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The M&A Phenomenon

In: Cross-border Mergers and Acquisitions

Author

Listed:
  • Ottorino Morresi
  • Alberto Pezzi

Abstract

Mergers and acquisitions (M&As) can conventionally be defined as the purchase of entire companies or their specific assets by another company. M&A transactions therefore imply that existing assets are combined in a new shape. In a frictionless world, asset recombination occurs whenever corporate assets are not used in the best possible way. The new asset combination should therefore be more productive than the old one. This means that corporate assets should be channeled toward those combinations that assure their highest productivity. Put differently, the combination of two or more assets should be more valuable than the sum of its parts. M&As have their theoretical foundation in three well-recognized theories: neoclassical theory, redistribution theory, and behavioral theory.

Suggested Citation

  • Ottorino Morresi & Alberto Pezzi, 2014. "The M&A Phenomenon," Palgrave Macmillan Books, in: Cross-border Mergers and Acquisitions, chapter 0, pages 1-83, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-137-35762-5_1
    DOI: 10.1057/9781137357625_1
    as

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