Zu den Megafusionen in den letzten Jahren

The introduction contains an explanation of the features which distinguish mergers from „mega-mergers". The second part deals with three mega-mergers in the pharmaceutical industry, the take-over of Mannesmann by Vodafone AirTouch and the DaimlerChrysler merger as examples of mega-mergers.In the third part the reasons for mega-mergers are analysed. Advantages of size for firms are not sufficient to justify such mergers on economic grounds. The frequently mentioned economies of scale in production, which are generally seen as the most important advantage, are usually linked to internal growth. Mega-mergers do not effect such growth, other than possibly providing extra financial resources. The advantage of mega-mergers could rather be the increase in market power, which enables these companies to exert pressure on input prices. This line of reasoning is often neglected. The importance of the increase of the markets for mega-mergers is extensively and critically analysed. Using the pharmaceutical industry as an example, the contribution of megamergers to innovations is examined. This debate is very controversial and contains contradicting arguments. In particular it neglects the important aspect of strengthening the innovative capacity of companies. Other factors, which could be reasons to form megamergers, are the striving for power, imitation and fashion as well as attempts to reduce uncertainty. Furthermore is discused, if mega-mergers produce economic advantages due to a greater focus on core business, the exploitation of synergies and a decrease of excess capacities. Last but not least, the personalities of investors and managers involved in mega-mergers not only lead to additional (non-economic) reasons for their existence but also influence the success of these mergers.The fourth part deals with the relationship between mega-mergers and competition. It is highly likely that one of the main reasons for mega-mergers is the wish to prevent increasing competition by enlarging the markets. Successful mega-mergers will most probable lead to a realisation of this goal.The last part looks at the question of what needs to be done about mega-mergers. A general laissez-faire approach for cases without market domination is rejected. Instead it is recommended to establish opportunities to control mega-mergers in case they lead to an significant and durable increase in economic power, even if they do not achieve outright market domination.