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Determinants of premiums paid in European banking mergers and acquisitions

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  • Belen Diaz Diaz
  • Sergio Sanfilippo Azofra
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    Abstract

    This study is aimed at analysing the determinants of premiums paid in European banking mergers and acquisitions (M&A). This analysis will highlight the reasons for the wave of bank M&A during the 1990s. The empirical study analyses a sample of 81 European banking M&A from 1994 to 2000. The results show that there are different variables that make the target bank attractive to the acquirer, such as the percentage of equity, the percentage of loans and financial profitability. However, geographical and product diversification have not been considered by the acquirers as a reason to pay higher premiums.

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    Bibliographic Info

    Article provided by Inderscience Enterprises Ltd in its journal Int. J. of Banking, Accounting and Finance.

    Volume (Year): 1 (2009)
    Issue (Month): 4 ()
    Pages: 358-380

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    Handle: RePEc:ids:injbaf:v:1:y:2009:i:4:p:358-380

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    Web page: http://www.inderscience.com/browse/index.php?journalID=277

    Related research

    Keywords: premiums; Europe; banking; mergers and acquisitions; M&A; percentage of equity; percentage of loans; financial profitability; geographical diversification; product diversification.;

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    Cited by:
    1. Jens Hagendorff & Ignacio Hernando & María J. Nieto & Larry D. Wall, 2010. "What do premiums paid for bank M&As reflect? The case of the European Union," Banco de Espa�a Working Papers, Banco de Espa�a 1011, Banco de Espa�a.
    2. Phil Molyneux & Klaus Schaeck & Tim Zhou, 2011. "‘Too Systemically Important to Fail’ in Banking," Working Papers 11011, Bangor Business School, Prifysgol Bangor University (Cymru / Wales).

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