Megafusionen: Trends, Ursachen und Implikationen

For several years not only the merger volumes have risen worldwide, but also the number of increasingly larger mergers and acquisitions. The authors show the influence of globalization, deregulation, and consolidation in some industries on this development. Higher profits through higher market power and/or the use of potential synergies are the theoretical reasons behind the mergers. Synergies could result from the public-good character of headquarter services like R+D, marketing, and a brand name. An empirical study on the basis of mergers and acquisitions reviewed by the European Commission found only small efficiency gains after firms have merged. The recent merger wave is accompanied by deregulations and an enlargement of the relevant geografic market. Therefore, there ist no general threat to competition on world merket levels.