Mergers and Competition Policy in Europe

Seppo Honkapohja and Frank Westermann
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Frank Westermann: EEAG

Chapter 14 in Designing the European Model, 2009, pp 469-496 from Palgrave Macmillan

Abstract: Abstract Merger activity is gathering pace in Europe. 2005 saw large value mergers or acquisitions such as Italy’s Unicredito of Germany’s HVB in the banking industry and France’s Pernod Ricard of the UK’s Allied Domecq in the food and drink sector. The pace of activity in utilities has been especially hectic: France’s Suez acquired Belgium’s Electrabel, France Telecom bought Spain’s Amena and Telefónica (Spain) has launched a bid for O2 (UK). Within Spain, Gas Natural has also announced its intention to take over Endesa. Private equity firms (mostly British and American) have been active, especially in the profitable restructuring of conglomerates. Not so long ago mergers were basically an Anglo-Saxon phenomenon, but now they are a European phenomenon. Cross-border mergers are an increasing proportion of the total, and activity within the EU-15 is now the most important component of this trend.

Keywords: Private Equity; Private Equity Firm (search for similar items in EconPapers)
Date: 2009
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DOI: 10.1057/9780230236653_15

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