The paper contributes to the empirical literature on M&A deals performed by SOEs with a detailed analysis of the reported rationales from a sample of SOE-led acquisitions over the last decade. The sample includes 355 worldwide M&A deals performed by SOEs as acquirers over the period 2002-2012. The data set was obtained by combining firm-level information from two sources, Zephyr and Orbis (Bureau Van Dijk). The analysis is on a case-by-case basis for the rationales of the sample. Overall, the most important message arising from our analysis is that rescue of firms in financial distress is a relatively minor one role played by contemporary SOEs in spite of the Great Recession, while shareholder value maximization and long term strategic goals are more frequently the objective of the observed deals.

State-Owned Enterprises: Rationales for Mergers and Acquisitions / M. Florio, M. Ferraris, D. Vandone. - [s.l] : CIRIEC, 2018. (WORKING PAPER CIRIEC ...)

State-Owned Enterprises: Rationales for Mergers and Acquisitions

M. Florio;M. Ferraris;D. Vandone
2018

Abstract

The paper contributes to the empirical literature on M&A deals performed by SOEs with a detailed analysis of the reported rationales from a sample of SOE-led acquisitions over the last decade. The sample includes 355 worldwide M&A deals performed by SOEs as acquirers over the period 2002-2012. The data set was obtained by combining firm-level information from two sources, Zephyr and Orbis (Bureau Van Dijk). The analysis is on a case-by-case basis for the rationales of the sample. Overall, the most important message arising from our analysis is that rescue of firms in financial distress is a relatively minor one role played by contemporary SOEs in spite of the Great Recession, while shareholder value maximization and long term strategic goals are more frequently the objective of the observed deals.
State-owned enterprises; M&As; nationalization; privatization
Settore SECS-P/03 - Scienza delle Finanze
http://hec-cloud01.segi.ulg.ac.be/repec/WP18-01.pdf
Working Paper
State-Owned Enterprises: Rationales for Mergers and Acquisitions / M. Florio, M. Ferraris, D. Vandone. - [s.l] : CIRIEC, 2018. (WORKING PAPER CIRIEC ...)
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Utilizza questo identificativo per citare o creare un link a questo documento: http://hdl.handle.net/2434/611906
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