Correct answer: D. Companies A and B have the same business risk
Business risk is measured by asset beta.
A and B both have asset beta = 1.16, so same business risk.
C has higher asset beta (1.20), so highest business risk.

IFRS 7 requires detailed disclosures about financial instruments and risk management, including currency risk, sensitivity analysis, and how those risks are managed. When these are published for the first time, investors may learn new information about:
The extent of US$ exposure (40% export sales), and
The quality of risk management (hedging, matching, etc.).
Efficient market theory (covered in F3) says prices adjust to new, relevant information. That new information could make investors more confident (if risks are well managed) or more concerned (if risks are high and poorly managed). So the share price could either increase or decrease, depending on the market's reaction.
That matches option D.
Options A and C assume a one-way direction (always up or always down), which is unrealistic. B is wrong because segmental analysis does not normally give the same detailed, risk-focused disclosure as IFRS 7.

CIMA F3 emphasises that shareholders expect directors to focus on value creation after an acquisition, particularly in the areas that protect and enhance the cash flows and synergies that justified the deal.
Following an all-cash acquisition, the target's former shareholders have exited, so the acquirer's shareholders will not prioritise tailoring dividends to meet the target shareholders' preferences (B is not relevant). Also, the question states the acquisition has just been completed, so regulatory approval needed to complete the acquisition (C) is no longer a priority stage item. What matters immediately is executing post-deal integration to secure the expected benefits. First, directors must ensure integration and retention of key employees from the acquired firm (A), especially in service/knowledge businesses where people drive client relationships and operational capability. Second, they must protect revenues by retaining the acquired firm's key customers (D); losing customers can destroy acquisition value quickly. Third, they must deliver the deal logic by realising anticipated post-acquisition synergies (E), such as cost savings, higher capacity utilisation, cross-selling, and process improvements. These priorities align with F3's post-merger integration focus: preserve the earnings base, then convert strategic fit into measurable synergy cash flows.