Mergers and Acquisitions in the Energy Sector : The Impact of Synergy Disclosures on Shareholder Wealth and Operating Performance
New
Book Details
Format
Hardback or Cased Book
Book Series
Corporate Finance and Governance
ISBN-10
363164521X
ISBN-13
9783631645215
Edition
New
Publisher
Peter Lang AG
Imprint
Peter Lang AG
Country of Manufacture
DE
Country of Publication
GB
Publication Date
Aug 16th, 2013
Print length
109 Pages
Weight
272 grams
Dimensions
15.40 x 21.50 x 1.30 cms
Ksh 6,400.00
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This book analyzes the value-creating potential which stems from voluntary synergy disclosures during M&A, and their post-merger realization in the US and EU energy markets. Initially, a practitioner’s perspective is assessed, followed by the capital market’s valuation. Lastly, the actual synergy realization is analyzed in an accounting context.
The study analyzes the impact of voluntary synergy disclosures at the M&A announcement on M&A transactions in the European as well as in the US energy sector. Thereby, not only is the capital market perspective considered on both a long- and short-term horizon, but the operational point of view is also taken into account. The author shows, while utilizing the event study methodology, that capital markets attribute increased returns to those M&A transactions which expect synergy gains for both the US and European market. As the post-merger accounting study confirms the realization of these announced synergy gains, it may be inferred that capital markets do not overreact and management boards are not overconfident in realizing merger gains.
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