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Fusions et acquisitions dans l'industrie européenne

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  • Paolo Garella

Abstract

[fre] Au cours des années récentes le nombre et l'importance des fusions ou acquisitions d'entreprises se sont considérablement accrus dans les pays européens. Quels en sont les objectifs ? Quelles en sont les conséquences pour l'entreprise, la croissance et l'emploi ? Cet article s'efforce de répondre, autant que faire se peut, à ces questions, les données pertinentes n'étant pas toujours disponibles. Il s'attache d'abord à donner un bilan chiffré des évolutions récentes, ce qui permet de souligner la spécificité des transformations en cours par rapport aux décennies passées. Il en étudie ensuite les fondements en recherchant les motivations qui inspirent les regroupements d'entreprises par acquisitions ou par fusions. Celles-ci permettraient de substituer des équipes dynamiques à une direction inefficiente, pour le plus grand profit des actionnaires, et de réaliser des économies d'échelle potentielles, notamment en matière de recherche et développement. Elles serviraient aussi à rationaliser la gestion. L'analyse de nombreux cas particuliers, ainsi qu'un survol des études existantes, montre que l'entité issue de la fusion n'est pas toujours jugée par le marché plus rentable que les entreprises préexistantes à l'opération ; que les regroupements peuvent être défensifs, par exemple pour maintenir une position dominante dans la perspective d'une intensification de la concurrence — plutôt que destinée à améliorer la productivité ; que les directions des firmes acheteuses ne sont pas toujours plus performantes que celles des firmes achetées, etc. Parce que l'étude générale ne permet pas vraiment de trancher entre visions optimistes et pessimistes des conséquences des fusions d'entreprises, on examine enfin le cas de secteurs particuliers (sidérurgie et chimie) et celui d'un pays nouvellement membre de la CE (l'Espagne). La complexité des organisations industrielles comme celle des structures de marché n'autorisent pas encore l'élaboration d'une théorie générale du phénomène. [eng] In recent years, both the number and the size of mergers and takeovers have risen considerably in European countries. What are their objectives ? What are their effects on the firms themselves, on growth and on employment ? This paper attempts to answer such questions, to the best of our ability, given that relevant data are not always readily available. First, a quantitative picture of recent developments is provided, which serves to emphasize the specificity of currently observed moves, relative to what had happened earlier. The most commonly invoked motives for mergers and takeovers are then reviewed. Such moves would serve to displace inefficient management, for the benefit of shareholders, and to achieve economies of scale, most notably with respect to R & D. A number of case studies and a short survey of the existing literature suggest that the new organisation resulting from the merger is not always regarded by financial markets as potentially more profitable than the existing firms ; that mergers may be induced by defensive motives, such as the desire to maintain a dominant position in a market, in the prospect of enhanced competition — rather than to increase productivity ; that the management of buying firms does not always perform better than that of the targets, etc. Since the results of these general studies do not allow us to reach any definite conclusion in favour of either the optimistic or the pessimistic views with respect to the overall consequences of mergers and takeovers, we turn to some specific industries (steel and chemicals) and to the particular case of a new member-state of the European Community, namely Spain. The complexity of industrial organisations and that of market structures are such as to prevent the development of a general theory of mergers and takeovers.

Suggested Citation

  • Paolo Garella, 1989. "Fusions et acquisitions dans l'industrie européenne," Revue de l'OFCE, Programme National Persée, vol. 29(1), pages 185-219.
  • Handle: RePEc:prs:rvofce:ofce_0751-6614_1989_num_29_1_1193
    DOI: 10.3406/ofce.1989.1193
    Note: DOI:10.3406/ofce.1989.1193
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    References listed on IDEAS

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    Cited by:

    1. Elisabeth Kremp, 1995. "Restructurations et rentabilité économique dans l'industrie française de 1985 à 1992," Économie et Prévision, Programme National Persée, vol. 120(4), pages 29-44.

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