The current wave of M&As
The year 2015 was a record year for mergers and acquisitions (M&As). The number of deals was a record $5.03 trillion. This special edition gives a theoretical and practical assessment of current developments in M&As.
Thomas & Cardot give a historical perspective to trends in M&As starting with the first major wave at the end of the nineteenth century. They assess to what degree the current movement should be a cause for concern.
Mchawrab looks at value and valuations in M&As in the high-tech industry, whereas Mazzariol & Thomas further develop this theme by studying the theoretical and practical assessment of company valuation.
Pathak outlines the contribution that human resource (HR) managers can make during the M&A process. Studer & Thomas then look at the difficulties involved in setting out four key questions that companies should ask themselves before planning a corporate wedding.
This issue also gives some in-depth examination of specific M&As. Chaboud analyzes one of the largest deals in 2015 – the purchase of Heinz by Kraft under the guidance of Warren Buffett. Thomas & Weber investigate the reasons for a failed acquisition of Dresdner Bank by Allianz, despite the latter’s record of successful acquisitions.
The special issue gives some key insights into the impact of M&As in certain industries. Amir-Aslani and Chanel look at the paradigm change in the biopharmaceutical industry, suggesting that M&As can help companies to bridge the gap between the need for increasing innovation and the commercial realities in the sector. This theme is further developed by Quiroz who analyzes the challenges of M&As in the pharmaceutical sector, looking specifically at the case of Pfizer and Allergan.
Vaillant and Thomas look at the three big mergers in the US airline industry, assessing the relative merits and success of each of them. The consolidation of the industry in the USA may be a forerunner to the same happening in other parts of the world. Complementing this theme, Weissbach and Tebbe analyze the potential for mergers with a growing industry, that of drone manufacture.
Finally, Alluru & Thomas question whether a true merger of equals is possible.
We hope you enjoy reading it.
Mark Thomas
