European takeovers and mergers: barriers to harmonisation
Article Abstract:
The UK dominates the field of mergers and acquisitions in the European Community (EC) in terms of numbers and value. Outside of the UK, there are structural and technical barriers still in place in EC member nations that prevent a large occurrence of domestic M&A and cross-border takeovers. Structural barriers in the EC include the nondisclosure of shareholdings and family and cross shareholding in Spain and France, and family shareholding and a lack of public share ownership in Italy. Technical barriers in the EC include two-tier board structures and management power to issue priority and non-voting shares and to limit shareholders' voting rights in the Netherlands and Germany, and the power of the three largest German banks exercised through their vast shareholding and membership on other firms' supervisory boards.
Publication Name: The Accountant's Magazine
Subject: Business
ISSN: 0001-4761
Year: 1990
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British buy-outs and transatlantic trends
Article Abstract:
A comparison with the US leveraged buyout market helps explain how the UK management buyout market is growing and changing. Funding has increased, leading to growth in the UK market. The UK is following some of the trends of the US market regarding: interactions between institutions and management; expanding levels of borrowing; different types of debt securities; and the increased instance of existing management buying out public companies. The low level of significant buyout failures in either the UK or the US, and the minimal impact of the Oct 1987 crash, has left the leveraged-management buyout market with a relatively healthy future.
Publication Name: The Accountant's Magazine
Subject: Business
ISSN: 0001-4761
Year: 1988
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Management buy-outs: the European experience
Article Abstract:
Management buy-outs are becoming more frequent in the European Community (EC) . The United Kingdom leads the European buy-out market with 3.8 billion pounds sterling in 1988, and there has been increased activity in France, the Netherlands, West Germany and Scandinavia, due to recent changes in tax and economic policies. Experts predict that future management buy-out opportunities in the EC will continue to increase with the approaching 1992 European integration date.
Publication Name: The Accountant's Magazine
Subject: Business
ISSN: 0001-4761
Year: 1989
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