This book proposes an independent assessment of the effect produced by M&A transactions on bank efficiency and shareholder value. The book answers three fundamental questions: why do banks merge? do M&As create value for shareholders in the short-term? do M&As create value for shareholders in the long-term? To answer the first question, we firstly provided a theoretical analysis of M&A motives. Next we critically analysed seven of the largest merger deals in European banking. To answer the second question, we analysed a large sample of M&As between 1991 and 2005 within the EU 27 running an event study method. To answer the third question, we compared the efficiency levels and the EVA created by the banks after M&As.
Fiordelisi, F. (2009). Merger and Acquisition in European Banking”,. Basingstoke : Palgrave Macmillan.