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- Title
Cross-border acquisitions and shareholder wealth: Evidence from the energy and industry in Central and Eastern Europe.
- Authors
Bednarczyk, Tomasz P.; Schiereck, Dirk; Walter, Hardrik N.
- Abstract
We look at the wealth generated for shareholders of energy assets in Central and Eastern Europe (CEE) by the announcement of cross-border mergers or acquisitions involving a bidder from a Western industrialized country between 1995 and 2005. The impact on both the performance improvements at the firm level as well as on an industry and economic level of foreign ownership of the energy assets in CEE are discussed. The main driver behind the positive effect is the industrial relatedness in acquiring CEE energy assets, while bidder experience and the relative size of the acquired stake do not impact the results significantly.
- Subjects
CENTRAL Europe; EASTERN Europe; MERGERS &; acquisitions; CROSS border transactions; DEVELOPED countries; ENERGY industry mergers; FOREIGN investments
- Publication
Journal for East European Management Studies, 2010, Vol 15, Issue 2, p106
- ISSN
0949-6181
- Publication type
Article
- DOI
10.5771/0949-6181-2010-2-106