Success Factors in European Energy Mergers and Acquisitions - An Event Study
(2008)Department of Business Administration
- Abstract
- The main purpose of this thesis is to investigate the success factors of M&As in the European energy industry. Thus, the theoretical framework of this work covers both the structure of the European energy industry and the key success factors in M&As. In an event study analysis a total amount of 103 large-scale energy deals in the period between December 1996 and March 2008 are analysed. Acquirers that have been highly active in previous M&As show significantly lower stock
returns around the announcement day, showing that shareholders do not value a bidder’s experience in large energy deals. We also find some empirical evidence for M&As of similarly sized entities to be more successful. Another major finding is that corporate transactions... (More) - The main purpose of this thesis is to investigate the success factors of M&As in the European energy industry. Thus, the theoretical framework of this work covers both the structure of the European energy industry and the key success factors in M&As. In an event study analysis a total amount of 103 large-scale energy deals in the period between December 1996 and March 2008 are analysed. Acquirers that have been highly active in previous M&As show significantly lower stock
returns around the announcement day, showing that shareholders do not value a bidder’s experience in large energy deals. We also find some empirical evidence for M&As of similarly sized entities to be more successful. Another major finding is that corporate transactions within a single, regulated market deliver significantly higher returns. (Less)
Please use this url to cite or link to this publication:
http://lup.lub.lu.se/student-papers/record/1438432
- author
- Kück, Jens and Lukas, Björn
- supervisor
- organization
- year
- 2008
- type
- H1 - Master's Degree (One Year)
- subject
- keywords
- M&A, Mergers, Acquisitions, Energy, Europe, Deregulation, Liberalisation, Utilities, Management of enterprises, Företagsledning, management
- language
- Swedish
- id
- 1438432
- date added to LUP
- 2008-12-12 00:00:00
- date last changed
- 2012-04-02 17:22:52
@misc{1438432,
abstract = {{The main purpose of this thesis is to investigate the success factors of M&As in the European energy industry. Thus, the theoretical framework of this work covers both the structure of the European energy industry and the key success factors in M&As. In an event study analysis a total amount of 103 large-scale energy deals in the period between December 1996 and March 2008 are analysed. Acquirers that have been highly active in previous M&As show significantly lower stock
returns around the announcement day, showing that shareholders do not value a bidder’s experience in large energy deals. We also find some empirical evidence for M&As of similarly sized entities to be more successful. Another major finding is that corporate transactions within a single, regulated market deliver significantly higher returns.}},
author = {{Kück, Jens and Lukas, Björn}},
language = {{swe}},
note = {{Student Paper}},
title = {{Success Factors in European Energy Mergers and Acquisitions - An Event Study}},
year = {{2008}},
}