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.
|Number of pages||3|
|Publication status||Published - 2012|
- electricity and gas sector
- mergers & acquisitions