The impact of transatlantic M&A activity on the dollar/euro exchange rate

Ingo Fender and Gabriele Galati

BIS Quarterly Review, 2001

Abstract: On 19 July 2000, following breaking news about an imminent $53 billion cashand- shares acquisition of US wireless operator VoiceStream by Germany?s Deutsche Telekom, the euro depreciated against the dollar by 1.06% ? a significant move for a single day. On the day of the official announcement, 24 July, the euro lost another 0.17%, and further depreciated by a total of 2.94% over the 10 trading days that followed. By the time the deal was finally closed, on 31 May 2001, the euro had lost some 1.30% of its value against the dollar.

Date: 2001
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