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Merger Patterns in the European Food Supply Chain

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  • Zafeira Kastrinaki
  • Paul Stoneman

Abstract

This paper investigates merger activity in the food supply chain in Europe as a whole, with an emphasis upon eight individual countries that were most merger active. It finds that M&A activity (vertical, horizontal, inward, and outward) has been substantial in both the production and distribution parts of the supply chain. Using spectral analysis, it also concludes that: (i) there are regular cyclical patterns in merger activity in seven of the eight countries; (ii) most countries exhibit strong coherency with overall EU merger activity in the food industry; (iii) the relative cyclical pattern of mergers in food manufacturing and retailing varies country to country; (iv) there is some evidence that mergers in manufacturing lead or Granger cause mergers in retailing; and (iv) patterns of merger activity in each of the countries studied (except for the UK and the Netherlands) are linked, at least in part, to business and capital market cycles.

Suggested Citation

  • Zafeira Kastrinaki & Paul Stoneman, 2011. "Merger Patterns in the European Food Supply Chain," International Journal of the Economics of Business, Taylor & Francis Journals, vol. 18(3), pages 463-487, November.
    • Handle: RePEc:taf:ijecbs:v:18:y:2011:i:3:p:463-487
    DOI: 10.1080/13571516.2011.618618
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    References listed on IDEAS

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    1. Ollinger, Michael & Nguyen, Sang V. & Blayney, Donald P. & Chambers, William & Nelson, Kenneth B., 2005. "Effect of Food Industry Mergers and Acquisitions on Employment and Wages," Economic Research Report 7250, United States Department of Agriculture, Economic Research Service.
    2. Ricardo Caballero & Mohamad Hammour, 2001. "Institutions, Restructuring and Macroeconomic Performance," International Economic Association Series, in: Jacques Drèze (ed.), Advances in Macroeconomic Theory, chapter 9, pages 171-193, Palgrave Macmillan.
    3. John M. Connor, 2003. "The Changing Structure Of Global Food Markets: Dimensions, Effects, And Policy Implications," Working Papers 03-02, Purdue University, College of Agriculture, Department of Agricultural Economics.
    4. Michael Reiter & Ulrich Woitek, 1999. "Are There Classical Business Cycles?," Working Papers 1999_05, Business School - Economics, University of Glasgow.
    5. Ramón Faulí-Oller, 2009. "Mergers of retailers with limited selling capacity," Working Papers. Serie AD 2009-26, Instituto Valenciano de Investigaciones Económicas, S.A. (Ivie).
    6. David J. Ravenscraft, 1987. "The 1980s merger wave: an industrial organization perspective," Conference Series ; [Proceedings], Federal Reserve Bank of Boston, vol. 31, pages 17-51.
    7. Venturini, Luciano, 2003. "The Food System In Transition: An E.U. Perspective," Working Papers 14362, University of Minnesota, Center for International Food and Agricultural Policy.
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