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The Kashagan Production Sharing Agreement (PSA)
Esty, Benjamin C.; Bitsch, FlorianCase HBS-213082-EFinanceWhen discovered in the 1990s, the Kashagan oil field was the second largest oil field in the world. The project sponsors (equity investors) signed a 40-year production sharing agreement (PSA) with the Kazakh government in 1997, with the expectation the field would be developed at a total cost of $57 billion and would be pumping oil by 2005. Unlike most contracts in the energy industry, the Kashagan agreement was a "flexible PSA" meaning the contr...Starting at €8.20
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Bespoken Spirits: Disrupting Distilling
Esty, Benjamin C.; Fisher, DanielCase HBS-721419-EStrategyOn October 7, 2020, Bespoken Spirits publicly announced it had received $2.6 million of seed funding for its "sustainable maturation process," a process that could produce award-winning whiskey's in just days rather than years using a novel technology and data science. The technology dramatically reduced the time, cost, and environmental impact (it required less energy and less wood) of making whiskey. At the same time, the technology could als...Starting at €8.20
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The De Beers Group: Launching GemFair for Artisanal Diamonds
Esty, Benjamin C.; Fisher, DanielCase HBS-719437-EStrategyIn April 2018, the De Beers Group launched a pilot project called GemFair to create a new supply of ethically and environmentally sourced diamonds from artisanal and small-scale mines (ASM) in Sierra Leone. Whether this project would yield a meaningful supply of rough diamonds for De Beers, improve its ability to track diamonds accurately from African mines to consumers around the world, and simultaneously improve both the working conditions in m...Starting at €8.20
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Thomas Cook Group on the Brink (A)
Esty, Benjamin C.; Gilson, Stuart C.; Sesia, AldoCase HBS-215008-EFinanceHarriett Green, the newly appointed CEO of Thomas Cook Group, faces a daunting set of business and financial challenges at the 171-year old UK travel services company. The company has lost almost 600 million in the last three-quarters; has seen its stock price fall from 230 pence to a low of 8.8p in the past two years; and had seen its bonds trade down to as little as 40% of face value. In just a few weeks the company's license to operate is to...Starting at €8.20
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Astralis Group: Determining a Brand Strategy
Esty, Benjamin C.; Hjortshoej, Mette Fuglsang; Billaud, EmilieCase HBS-721382-EStrategyAfter launching a Danish esports company in July 2019, and going public in December 2019 with multiple brands associated with different games, the Astralis leadership team was contemplating a shift to a single, corporate brand. While the original arguments for multiple, team-based brands were that esports fans differed by game and the holding company structure made it easier to acquire and divest teams, Jakob Lund Christensen, the firm's chief co...Starting at €8.20
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Dividend Policy at FPL Group, Inc. (A) (Spanish version)
Esty, Benjamin C.; Schreiber, Craig F.Case HBS-202S14FinanceA Wall Street analyst has just learned that FPL (the holding company for Florida's largest electric utility) may cut its dividend in several days despite a 47-year streak of consecutive dividend increases. In response to the deregulation of the electric utility industry, FPL has substantially revised its competitive strategy over the past several years. The analyst must decide whether a change in dividend policy will be a part of FPL's financial ...Starting at €8.20
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The De Beers Group: Launching Lightbox Jewelry for Lab-Grown Diamonds
Esty, Benjamin C.Case HBS-719408-EStrategyIn May 2018, the De Beers Group shocked the diamond industry when it announced it was launching a new fashion jewelry brand of laboratory-grown (synthetic) diamonds. The reaction was swift as people sought to understand the company's motivations: was it a "huge gamble" or a "Machiavellian masterstroke"? What was the objective of the new product launch, would it succeed, and how would this new business affect the Group's core business of selling n...Starting at €8.20
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Petrolera Zuata, Petrozuata C.A. (Spanish version)
Esty, Benjamin C.; Millett, Mathew MateoCase HBS-104S12FinancePetrozuata is a proposed $2.5 billion oil-field development project in Venezuela. The case is set in 1997 as the project sponsors, Conoco and PDVSA (Venezuela's national oil company), are planning to meet with various development agencies and rating agencies regarding the proposed financial structure. The sponsors hope to raise a portion of the $1.5 billion debt in the capital markets, which will require an investment-grade rating. The key questi...Starting at €8.20
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The a2 Milk Company
Esty, Benjamin C.; Fisher, DanielCase HBS-719424-EStrategyThe a2 Milk Company (a2MC) became the most valuable company listed on the New Zealand stock exchange in 2018 by capitalizing on a biochemical discovery related to the protein composition of cow's milk. Because many people find the A1 protein difficult to digest, and that protein may be related to other health problems (e.g., diabetes), a2MC sells dairy products containing the A2 protein only primarily in Australia and China. With sales of NZ$730 ...Starting at €8.20
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Chase's Strategy for Syndicating the Hong Kong Disneyland Loan (A) (Spanish version)
Esty, Benjamin C.; Kane, MichaelCase HBS-214S05FinanceIn late 1999, the Walt Disney Co. and the Hong Kong government agreed to develop Hong Kong Disneyland, a HK$28 (U.S.$3.6) billion theme park and resort complex planned to open in late 2005. As part of the total financing package, the sponsors decided to raise HK$3.3 billion of non-recourse bank loans for construction and working capital, and selected Chase Manhattan Bank to underwrite and syndicate these facilities. This case concerns the process...Starting at €8.20