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APPENDIX A contains exhibit 19 of PPR and Puma synergies forecast from Puma case. Explain what synergy is and why such forecast is essential in

APPENDIX A contains exhibit 19 of PPR and Puma synergies forecast from Puma case. Explain what synergy is and why such forecast is essential in M&A process. Assume the analysts standalone valuation of Puma is 315 Euros per share. How should the analyst incorporate synergies forecast in the analysis? Assume Pumas cost of equity and WACC is 9%.

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