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"This book provides: - A geographical overview of key local specificities and trends in major M&A markets: Australia, Benelux, Brazil, China, France, Germany, Africa, Indonesia, Israel, Nordic, Russia, U.K., and U.S. - An understanding of the most important specificities to deal with in some regions. - Guidance for global M&A practitioners: PE firms, Investment Bankers, Corporations, Consultants, Professional Service Firms (e.g. Legal, Accounting). - Coverage for various industries including: Aerospace and Defense, Financial service (Banking, Insurance, Financial institutions), Construction and Civil Engineering, Telecommunications, High Tech, Health care (Pharma, Hospitals, Manufacturers, Service Providers) and Public institutions (Central Administrations, Public Agencies, Schools, Armies). - Understanding for cultural impacts to cross border transactions and integration. - Practical advice and tools from seasoned professionals who have collectively managed several hundred M&A transactions (mergers, acquisitions, carve-outs, etc.). - Guidance for managing carve outs--one of the most complex and difficult aspects of cross border deals. - Greater visibility around critical path items that enable success in cross-border M&A. - Practical know-how on leading integration efforts globally. - Examples of best practices and lessons learned of actual PMI processes that were led by top notch experts. - Examples of tools, templates, and processes for cross border PMI. - Country specific examples for readers with specific situational needs"--

"This book provides: - A geographical overview of key local specificities and trends in major M & A markets: Australia, Benelux, Brazil, China, France, Germany, Africa, Indonesia, Israel, Nordic, Russia, U.K., and U.S. - An understanding of the most important specificities to deal with in some regions. - Guidance for global M & A practitioners: PE firms, Investment Bankers, Corporations, Consultants, Professional Service Firms (e.g. Legal, Accounting). - Coverage for various industries including: Aerospace and Defense, Financial service (Banking, Insurance, Financial institutions), Construction and Civil Engineering, Telecommunications, High Tech, Health care (Pharma, Hospitals, Manufacturers, Service Providers) and Public institutions (Central Administrations, Public Agencies, Schools, Armies). - Understanding for cultural impacts to cross border transactions and integration. - Practical advice and tools from seasoned professionals who have collectively managed several hundred M & A transactions (mergers, acquisitions, carve-outs, etc.). - Guidance for managing carve outs--one of the most complex and difficult aspects of cross border deals. - Greater visibility around critical path items that enable success in cross-border M & A. - Practical know-how on leading integration efforts globally. - Examples of best practices and lessons learned of actual PMI processes that were led by top notch experts. - Examples of tools, templates, and processes for cross border PMI. - Country specific examples for readers with specific situational needs"--

"Cross-border mergers and acquisitions (CBM & As) activity continues to excite interest among academics and practicing managers, and has become an important vehicle for firms' internationalization and corporate restructuring over the past three decades. Despite the huge volume of global CBM & A activity, however, there are few books that carefully explore the strategies, motives, and consequences of global mergers and acquisitions. This book discusses and synthesizes the theoretical literature on the motivation and performance of international merger activities. Focusing on the UK as a top acquiring country in the European Union, the authors explore the recent trends in cross-border mergers and acquisitions, motives for cross-border mergers and acquisitions, the mergers integration process, home and host countries' macroeconomic consequences on mergers and acquisitions, and shareholder's wealth effects on CBM & A. This book explores and sheds much-needed light on the UK CBM & A market, what drives it, and what lessons can be learned for other regions around the globe"--

Cross-border mergers and acquisitions (CBM&As) activity has become an important vehicle for firms' internationalization and corporate restructuring over the past three decades. Despite the huge volume of global CBM&A activity, however, there are few books which carefully explore the strategies, motives, and consequences of global mergers and acquisitions. This book discusses and synthesizes the theoretical literature on the motivation and performance of international merger activities. Focusing on the UK as a top acquiring country in the European Union, the authors explore the recent trends in

Cross-border mergers and acquisitions activities (M&As) sharply increased over the last two decades, partly as a result of financial liberalization policies, government policies and regional agreements. In this paper, we identify some of the main forces driving M&As, using a unique database on bilateral cross-border M&As at the sectoral level (in manufacturing and services) over the period 1985-2004. The key empirical findings are: (1) EMU helped the restructuring of capital within the same sector of manufacturing activity among euro area firms; (2) joining the EU favoured both horizontal and vertical mergers; (3) policy-makers can help attract capital by reducing the corporate tax rates and the degree of product market regulations and by improving the country's financial systems; (4) the service industry has not yet fully benefited from European integration because the level of protection and barriers to entry in the services sector act as a strong deterrent to cross-border M&As in services.

Cross-border mergers and acquisitions activities (M&As) sharply increased over the last two decades, partly as a result of financial liberalization policies, government policies and regional agreements. In this paper, we identify some of the main forces driving M&As, using a unique database on bilateral cross-border M&As at the sectoral level (in manufacturing and services) over the period 1985-2004. The key empirical findings are: (1) EMU helped the restructuring of capital within the same sector of manufacturing activity among euro area firms; (2) joining the EU favoured both horizontal and vertical mergers; (3) policy-makers can help attract capital by reducing the corporate tax rates and the degree of product market regulations and by improving the country's financial systems; (4) the service industry has not yet fully benefited from European integration because the level of protection and barriers to entry in the services sector act as a strong deterrent to cross-border M&As in services.

This dissertation studies the political economy of cross-border mergers and acquisitions (M&As) from two angles, namely, compatibility of national security interests and political uncertainty around national elections. Using the presence of military alliance as a proxy for the compatibility of security interests between countries, this study finds that the presence of military alliance between two countries is positively associated with the intensity of cross-border M&A activity. This result is robust to different measures of M&A volume and using colonial contiguity before World War II to instrument for the presence of alliance. The positive effect of military alliance on cross-border M&As is greater when the alliance includes a defense commitment, the allied acquirer country is a major power nation, and the legal environment of the target country is weaker. What's more, the presence of military alliance reduces the premium offered and increases the probability of a bidder obtaining full control of the target firm. These findings suggest that compatible security interests act as a facilitator in the international market of control by reducing transaction costs associated with cross-border deals. This study also examines the effect of political uncertainty around national elections on outbound cross-border M&As in 47 countries between 2001 and 2010. The results show that the year before a national election is associated with greater volume of outbound cross-border M&As. An acquisition deal is more likely to be cross-border and increase acquirer's announcement returns in the year before a national election. Across countries, this relation is stronger in countries with lower checks and balances and lower level of shareholder protection. Within countries, this relation is weaker when elections with high likelihood to reappoint incumbent leader and stronger when a new leader is more likely to win. In addition, firms doing outbound cross-border acquisitions in the year before national election tend to choose targets from different industries with them. These results are consistent with the hypothesis that firms strategically time cross-border acquisitions and diversify political uncertainty abroad before national elections. ; published_or_final_version ; Economics and Finance ; Doctoral ; Doctor of Philosophy

AbstractWe study the influence of country expertise of investment banks in facilitating cross‐border merger deals by analyzing a large international sample of merger and acquisition (M&A) deals. We provide evidence that the geographical proximity, cultural affinity, and local experience of investment banks advising bidding firms on cross‐border M&A deals significantly increase the probability of completion of the deal, significantly decrease the time required to complete the deal, and significantly increase the operating performance of the acquiring firm after the deal. Our results are robust to firm, deal, country‐specific factors, and endogeneity concerns.