cross border mergers and acquisitions dissertation

Cross-border Mergers and Acquisitions: The Case of Merger Control v. Merger Deregulation

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During the last century, not only the legal literature but also the literature in many fields along with government efforts on all levels, were all mainly devoted to the debate of trade liberalization in general, and specifically to the case of the expected gains from using international agreements as a tool to remove the trade barriers. Meanwhile, all the parties have paid little attention to profound questions about identifying the impediments that they are facing and the other possible options that might maximize the general welfare, which are the cross-border merger and acquisition transactions.

This dissertation will address that under-researched question, and it will try to identify some of those impediments that are facing the cross-border merger and acquisition transactions. The dissertation will mainly focus on the different premerger control laws that are adopted around the globe, as an impediment that faces the cross-border mergers and acquisitions, and it will try to identify the drawbacks of those laws and most importantly develop and examine reforming proposals.

The underlying result of this dissertation will reveal that the multijurisdictional premerger control laws across the globe have numerous drawbacks that are actual impediments that face mergers and acquisitions in general, and especially the cross-border transactions. In addition to that, the best reformative option is the abolishing of the premerger control laws, or in other words the deregulation of the cross-border merger and acquisition transactions.

The conclusion of this dissertation is that using the law as a useful tool should be reinvented on two dimensions, at one end of the spectrum the law should enable the state possibilities that are required to give a hand and facilitate the entry to markets, by abolishing the premerger control laws i.e. deregulating mergers and acquisitions, and at the other end of the spectrum the law should grant the state the power to monitor and challenge those practices that might cause harm to employees or consumers, before the courts, along with the primary power to challenge anticompetitive behaviors.

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The Global Diffusion of Antitrust and Merger Control and Its Impact on Cross-Border Mergers and Acquisitions

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Cross-Border Mergers and Acquisitions

One of the most consequential events in any firm’s lifetime is a major acquisition. Because of their importance, mergers and acquisitions (M&As) have been an enormous area of research. However, the vast majority of this research and survey papers summarizing this research have focused on domestic deals. Cross-border ones, however, constitute about 30% of the total number and 37% of the total volume of M&As around the world since the early 1990s. We survey the literature on cross-border M&As, focusing on international factors that can lead firms to acquire a firm in another country. Such factors include differences in economic development, laws, institutions, culture, labor rights, protection of intellectual property, taxes, and corporate governance.

We thank Eduard Inozemtsev, Sejin Kang, Daisy Wang, and Grace Zhang for excellent research assistance, Rose Liao for help with computations, and Jeff Netter and René Stulz for helpful suggestions. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.

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Home country influence in cross-border mergers and acquisitions by emerging market firms: A systematic review

53 Pages Posted: 28 Jun 2024

Ritsumeikan University

Ivar Padrón-Hernández

Hitotsubashi University

Date Written: May 09, 2024

Purpose: Emerging market firms (EMFs) are increasingly expanding their global presence through cross-border mergers and acquisitions (CBMAs). While such deals are distinct from those by advanced market firms, there is a need for a comprehensive understanding of how emerging home markets form this distinctiveness. This study seeks to remedy this gap. Design/methodology/approach: We conduct a systematic literature review of 84 empirical articles. Through a broad search string and seven exclusion criteria, we carefully select studies on country-level home factors of CBMAs by EMFs. Findings: After summarizing article volumes, journals, and context factors of home/host countries and industries, we highlight different strands of institutional theory as the prevailing perspective and pre-M&A issues as the foremost theme. CBMAs by EMFs are influenced by distinct home-exclusive factors, and the mechanisms linking home country factors to CBMAs by EMFs show significant inconsistencies across studies. Originality/value: This review focuses on home country influence and thus goes beyond general characteristics of CBMAs by EMFs. We highlight more diverse types of home country factors and CBMA outcomes and, more importantly, take a closer look at involved mechanisms. Doing so, we identify gaps and disparities that have limited our understanding of home country influence in CBMAs by EMFs. To correct this, we offer a comprehensive roadmap for future research, contributing to EMF studies in particular and CBMA and international business research in general.

Keywords: emerging market firm, cross-border merger and acquisition, home country influence, systematic review

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M&A of Conventional and Islamic Banks: A Bibliometric Review

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• First Online: 03 July 2024
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• Tamy Al-Binali 8  

Part of the book series: Eurasian Studies in Business and Economics ((EBES,volume 27))

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Mergers and Acquisitions (M&A) are a common phenomenon in the banking industry and an effective tool for horizontal expansion. Over the years, a substantial amount of academic research has been carried out around this topic, and it was highly thought-provoking to examine and analyze the patterns and outcomes of such published literature which lead to the objective of this study i.e. to examine the bibliometric data of peer-reviewed research work relating to M&A of conventional as well as Islamic banks and financial institutions available on the Scopus database and analyze the results with the help of VOSviewer and Biblioshiny software. The results of this bibliometric analysis conclude that that research work cramming M&A of banks and financial institutions has originated from around the globe with authors and institutions from USA taking significant lead. Further, most of the research work has been undertaken at business schools with emphasis on the resource-knowledge-based view and often with a learning focus instead of a more operational view point. It is also significant to note the most frequently cited work was mostly theoretical, i.e., it does not denote clear theory, thus providing space for more theory-based research in the future. As for the M&A of Islamic banks, there is significant lack of research titles but with the growth of Islamic banking and finance industry, especially in the Islamic countries, research work in this area is expected to increase significantly in the near future.

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Al-Binali, T. (2024). M&A of Conventional and Islamic Banks: A Bibliometric Review. In: Bilgin, M.H., Danis, H., Demir, E., Aykac Alp, E., Çankaya, S. (eds) Eurasian Business and Economics Perspectives. EBES 2022. Eurasian Studies in Business and Economics, vol 27. Springer, Cham. https://doi.org/10.1007/978-3-031-51212-4_32

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Valor International / Business

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Market volatility hampers mergers and acquisitions in Brazil

Uncertainty around taxation, exchange rates, and capital costs complicates valuation efforts.

Por Fernanda Guimarães — São Paulo

01/07/2024 09h25 Atualizado 01/07/2024

Daniel Wainstein — Foto: Gabriel Reis/Valor

Market turbulence and increasing uncertainty have slowed the pace of mergers and acquisitions (M&A) in Brazil, potentially marking another year of decline in local market activities. Up to June 17th of this year, the number of transactions dipped to 350, a 19% decrease from the previous year, according to Dealogic , a global market data consultancy. Conversely, the financial volume of transactions increased, buoyed by major deals such as the merger of Dasa and Amil hospitals , totaling R$90.7 billion—an increase of 29% year-on-year.

Sources consulted by Valor indicate that uncertainties, such as those surrounding tax reform, have currently stalled many deals, with both financial and strategic investors awaiting clearer regulations to reinvigorate negotiations. The prevailing market uncertainties complicate asset valuation, potentially delaying transaction closures, according to investment bankers.

Despite these challenges, Roderick Greenlees , the global head of Itaú BBA , maintains a positive outlook for M&A activities, as significant operations are unfolding across various economic sectors. “We are observing consolidation efforts aimed at cost rationalization,” states Mr. Greenlees.

Consolidation trends continued to shape the market, as evidenced by Arezzo’s merger with Soma , one of the standout deals of the year. A similar strategy was observed in the pet retail sector with the merging of Petz and Cobasi . The “junior oils” group saw Enauta and 3R unite , signaling a possible trend for the industry. In the power industry, one of the most dynamic areas for M&A this year, significant deals included the sale of Eletrobras’s thermal power plants to Âmbar , owned by J&F , and the transfer of AES control to Auren . These significant deals helped boost the average transaction size, contributing to the financial volume growth over the year.

Roderick Greenlees, from Itaú BBA, noted that while the bank’s operations pipeline remains robust and is expanding, recent political uncertainties in Brasília have introduced potential delays in finalizing transactions. He also mentioned a notable increase in the bank’s market share, characterized by an uptick in middle-market transactions—a sector previously not targeted by Itaú’s investment banking efforts—due to the establishment of a dedicated mid-sized operations division.

Diogo Aragão, Bank of America’s head of mergers and acquisitions in Brazil , acknowledges that while mandates continue to be secured, the prevailing uncertainty—exacerbated by factors such as the upcoming U.S. elections—raises questions about maintaining transaction momentum into the second half of the year. He notes that a slowdown in mandate inflows could lead to a gap in transactions announced by early 2025, considering the typical maturation period required in M&A processes. Mr. Aragão emphasizes that many of the significant transactions recently completed, which have contributed substantially to the sector’s financial volume, originated in prior years.

Mr. Aragão also highlights that exchange rate volatility poses additional challenges, adding a layer of complexity for investors. “While M&A investors have a long-term outlook and are less concerned about immediate fluctuations in the dollar, volatility remains a significant hurdle,” he explains.

Diogo Aragão also notes another subtle yet impactful factor affecting M&A negotiations. “While the M&A market is generally more insulated from the continual flow of bad news, there comes a point when it becomes challenging to remain unaffected.” He explains that the sluggish performance of the stock market and the downturn in share prices of listed companies have deprived the M&A sector of a clear pricing benchmark, complicating transaction processes.

Daniel Wainstein , a partner at Seneca Evercore , concurs that the increased market noise has started to impede the finalization of deals, a trend now evident in recent statistics. “Volatility and unmet expectations naturally breed uncertainty among investors and strategic buyers, who seek clearer forecasts on growth, inflation, interest rates, and exchange rates before finalizing a transaction,” he states. Mr. Wainstein acknowledges that while this situation does not deter investors from engaging in significant transactions, it does tend to prolong the negotiation and closure process, a pattern that is becoming apparent in the data.

Mr. Wainstein points out that the number of transactions announced to date represents the lowest semi-annual volume over the past five years. He notes that the financial volume’s growth highlights the influence of major deals. “The current volume is primarily driven by a handful of substantial transactions, predominantly in the energy and natural resources sectors, especially those involving oil exploration and power generation,” he explains.

Furthermore, there is a noticeable decline in expectations, leading to investor disappointment. Mr. Wainstein also draws attention to a concerning trend in the market: a significant decrease in “cross-border” transactions involving foreign buyers. While such deals accounted for 64% of the total last year, they have plummeted to just 9% this year. “The confusing signals and inconsistent messages conveyed to the market ultimately deter investors, and international investors, in particular, are often the first to reduce their engagement,” he comments.

Renata Simón , M&A and corporate partner at VBSO Advogados , describes a market fraught with challenges and stagnant negotiations due to prevailing uncertainties. “The M&A market in the country has come to a standstill, primarily because of the unpredictability surrounding the Brazilian government’s ability to manage public finances. To date, the government has not demonstrated any commitment to curbing public spending, raising market concerns about its capacity to meet fiscal targets,” she explains. Additionally, Ms. Simón points to the subdued activity of private equity funds, which typically acquire stakes in companies, as a critical factor contributing to the prolonged inactivity in IPOs on the Brazilian stock exchange for nearly three years.

Translation: Todd Harkin

Expectations give Central Bank breathing room to keep forward guidance

Government mulls using only one dose of vaccine at first, união química gears up to make russian vaccine in brazil, amazon starts offering logistics services to retailers, home-bound brazilians going with large screen tvs, intelbras aims to raise r$1.2bn with ipo, gol to conclude merger with smiles by april 19, tarpon reviews strategy and draws new partners.

In a sort of relaunch, investment firm gathered three new partners in new holding company

Health regulator clears vaccines, São Paulo starts inoculation

European sugar producers press against concessions to brazil.

Trade organizations ask for review of EU-Mercosur agreement and exclusion from future pacts with Australia and Thailand