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Clique para ed= itar o estilo do título mestre
Clique para ed= itar o estilo do subtítulo mestre
‹data/hora›
‹rodap&eac= ute;› =
Stricto Lato=
consultoria de gestão
www.strictolato.com
Fone (11) 5182-4900
=
=
= SL00-020827-B&#= 13;
------=_NextPart_01C24DBE.744C07E0 Content-Location: file:///C:/C49B0891/al_fs_aq_arquivos/master04.xml Content-Transfer-Encoding: quoted-printable Content-Type: text/xml; charset="utf-8" ------=_NextPart_01C24DBE.744C07E0 Content-Location: file:///C:/C49B0891/al_fs_aq_arquivos/pres.xml Content-Transfer-Encoding: quoted-printable Content-Type: text/xml; charset="utf-8" ------=_NextPart_01C24DBE.744C07E0 Content-Location: file:///C:/C49B0891/al_fs_aq_arquivos/slide0080.htm Content-Transfer-Encoding: quoted-printable Content-Type: text/html; charset="us-ascii" Alianças, Fusões e Aquisições
Stricto Lato
co= nsultoria de gestão
www.= strictolato.com
Fone (= 11) 5182-4900
SL00-020827-B
Alianças, fusões e aquisições
Conceitos, abordagem e= vis&atild= e;o geral do portfólio de experiências da Stricto Lato
São Paulo, agosto de 2002
=
=
_____________________
Notas: Este material é propr= iedade de Stricto Lato Consultoria Ltda.
A reprodução e divulgação são permitidas desde que mencionada a font= e.
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1&#= 13;
SL00-020827-B
Stricto Lato
co= nsultoria de gestão
www.= strictolato.com
Fone (= 11) 5182-4900
Formas = de associação entre empres= as
Estruturas possíveis
Características
Associação
entre
empresas
ou
Contratual
e de&= #13;
capital
Compra de participação
Somente
contratual
Troca de participações
minor= itárias
Venda de participação
Mer= ger of equals
Sem
invest= i-
mento<= /span>(1)
Com
invest= i-
mento<= /span>
Receber aporte
Joi= nt venture
Fazer aporte
Min.
Maj.
Min.
Maj.
Min.
Maj.
50-50
Sem investimento
=
=
_____________________
(1) Podem envolver caixa pago a acionistas mas não reinvestido na empresa
Fonte: “Strategic Alliances ” de M. Yoshino e U. Rangan; an&aacu= te;lise da Stricto Lato
Com investimento
Menor envolvimento
•<= /span>Longa duração
•<= /span>Sanções e/ou garantias = de mínimo
Viabiliza exploração de interesse comum (divide custo e risco, soma habilidades e recursos)
•<= /span>Financiador da expansão
Valida o business plan
Supervisiona a gestão
<= span style=3D'font-size:89%'>Participa nos resultados
•<= /span>Financiado lidera a operaç&ati= lde;o
<= span style=3D'font-size:89%'>Cria incentivos à cooperação
Focadas no fortalecimento da posição competitiva do lado comprador e na captura de sinergias operacionais
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Content-Transfer-Encoding: quoted-printable Content-Type: text/html; charset="us-ascii" Alianças, Fusões e Aquisições
2&#= 13;
SL00-020827-B
Stricto Lato
co= nsultoria de gestão
www.= strictolato.com
Fone (= 11) 5182-4900
Estrutu= rando a abordagem para alianças, fusões e aquisições
=
=
•= Identificar potencial de valor
=
=
•= Consul-toria
=
=
= Foco
=
=
Ator
pr= incipal
=
=
•= Identificar opções
•= Filtrar
=
=
•= Consul-toria
=
=
•= Planeja-mento
•= Valor
=
=
•= Consul-toria
=
=
•= Limites
•= Trade-
offs=
=
=
•= Empresa
=
=
•= Viabili-dade da execução
=
=
•= Banco
=
=
•= Verifica-ção e se-gurança
=
=
•= Auditoria
=
=
•= Execução = dos planos
=
=
•= Empresa
=
=
_____________________
Nota: Diferentes tipos de associação requerem diferentes intensidades em cada fase de trabalho
Fonte: “Valuation – Measuring and Managing the Value of Companies ”, T. <= span style=3D'mso-hansi-font-family:Arial;font-size:67%;mso-ansi-language:1024'= >Copeland e outros= ;
Corporate Finance Theo= ry and Practice” de A. Damodaran; análise da St= ricto Lato
Posicio-= <= span lang=3DPT-BR style=3D'mso-hansi-font-family:Arial;layout-flow:vertical'>namento
Screening
Avalia&ccedi= l;ão e Planejamento
Negocia&cced= il;ão
Estrutura&cc= edil;ão
Due diligence
Implementa&c= cedil;ão
Neg= ócio
tempo
=
•= Diretrizes
=
=
=
= Resultado
=
=
•= Short-list de can-didatos
=
=
•= Escolha
•= Plano de ação
=
=
•= Condi-ções sa-tisfatórias
=
=
•= Fontes de financia-mento
=
=
•= Controle das diver-gências
=
=
•= Ganhos
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3&#= 13;
SL00-020827-B
Stricto Lato
co= nsultoria de gestão
www.= strictolato.com
Fone (= 11) 5182-4900
Sucesso e fracass= o nas alianças
= Condições para o sucesso
•<= /span>Coerência com necessidade estratégica =
–<= /span>Acesso a novos mercados
–= Economias de escala
–<= /span>Tecnologia e habilidades <= /span>
•= Busca abrangente de = candidatos
•= Avaliação profunda dos = = candidatos short-listed=
•= Negociação criteriosa e= = objetiva
•<= /span>Gestão dos conflitos apó= ;s a = associação
= Erros mais comuns
•<= /span>Imprecisão nas estimativas = ;
–= Vendas / mercado
–<= /span>Sinergias / economias de = escala
•= Falha em perceber problemas durante o due diligence
•<= /span>Valorização inadequada = da contribuição de cada empresa ou dos preços
Implementação deficient= e dos planos em conjunto
=
=
_____________________
Fonte: When to think alliance= ” – D. Ernst e T. Halevy;
“Valuation – Measuring and Managing the Value of Companies ”, T. <= span style=3D'mso-hansi-font-family:Arial;font-size:67%'>Copeland e outros=
Apenas 53% de 615 alianças  analisadas (contratuais e JV’s) foram consideradas “sucesso”
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4&#= 13;
SL00-020827-B
Stricto Lato
co= nsultoria de gestão
www.= strictolato.com
Fone (= 11) 5182-4900
Nossa experi&ecir= c;ncia
Métodos de avaliaç&a= tilde;o de uma operação:
Fluxo de caixa descontado (DCF): método mais consistente e amplamente utilizado. P= ossui algumas variantes(1= ), mas de forma geral consiste em descontar os fluxos de ca= ixa projetados para a operaç&atild= e;o a valor presente segundo uma taxa de custo médio ponderado de capital (WACC).
Comparáveis, geralmente múltiplos de algum fator: úteis para estimar rapidamente a ord= em de grandeza do valor da operaç&at= ilde;o e para insp= ecionar o cálculo de DCF
Valor de liquidação ou reposição dos ativos: = quando o objeto da compra não = é a empresa e sim seu patrimônio
Fatores adicionais para determinação do preço:
<= span style=3D'font-size:43%'>Caixa(2) e ativos não operacionais&#= 13;
Compromissos existentes
fora dos balanços
<= span style=3D'font-size:43%'>Prêmio de controle
Desconto por falta
de liquidez <= /span>
<= span style=3D'font-size:43%;visibility:hidden'>
Trabal= hos realizados para o lado comprador:
Consultoria de estratégia para um grupo papele= iro europeu, trabalhando em conjunto com o CSFB (responsabilidade pela <= /span>estrutura= ção), para escolher, avaliar (DCF) e adquirir um conjunto = de plantas nos EUA, em transação de aproximad= amente US$ 1 bilhão
Consultoria de estratégia para uma das maiores empresas de telecomunicações no Brasil para avaliar oportunidades de aquisição de duas outras importantes empresas do setor, levando a recomendações de no-go – = que o mercado confirmou ao depreciar fortemente essas empresas nos meses seguintes
Consultoria para uma importante empresa brasileira de serviços, planejando a criação de um novo negócio que incluiu a compra de uma empresa j&aacut= e; atuante no setor. Revisamos e corrigimos o DCF <= span style=3D'mso-hansi-font-family:Arial;font-size:43%'>valuation a n&oacu= te;s apresentado, reduzindo significativamente o patamar de preços para negociação.
Trabal= hos realizados para o lado vendedor:
Busca de parceiros internacionais para capitalizar e permitir a expansão de uma empresa nacional de comercialização de espaço publicitário. Planejamento e projeção dos fluxos de c= aixa do negócio expandido, avaliação e negociação da venda de participaç&atil= de;o majoritária para o grupo internacional escolhido.
=
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_____________________
(1) T. Copeland (abaixo) cita e discute variantes do modelo DCF: APV, Equity DCF, Option m= odels, real X nominal cash f= lows, pre-tax X after-tax cash-flows, formula-based X explicit forecasts.
(2) Algumas metodologias consideram parte do caixa (ex.: 2% das vendas) como ativo operacional
Fonte:<= span style=3D'mso-tab-count:1;width:2.15%'> “Valuation – Measuring and Managing the Value of Companies ” de T. Copeland e outros; “Finance for Executives – Managing= for Value Creation” – G. Hawawini e C.<= /span> Viallet; “Corpora= te Finance Theory and Practice” de A. Damodaran; comentários da Stricto Lato
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5&#= 13;
SL00-020827-B
Stricto Lato
co= nsultoria de gestão
www.= strictolato.com
Fone (= 11) 5182-4900
Dicas
Negociar termos condicionando a venda de = participações pós-associação
–<= /span>Tag-along: direito do minoritário a vender acompanhando o majoritário = ;
Drag-along : obrigação do minoritário de vender <= /span>acompanhando o majoritário = ;
Assessorar-se por profissionais qualificados
–<= /span>Estratégia por consultoria = ;
–<= /span>Due diligence físico e financeiro por auditor ou contador
–<= /span>Contratos revisados por advogado especializado<= /div>
•<= /span>Limitar a influência de cada tipo de assessor à sua á= ;rea de competência <= /div>
–<= /span>Consultoria de estratégia: posicionamento, valor, = planejamento
–<= /span>Banco: financiamento e = execução da transação
–<= /span>Advogado: letra dos contratos = e mitigação de riscos f= iscais e trabalhistas <= /span>
–<= /span>Auditores e contadores: due diligence
=
=
_____________________
Fonte: Análise da equipe
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6&#= 13;
SL00-020827-B
Stricto Lato
co= nsultoria de gestão
www.= strictolato.com
Fone (= 11) 5182-4900
Fim desta apresentação
=
Agradecemos sua atenção e nos coloc= amos à disp= osição para maiores esclarecimentos.
“A Stricto Lato existe para ajudar seus clientes a conquistar resultados cada vez melhores e a gerar mais riqueza de forma duradoura.”<= /i>
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g_animUseRuntime ) { collSeq =3D document.all.tags("seq"); if( collSeq !=3D null ) { for(ii=3D0;ii numSlds ) gSldJumpIdx =3D numSlds; if ( gSldJumpIdx >=3D 0 ) { if ( gSldJumpIdx =3D=3D 0 ) gSldJumpIdx =3D 1; var jumpTo =3D parseInt(gSldJumpIdx); gSldJump =3D 0; gSldJumpIdx =3D ""; win.GoToSld( parent.GetSldList().mList[jumpTo-1].mSldHref ) } } } function _KDH() { if( event.keyCode =3D=3D 8 ) { event.returnValue =3D 0; parent.GoToPrevSld(); } } function DocumentOnClick() { if( IsNts() || parent.HideMenu() ) return; if( ( g_allowAdvOnClick && !parent.IsFramesMode() ) || (event && (event.keyCode=3D=3D32) ) ) parent.GoToNextSld(); } var g_supportsPPTHTML =3D SupportsPPTHTML(), g_scaleInFrame =3D 1, gId=3D""= , g_bgSound=3D"", g_scaleHyperlinks =3D false, g_allowAdvOnClick =3D 1, g_showInBrowser = =3D 0, gLoopCont =3D 0, gUseSldTimings =3D 1; var g_showAnimation =3D g_supportsPPTHTML && SupportsPPTAnimation() && ( (w= indow.name=3D=3D"PPTSld" && !parent.IsFramesMode()) || g_showInBrowser );va= r g_animManager =3D null; var g_animUseRuntime =3D false; var g_animItemsToHide, g_animInteractiveItems, g_animSlideTime; var g_animMainSequence =3D null; var ENDSHOW_MESG=3D"Fim da apresentação de slides. Clique par= a sair.", SCREEN_MODE=3D"Frames", gIsEndShow=3D0, NUM_VIS_SLDS=3D7, SCRIPT_= HREF=3D"script.js", FULLSCR_HREF=3D"fullscreen.htm"; var gCurSld =3D gPrevSld =3D 1, g_offset =3D -1, gNtsOpen =3D gHasNts =3D g= OtlTxtExp =3D 0, gHasNarration =3D 0, gOtlOpen =3D true window.gPPTHTML=3DSupportsPPTHTML() var gMainDoc=3Dnew Array(new hrefList("slide0080.htm",1,-1,1),new hrefList(= "slide0131.htm",1,-1,1),new hrefList("slide0132.htm",1,-1,1),new hrefList("= slide0133.htm",1,-1,1),new hrefList("slide0130.htm",1,-1,1),new hrefList("s= lide0134.htm",1,-1,1),new hrefList("slide0123.htm",1,-1,1)); function FullScrInit() { g_allowAdvOnClick =3D GetCurSld().mAdvOnClk document.body.style.backgroundColor=3D"black" document.oncontextmenu=3Dparent._CM; document.onkeydown =3D _KDH; document.ondragstart=3DCancel document.onselectstart=3DCancel self.focus() } function Redirect( frmId ) { var str=3Ddocument.location.hash,idx=3Dstr.indexOf('#'), sId=3DGetSldId() if(idx>=3D0) str=3Dstr.substr(1); if( window.name !=3D frmId && ( sId !=3D str) ) { obj =3D GetObj("Main-File") window.location.href=3Dobj.href+"#"+sId return 1 } return 0 } var MHTMLPrefix =3D CalculateMHTMLPrefix(); function CalculateMHTMLPrefix() { if ( document.location.protocol =3D=3D 'mhtml:') { href=3Dnew String(document.location.href) Start=3Dhref.indexOf('!')+1 End=3Dhref.lastIndexOf('/')+1 if (End < Start) return href.substring(0, Start) else return href.substring(0, End) } return ''; } function GetTags(base,tag) { if(g_supportsPPTHTML) return base.all.tags(tag); else return base.getElementsByTagName(tag); } function UpdNtsPane(){ if(frames["PPTNts"]) PPTNts.location.replace( MHTMLP= refix+GetHrefObj( gCurSld ).mNtsHref ) } function UpdNavPane( sldIndex ){ if(gNavLoaded) PPTNav.UpdNav() } function UpdOtNavPane(){ if(gOtlNavLoaded) PPTOtlNav.UpdOtlNav() } function UpdOtlPane(){ if(gOtlLoaded) PPTOtl.UpdOtl() } function SetHasNts( fVal ) { if( gHasNts !=3D fVal ) { gHasNts=3DfVal UpdNavPane() } } function ToggleOtlText() { gOtlTxtExp=3D!gOtlTxtExp UpdOtlPane() } function ToggleOtlPane() { frmset=3Ddocument.all("PPTHorizAdjust") frm=3Ddocument.all("PPTOtl") if( gOtlOpen ) frmset.cols=3D"*,100%" else frmset.cols=3D"25%,*" gOtlOpen=3D!gOtlOpen frm.noResize=3D!frm.noResize UpdOtNavPane() } function ToggleNtsPane() { frmset=3Ddocument.all("PPTVertAdjust") frm=3Ddocument.all("PPTNts") if( gNtsOpen ) frmset.rows=3D"100%,*" else frmset.rows=3D"*,20%" gNtsOpen=3D!gNtsOpen UpdNtsPane() } function ClearMedia() { if (PPTSld.pptSound) PPTSld.pptSound.loop =3D 0; } function FullScreen() { if ( PPTSld.g_animUseRuntime ) PPTSld.document.body.pause(); ClearMedia(); var href =3D ( document.location.protocol =3D=3D 'mhtml:') ? FULLSCR_HREF = : FULLSCR_HREF+"#"+GetHrefObj(gCurSld).mSldHref; if(PPTNav.event.ctrlKey) { var w =3D (window.screen.availWidth * 1.0) / 2.0 var h =3D w * (PPTSld.g_origH * 1.0) / PPTSld.g_origW win =3D window.open( MHTMLPrefix+href,null,"toolbar=3D0,resizable=3D1,top= =3D0,left=3D0," + "width=3D"+ w + ",height=3D" + h ); if( PPTSld.g_animUseRuntime ) win.document.body.PPTSldFrameset=3Dwindow; } else { win =3D window.open( MHTMLPrefix+href,null,"fullscreen=3Dyes" ); if( PPTSld.g_animUseRuntime ) win.document.body.PPTSldFrameset=3Dwindow; } } function ToggleVNarration() { rObj=3DPPTSld.document.all("NSPlay") if( rObj && !PPTSld.g_animUseRuntime ) { if( (rObj.playState =3D=3D 1)||(rObj.playState =3D=3D 0) ) rObj.Play() else if( rObj.playState =3D=3D 2 ) rObj.Pause() else return; } else if( PPTSld.g_animUseRuntime ) { narObj =3D PPTSld.document.all("narrationID") if( narObj ) narObj.togglePause() } } function GetCurSldNum() { obj=3DGetHrefObj(gCurSld) if( obj.mOrigVis =3D=3D 1 ) return obj.mSldIdx else return gCurSld } function GetNumSlds() { if( GetHrefObj(gCurSld).mOrigVis =3D=3D 1 ) return GetSldList().mNumVisSlds; else return GetSldList().mList.length } function GetSldNum( href ) { for(ii=3D0; ii 1 ) PopSldList(); else if( !IsFramesMode() ) { if( gLoopCont ) GoToFirst() else EndShow() } } function GoToPrevSld() { ii=3DgCurSld-1 if( ii > 0 ) { obj=3DGetHrefObj(ii) while ( obj && ( obj.mVis =3D=3D 0 ) && ( ii>0 ) ) obj=3DGetHrefObj(--ii) if( ii =3D=3D 0 ) ii=3D1 GoToSldNum(ii) } } function GoToFirst(){ GoToSld( GetHrefObj(1).mSldHref ) } function GoToLast() { ii=3DGetSldList().mList.length if( ii !=3D gCurSld ) GoToSld( GetHrefObj(ii).mSldHref ) } function GoToSldNum( num ) { if( PPTSld.event ) PPTSld.event.cancelBubble=3Dtrue obj =3D GetHrefObj( num ) obj.mVis=3D1 gPrevSld=3DgCurSld gCurSld =3D num; PPTSld.location.replace(MHTMLPrefix+obj.mSldHref) if( IsFramesMode() ) { UpdNavPane(); UpdOtlPane(); UpdNtsPane() } } function GoToSld( href ) { if( PPTSld.event ) PPTSld.event.cancelBubble=3Dtrue GetHrefObj( GetSldNum(href) ).mVis=3D1 PPTSld.location.replace(MHTMLPrefix+href) } function SldUpdated( id ) { if( id =3D=3D GetHrefObj(gCurSld).mSldHref ) return gPrevSld=3DgCurSld gCurSld=3DGetSldNum(id) if( IsFramesMode() ) { UpdNavPane(); UpdOtlPane(); UpdNtsPane() } } function PrevSldViewed(){ GoToSld( GetHrefObj(gPrevSld).mSldHref ) } function HasPrevSld() { return ( gIsEndShow || ( gCurSld !=3D 1 && GetHrefO= bj( gCurSld-1 ).mVis =3D=3D 1 )||( GetCurSldNum() > 1 ) ) } function HasNextSld() { return (GetCurSldNum() !=3D GetNumSlds()) } function CloseWindow() { if( HideMenu() ) return; var event =3D PPTSld.event; if( !IsFramesMode() && event && (event.keyCode=3D=3D27 || event.keyCode=3D= =3D32 || event.type=3D=3D"click" ) ) window.close( self ); CatchNumKeys( self, event ); } function Unload() { gIsEndShow=3D0; } function SetupEndShow() { gIsEndShow=3D1; PPTSld.document.body.scroll=3D"no"; PPTSld.document.onkeypress=3DCloseWindow; PPTSld.document.onclick=3DCloseWindow; PPTSld.document.oncontextmenu=3D_CM; } function EndShow() { if( IsFramesMode() ) return if( PPTSld.event ) PPTSld.event.cancelBubble=3Dtrue doc=3DPPTSld.document doc.open() doc.writeln('


' + ENDSHOW_MESG + '

') doc.close() } function SetSldVisited(){ GetSldList().mList[gCurSld-1].mVisited=3Dtrue } function IsSldVisited(){ return GetSldList().mList[gCurSld-1].mVisited } function hrefList( sldHref, visible, advDelay, advClk ) { this.mSldHref=3D this.mNtsHref =3D sldHref this.mOrigVis=3D this.mVis =3D visible this.mVisited=3D false this.mAdvDelay=3D advDelay this.mAdvOnClk=3D advClk } function SldList(arr,curSld,fEnd) { this.mCurSld =3D curSld; this.mList =3D new Array(); var idx =3D 1; for(ii=3D0;ii 0) { PushSldList(sldList,fEnd); gCurSld =3D 1; } else if( PPTSld.event ) PPTSld.event.cancelBubble=3Dtrue } function PushSldList(arr,fEnd) { var ii =3D gSldStack.length; gSldStack[ii] =3D new SldList(arr,gCurSld,fEnd); GoToSld( gSldStack[ii].mList[0].mSldHref ); } function PopSldList() { if (gSldStack[gSldStack.length-1].fEndShow) EndShow() else { gCurSld =3D gSldStack[gSldStack.length-1].mCurSld; gSldStack[gSldStack.length-1] =3D null; gSldStack.length--; var sldList =3D gSldStack[gSldStack.length-1]; GoToSld( sldList.mList[gCurSld - 1].mSldHref ); } } var custShowList=3Dnew Array(); function ImgBtn( oId,bId,w,action ) { var t=3Dthis t.Perform =3D _IBP t.SetActive =3D _IBSetA t.SetInactive=3D _IBSetI t.SetPressed =3D _IBSetP t.SetDisabled=3D _IBSetD t.Enabled =3D _IBSetE t.ChangeIcon =3D null t.UserAction =3D action t.ChgState =3D _IBUI t.mObjId =3D oId t.mBorderId=3D bId t.mWidth =3D w t.mIsOn =3D t.mCurState =3D 0 } function _IBSetA() { if( this.mIsOn ) { obj=3Dthis.ChgState( gHiliteClr,gShadowClr,2 ) obj.style.posTop=3D0 } } function _IBSetI() { if( this.mIsOn ) { obj=3Dthis.ChgState( gFaceClr,gFaceClr,1 ) obj.style.posTop=3D0 } } function _IBSetP() { if( this.mIsOn ) { obj=3Dthis.ChgState( gShadowClr,gHiliteClr,2 ) obj.style.posLeft+=3D1; obj.style.posTop+=3D1 } } function _IBSetD() { obj=3Dthis.ChgState( gFaceClr,gFaceClr,0 ) obj.style.posTop=3D0 } function _IBSetE( state ) { var t=3Dthis GetObj( t.mBorderId ).style.visibility=3D"visible" if( state !=3D t.mIsOn ) { t.mIsOn=3Dstate if( state ) t.SetInactive() else t.SetDisabled() } } function _IBP() { var t=3Dthis if( t.mIsOn ) { if( t.UserAction !=3D null ) t.UserAction() if( t.ChangeIcon ) { obj=3DGetObj(t.mObjId) if( t.ChangeIcon() ) obj.style.posLeft=3Dobj.style.posLeft+(t.mCurState-4)*t.mWidth else obj.style.posLeft=3Dobj.style.posLeft+(t.mCurState-0)*t.mWidth } t.SetActive() } } function _IBUI( clr1,clr2,nextState ) { var t=3Dthis SetBorder( GetObj( t.mBorderId ),clr1,clr2 ) obj=3DGetObj( t.mObjId ) obj.style.posLeft=3Dobj.style.posLeft+(t.mCurState-nextState)*t.mWidth-obj= .style.posTop t.mCurState=3DnextState return obj } function TxtBtn( oId,oeId,action,chkState ) { var t=3Dthis t.Perform =3D _TBP t.SetActive =3D _TBSetA t.SetInactive=3D _TBSetI t.SetPressed =3D _TBSetP t.SetDisabled=3D _TBSetD t.SetEnabled =3D _TBSetE t.GetState =3D chkState t.UserAction =3D action t.ChgState =3D _TBUI t.mObjId =3D oId t.m_elementsId=3D oeId t.mIsOn =3D 1 } function _TBSetA() { var t=3Dthis if( t.mIsOn && !t.GetState() ) t.ChgState( gHiliteClr,gShadowClr,0,0 ) } function _TBSetI() { var t=3Dthis if( t.mIsOn && !t.GetState() ) t.ChgState( gFaceClr,gFaceClr,0,0 ) } function _TBSetP() { if( this.mIsOn ) this.ChgState( gShadowClr,gHiliteClr,1,1 ) } function _TBSetD() { this.ChgState( gFaceClr,gFaceClr,0,0 ) this.mIsOn =3D 0 } function _TBSetE() { var t=3Dthis if( !t.GetState() ) t.ChgState( gFaceClr,gFaceClr,0,0 ) else t.ChgState( gShadowClr,gHiliteClr,1,1 ) t.mIsOn =3D 1 } function _TBP() { var t=3Dthis if( t.mIsOn ) { if( t.UserAction !=3D null ) t.UserAction() if( !t.GetState ) return if( t.GetState() ) t.SetPressed() else t.SetActive() } } function _TBUI( clr1,clr2,lOffset,tOffset ) { SetBorder( GetObj( this.mObjId ),clr1,clr2 ) Offset( GetObj( this.m_elementsId ),lOffset,tOffset ) } function Offset( obj, top, left ){ obj.style.top=3Dtop; obj.style.left=3Dle= ft } function SetBorder( obj, upperLeft, lowerRight ) { s=3Dobj.style; s.borderStyle =3D "solid" s.borderWidth =3D 1 s.borderLeftColor =3D s.borderTopColor =3D upperLeft s.borderBottomColor=3D s.borderRightColor =3D lowerRight } function GetBtnObj(){ return gBtnArr[window.event.srcElement.id] } function BtnOnOver(){ b=3DGetBtnObj(); if( b !=3D null ) b.SetActive() } function BtnOnDown(){ b=3DGetBtnObj(); if( b !=3D null ) b.SetPressed() } function BtnOnOut(){ b=3DGetBtnObj(); if( b !=3D null ) b.SetInactive() } function BtnOnUp() { b=3DGetBtnObj() if( b !=3D null ) b.Perform() else Upd() } function GetNtsState(){ return parent.gNtsOpen } function GetOtlState(){ return parent.gOtlOpen } function GetOtlTxtState(){ return parent.gOtlTxtExp } function NtsBtnSetFlag( fVal ) { s=3Ddocument.all.item( this.m_flagId ).style s.display=3D"none" if( fVal ) s.display=3D"" else s.display=3D"none" } function _BSetA_Border(){ b =3D gBtnArr[this.mObjId]; if( b !=3D null ) b.S= etActive() } function _BSetI_Border(){ b =3D gBtnArr[this.mObjId]; if( b !=3D null ) b.S= etInactive() } var gHiliteClr=3D"THREEDHIGHLIGHT",gShadowClr=3D"THREEDSHADOW",gFaceClr=3D"= THREEDFACE" var gBtnArr =3D new Array() gBtnArr["nb_otl"] =3D new TxtBtn( "nb_otl","nb_otlElem",parent.ToggleOtlPan= e,GetOtlState ) gBtnArr["nb_otlElem"] =3D new TxtBtn( "nb_otl","nb_otlElem",parent.ToggleOt= lPane,GetOtlState ) gBtnArr["nb_nts"] =3D new TxtBtn( "nb_nts","nb_ntsElem",parent.ToggleNtsPan= e,GetNtsState ) gBtnArr["nb_prev"]=3D new ImgBtn( "nb_prev","nb_prevBorder",30,parent.GoToP= revSld ) gBtnArr["nb_next"]=3D new ImgBtn( "nb_next","nb_nextBorder",30,parent.GoToN= extSld ) gBtnArr["nb_sldshw"]=3D new ImgBtn( "nb_sldshw","nb_sldshwBorder",18,parent= .FullScreen ) gBtnArr["nb_sldshwBorder"] =3D new TxtBtn( "nb_sldshw","nb_sldshwBorder",pa= rent.FullScreen,null ) gBtnArr["nb_sldshwBorder"].SetActive =3D _BSetA_Border; gBtnArr["nb_sldshwBorder"].SetInactive =3D _BSetI_Border; gBtnArr["nb_sldshwText"] =3D new TxtBtn( "nb_sldshw","nb_sldshwText",parent= .FullScreen,null ) gBtnArr["nb_sldshwText"].SetActive =3D _BSetA_Border; gBtnArr["nb_sldshwText"].SetInactive =3D _BSetI_Border; gBtnArr["nb_voice"] =3D new ImgBtn( "nb_voice","nb_voiceBorder",18,parent.= ToggleVNarration ) gBtnArr["nb_otlTxt"]=3D new ImgBtn( "nb_otlTxt","nb_otlTxtBorder",23,parent= .ToggleOtlText ) gBtnArr["nb_nts"].m_flagId=3D "notes_flag" gBtnArr["nb_nts"].SetFlag =3D NtsBtnSetFlag gBtnArr["nb_otlTxt"].ChangeIcon=3D GetOtlTxtState var sNext=3D"Avançar",sPrev=3D"Voltar",sEnd=3D"Finalizar apresenta&c= cedil;ão",sFont=3D"Arial",sArrow=3D"Seta",sFreeform=3D"Forma livre",= sRect=3D"Retângulo",sOval=3D"Elipse" function ShowMenu() { BuildMenu(); var doc=3DPPTSld.document.body,x=3DPPTSld.event.clientX+doc.scrollLeft,y= =3DPPTSld.event.clientY+doc.scrollTop m =3D PPTSld.document.all.item("ctxtmenu") m.style.pixelLeft=3Dx if( (x+m.scrollWidth > doc.clientWidth)&&(x-m.scrollWidth > 0) ) m.style.pixelLeft=3Dx-m.scrollWidth m.style.pixelTop=3Dy if( (y+m.scrollHeight > doc.clientHeight)&&(y-m.scrollHeight > 0) ) m.style.pixelTop=3Dy-m.scrollHeight m.style.display=3D"" } function _CM() { if( !parent.IsFullScrMode() ) return; if(!PPTSld.event.ctrlKey) { ShowMenu() return false } else HideMenu() } function BuildMenu() { if( PPTSld.document.all.item("ctxtmenu") ) return var mObj=3DCreateItem( PPTSld.document.body ) mObj.id=3D"ctxtmenu" mObj.style.visibility=3D"hidden" var s=3DmObj.style s.position=3D"absolute" s.cursor=3D"default" s.width=3D"120px" SetCMBorder(mObj,"menu","black") var iObj=3DCreateItem( mObj ) SetCMBorder( iObj, "threedhighlight","threedshadow" ) iObj.style.padding=3D2 CreateMenuItem( iObj,sNext,M_GoNextSld,M_True ) CreateMenuItem( iObj,sPrev,M_GoPrevSld,M_HasPrevSld ) CreateSeparator( iObj ) CreateMenuItem( iObj,sEnd,M_End,M_True ) mObj.style.visibility=3D"visible" } function Cancel() { window.event.cancelBubble=3Dtrue; window.event.returnVa= lue=3Dfalse } function Highlight() { ChangeClr("activecaption","threedhighlight") } function Deselect() { ChangeClr("threedface","menutext") } function Perform() { e=3DPPTSld.event.srcElement if( e.type=3D=3D"menuitem" && e.IsActive() ) e.Action() else PPTSld.event.cancelBubble=3Dtrue } function ChangeClr( bg,clr ) { e=3DPPTSld.event.srcElement if( e.type=3D=3D"menuitem" && e.IsActive() ) { e.style.backgroundColor=3Dbg e.style.color=3Dclr } } function M_HasPrevSld() { return( parent.HasPrevSld() ) } function M_GoNextSld() { if( gIsEndShow ) M_End(); else GoToNextSld() } function M_GoPrevSld() { if( gIsEndShow ) { history.back(); PPTSld.event.ca= ncelBubble=3Dtrue; } else GoToPrevSld() } function M_True() { return true } function M_End() { window.close( self ) } function CreateMenuItem( node,text,action,eval ) { var e=3DCreateItem( node ) e.type=3D"menuitem" e.Action=3Daction e.IsActive=3Deval e.innerHTML=3Dtext if( !e.IsActive() ) e.style.color=3D"threedshadow" e.onclick=3DPerform e.onmouseover=3DHighlight e.onmouseout=3DDeselect s=3De.style; s.fontFamily=3DsFont s.fontSize=3D"9pt" s.paddingLeft=3D2 } function CreateSeparator( node ) { var sObj=3DCreateItem( node ) SetCMBorder(sObj,"menu","menu") var s=3DsObj.style s.borderTopColor=3D"threedshadow" s.borderBottomColor=3D"threedhighlight" s.height=3D1 s.fontSize=3D"0px" } function CreateItem( node ) { var elem=3DPPTSld.document.createElement("DIV") node.insertBefore( elem ) return elem } function SetCMBorder( o,ltClr,rbClr ) { var s=3Do.style s.backgroundColor=3D"menu" s.borderStyle=3D"solid" s.borderWidth=3D1 s.borderColor=3DltClr+" "+rbClr+" "+rbClr+" "+ltClr } ------=_NextPart_01C24DBE.744C07E0 Content-Location: file:///C:/C49B0891/al_fs_aq_arquivos/fullscreen.htm Content-Transfer-Encoding: quoted-printable Content-Type: text/html; 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charset="us-ascii" Alianças, Fusões e Aquisições ------=_NextPart_01C24DBE.744C07E0 Content-Location: file:///C:/C49B0891/al_fs_aq_arquivos/outline.htm Content-Transfer-Encoding: quoted-printable Content-Type: text/html; charset="us-ascii"
Apresenta= ção de slides
Estrutura de tópicos
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