‘Reestructuración empresarial y fusiones y adquisiciones en la Unión Europea’

Nuno Fernandes, Pablo Fernández López, Simi Kedia.

The research work, using event methodology, pursues a dual objective: firstly, to determine whether this shareholder value creation is desirable from a social standpoint; and secondly, to analyse the reasons for the apparent dichotomy between value generation in national and cross-border mergers. The first will be studied with reference to the effect on third parties of the merger announcement. In the case of the second, our research will focus on financial sector mergers, to identify value creation sources under three separate headings: strategic orientation in each segment of sector activity, geographical orientation and, finally, the shares commanded by the buyee and buyer in their respective markets. This study picks up on the value generation research line initiated by Campa and Hernando (2002 and 2004).