Royal Dutch Shell is planning to acquire Barclays. Royal Dutch Shell total market value is $ 270 million while Barclays total market value is $190 million. Royal Dutch Shell estimates that the merged firm will be worth $ 510 million as a result of operating and other efficiencies. Royal Dutch Shell's investment bankers have advised that Royal Dutch Shell will have to pay a $ 150 million premium in price to acquire Barclays. Merger-related costs and expenses will amount to $ 130 million.

i. What is the net advantage of merging (NAM)?

ii. Are there any synergistic values created?

iii. Which firm gains or losses in this merger?

iv. Which firm benefited from this merger?