German Mergers & Acquisitions in the USA

Transaction management and success
2007
ISBN: 978-3-8350-0624-9
Verlag: Deutscher Universitätsverlag

Buch, Englisch, 336 Seiten, Paperback, Format (B × H): 148 mm x 210 mm, Gewicht: 533 g

Reihe: Gabler Edition Wissenschaft

Mergers and acquisitions in the United States of America are a major strategic means for German companies in their pursuit of becoming global players. The significant volume of such cross-border transactions reflects the firms’ expectations of creating value in the world’s most important consumer market. Did the German acquirers succeed in their transatlantic leap?

Bernd Wübben analyzes the success of 87 German mergers and acquisitions in the USA during the period from 1990 to 2004. He begins his assessment with a description of various aspects of the current institutional framework applicable to structuring a cross-border acquisition in the USA. Employing a study of the capital markets’ reaction and a survey of acquirers’ executives, he shows that US transactions on average enhanced value for German companies and their shareholders. The author integrates the findings of both methodologies to identify the determinants of transaction success, including characteristics of the German acquiring and the US target companies as well as of the acquisition structure and management.

Zielgruppe

Research

Autoren/Hrsg.

Wübben, Bernd

Weitere Mitwirkende

Schiereck, Prof. Dr. Dirk

Fachgebiete

• Wirtschaftswissenschaften Betriebswirtschaft Management Unternehmensberatung, Unternehmenssubventionen

Inhaltsverzeichnis

Conceptual framework.- Special considerations for structuring and managing a cross-border acquisition of a U.S. target company.- Prior research on the success of cross-border acquisitions and its determinants.- Empirical analysis of the success of German acquisitions in the United States.- Summary and outlook.

Über Autor(innen)

Dr. Bernd Wübben promovierte bei Prof. Dr. Dirk Schiereck am Institute for Mergers & Acquisitions der Universität Witten/Herdecke. Er ist Senior Manager in der German Practice der KPMG Deutsche Treuhand-Gesellschaft in New York.