Dynamics of industrial consolidation: mergers, acquisitions and joint ventures in EU27 electricity and gas industry

Marc Petz, David A Edgar, Bryan K Temple, Klaus Dieter-Maier

Research output: Contribution to conferencePaper

Abstract

This research paper explores and characterizes the sector specific consolidation of the EU27 electricity and gas industry since privatisation. Although, the dynamics and triggers of consolidation are commonly known, Wirtz(2006:1335) concludes “There is little empiric evidence available about Mergers & Acquisitions (M&A) and strategies in pre- and post-liberalised energy markets”. Kummerer (2005) and Gregoriou (2007) summarise the general research situation with few studies available analysing international M&As. Newbery (2007:9) highlights the implications of cross-border M&A activities on both industries and the institutional design in the EU, referring to the research of Codognet et al. (2003a; 2003b; 2004). In addition, several studies indicateincreasing concentration tendencies in domestic markets, often associated with increased M&A activities (compare Zenke (2004), Eurostat (2010), CapGemini (2010)) as result of the European sector reform policy (compare Kreis (2004)). M&A activities and large-scale mergers, advanced by the different institutional design and timely different implementation of the EU directives (96/92/EC and 98/30/EC) among the EU27 member states, formed the world largest companies – by any means – in the electricity and gas sector.
Original languageEnglish
Number of pages3
Publication statusPublished - 2012

Fingerprint

Joint ventures
Consolidation
Electricity industry
Gas industry
Mergers and acquisitions
Institutional design
Mergers
Energy market
Cross-border
Privatization
Policy reform
EU directives
Gas
Empirics
Large companies
Domestic market
Industry
Trigger
Electricity

Keywords

  • electricity and gas sector
  • EU27
  • privatisation
  • consolidation
  • mergers & acquisitions

Cite this

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title = "Dynamics of industrial consolidation: mergers, acquisitions and joint ventures in EU27 electricity and gas industry",
abstract = "This research paper explores and characterizes the sector specific consolidation of the EU27 electricity and gas industry since privatisation. Although, the dynamics and triggers of consolidation are commonly known, Wirtz(2006:1335) concludes “There is little empiric evidence available about Mergers & Acquisitions (M&A) and strategies in pre- and post-liberalised energy markets”. Kummerer (2005) and Gregoriou (2007) summarise the general research situation with few studies available analysing international M&As. Newbery (2007:9) highlights the implications of cross-border M&A activities on both industries and the institutional design in the EU, referring to the research of Codognet et al. (2003a; 2003b; 2004). In addition, several studies indicateincreasing concentration tendencies in domestic markets, often associated with increased M&A activities (compare Zenke (2004), Eurostat (2010), CapGemini (2010)) as result of the European sector reform policy (compare Kreis (2004)). M&A activities and large-scale mergers, advanced by the different institutional design and timely different implementation of the EU directives (96/92/EC and 98/30/EC) among the EU27 member states, formed the world largest companies – by any means – in the electricity and gas sector.",
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Dynamics of industrial consolidation: mergers, acquisitions and joint ventures in EU27 electricity and gas industry. / Petz, Marc; Edgar, David A; Temple, Bryan K; Dieter-Maier, Klaus.

2012.

Research output: Contribution to conferencePaper

TY - CONF

T1 - Dynamics of industrial consolidation: mergers, acquisitions and joint ventures in EU27 electricity and gas industry

AU - Petz, Marc

AU - Edgar, David A

AU - Temple, Bryan K

AU - Dieter-Maier, Klaus

PY - 2012

Y1 - 2012

N2 - This research paper explores and characterizes the sector specific consolidation of the EU27 electricity and gas industry since privatisation. Although, the dynamics and triggers of consolidation are commonly known, Wirtz(2006:1335) concludes “There is little empiric evidence available about Mergers & Acquisitions (M&A) and strategies in pre- and post-liberalised energy markets”. Kummerer (2005) and Gregoriou (2007) summarise the general research situation with few studies available analysing international M&As. Newbery (2007:9) highlights the implications of cross-border M&A activities on both industries and the institutional design in the EU, referring to the research of Codognet et al. (2003a; 2003b; 2004). In addition, several studies indicateincreasing concentration tendencies in domestic markets, often associated with increased M&A activities (compare Zenke (2004), Eurostat (2010), CapGemini (2010)) as result of the European sector reform policy (compare Kreis (2004)). M&A activities and large-scale mergers, advanced by the different institutional design and timely different implementation of the EU directives (96/92/EC and 98/30/EC) among the EU27 member states, formed the world largest companies – by any means – in the electricity and gas sector.

AB - This research paper explores and characterizes the sector specific consolidation of the EU27 electricity and gas industry since privatisation. Although, the dynamics and triggers of consolidation are commonly known, Wirtz(2006:1335) concludes “There is little empiric evidence available about Mergers & Acquisitions (M&A) and strategies in pre- and post-liberalised energy markets”. Kummerer (2005) and Gregoriou (2007) summarise the general research situation with few studies available analysing international M&As. Newbery (2007:9) highlights the implications of cross-border M&A activities on both industries and the institutional design in the EU, referring to the research of Codognet et al. (2003a; 2003b; 2004). In addition, several studies indicateincreasing concentration tendencies in domestic markets, often associated with increased M&A activities (compare Zenke (2004), Eurostat (2010), CapGemini (2010)) as result of the European sector reform policy (compare Kreis (2004)). M&A activities and large-scale mergers, advanced by the different institutional design and timely different implementation of the EU directives (96/92/EC and 98/30/EC) among the EU27 member states, formed the world largest companies – by any means – in the electricity and gas sector.

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KW - EU27

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KW - consolidation

KW - mergers & acquisitions

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