By Roberto Bottiglia, Elisabetta Gualandri, Gian Nereo Mazzocco
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Extra info for Consolidation in the European Financial Industry (Palgrave MacMillan Studies in Banking and Financial Institutions)
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The results for M&As involving companies operating in the UK are better than for other European countries. If payments are in cash the returns are higher than those generated with other means of payment. The size ratio of the two banks or their past performances, as assessed by the market, do not seem to affect their capability for value creation. Generally, domestic operations create higher value than crossborder operations: the same applies for targets located in Austria, Germany, the United Kingdom and Switzerland, compared with banks acquired in other countries.
Results show a reduction in the availability of credit to firms in this class, although this effect tends to be mitigated by competitors’ behaviour and the reallocation of business goals by the new bank created. Boyd–Graham (1998) The sample considered by the survey consists of mergers between small banks. In general, positive results are observed, in terms of cost reduction and improved efficiency. Rhoades (1998) Here nine different merger cases, studied by different authors, are used to verify the effect of M&A operations on efficiency.
An econometric analysis identifies them as information asymmetries (connected to cultural and linguistic differences and the economic structure), national supervisory practices and corporate governance rules. Beccalli–Pascal Frantz (2008) The analysis considers 714 M&A operations between European bidder and target banks operating worldwide. The study analyses the impact of the acquisition on the fluctuation of several performance indicators: the results suggest that the new bank’s results may be worse in terms of ROE and cash flow creation.