By Roberto Bottiglia, Elisabetta Gualandri MA, Gian Nereo Mazzocco (eds.)
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Mergers that generate a strong productive and geographical focus create value on average, while others do not. The aggregate revenues of the banks involved in these operations are positively correlated to the ratio between the size of the bidder and target. 1 (Continued) Authors Results Hart–Apilado (2002) This study considers banks undertaking their first interstate merger operations, with reference to the period before and after the changes in the relative legislation (Riegle-Neal Interstate Banking and Branching Efficiency Act, 1994).
It is no coincidence that large banking sector M&A operations often meet with widespread resistance from specific categories of investors or shareholders, who fear that the operation will be damaging to their interests. This attitude is also reflected by the markets’ generally negative response to announcements of large M&A operations in the sector, although there have been significant exceptions. In cases where the consolidation generates considerable diversification of the bank’s business (cross-sector M&As), additional obstacles tend to arise.
Siems (1996) The study analyses the results of mega-mergers. Positive CARs can be observed for target banks and negative CARs for bidder banks, which, however, can achieve better results if there is territorial overlapping. The findings suggest that the market evaluates M&As in a positive manner and expects them to generate cost reductions and improved efficiency, rather than an increase in market power. Akhavein–Berger–Humphrey (1997) Mega-mergers’ effects in terms of efficiency and results on prices are studied.
Consolidation in the European Financial Industry by Roberto Bottiglia, Elisabetta Gualandri MA, Gian Nereo Mazzocco (eds.)