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State-Owned Enterprises: Rationales for Mergers and Acquisitions

Massimo Florio (), Matteo Ferraris and Daniela Vandone
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Matteo Ferraris: Istituto Superiore Mario Boella, Turin, Italy
Daniela Vandone: Department of Economics, Management and Quantitative methods, Università degli Studi di Milano, Italy

No 1801, CIRIEC Working Papers from CIRIEC - Université de Liège

Abstract: The paper contributes to the empirical literature on M&A deals performed by SOEs with a detailed analysis of the reported rationales from a sample of SOE-led acquisitions over the last decade. The sample includes 355 worldwide M&A deals performed by SOEs as acquirers over the period 2002-2012. The data set was obtained by combining firm-level information from two sources, Zephyr and Orbis (Bureau Van Dijk). The analysis is on a case-by-case basis for the rationales of the sample. Overall, the most important message arising from our analysis is that rescue of firms in financial distress is a relatively minor one role played by contemporary SOEs in spite of the Great Recession, while shareholder value maximization and long term strategic goals are more frequently the objective of the observed deals.

Keywords: State-owned enterprises; M&As; nationalization; privatization (search for similar items in EconPapers)
JEL-codes: L32 L33 G34 (search for similar items in EconPapers)
Date: 2018-01
New Economics Papers: this item is included in nep-cfn, nep-com and nep-ind
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