Abstract
In the first step, the research analyzes the different European waves of mergers and acquisitions and the restructuring market characteristics. It is followed by a study of such corporate restructuring methods as divestitures, spin-offs, split-ups, split-offs, employee stock ownership plans (ESOPs), and equity carveouts, paying special attention to corporate mergers and acquisitions, the different types and their diversity of targets. The European situation regarding mergers and acquisitions, their different characteristics, and the way to do them are studied in the tables.
This is a preview of subscription content, log in via an institution to check access.
Similar content being viewed by others
References
Ardleigh, P. D. "Use of Employee Stock Ownership Plans in Acquisitions, Divestitures and Buy-Outs," in S. J. Lee; R. D. Colman, eds.,Handbook of Mergers, Acquisitions and Buy-Outs, Englewood Cliff, New Jersey: Prentice Hall Inc., 1981.
Bader, L. N.; Houryman, J. A. "The Financial Executive's Guide to ESOPs,"Salomon Brothers, February 1990.
Ballarín, E.; Canals, E.; Fernandéz, P.Fusiones y Adquisiciones de Empresas, Madrid: Alianza Editorial, 1994.
Bicksler, J. L.; Chen, A. H. "The Economics of Corporate Restructuring: An Overview," inThe Battle for Corporate Control, Homewood, Illinois: Business One Irwin, 1991.
Blair, M. M. "Corporate Ownership,"Brooking Rewiew 13, 1, Winter 1995, pp. 16–9.
Brealy, R.; Myers, S.Principles of Corporate Finance, New York: McGraw Hill, 1991.
Cartwright, S.; Cooper, C. L.Mergers and Acquisition: The Human Factor, Oxford: Butterworth Heinemann, 1992.
Eisman, R. "Who's the Boss?,"Incentive, 168, 10, October 1994, pp. 22–5.
Geroski, P.; Vlassopoulos, A. "Recent Patterns of European Merger Activity," in M. Bishop; J. Kay, eds.Europen Merger and Merger Policy, New York: Oxford University Press, 1993.
Haugen, R. A.; Langetieg, T. C. "An Empirical Test for Sinergism in Merger,"Journal of Finance, September 1975.
Hearth, D.; Zaima, J. "Voluntary Divestitures and Value," in J. M. Stern; D. M. Chew, eds.The Revolution of Corporate Finance, 2nd ed., Massachusetts: Blackwell Finance, 1992.
Holmes, G. "The Downward Turn of Mergers and Acquisitions in Europe,"Merger and Acquisition, May – June 1994.
Jensen, M. "Agency Cost of Free Cash Flow, Corporate Finance and Takeovers,"American Economic Review, May 1986.
Lejarriaga Peréz de las Vacas, G.La Sociedad Anónima Laboral Como Forma de Empresario: Aspectos Financieros (Incidencia de las Innovaciones Introducidas por la Ley 19/1989 de Reforma de la Legislación Mercantil en Materia de Sociedades), Madrid: Doctoral Thesis, Complutense University, 1991.
Lev, B.The Revolution in Corporate Finance, 2nd ed., J. M. Stern; D. M. Chew, Massachusetts: Blackwell Finance, 1992.
Mano, R. M.; Deppe, E. D. "The ESOP Fable: Employee Beware!,"Compensation and Benefits Review, 26, 6, November – December 1994, pp. 44–8.
Mascareñas Perez-Iñigo, J.Manual de Fusiones y Adquisiciones de Empresas, Madrid: McGraw Hill, 1993.
__. Unpublished.
Myers, S. "The Evaluation of an Acquisition Target," in J. M. Stern; D. M. Chew, eds.,The Revolution of Corporate Finance, 2nd ed., Massachusetts: Blackwell Finance, 1992.
Rao, R. K.Financial Management: Concepts and Applications, Cincinnati, Ohio: International Thomson Publishing, 1994.
Rowe, A. J.; et al.Strategic Management: A Methodogical Appoach, 4th ed., California: University of Southern California School of Business Administration, 1994.
Schipper, K.; Smith, A. "The Corporate Spin Off Phenomenon," in J. M. Stern; D. M. Chew,The Revolution of Corporate Finance, 2nd ed, Massachusetts: Blackwell Finance, 1992.
__. "A Comparison of Equity Carve-Outs and Seasonized Equity Offering,"Journal of Financial Economic, 15, January – February 1986.
Scholes, M. S.; Wolfson, M. A. "The Employee Stock Ownership Plans and Corporate Restructuring: Myths and Realities," inThe Battle for Corporate Control, Homewood, Illinois: Business One Irwin, 1991.
Shore, G. "Continental Mergers: Differences and Deal Making," inContinental Mergers are Different: Strategy and Policy for 1992, Centre for Bussines Strategy Report, London: London Business School, 1990.
Smith, W. K.Handbook of Strategic Growth through Mergers and Acquisitions, Englewood Hills, New Jersey: PrenticeHall Inc., 1993.
Suárez, A. S.Decisiones Óptimas de Inversión y Financiación en la Empresa, Madrid: Pirámide, 1993.
Union Bank of Switzerland. "European Monetary Union by 1999,"UBS International Finance, Economic Research Development, Issue 22, Zurich, Winter 1994/1995.
Warren, H. J. "ESOPs with Productivity Payoffs,Journal of Business Strategy, July – August 1984.
Weston, J. F. Chung, K. S.; Hoag, S. E.Mergers, Restructuring and Corporate Control, Englewood Cliffs, New Jersey: Prentice Hall, 1990.
Wilcox, J. C. "The Practicalities of Planning a Cash Tender Offer,"Handbook of Merger, Acquisition and Buy-Outs.
Wright, M.; Chiplin, B.; Thompson, S. "The Market for Corporate Control: Divestments and Buy-Out," in M. Bishop; J. Kay, eds.,European Merger and Merger Policy, New York: Oxford University Press, 1993.
Author information
Authors and Affiliations
Rights and permissions
About this article
Cite this article
García, J.B., Torre-Enciso, I.M. Mergers and acquisitions in the european union frame. International Advances in Economic Research 1, 339–349 (1995). https://doi.org/10.1007/BF02295786
Issue Date:
DOI: https://doi.org/10.1007/BF02295786