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M&A im Bereich Erneuerbarer Energien

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  • Fritz-Morgenthal, Sebastian G.
  • Hach, Sebastian T.
  • Schalast, Christoph

Abstract

Several top deals already closed, a still highly fragmented industry and strong pressure for further consolidation following the financial crisis - renewable energy certainly has become a red-hot topic in M&A. Surveying 220 companies in the solar photovoltaic, utility and financial sector as well as major technology corporations, which are identified as the key industries in the sector-specific takeover market, this working paper proves the common knowledge for the example of photovoltaics. With more than 93% of the respondents, a vast majority expects the M&A environment to further ameliorate and deals to increase. As for the fundamental market drivers, the survey suggests a shift from factors linked to the financial crises towards an increasing impact of general industry-related influences. In contrast, neither the industry sector nor other corporate characteristics are of significant importance. With respect to prevailing takeover strategies, the survey reveals a strong influence of general acquisition motives. However, an empirically significant connection can be determined between the industry sector of potential buyers and the most relevant motivation factors, which allows for the assumption of business-affected takeover strategies that are elaborated on more closely within the working paper. Examining an acquisition focus in terms of the targets' position in the photovoltaic value chain, no statistically valid connection can be observed with either the acquisition motivation or the industry sector of the potential buyer, leaving room for further research. --

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Bibliographic Info

Paper provided by Frankfurt School of Finance and Management in its series Frankfurt School - Working Paper Series with number 144.

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Date of creation: 2010
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Handle: RePEc:zbw:fsfmwp:144

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Keywords: Erneuerbare Energien; Renewable Energy; Solarenergie; Photovoltaik; M&A; Merger; Acquisition; Konsolidierung; Akquisitionsstrategie; Finanzkrise; EEG; Solarförderung; Energiewirtschaft; Versorgungssicherheit; Energieabhängigkeit; Nachhaltigkeit; Sustainability;

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Cited by:
  1. Kostka, Genia & Zhou, Jianghua, 2010. "Chinese firms entering China's low-income market: Gaining competitive advantage by partnering governments," Frankfurt School - Working Paper Series 147, Frankfurt School of Finance and Management.
  2. Herrmann-Pillath, Carsten, 2010. "Rethinking evolution, entropy and economics: A triadic conceptual framework for the maximum entropy principle as applied to the growth of knowledge," Frankfurt School - Working Paper Series 146, Frankfurt School of Finance and Management.
  3. Umber, Marc P. & Grote, Michael H. & Frey, Rainer, 2010. "Europe integrates less than you think: Evidence from the market for corporate control in Europe and the US," Frankfurt School - Working Paper Series 150, Frankfurt School of Finance and Management.

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