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The impact of transatlantic M&A activity on the dollar/euro exchange rate

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  • Ingo Fender
  • Gabriele Galati

Abstract

On 19 July 2000, following breaking news about an imminent $53 billion cashand- shares acquisition of US wireless operator VoiceStream by Germany?s Deutsche Telekom, the euro depreciated against the dollar by 1.06% ? a significant move for a single day. On the day of the official announcement, 24 July, the euro lost another 0.17%, and further depreciated by a total of 2.94% over the 10 trading days that followed. By the time the deal was finally closed, on 31 May 2001, the euro had lost some 1.30% of its value against the dollar.

Suggested Citation

  • Ingo Fender & Gabriele Galati, 2001. "The impact of transatlantic M&A activity on the dollar/euro exchange rate," BIS Quarterly Review, Bank for International Settlements, December.
    • Handle: RePEc:bis:bisqtr:0112g
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    References listed on IDEAS

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    1. Francis Breedon & Francesca Fornasari, 2001. "FX impact of cross-border M&A," BIS Papers chapters, in: Bank for International Settlements (ed.), Market liquidity: proceedings of a workshop held at the BIS, volume 2, pages 267-273, Bank for International Settlements.
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    Cited by:

    1. Mann, Catherine L. & Meade, Ellen E., 2002. "Home bias, transactions costs, and prospects for the Euro: A more detailed analysis," Research Notes 6, Deutsche Bank Research.
    2. Renato Filosa, 2003. "Shock monetari e reali, ciclo economico e valore dell' euro," Moneta e Credito, Economia civile, vol. 56(223), pages 295-324.

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    1. Gabriele Galati & Kostas Tsatsaronis, 2001. "The impact of the euro on Europe's financial markets," BIS Working Papers 100, Bank for International Settlements.

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