European M&A Industry: A Market in the Process of Construction

Academy of Management Perspectives, Vol. 23, No. 4, 2009

Posted: 16 Nov 2009

See all articles by Caterina Moschieri

Caterina Moschieri

Catholic University of Portugal (UCP) - School of Economics and Management (FCEE)

José Manuel Campa

University of Navarra - Madrid Campus - IESE Business School; National Bureau of Economic Research (NBER)

Date Written: November 16, 2009

Abstract

In 2007, for the first time in recent history, the volume of mergers and acquisitions by European companies surpassed that of their U.S. counterparts. This paper provides a comprehensive overview of the trends and drivers of this surge in M&A activity in the European Union. It reviews the role of the European Commission in fostering a level playing field for takeover activity and the key characteristics of M&A deals in Europe. Despite evidence of significant progress toward the development of a homogeneous market for M&As, important differences still hold among European countries both in the rules and in the patterns that M&A activity takes. The analysis suggests that this dissimilarity between Europe and the U.S. is not solely linked to the existence of a harmonized market but rather arises from unique institutional characteristics ingrained in the corporate structure of companies, which differ among European countries. This raises questions about the generalizability of current research on North American M&As to the European context.

Keywords: Cross-border M&As, Institutional context, International expansion, European integration

Suggested Citation

Moschieri, Caterina and Campa, José Manuel, European M&A Industry: A Market in the Process of Construction (November 16, 2009). Academy of Management Perspectives, Vol. 23, No. 4, 2009, Available at SSRN: https://ssrn.com/abstract=1507113

Caterina Moschieri (Contact Author)

Catholic University of Portugal (UCP) - School of Economics and Management (FCEE) ( email )

Palma de Cima
Lisboa, 1649-023
Portugal
00351217214252 (Phone)

José Manuel Campa

University of Navarra - Madrid Campus - IESE Business School ( email )

Camino del Cerro del Aguila 3
Madrid, 28023
Spain
+34 91 357 0809 (Phone)
+34 91 357 2913 (Fax)

National Bureau of Economic Research (NBER)

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Cambridge, MA 02138
United States

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