Résumé
The external growth consists in developing by acquisition of companies. This strategy makes it possible for the firm to develop and reinforce its competitive position by increasing its size, its market shares, and by acquiring new brands. This strategy also makes it possible to reach new markets and to be internationalized more quickly. The external growth also allows to diversify and to acquire new competences and technologies which it would be long and difficult to develop in-house.
Fusions and acquisitions have been a great success for a few years. The number of transactions considerably increased just like the amount of the operations. This movement is explained by the universalization of the activities and the progressive emergence of consumption standards. The favorable financial context, the vitality of the stockmarkets, the liberalization of the movements of capital and the development of the second markets facilitated this rise. Measurements of privatization and liberalization also encouraged this wave of fusions.
It is in this context that we will study some fusions, of which current and past fusions, and fusions which succeed while others not. This will enable us to better determine the reasons of the success of fusions, and to understand the strategies which accompany them.
Contents:
Introduction
- BP / Amoco merger
- Rentokil, acquisition of BET
- Daimler / Chrysler merger
- GDF / Suez merger
- Air France, acquisition of KLM
- Thomson, acquisition of Reuters
Conclusion
References