Ceris-CNR Working paper 18/97
Strategie di crescita esterna delle imprese leader in Europa: risultati
preliminari dell'utilizzo del data-base Ceris "100 top EU firms' Acquisition/Divestment
database 1987-1993"
[M&A strategy of large companies in Europe: preliminary results from
the Ceris database "100 top EU firms' Acquisition/Divestment database
1987-1993"]
Giampaolo Vitali
(Ceris-Cnr)
Marco Orecchia
(Banca dItalia)
Dicembre 1997
Abstract
The database ADD (Acquisition and Divestment Database) was established
at Ceris in order to investigate the external growth of large EU firms. The selection of
the companies included in the ADD was aimed at building an homogeneous database according
to the Market Share Matrix (MSM) - a database generated within a EU project on the
structure of European manufacturing industry. In principle, the consistency between the
two databases makes it possible to use jointly information on diversification and
internationalisation of EU firms (MSM) and on their external growth (ADD). For each
company, we considered the deals directly or indirectly carried out by the holding company
and by the affiliates controlled by a percentage exceeding 50%.
The database consists of 3 sets of variables describing: i) the "target" of the
deal, i.e. the company that has been acquired; ii) the acquiring firm; iii) the
characteristics of the deal itself.
Preliminary results from the ADD are the following:
the 3852 deals collected in the period 1987-1993 are composed of: acquisitions (55%), divestments (34%), joint-ventures (11%). According to the M&A goal we find controlling deals (55%), exchange of company's assets (22%), non-controlling deals (19%), others (4%).
each EU leader made 35 deals on average, of which 21 acquisitions, 13 divestments, 2 joint-ventures.
on the top of the list there are: Unilever (79 deals) as far as acquisitions are concerned; Hanson (64) as far as divestments are concerned; Siemens (23) as far as joint-ventures are concerned.
cross-border deals represents the 68% of the total, and are located in Europe (32%), in Usa and Japans (32%), in Eastern European countries (2%), in less developed countries (1%).
according to the country where the deal is managed, ADD shows that 26% of total EU deals come from UK, 20% from Germany, 18% from France, 17% from Italy. In comparison with the importance of EU production in each country, UK shows an over-valuation of M&As (because the UK production is only 17% of the EU total), whereas Germany has a high weight of production (37%) and a low percentage of M&As.
according to the industry within the deal is managed, the non-differentiated industries represent 25% of total deals (but only 17% of total EU production), R&D differentiated industries represent 41% of total deals (and 39% of total EU production), advertisement differentiated industries represent 13% of total deals (and 10% of total EU production), R&D-and-advertisement differentiated industries represent 21% of total deals (and 34% of total EU production).
JEL classification: F13, G34
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