IDEAS home Printed from
   My bibliography  Save this article

Determinanti ed effetti delle fusioni e acquisizioni: un'analisi sulla base delle notifiche alle autorità antitrust


  • Benfratello Luigi


Using the Italian and European Union competition authorities databases over the 1991-94 period, this paper analyses the ownership reallocation process in Italy, in terms of the characteristics of acquired firms and the effects of ownership changes. Our results show that acquired firms' financial and profitability characteristics in the years before the acquisition are worse than those of the control sample and that their performance deteriorates as long as the change in ownership approaches. As far as the effects of acquisitions are concerned, the impact is - at best - null, in the short-run as well as four years after the change in ownership. A stratification of the sample allows a separate analysis for three groups of particular operations: privatised firms are only slightly worse than control sample before the acquisition and the performance improvement occurs mainly before and only slightly after privatization; independent firms acquired by foreign multinationals do not differ from the control sample before the acquisition, while their performance worsens after the change in ownership; firms acquired through leveraged and management buyouts perform better than the control sample before the acquisition. These results are consistent with most of the Industrial Organisation literature, except for firms acquired by foreign multinationals.

Suggested Citation

  • Benfratello Luigi, 2001. "Determinanti ed effetti delle fusioni e acquisizioni: un'analisi sulla base delle notifiche alle autorità antitrust," L'industria, Società editrice il Mulino, issue 3, pages 469-500.
  • Handle: RePEc:mul:j0hje1:doi:10.1430/2359:y:2001:i:3:p:469-500

    Download full text from publisher

    File URL:
    Download Restriction: Access to full text is restricted to subscribers

    File URL:
    Download Restriction: no

    As the access to this document is restricted, you may want to search for a different version of it.

    References listed on IDEAS

    1. Cairns, Robert D & Mahabir, Dhanayshar, 1988. "Contestability: A Revisionist View," Economica, London School of Economics and Political Science, vol. 55(218), pages 269-276, May.
    2. Baldwin, John R. & Gorecki, Paul K., 1987. "Plant creation versus plant acquisition : The entry process in canadian manufacturing," International Journal of Industrial Organization, Elsevier, vol. 5(1), pages 27-41, March.
    3. Lemelin, Andre, 1982. "Relatedness in the Patterns of Interindustry Diversification," The Review of Economics and Statistics, MIT Press, vol. 64(4), pages 646-657, November.
    4. Timothy Dunne & Mark J. Roberts & Larry Samuelson, 1988. "Patterns of Firm Entry and Exit in U.S. Manufacturing Industries," RAND Journal of Economics, The RAND Corporation, vol. 19(4), pages 495-515, Winter.
    5. Schwalbach, Joachim, 1987. "Entry by diversified firms into German industries," International Journal of Industrial Organization, Elsevier, vol. 5(1), pages 43-49, March.
    6. Montgomery, Cynthia A. & Hariharan, S., 1991. "Diversified expansion by large established firms," Journal of Economic Behavior & Organization, Elsevier, vol. 15(1), pages 71-89, January.
    Full references (including those not matched with items on IDEAS)


    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.

    Cited by:

    1. Mirella Daminai & Fabrizio Pompei, 2008. "Mergers, acquisitions and technological regimes: the European experience over the period 2002-2005," Quaderni del Dipartimento di Economia, Finanza e Statistica 46/2008, Università di Perugia, Dipartimento Economia.
    2. Marco Bellucci, 2010. "Fusioni ed acquisizioni: determinanti ed effetti in un confronto europeo," Quaderni del Dipartimento di Economia, Finanza e Statistica 80/2010, Università di Perugia, Dipartimento Economia.

    More about this item


    Access and download statistics


    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:mul:j0hje1:doi:10.1430/2359:y:2001:i:3:p:469-500. See general information about how to correct material in RePEc.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: () or (Joanne Lustig). General contact details of provider: .

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service hosted by the Research Division of the Federal Reserve Bank of St. Louis . RePEc uses bibliographic data supplied by the respective publishers.