agreement on the divestment of Flavours and enters strategic partnership with Firmenich. [Online]. Available at: http://www.danisco.com. Danisco – Investor relations – News and alerts – Stock exchange news – 2007. [Accessed 1 April 2009]
77 Danisco, 2007b. Annual report 2006/07. [Online]. Available at: http://www.danisco.com. Danisco – Investor
relations – Result and announcements – Annual reporting – 2006/07. [Accessed 1 April 2009]
Danisco, 2008. Annual report 2007/08. [Online]. Available at: http://www.danisco.com. Danisco – Investor relations – Result and announcements – Annual reporting – 2007/08. [Accessed 1 April 2009]
Danisco, 2009a. Danisco in brief. [Online] Available at: http://www.danisco.com. Danisco – About Danisco.
[Accessed 1 April 2009]
Danisco, 2009b. History. [Online] Available at: http://www.danisco.com. Danisco – About Danisco – Danisco in brief. [Accessed 1 April 2009]
Danisco, 2009c. Acquisitions. [Online] Available at: http://www.danisco.com. Danisco – Investor Relations – Our Business – Acquisitions & Divestments. [Accessed 10 April 2009]
Danisco, 2009d. The Market. [Online] Available at: http://www.danisco.com. Danisco – Investor Relations – Our Business - The market. [Accessed 10 May 2009]
Danisco, 2009e. The Danisco Organization. [Online] Available at: http://www.danisco.com. Danisco – About Danisco – Organization. [Accessed 10 May 2009]
Danisco, 2009f. General guidelines in accordance with section 69 b of the Danish Companies Act concerning incentive. [Online] Available at: http://www.danisco.com. Danisco – Investor Relations – Corporate Governance – Remuneration- Guidelines -incentive programmes. [Accessed 10 May 2009]
Danisco, 2009g. Strategy. [Online] Available at: http://www.danisco.com. Danisco – Investor Relations – Our business - Strategy. [Accessed 17 May 2009]
Direkt.dk, 2007a. DLH/Danske: Godt at få focus på kerneforretningen – løfter til 'hold'. [Online]. 20 Dec.
Available at: www.direkt-dk.dk [Accessed 20 June 2009]
DLH, 2001. Dalhoff Larsen & Horneman A/S Annual Accounts 2000. [Online] Available at: http://www.dlh-group.com. Investor – Annual reports – 2000. [Accessed 20 June 2009]
DLH, 2005. Annual report 2004 - Dalhoff Larsen & Horneman. [Online] Available at: http://www.dlh-group.com.
Investor – Annual reports – 2004. [Accessed 20 June 2009]
DLH, 2007a. DLH sells the Building Materials Division to enhance its focus on the international timber trade.
[Online] Available at: http://www.dlh-group.com. Investor – Announcements – 2007. [Accessed 20 June 2009]
DLH, 2007b. The DLH Group 2006 – Passion for Wood. [Online] Available at: http://www.dlh-group.com.
Investor – Annual reports – 2006. [Accessed 20 June 2009]
DLH, 2008a. Disposal of the Building Materials Division effected. [Online] Available at: http://www.dlh-group.com. Investor – Announcements – 2008. [Accessed 20 June 2009]
DLH, 2008b. Annual report 2007 - Dalhoff Larsen & Horneman. [Online] Available at: http://www.dlh-group.com. Investor – Annual reports – 2004. [Accessed 20 June 2009]
DLH, 2009a. Hardwood Division. [Online] Available at: http://www.dlh-group.com. About the group – Markets – Hardwood. [Accessed 20 June 2009]
DLH, 2009b. Timber & Boards Division. [Online] Available at: http://www.dlh-group.com. About the group – Markets – Timber & Boards. [Accessed 20 June 2009]
Dranikoff L., Koller T. and Antoon Scheider, 2002. Divestiture: Strategy’s Missing Link. Harvard Business Review, May.
DT Group, 2006. DT Group A/S Annual Report 05/06. [Online] Available at: www.dtgroup.dk – Annual report.
[Accessed 20 June 2009]
78 Elton, E. J., Gruber, M. J., Brown, S. B., 2007. Modern Portfolio Theory and Investment Analysis. 7th ed. New
Jersey: Wiley.
Fama, E. F., Fisher, L., Jensen, M. and Roll, R., 1969. The Adjustment of Stock Prices to New Information.
International Economic Review 10, February.
Firmenich, 2007. Firmenich to acquire Danisco's Flavor Division. [Online]. 3 May. Available at:
www.firmenich.com [Accessed 1 April 2009]
Gaughan, 2002. Mergers, Acquisitions and Corporate Restructurings . 3rd ed.
Gole, W. J. and Hilger, P. J., 2008. Corporate Divestitures – A Mergers and Acquisitions Best Practices Guide.
Hobooken, New Jersey: John Wiley & Sons, Inc.
Gravitie Limited, 2007. The Top 10 Food and Drinks Ingredient Companies. [Online] Available at:
http://reutersbusinessinsight.com/autologin.asp – Access from CBS Library E-resources. [Accessed 13 May 2009]
Hartmann, 2004. Annual report 2004 – protecting values. [Online] Available at: http://www.hartmann.dk – Investors – Download centre. [Accessed 27 May 2009]
Hartmann, 2006a. Annual report 2005 – protecting values. [Online] Available at: http://www.hartmann.dk – Investors – Download centre. [Accessed 27 May 2009]
Hartmann, 2006b. 2Q & 1H 2006 – Webstreaming 29 August 2006 – Asger Domino, President & CEO. [Online]
Available at: http://www.hartmann.dk – Investors – Download centre. [Accessed 27 May 2009]
Hartmann, 2006c. Brødrene Hartmann A/S – Notice according to Section 27 of the Danish Securities Trading Act – Stock Exchange Release no. 19/2006. Available at: http://www.hartmann.dk – Investors – Announcements. [Accessed 27 May 2009]
Hartmann, 2007a. Hartmann to sell its operations in South America – Stock Exchange Release no. 8/2007.
[Online] Available at: http://www.hartmann.dk – Investors – Download centre. [Accessed 27 May 2009]
Hartmann, 2009a. About Us. [Online] Available at: http://www.hartmann.dk – About Us. [Accessed 27 May 2009]
Hartmann, 2009c. General guidelines for incentive pay schemes in Brødrene Hartmann A/S. [Online] Available at: http://www.hartmann.dk – Investors – Corporate Governance – Incentive pay scheme. [Accessed 27 May 2009]
Hermann & Frankel, 2002.
Hite, G. L, Owers, J. E. and Rogers, R. C., 1987. The Market For Interfirm Asset Sales. Journal of Financial Economics, 18, page 229-252.
Jain, P. C., 1985. The Effect of Voluntary Sell-off Announcements on Shareholder Wealth. The Journal of Finance, vol. XL, no. 1, March, page 209-224.
Jensen, M. & Meckling W. H., 1976. Theory of the firm: Managerial behavior, agency costs, and ownership structure. Journal of Financial Economics, 3.
Jobber, D., 2004. Principles and Practice of Marketing. 4th Ed., Maidenhead, Berkshire: McGraw-Hill.
Koller, T., Goedhart, M. Wessels, D., 2005. Valuation – Measuring and Managing the Value of Companies. 4th. Ed., University Ed. Hobooken, New Jersey: John Wiley & Sons, Inc.
Klein, A., 1986. The Timing and Substance of Divestiture Announcements: Individual, Simultaneous and Cumulative Effects. The Journal of Finance, vol. XLI, no. 3, July, page 685-696.
79 Klein, A., Rosenfeld, J., and Beranek, W., 1991. The Two Stages of an Equity Carve-out and the Price Response of Parent and Subsidiary Stock. Managerial & Decision Economics, Dec Special Issues, Vol. 12 Issue 6, p449-460, 12p, 11 charts.
Kragballe, S., 2007. Byggemarkeder solgt for billigt. Jyllands-Posten, 21 Dec. Page 3.
Lang, L., Poulsen, A. and Stulz, R. 1994. Asset sales, firm performance and the agency costs of managerial discretion. Journal of Financial Economics, 37, page 3-37.
Larsen, C., 2007. Danisco fokuserer forretningen. Børsen, 14 May p. 21.
Licatationen – Byggeriet Dagblad, 2007. Opkøbsaftale: Saint-Gobain satser i Norden. [Online] Available at:
www.licitationen.dk [Accessed 27 June 2009]
McKinsey & Company, 2000. Thinking Strategically. [Online] Available at: www.mckinseyquarterly.com [Accessed 27 May 2009]
Modigliani, F. and Miller, M. (1958). The Cost of Capital, Corporation Finance and the Theory of Investment.
American Economic Review 48 (3): 261–297.
Modigliani, F. and Miller, M. H. (1961). Dividend Policy, Growth and the Valuation of Shares. Journal of Business, 34, 411-33.
Montgomery, C. A. And Thomas, A. R. 1988. Divestment: Motives and Gains. Strategic Management Journal.
Vol. 9, 93-97.
Mulherin, J. and Boone, A. 2000. Comparing Acquisitions and Divestitures. Journal of Corporate Finance, 6, page 117-139
Møller, M. and Nielsen, N. C., 2004. Den Kapitalmarkedsstyrede virksomhed, København, Handelshøjskolens Forlag.
Porter, M. E., 1985. Competitive Advantage. The Free Press. New York.
Raastrup, N., 2006. Knutzen renser ud i Danisco. Børsen, 20 Sep. p.7.
Ravenscraft, D. and Scherer, F., 1987; Mergers, sell-offs, and economic efficiency. Washington, D.C.: The Brookings Institution.
RB-Børsen, 2003. Hartmann forventer fremgang i 2003. [Online]. 19 March. Available at:
http://www.infomedia.dk.esc-web.lib.cbs.dk/ms/GetArticleFull.aspx?outputFormat=Full&Duid=Y4538363. [Accessed 23 June 2009]
RB-Børsen, 2006a. Brdr. Hartmann: Vi har mistet tålmodigheden med Sydamerika –dir. [Online]. 29 August.
Available at: www.rb-borsen.dk [Accessed 30 May 2009]
RB-Børsen, 2006b. Brdr. Hartmann leverer varen, men fortsat problemer. [Online]. 23 Mar. Available at:
www.rb-borsen.dk [Accessed 30 May 2009]
RB-Børsen, 2006c. Hartmann: 2005 i orden – 2006-skøn skuffer – analytiker [Online]. 24 May. Available at:
www.rb-borsen.dk [Accessed 30 May 2009]
RB-Børsen, 2006d. Hartmann: Fire grunde til nedjustering. [Online]. 30 May. Available at: www.rb-borsen.dk [Accessed 30 May 2009]
RB-Børsen, 2007a. Danisco: Salg frigør ledelsesressourcer til vækst - dir. RB-Børsen, [Online]. 07 May. Available at: http://www.finansnyheder.dk/news/shownewsstory.aspx?storyid=9563866. [Accessed 3 May 2009]
RB-Børsen, 2007b. Danisco: Salg Danisco: Aroma-salg positivt men kræver strategi-ændring. RB-Børsen, [Online]. 03 May. Available at:
http://www.finansnyheder.dk/news/shownewsstory.aspx?storyid=9562588. [Accessed 3 May 2009]
80 RB-Børsen, 2007c. Danisco steg på sukker og købsspekulation. RB-Børsen, [Online]. 2 May. Available at:
http://www.finansnyheder.dk/news/shownewsstory.aspx?storyid=9561996. [Accessed 17 May 2009]
RB-Børsen, 2007d. Danisco frasalg klart positiv - aktien skal højere - Danske. RB-Børsen, [Online]. 7 May.
Available at: http://www.finansnyheder.dk/news/shownewsstory.aspx?storyid=9563748. [Accessed 17 May 2009]
RB-Børsen, 2007e. Danisco: Positivt frasalg - pæn pris - Sydbank. RB-Børsen, [Online]. 7 May. Available at:
http://www.finansnyheder.dk/news/shownewsstory.aspx?storyid=9563753. [Accessed 17 May 2009]
RB-Børsen, 2007f. Danisco: Formel Firmenich-aftale om fødevareprodukter. RB-Børsen, [Online]. 22 Oct.
Available at: http://www.finansnyheder.dk/news/shownewsstory.aspx?storyid=9641367. [Accessed 17 May 2009]
RB-Børsen, 2007g. Hartmann/Stadil: Klar til at købe hele selskabet. RB-Børsen, [Online]. 09 Oct. Available at:
www.rb-borsen.dk. [Accessed 30 May 2009]
RB-Børsen, 2007h. DLH/CEO Salgspris overstiger normalt niveau. RB-Børsen, [Online]. 20 Dec. Available at:
www.rb-borsen.dk. [Accessed 20 June 2009]
RB-Børsen, 2007i. Hartmann i voldsom nedjustering efter kæmpeunderskud. [Online]. 23 August. Available at:
www.rb-borsen.dk [Accessed 30 May 2009]
RB-Børsen, 2007k. Danisco: Arvegods gør Danisco til opkøbsemne – ugebrev. [Online]. 4 June. Available at:
www.rb-borsen.dk [Accessed 1 April 2009]
RB-Børsen, 2007l. Hartmann/Stadil: Klar til at købe hele selskabet. [Online]. 9 October. Available at: www.rb-borsen.dk [Accessed 30 May 2009]
RB-Børsen, 2007m. Hartmann taber 237 mio. Kr. På Sydamerika-eventyr i år. [Online]. 25 May. Available at:
www.rb-borsen.dk [Accessed 30 May 2009]
RB-Børsen, 2007n. Hartmann: Salgspris på Sydamerika – aktiviteter meget lav – Gudme. [Online]. 27 April.
Available at: www.rb-borsen.dk [Accessed 30 May 2009]
RB-Børsen, 2007o. Brdr. Hartmann overrasker negativt – Danske Equity. [Online]. 25 May. Available at:
www.rb-borsen.dk [Accessed 30 May 2009]
RB-Børsen, 2007p. DLH/CEO: Øger focus på international handel. [Online]. 2 Dec. Available at: www.rb-borsen.dk [Accessed 20 June 2009]
RB-Børsen, 2007q. DLH/Nordea Kurshop på grund af farvel til sløjt byggeri. [Online]. 20 Dec. Available at:
www.rb-borsen.dk [Accessed 20 June 2009]
RB-Børsen, 2007r. DLH: Danske Eq. Hæver anbefaling til Hold. [Online]. 20 Dec. Available at: www.rb-borsen.dk [Accessed 20 June 2009]
RB-Børsen, 2008. DLH/CEO Akkvisitioner og højere marginaler i sigte. RB-Børsen, [Online]. 13 Mar. Available at:
www.rb-borsen.dk. [Accessed 20 June 2009]
Rosenfeld, J. D., 1984. Additional Evidence on the Relation Between Divestiture Announcements and Shareholder Wealth. The Journal of Finance, vol. XXXIX, no. 5, Dec, page 1437-1448.
Sanovo, 2009. Thornico organisation. [Online] Available at: http://www.sanovo.com – Company profile – Thornico organisation. [Accessed 29 May 2009]
Skadhede, P. n.d. Opsplitning af koncernen – hvorfor og hvordan. [Online] Available at:
http://www.valcon.dk/Admin/Public/DWSDownload.aspx?File=Files%2FFiler%2Fopsplitning.pdf [Accessed 29 May 2009]
Thomsen, S., 1996. Foundation Ownership and Economical Performance. Corporate Governance, vol. 4 issue 4.
81 Thomsen, S., 1999. Corporate Ownership by Industrial Foundations. The European Journal of Law and
Economics, 7(2).
Thomsen, S. & Rose, C., 2004. Foundation Ownership and Economical Performance. The European Journal of Law and Economics, vol. 18, issue 3, Dec.
Weston, J. F., Mitchell, M. L. and Mulherin, J. H. 2004. Takeovers, Restructurering, and Corporate Governance.
4th ed. Upper Saddle River, New Jersey: Pearson Education, Inc.
Williamson, O. E., 1981. The Modern Corporation: Origins, Evolution, Attributes. Journal of Economic Literature, vol. XIX December pp. 1537-1568.
XL-BYG, 2009. Organisation. [Online] Available at: www.xl-byg.dk – Om XL-BYG [Accessed 22 June 2009]
Yin, R., 2009. Case Study Research: Design and Methods. 4th ed. Thousand Oaks, Califonia, SAGE Inc.
82