Explaining M&A Success in European Banks

PatrickBeitel InstituteforMergers&Acquisitions,UniversityofWitten/Herdecke,

３２页　　英文

Westudy98largeM&AsofEuropeanbiddingbanksfrom1985to2000inorderto
investigatedriversofexcessreturnstotheshareholdersofthetargets,thebidders,
andtothecombinedentityofthebidderandthetarget.Ourfindingsshowthat
manyof13driversidentifiedmostlyfromprior,US-focusedresearchhave
significantexplanatorypower,indicatingthatthestockmarketreactiontoM&A
announcementsofEuropeanbiddingbankscanbeatleastpartlyforecast.Our
resultsarelargelyconsistentwiththeUS-experienceandconfirmthepreferenceof
stockmarketsforfocusedtransactionsandagainstdiversification.Moreover,we
findthatlessactivebidderscreatemorevaluethanmoreactive/experienced
bidders.ThisstandsincontrasttosomeUSresearchandmayindicatethat
managersoffrequentEuropeanbiddingbanksmaybemotivatedbyotherobject-
ivesthancreatingshareholdervalue.