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Cross-Border Mergers and Acquisitions: Their Role in Industrial Globalisation

  • Nam-Hoon Kang
  • Sara Johansson
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    This paper examines recent trends and drivers of cross-border mergers and acquisitions (M&As) which grew six-fold in 1991-98 and now account for more than 85% of foreign direct investment. They are prompted by a range of factors, including excess capacity and increased competition in traditional industries and new market opportunities in high-technology sectors. However, the main driver of M&As in place of greenfield investment is the need to acquire complementary intangible assets –technology, human resources, brand names, etc. In allowing for global industrial restructuring and efficiency gains, crossborder M&As can yield dividends in terms of company performance and profits. The extent to which they result in benefits for home and host countries is argued to be strongly influenced by policy frameworks ... Fusions et acquisitions internationales : Leur rôle dans la mondialisation de l'industrie Le présent document analyse les tendances récentes en matière de fusions et acquisitions (F-A) internationales, ainsi que les éléments moteurs de ces regroupements, qui se sont multipliés par six entre 1991 et 1998 pour représenter actuellement plus de 85 % des investissements directs étrangers. Ils résultent d’une série de facteurs, notamment les surcapacités et l’intensification de la concurrence dans les activités traditionnelles ainsi que des nouveaux débouchés qui s’offrent dans les secteurs de haute technologie. Toutefois, le principal facteur qui conduit les entreprises à préférer les F-A aux nouveaux investissements est la nécessité d’acquérir des actifs incorporels complémentaires – technologie, ressources humaines, marques commerciales, etc. Les F-A internationales, qui sont à l’origine d’une restructuration industrielle à l’échelle mondiale et de gains d’efficience, peuvent avoir des effets positifs sur les résultats des entreprises. On fait valoir que les avantages ...

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    Paper provided by OECD Publishing in its series OECD Science, Technology and Industry Working Papers with number 2000/1.

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    Date of creation: 07 Jan 2000
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    Handle: RePEc:oec:stiaaa:2000/1-en
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