The Four Reasons Behind Mergers Finance Essay - Free Essay Example

Sample details Pages: 8 Words: 2362 Downloads: 7 Date added: 2017/06/26 Category Finance Essay Type Cause and effect essay Did you like this example? In simple terms, a merger means blending of two or more existing undertakings into one, consequent to which each undertaking would lose their separate identity. The most common reasons for mergers are, operating synergies, market expansion, diversification, growth, consolidation of production capacities and tax savings. However, these are just some of the illustrations and not the exhaustive benefits. However, before the idea of Merger and Acquisition crystallizes, the firm needs to understand its own capabilities and industry position. It also needs to know the same about the other firms it seeks to tie up with, to get a real benefit from a merger. Globalization has increased the competitive pressure in the markets. In a highly challenging environment a strong reason for merger and acquisition is a desire to survive. Thus apart from growth, the survival factor has off late, spurred the merger and acquisition activity worldwide. Don’t waste time! Our writers will create an original "The Four Reasons Behind Mergers Finance Essay" essay for you Create order Take retail finance for instance. With corporate banking becoming an unprofitable business for banks due to high risk of asset quality, banks including financial institutions are tapping the retail finance segment. ICICIs acquisition of Anagram Finance from Lalbhai group, HDFC Banks merger with Centurion Bank of Punjab and ICICI Banks merger with Bank of Madura are some of the latest examples of consolidation in the banking sector. We could see the similar trend perking up in other sectors. The present study gives some insight as to why the banks are going for merger and acquisition and what are the legal, taxes and financial aspects governing them. The study also deals with other aspects such as types of merger, motives, and reasons, bank too much on merger, and successful consolidation in merger, recent trend in merger and acquisition activity. Purpose The purpose of this assessment is to examine the merger process that was done on 25 February 2008 between HDFC Bank and Centurion bank of Punjab. The basic purpose of merger is to achieve faster growth of the corporate business. Faster growth may be had through product improvement and competitive position. The whole point of this process is to show how the change management works. The study also focuses on how the technology and superior margins with support from low-cost deposits will ensure profitable growth in the future. OBJECTIVE There are four main paths that explain the reasons behind the merger activity. These four paths are related to: (1) Creating economies of scales (2) Expanding geographically (3) Increasing the combined capital base (size) and product offerings (4) Gaining market power (5) Identify benefits and barriers of the change management process and provide recommendations for future activities INTRODUCTION Housing Development Finance Corporation Limited (HDFC) Bank The Housing Development Finance Corporation Limited (HDFC) was amongst the first to receive an in principle approval from the Reserve Bank of India (RBI) to set up a bank in the private sector, as part of the RBIs liberalization of the Indian Banking Industry in 1994. The bank was incorporated in August 1994 in the name of HDFC Bank Limited, with its registered office in Mumbai, India. HDFC Bank commenced operations as a Scheduled Commercial Bank in January 1995. Housing Development Finance Corporation (HDFC), Indias leading housing finance company, HDFC Bank is one of Indias premier banks providing a wide range of financial products and services to its over 11 million customers across over three hundred cities using multiple distribution channels including a pan-India network of branches, ATMs, phone banking, net banking and mobile banking. Within a relatively short span of time, the bank has emerged as a leading player in retail banking, wholesale banking, and treasury operations, its three principal business segments. The banks competitive strength clearly lies in the use of technology and the ability to deliver world-class service with rapid response time. Over the last 13 years, the bank has successfully gained market share in its target customer franchises while maintaining healthy profitability and asset quality. As on December 31, 2007, the Bank had a network of 754 branches and 1,906 ATMs in 327 cities. Centurion Bank of Punjab Centurion Bank of Punjab is one of the leading new generation private sector banks in India. The bank serves individual consumers, small and medium businesses and large corporations with a full range of financial products and services for investing, lending and advice on financial planning. The bank offers its customers a wide range of wealth management products such as mutual funds, life and general insurance and has established a leadership position. The bank is also a strong player in foreign exchange services, personal loans, mortgages and agricultural loans. Additionally the bank offers a full suite of NRI banking products to overseas Indians. Centurion Bank of Punjab now operates on a strong nationwide franchise of 394 branches and 452 ATMs in 180 locations across the country, supported by employee base of over 7,500 employees. In addition to being listed on the major Indian stock exchanges, the Banks shares are also listed on the Luxembourg Stock Exchange. MERGER HDFC Bank and Centurion Bank of Punjab merger at share swap ratio of 1:29 The Boards of HDFC Bank and Centurion Bank of Punjab met on 25 February, 2008 and approved, subject to due diligence, the share swap ratio for the proposed merger of Centurion Bank of Punjab with HDFC Bank. The Scheme of Amalgamation envisages a share exchange ratio of one share of HDFC Bank for twenty-nine shares of Centurion Bank of Punjab. The combined entity would have a nationwide network of 1,148 branches (the largest amongst private sector Banks) a strong deposit base of around Rs.1200 billion and net advances of around Rs.850billion. The balance sheet size of the combined entity would be over Rs. 1,500 billion. HDFC Bank was looking for an appropriate merger opportunity that would add scale, geography and experienced staff to its franchise. This opportunity arose and we thought it is an attractive route to supplement HDFC Banks organic growth. Commenting on the proposed merger, Mr. Deepak Parekh, Chairman, HDFC said, We were amongst the first to get a banking license, the first to do a merger in the private sector with Times Bank in 1999, and now if this deal happens, it would be the largest merger in the private sector banking space in India. We believe that Centurion Bank of Punjab would be the right fit in terms of culture, strategic intent and approach to business. Mr. Aditya Puri, Managing Director, HDFC Bank said, These are exciting times for the Indian banking industry. The proposed merger will position the combined entity to significantly exploit opportunities in a market globally recognized as one of the fastest growing. Im particularly bullish about the potential of business synergies and cultural fit between the two organizations. The combined entity will be an even greater force in the market RESEARCH QUESTIONS Q1. What is the effect after merger and accusation on the financial performance of the organization? The merger added around 400 branches to HDFC Banks branch strength of 760 along with a 15-20 per cent increase in the asset base to more than Rs.1.7lakh crore. While the merger has helped increase the size of HDFC Bank, it has also led to some pressure on key ratios for the combined entity; Centurion Bank of Punjab ratios were lower than that of HDFC Bank. Q2. How does it affect the cultural changes inside the organization? All the employees of Centurion Bank of Punjab have been assigned their new roles in the merged entity and the training processes are underway to bring them at par with HFDC Bank standards. All systems integrated with HDFC Bank platform, i.e. flex cube Treasury is still already integrated with the same, while both wholesale banking and retail banking is fully integrated and working. The merger positioned the combined entity to significantly exploit opportunities in a market globally recognized as one of the fastest growing. The potential of business synergies and cultural fit between the two organizations. The combined entity emerged to be a greater force in the market. Q3. Study on the growth process after the merger and acquisition of bank. HDFC Banks net revenues have grown at a compound annual growth rate (CAGR) of 44.5 per cent in the last five years on the back of net interest income (NII) and other income growing by 43 per cent and 47.7 per cent, respectively. Net profits grew by 33 per cent; the lower pace is due to the banks prudent policy of higher provisioning (last three years). HDFC Bank has been going slow on the retail loans and even CBoPs non-issuance of fresh loans (since December 2007) to the two-wheeler and personal loan segments, has ensured comfortable NPA (non-performing assets) levels for the combined entity. HDFC Bank, after the merger, provided higher provisions to the combined entity in line with its own superior provision coverage of around 67 per cent (CBOPs at 55 per cent). Although, it added pressure on the profitability in the near term but it will help avoiding slippages in asset quality in the future. The advances havent slowed and this is indicated from the credit-deposit ratio rising from 63 per cent last year to around 75 per cent current year. The recent Cash Reserve Ratio (CRR) cut has released additional funds of around Rs.4500crore that could be used for further loan disbursements and provide support to (NIM) Net Interest Margins. The higher yield on advances and investments in conjunction with high interest rates has meant that NIM is still comfortable at 4.2 per cent. Q4. How did the market share and capitalization of HDFC bank get affected after merger? The banks competitive strength clearly lies in the use of technology and the ability to deliver world-class service with rapid response time. The bank has successfully gained market share in its target customer franchises while maintaining healthy profitability and asset quality. As of June 30, 2009, the Bank had a distribution network with 1,416 branches and 3,382 ATMs in 550 cities. For the quarter ended June 30, 2009, the Bank earned total income of INR 51.36 billion as against INR 42.15 billion in the corresponding period of the previous year. Net revenues for the quarter ended June 30, 2009 were INR 28.99 billion, up by 25.1% over INR 23.16 billion for the quarter ended June 30, 2008. Net Profit for the quarter ended June 30, 2009 was INR 6.06 billion (Rs.606.1crore), up by 30.5% over the corresponding quarter ended June 30, 2008. The Banks total balance sheet size increased by 10.38% from INR 1685.98 billion as of June 30, 2008 to INR 1861.15 billion as of June 30, 2009. Total deposits were INR 1457.32 billion , an increase of 11.31% from June 30, 2008. Total income for the year ended March 31, 2009 grew by 58.2% to INR 196.22 billion (Rs19622.9crore) over the corresponding year ended March 31, 2008. Leading Indian and international publications have recognized the bank for its performance and quality. MEHTODOLOGY HYPOTHISES H1: Merger and Acquisition process has direct relation with the financial performance of the organization. H2: Mergers acquisition is directly related to the cultural changes inside the organization. H3: Mergers and Acquisition process is inversely related to the growth process of an organization. H4. There is a positive Relation b/w the market share and merger. Research Philosophy The researcher follows a positivism approach which shows that the study is based on some scientific statements. The study includes the testing of hypotheses, which enable in the assessment of various laws. Positivistic approach seeks to identify measure and evaluate any phenomena and to provide rational explanations for it. This explanation will attempt to establish causal links and relationships between the different elements (or variables) of the subject and relate them to a particular theory or practice. Advantages of Positivism Approach The following are the advantages of this approach:- The research can be structured in a better way. It ensures that the data that is collected is valid and holds true in all means. The hypothesis can be tested much easily. Disadvantages of Positivism Approach The following are the disadvantages of this approach:- It is very difficult to arrive at a proper sample size. It is very time consuming.          Sources of Data The data that is to be collected must be logical. The quality of the conclusion is highly dependent on the data that is being collected. Hence one must ensure that accurate and reliable data are collected. Primary Sources The research is in the form of interview and survey obtains these data from individuals. They are generally true facts. Secondary Sources These include that information pertaining to company, latest journals and academic papers, online reliable resources that would provide the latest development in the field. Secondary sources are those data that are already obtained by others. Research Design Research Design basically shows how all the major components of the research project samples, measures, and treatments work together to address the central research questions. A Cross-sectional study is undertaken as the time for the research is short. The facts are collected from employees of different age groups. It involves the data collection at a particular point of time. The research includes finding out the variables that are responsible for the problem identified. Such study is termed as Correlation study. This kind of a study takes place in a natural environment and where there is very little interference by the researcher. CONCLUSION Merger and acquisition the most talked about term today creating lot of excitement and speculative activity in the markets. However, before the idea of MA crystallizes, the firm needs to understand its own capabilities and industry position. It also needs to know the same about the other firms it seeks to tie up with, to get a real benefit from a merger. A mergers and Acquisitions activity is that the divesting firm moves from diversifying strategy to concentrate on core activities in order to improve and increase competitiveness. Globalization has increased the competitive pressure in the markets. In a highly challenging environment a strong reason for MA is a desire to survive. Thus apart from growth, the survival factor has off late, spurred the MA activity worldwide Some such factors are listed below: ÃÆ' ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒâ€šÃ‚ ¢ The Companys business prospects and nature of its business ÃÆ' ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒâ€šÃ‚ ¢ The prospects for industry in which the company operates ÃÆ' ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒâ€šÃ‚ ¢ Management reputation ÃÆ' ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒâ€šÃ‚ ¢ Goodwill and brand value ÃÆ' ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒâ€šÃ‚ ¢ Marketing network ÃÆ' ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒâ€šÃ‚ ¢ Technology level ÃÆ' ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒâ€šÃ‚ ¢ Efficiency level in terms of employees ÃÆ' ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒâ€šÃ‚ ¢ Financial performance ÃÆ' ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒâ€šÃ‚ ¢ Future earnings ÃÆ' ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒâ€šÃ‚ ¢ The legal implications ÃÆ' ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒâ€šÃ‚ ¢ Government policy in general and in particular for that industry ÃÆ' ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒâ€šÃ‚ ¢ Current valuations of shares in stock markets

Effective Communication of Pepsi Co - 3206 Words

Effective Communication Strategies of Pepsi Cola Table of Contents Executive Summery 3 Introduction 4 History 5 Effective Marketing and communication strategies of Pepsi 6 Media Commercials 6 Advantage of media commercials 6 Disadvantages of media commercials 7 Sponsorships 7 Advantages of Sponsorships 8 Disadvantages of Sponsorships 8 How to enhance the effectiveness of Sponsorship 8 Community Activities 8 Advantages of Community activities 9 Disadvantages of community activities 9 How to enhance the effectiveness of CSR projects 9 Product Diversification 10 Advantages of Product diversification 10 Disadvantages of product diversification 10 How to enhance the effectiveness of Product†¦show more content†¦There he sold a unique blend of aerated water which he called Brads Drink. All of the customers liked the taste of this refreshing drink made out of cola nuts and vanilla. Because of this new invention Caleb’s pharmacy became a famous gathering point in the city. After few years he renamed this creation as Pepsi Cola. The demand f or Pepsi cola was increased day by day so he was convinced to form a company to sell Pepsi cola nationwide through soda fountains. In 1903 he acquired the patent for his product and started bottle and sell it all around the country. The sales figures ware outstanding, profits were sky rocketed. Bradham sold 7,968 gallons of syrup in 1903. In 1905 he awarded two franchises to bottle the product. Later in 1906 the number of franchises increased to fifteen and there were 25 franchises by the end of 1910. Pepsi Cola Company managed to sell 100,000 gallons on syrup in 1910. Marketing was a key concern f the company right from the beginning of the Pepsi era. At the beginning there were post cards and collectibles with Pepsi cola brand name. They were the main advertising methods Caleb used in the early years. Later the advertising campaigns became more enthusiastic and effective. 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In particular, the internal analysis focuses on the power of suppliers, buyers, new entrants, and product substitutesRead MoreA Study on Sales Promotional Activities of Pepsico12595 Words   |  51 Pages39 Table 4.3. Volume of warm stocking†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.40 Table 4.4. Volume of cold stocking†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦41 Table 4.5. Overall Performance of PEPSI†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦42 Table 4.6. Types of Outlet†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦..43 Table 4.7. Percentage sales of brands†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. 44 Table 4.8. Most selling product of PEPSI†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦45 CONTENTS Chapter No. Topic Page No.

Naming of the Parts Essay Example For Students

Naming of the Parts Essay Naming of the parts Essay In Henry Reeds poem Naming of The Parts he achieves his purpose by pushing the idea of an officer and a student. Reed achieves it through such literary techniques as contrast, repetition, rhythm, and detail. Henry Reed wrote this poem in a unique style. In the first four sections he had a particular way of ending a thought using repetition. In line four he ended with naming Of the parts. In line six he ends it the same, Which brings you to the way he uses repetition. For the next three stanzas he does the same. In Reeds poem oh see the common divide of thought in each stanza. So you can infer that the poem is told from two points of view. You also infer that the poem could be about a boot camp, and that the two thoughts could be the officer speaking and the bored student mocking the officer. Out of the two people you see that it is clear that the first speaker is the sergeant and the other is a student. In the first stanza Reed writes Today we have naming of the parts, Yesterday, we had daily cleaning, And tomorrow morning we shall have what to do after firing. In this stanza he discusses a schedule. What theyre doing for the week, which introduces the idea of the setting being in a boot camp. Through the poem you see the student gets off track. While the sergeant speaks of guns, the student speaks of gardens, bees, and eloquent gestures. As the boy keeps talking you infer that he is talking about a girl which is in reference to the sergeants gun _ As Reed continues to write in the students point of view Reed starts to write perverted. You see that the students which are teenagers, probably 18/19 are missing contact With the opposite sex Which provides them tit The parts of weapons such as guns are ironically analogous to sexual parts. Through Reeds poem Objects and actions are given double significance. An example is given on line 15-18, You can do it quite easy bayou have any strength in your thumb. The blossoms are fragile and motionless, never letting anyone see any of them using their finger, which you can finger out the meaning for yourself quite easily. The way the author contrasted the teacher and student was significant. It was in the way the student spoke, and how sarcastic and bored his tone was. Compared to the sergeants straight edge monotone speaking. An example is given on line 13-15, this is the safety-catch, which is always released with an easy flick of the thumb. And please do not let me see anyone using his finger. These lines are bland the sergeant does not joke or poke fun with the students; he gets straight to the point and leaves no room for errors. The other literary technique that caught the eye was detail. Henry Reed was pretty descriptive, talking about the parts of a gun, and the student wondering off into talking about girls.

Lord of the Flies - Civilisation vs. Savagery free essay sample

Opposed to this natural evil is the learned set of morals, good behaviour and rules, the â€Å"Super-ego†, that are imposed on every individual by its surroundings and that build up society. Golding suggests that these rules cannot eradicate our inborn evil part, but are capable to mitigate the full expression of out savagery. Throughout the novel Golding associates the instinct of civilisation with good and the instinct of savagery with evil. The story starts off with two of the stranded, English boys, Ralph and Piggy, finding a conch shell and using it to assemble the other stranded children. At this assembly the boys democratically elect a leader, namely Ralph. This election and the chosen leader are the representation of civilisation, because democracy is a social system based on equality and the interest of the group. The democratically chosen leader Ralph and his conch shell, which enables democracy and thereby a form of order to develop within the group, are the symbols of rule and civilised society. We will write a custom essay sample on Lord of the Flies Civilisation vs. Savagery or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page The second candidate of this election is Jack, an English choir boy, who is outraged when he doesn’t win the election. To satisfy him, Ralph puts him in charge of hunting. Jacks desire to kill the pigs, to demonstrate his bravery, so his innate desire to kill is channelled into something productive by Ralph, by letting Jack provide food by hunting. This suggests that society, in this example again represented by Ralph, has the duty to provide outlet for the savage impulses of each individual. The hunting of first pigs and, later on humans also shows the gradual descent into savagery. As their urge to catch and kill a pig grows, so do their savage impulses. This can be seen clearly in the comparison of the first hunting scene and the first successful killing. During the first hunt they boys accidently come across a young piglet that is caught up in the creepers of the forest. The boys catch the innocent you creature and Jack wants to kill it, but his morals and embarrassment hold him from actually doing the deed. In the scene where the boys first manage to actually catch and kill a pig, they already show some attributes of savagery, for example their painted faces , or the fact, that they want to kill the pig and enjoy killing it or that they give in to the total frenzy and ecstasy after the kill. Assured by his success in hunting Jack starts more and more to question Ralph’s power and authority and as the conflict between the two deepens, the conch shell loses some of its symbolic importance. In the book this is emphasised by Golding, by describing the shell as more and more pale and fragile, which of course is symbolic for civilisation and the authority of civilisation getting weaker and weaker. As the plot continues Ralph still tries to use his authority to establish rules and enforce moral and ethical codes of the society the boys were raised in. He tries to get the boys to work together on keeping a signal fire going and thereby keeping up the hope of being rescued. This signal fire also represents the overall whish of the boys to get home and return to civilised society. As long as the fire burns, at least some degree of association and wish with and for civilisation can be measured amongst the boys. The first signal fire is maintained until the rumours of a â€Å"snake-thing†, or â€Å"beastie† living on the mountain top, where the fire is burning, come up and seem to be proven by some of the boys. This belief in a supernatural being or beast is a clear signal for the loss of power of rational thinking and human logic that are both an element of civilised society. When the boys abandon the post of the signal fire, they also give up some of their hope of being rescued and it seems as if they are already starting to forget, that they want to be rescued and that they cease to want to return to civilisation. Jack on the other hand is not interested in keeping a signal fire going, because he does not want to be rescued. It is ironic that, in the end, he starts off the fire, that leads to their rescue. Another development that can be traced throughout the book is the idea of man hunting, which symbolises the complete descent into savagery. It starts off after the first kill, when the boys re-enact the hunt and use a boy as a pig and beat him up. It gradually escalates first with the second re-enactment of the second killing, where the boys almost kill Roger and escalates in the final kill of a human being: Simon. This happens after Jack as openly declared his break with Ralphs group, and thereby his break with all social and civilised values, and forms his own tribe, that is based on a totalitarian power system with Jack at its top. He and his boys give in to their savage impulses completely when they â€Å"do their dance† and â€Å"mistake† Simon for the beast and tare him apart with their bare hands. After this the catastrophe continues with the murder of Piggy and the man hunt of Ral ph. The killing of Piggy also causes the conch shell to break and thereby shatters the last symbols of civilisation. During the hunt on him, Ralph breaks the â€Å"Lord of the Flies†, so the sows head, which is the symbol of savagery and evil, in order to use the stick the head was staked on, and this symbolizes him giving in to savagery. Last the boys are rescued by a naval officer who, on the one hand stands for authority and civilisation but, on the other hand, is involved in a war, so a civilized man hunt, thereby again showing attributes of the worst implementation of savagery, which gives the book an ironic ending.