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Mergers, acquisitions and control of telecommunications firms in Europe


  • Trillas, Francesc


New evidence is presented about 12 large acquisitions by telecommunications firms in Europe. The average effect on acquirers' shareholder value is not significantly different from zero, which confirms a paradox found by previous studies: bidding firms' shareholders do not benefit from takeovers. There is high dispersion in the results. This suggests that detailed studies may uncover important aspects of the constraints that exist in the corporate control market of telecommunications firms. A case study of the Spanish firm Telefonica suggests that corporate governance problems and political intervention are significant components of these "agency" constraints.

Suggested Citation

  • Trillas, Francesc, 0. "Mergers, acquisitions and control of telecommunications firms in Europe," Telecommunications Policy, Elsevier, vol. 26(5-6), pages 269-286, June.
  • Handle: RePEc:eee:telpol:v:26:y::i:5-6:p:269-286

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    References listed on IDEAS

    1. Madden, Gary & Savage, Scott J. & Coble-Neal, Grant & Bloxham, Paul, 2000. "Advanced communications policy and adoption in rural Western Australia," Telecommunications Policy, Elsevier, vol. 24(4), pages 291-304, May.
    2. Lentz, R. G. & Oden, Michael D., 2001. "Digital divide or digital opportunity in the Mississippi Delta region of the US," Telecommunications Policy, Elsevier, vol. 25(5), pages 291-313, June.
    3. Strover, Sharon, 2001. "Rural internet connectivity," Telecommunications Policy, Elsevier, vol. 25(5), pages 331-347, June.
    4. Parker, Edwin B., 2000. "Closing the digital divide in rural America," Telecommunications Policy, Elsevier, vol. 24(4), pages 281-290, May.
    5. Ramírez, Ricardo, 2001. "A model for rural and remote information and communication technologies: a Canadian exploration," Telecommunications Policy, Elsevier, vol. 25(5), pages 315-330, June.
    6. McElhinney, Stephen, 2001. "Telecommunications liberalisation and the quest for universal service in Australia," Telecommunications Policy, Elsevier, vol. 25(4), pages 233-248, May.
    7. Gary Madden & Scott Savage & Michael Simpson, 1998. "Asia-Pacific Telecommunications USOs: Current Practice and Future Options," Prometheus, Taylor & Francis Journals, vol. 16(4), pages 485-498.
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    Cited by:

    1. Francesc Trillas, 2004. "The structure of corporate ownership in privatized utilities," Investigaciones Economicas, Fundación SEPI, vol. 28(2), pages 257-284, May.
    2. Bel, Germà & Trillas, Francesc, 2005. "Privatization, corporate control and regulatory reform: the case of Telefonica," Telecommunications Policy, Elsevier, vol. 29(1), pages 25-51, February.
    3. Lee, Hyeongjik & Seol, Seong-ho & Kweon, Soo Cheon, 2012. "An event study of the first telecommunications spectrum auction in Korea and "the winner's curse"," 23rd European Regional ITS Conference, Vienna 2012 60394, International Telecommunications Society (ITS).

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