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Alliances versus acquisitions: choosing the right option

Author

Listed:
  • Bernard Garrette

    (GREGH - Groupement de Recherche et d'Etudes en Gestion à HEC - HEC Paris - Ecole des Hautes Etudes Commerciales - CNRS - Centre National de la Recherche Scientifique)

  • Pierre Dussauge

    (GREGH - Groupement de Recherche et d'Etudes en Gestion à HEC - HEC Paris - Ecole des Hautes Etudes Commerciales - CNRS - Centre National de la Recherche Scientifique)

Abstract

Recently, a wave of corporate acquisitions has swept across Europe, prompted by liberalisation and unification in the European Union. The authors ask the question: Has this made the traditional preference by European firms for alliances and co-operative strategies obsolete? Bearing in mind that, in global terms, alliances are popular, another question is: Should European firms use their experiences in alliances to develop new alliance strategies as an alternative to joining the trend to acquisitions? After a review of the European model of alliances, the authors discuss the pros and cons and rationale for horizontal acquisitions and scale alliances, and argue in favour of more aggressive complementary alliances combined with mergers and acquisitions to expand in Europe as well as globally

Suggested Citation

  • Bernard Garrette & Pierre Dussauge, 2000. "Alliances versus acquisitions: choosing the right option," Post-Print hal-00458779, HAL.
    • Handle: RePEc:hal:journl:hal-00458779
    DOI: 10.1016/S0263-2373(99)00069-9
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    Citations

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    Cited by:

    1. Ortiz-de-Urbina-Criado, Marta & Montoro-Sánchez, Ángeles & Mora-Valentín, Eva-María, 2014. "Impact of growth strategy on mode of governance in alliances," International Business Review, Elsevier, vol. 23(4), pages 838-848.
    2. Wanke, Peter & Tsionas, Mike G. & Chen, Zhongfei & Moreira Antunes, Jorge Junio, 2020. "Dynamic network DEA and SFA models for accounting and financial indicators with an analysis of super-efficiency in stochastic frontiers: An efficiency comparison in OECD banking," International Review of Economics & Finance, Elsevier, vol. 69(C), pages 456-468.
    3. Barmeyer, Christoph & Mayrhofer, Ulrike, 2008. "The contribution of intercultural management to the success of international mergers and acquisitions: An analysis of the EADS group," International Business Review, Elsevier, vol. 17(1), pages 28-38, February.
    4. Barros, Carlos Pestana & Wanke, Peter, 2014. "Banking efficiency in Brazil," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 28(C), pages 54-65.
    5. McCarthy, Killian J & Aalbers, Hendrik Leendert, 2022. "Alliance-to-acquisition transitions: The technological performance implications of acquiring one's alliance partners," Research Policy, Elsevier, vol. 51(6).
    6. Woltering-Lamers, Philipp, 2011. "Die sequenzielle Organisationswahl: Kooperationen als Vorstufe von Akquisitionen," Arbeitspapiere 122, University of Münster, Institute for Cooperatives.
    7. Lara Penco & Giorgia Profumo, 2016. "Merger&Acquisitions (M&As) e alliances delle imprese crocieristiche: un?analisi delle determinanti strategiche," ECONOMIA E DIRITTO DEL TERZIARIO, FrancoAngeli Editore, vol. 2016(2), pages 237-264.
    8. Krammer, Sorin M.S., 2016. "The role of diversification profiles and dyadic characteristics in the formation of technological alliances: Differences between exploitation and exploration in a low-tech industry," Research Policy, Elsevier, vol. 45(2), pages 517-532.
    9. Fateh Saci & Boualem Aliouat, 2013. "La création de valeur des alliances stratégiques et des fusions-acquisitions : justification comparative par le modèle de mesure de la valeur financière "cas des sociétés du SBF 250"," Post-Print halshs-00877514, HAL.
    10. Choi, Young Rok & Phan, Phillip H. & Choi, Jaepil, 2020. "Formal governance, interfirm coordination, and performance in partnerships: An empirical investigation of a mediation model," European Management Journal, Elsevier, vol. 38(3), pages 413-424.
    11. Akbar Zaheer & Exequiel Hernandez & Sanjay Banerjee, 2010. "Prior Alliances with Targets and Acquisition Performance in Knowledge-Intensive Industries," Organization Science, INFORMS, vol. 21(5), pages 1072-1091, October.
    12. Stienstra, Miranda, 2020. "The determinants and performance implications of alliance partner acquisition," Other publications TiSEM 7fdee0c2-d4d2-4f5b-95e3-2, Tilburg University, School of Economics and Management.
    13. Wim Vanhaverbeke & Geert Duysters & Niels Noorderhaven, 2002. "External Technology Sourcing Through Alliances or Acquisitions: An Analysis of the Application-Specific Integrated Circuits Industry," Organization Science, INFORMS, vol. 13(6), pages 714-733, December.
    14. Luis Alberiko Gil-Alana & Carlos Barros & Dercio Mandlaze, 2017. "A performance assessment of Mozambique banks: a Bayesian stochastic frontier," Applied Economics, Taylor & Francis Journals, vol. 49(45), pages 4579-4587, September.
    15. Valérie Moatti & Charlotte R. Ren & Jaideep Anand & Pierre Dussauge, 2015. "Disentangling the performance effects of efficiency and bargaining power in horizontal growth strategies: An empirical investigation in the global retail industry," Strategic Management Journal, Wiley Blackwell, vol. 36(5), pages 745-757, May.
    16. van de Vrande, Vareska & Vanhaverbeke, Wim & Duysters, Geert, 2009. "External technology sourcing: The effect of uncertainty on governance mode choice," Journal of Business Venturing, Elsevier, vol. 24(1), pages 62-80, January.
    17. Schön, Benjamin & Pyka, Andreas, 2013. "The success factors of technology-sourcing through mergers & acquisitions: An intuitive meta-analysis," FZID Discussion Papers 78-2013, University of Hohenheim, Center for Research on Innovation and Services (FZID).
    18. Wanke, Peter & Barros, Carlos P. & Faria, João R., 2015. "Financial distress drivers in Brazilian banks: A dynamic slacks approach," European Journal of Operational Research, Elsevier, vol. 240(1), pages 258-268.
    19. Valérie Moatti & Pierre Dussauge, 2005. "L’influence du mode de développement sur les avantages liés à la taille : une étude empirique dans le secteur de la grande distribution au niveau mondial," Revue Finance Contrôle Stratégie, revues.org, vol. 8(3), pages 145-176, September.
    20. Caroline Greenslade & Richard J. Murphy & Stephen Morse & Geoffrey H. Griffiths, 2021. "Breaking Down the Barriers: Exploring the Role of Collaboration in the Forestry Sector of South East England," Sustainability, MDPI, vol. 13(18), pages 1-22, September.

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    Keywords

    Alliances; Acquisitions;

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