9781119544289

1119544289

9781786303455

1786303450

Cover; Half-Title Page; Title Page; Copyright Page; Contents; Introduction; PART 1: Taxonomy of Mergers and Acquisitions andthe Evolution of Managerial Thought; 1. Strategic Evolution ofMergers and Acquisitions; 1.1. Typology of mergers and acquisitions; 1.1.1. Horizontal mergers and acquisitions; 1.1.2. Vertical mergers and acquisitions; 1.1.3. Conglomerate mergers and acquisitions; 1.2. Theory, diversification and divergence; 1.2.1. Contributions pre-1980; 1.2.2. Contributions during the 198; 1.2.3. Management approaches and divergences; 2. Growth Methods and Responses

2.1. Merger and takeover types2.1.1. Types of company mergers and acquisitions; 2.1.2. Takeover and acquisition types; 2.1.3. Modes of expansion and responses; 2.2. Tender offers as a market for corporate control; 2.2.1. Characteristics of the control market; 2.2.2. The role of the control market; 2.2.3. Consequences of the control market; PART 2: Mergers and Acquisitions Strategies: Cause and Effect; 3. Asset Transfers: Causes and Consequences; 3.1. Merger/acquisition waves; 3.1.1. Global market and merger/acquisition waves; 3.1.2. Merger/acquisition waves in the US market

3.1.3. Merger/acquisition waves in the French3.2. Diversification, restructuring, divestment and respecialization; 3.2.1. Divestment as a development strategy; 3.2.2. Corporate restructuring; 3.2.3. Consequences of restructuring; 4. Mergers/Acquisitions:Motivation and Performance; 4.1. Motivating factors in mergers/acquisitions; 4.1.1. The pursuit of syne; 4.1.2. The possibility of non-economic motivations; 4.1.3. Causes and consequences of motivations; 4.2. Merger/acquisition performance; 4.2.1. The many faces of success; 4.2.2. Performance of mergers/acquisitions

4.2.3. Mergers/acquisitions: causes of faiPART 3: Value Creation and Measurement Methods; 5. Synergy in Mergers and Acquisiti; 5.1. Synergy creation or simple wealth transfer; 5.1.1. Financial synergy; 5.1.2. Strategic synergies; 5.1.3. Wealth transfer theory; 5.2. Sources of value creation in mergers/acquisitions; 5.2.1. Sources of strategic value creation; 5.2.2. Operational and managerial efficiency; 5.2.3. Sources of financial value creatio; 6. Measurement Methodsfor Value Creation; 6.1. Stock-market methods: the event method; 6.1.1. Market efficiency and samples

6.1.2. Estimation and calculation of returns6.1.3. Results tests; 6.2. Statistical and accounting methods; 6.2.1. Studies pre-1990; 6.2.2. Studies between 1990-2000; 6.2.3. Studies post-2000; 6.2.4. Methods in case studies; PART 4: The French Market: Analysesand Case Studies; 7. Observations and Lessons from theFrench Merger/Acquisition Market; 7.1. Sources of value creation in the French market; 7.1.1. Variables and calculation methods; 7.1.2. Data analysis; 7.1.3. Observations and findings; 7.2. Group growth strategy: the case of Sanofi; 7.2.1. The pharmaceutical sector and external growth