Erfolgskriterien für Unternehmenszusammenschlüsse

Corporate mergers as external growth strategies repeatedly emerge in waves. This work focuses on the analysis of the last significant wave of mergers, which began in the mid-1990s and continued until the turn of the millennium. A key emphasis is placed on exploring the motives from an industrial economics perspective, particularly given the generally low profitability of corporate mergers. Subsequently, selected merger cases are examined for their success. Following an analysis based on annual financial statements, the evaluation by the capital market is considered, along with possible alternatives to a full merger. Therefore, a collaboration in specific functions or business areas between two companies, essentially a "engagement," should often be preferred over a "marriage" in the form of a full merger.