International mergers and takeovers: A review of trends and recent developments

Sidney J. Gray and Michael C. McDermott

European Management Journal, 1988, vol. 6, issue 1, 26-43

Abstract: "Merger-mania" is an unquestioned piece of jargon in current vogue. In this study of international merger and take-over activity in the 1980's, the authors assess current trends in relation to the last 20 years. They detect several new features: the changing nature of the aggressor, the urge to merge in foreign markets, and the tendency for companies to integrate within existing industry boundaries rather than diversifying into new sectors. The cockpits are the major industrialised countries of Europe as well as the United States, but mergers in Japan although still somewhat rare, are on the increase. There are several conclusions of note. International takeovers appear to lead to industrial domination, the European "invasion" of the US remains as strong as ever, and company acquisition away from product diversification and geographical diversification looks like a winning formula.

Date: 1988
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