Microeconomic impacts of the mergers and acquisitions of energy industries in the World

Helder Queiroz Pinto () and Mariana Lootty ()

Brazilian Journal of Political Economy, 2005, vol. 25, issue 4, 439-453

Abstract: The energy industries have witnessed a significant growth of global mergers and acquisitions (M&A´s) process in the 1990´s. According to Unctad statistics, the total amount of global M&A deals (domestic and cross borders) on the electric, oil and gas sectors has recorded US$ 329 billions on the 1990-1999 period. The present paper sheds light on M&A process occurred on the energy industries during this period and, based on a sample of 248 transactions carried out by 18 big energy enterprises, develops an empirical microeconomic analysis about the impacts of these transactions over the performance of the firms involved. Overall, the results show significant improvements on the firms’ performance after M&A operations, regarding the following variables: sales, net profits, assets, dividends, and, to a less extent, the ratio (net profits/sales). JEL Classification: L1; L94;, L95; C14.

Keywords: Energy industry; Mergers and acquisitions; Non-parametric analysis (search for similar items in EconPapers)
Date: 2005
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Persistent link: https://EconPapers.repec.org/RePEc:ekm:repojs:v:25:y:2005:i:4:p:439-453:id:652

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