Description

Book Synopsis
The study analyzes the impact of voluntary synergy disclosures at the M&A announcement on M&A transactions in the European as well as in the US energy sector. Thereby, not only is the capital market perspective considered on both a long- and short-term horizon, but the operational point of view is also taken into account. The author shows, while utilizing the event study methodology, that capital markets attribute increased returns to those M&A transactions which expect synergy gains for both the US and European market. As the post-merger accounting study confirms the realization of these announced synergy gains, it may be inferred that capital markets do not overreact and management boards are not overconfident in realizing merger gains.

Table of Contents
Contents: Consolidation and Synergies of the Energy Sector – Synergy Communication Effects in the European Market – The Interaction of Synergy Disclosures and Post-Merger Operating Performance.

Mergers and Acquisitions in the Energy Sector:

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    A Hardback by Robert Fraunhoffer

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      Publisher: Peter Lang AG
      Publication Date: Publication Date: 16/08/2013
      ISBN13: 9783631645215, 978-3631645215
      ISBN10: 363164521X

      Description

      Book Synopsis
      The study analyzes the impact of voluntary synergy disclosures at the M&A announcement on M&A transactions in the European as well as in the US energy sector. Thereby, not only is the capital market perspective considered on both a long- and short-term horizon, but the operational point of view is also taken into account. The author shows, while utilizing the event study methodology, that capital markets attribute increased returns to those M&A transactions which expect synergy gains for both the US and European market. As the post-merger accounting study confirms the realization of these announced synergy gains, it may be inferred that capital markets do not overreact and management boards are not overconfident in realizing merger gains.

      Table of Contents
      Contents: Consolidation and Synergies of the Energy Sector – Synergy Communication Effects in the European Market – The Interaction of Synergy Disclosures and Post-Merger Operating Performance.

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