LESSONS FROM THE RECENT STOCK EXCHANGE MERGER ACTIVITY

Ioannis Kokkoris and Rodrigo Olivares-Caminal

Journal of Competition Law and Economics, 2008, vol. 4, issue 3, 837-869

Abstract: Stock markets across the globe have been the subject of merger discussions following pressure to cut costs and become more competitive. Cross-border mergers trigger a series of different issues to be analyzed. From a transactional point of view, some of these aspects include the synergies that a merger creates, the complexities in achieving an optimal financial structure, protection of minority shareholders, etc. From a regulatory standpoint, there is an array of issues that should also be considered. This article provides an overview of competition issues affecting financial entities—because if there is a breach of competition laws the whole merger might not take place. This will be the pillar of our analysis in this paper.

Date: 2008
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Journal of Competition Law and Economics is currently edited by Nicholas Economides, Amelia Fletcher, Michal Gal, Damien Geradin, Ioannis Lianos and Tommaso Valletti

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