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The main aim of this thesis is to identify the factors being able to explain the success or the failure of
mergers. Though, the number of merger is continuously growing through the time, the rate of failure
of these types of activity still remains high. This fact has brought always more researchers to
investigate on this topic.
Through mergers, companies might achieve growth and a better position inside the market. By
implementing a merger plan, one organization might also improve its performance. On the other hand,
we must address the fact that not all of the merger transactions are successful. Thus, what are the factors
explaining the success or the failure of mergers?
This thesis will try to answer to this question by showing some important concepts in the literature
review, such as culture and the possible synergies. This work will also include two case studies
regarding two mergers, the first case will concern the Exxon-Mobil merger and the second one the
Daimler-Chrysler.
Through the analysis and the comparison of the two cases, I will seek to find the similarities and the
differences being able to lead us towards the key success factor of mergers.
Particularly, this thesis will especially focus on the role of culture inside the change process. This
topic will be also treated inside the third chapter of this thesis work.
This thesis would like to guide the academic research towards the importance of some factors which
have not been carefully considered previously and it would like to point out the importance role
played by organizational culture. The empirical analysis will analyze and carry out a comparison
between the two cases, trying to figure it out what went wrong and what were the factors which
brought the new organization towards a success.

merger- key-factors-success-failure --- -Sciences économiques & de gestion > Gestion de l'entreprise & théorie des organisations

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Antitrust law --- Industrial concentration --- Combinations, Industrial --- Concentration, Industrial --- Economic concentration --- Big business --- Duopolies --- Oligopolies --- Trusts, Industrial --- Competition --- Consolidation and merger of corporations --- Industrial organization

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Corporate reorganizations --- Corporations --- Taxation --- Law and legislation --- fiscaal recht --- vennootschapsbelasting --- nederland --- droit fiscal --- impot des societes --- pays bas --- Reorganization of corporations --- Industrial management --- Consolidation and merger of corporations --- Reorganization --- Droit fiscal

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Unlike operating companies, acquisitions between Real Estate Investment Trusts (REITs) are friendly and acquirers have been previously found to experience higher than average abnormal returns. This study examines the short- and long-term post-merger performance of American Equity Real Estate Investment Trusts through three different methods: a market model, the Buy-and-Hold Abnormal Returns and the Fama & French Five-Factor model. A subdivision was made to analyze the difference between the public and private acquisitions. We found out that public acquisitions yield better results than private ones. Several reasons have been explored to explain such results. One of them is that the REIT industry comprises a large private market and public companies might have a tendency to overreact if a private opponent extends faster than its peers. We further find that mandatory dividend distribution reduces information asymmetry and in the same way hubris and agency issues that might arise from divergent opinion between managers and shareholders. This is mainly to due to a lower level of cash available for managers of such companies. On the same basis, we further find that due to due to specific legislation, acquisitions are mainly horizontal in the REITs industry, which also reduces information asymmetries and in the same direction agency costs. In contrast, we find that the non-presence of blockholders in this particular industry diminishes the efficiency of the management and consequently has a negative impact on the returns.

Real Estate Investment Trusts --- REITs --- Equity --- Mergers --- Announcement --- Market Model --- Event Study --- Post-merger performance --- BHARs --- Buy-and-hold abnormal returns --- Winsor --- Fama & French --- Sciences économiques & de gestion > Finance

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Consolidation and merger of corporations --- -Stocks --- -Common shares --- Common stocks --- Equities --- Equity capital --- Equity financing --- Shares of stock --- Stock issues --- Stock offerings --- Stock trading --- Trading, Stock --- Securities --- Bonds --- Corporations --- Going public (Securities) --- Stock repurchasing --- Stockholders --- Acquisition of corporations --- Acquisitions and mergers --- Amalgamation of corporations --- Business combinations --- Business mergers --- Buyouts, Corporate --- Corporate acquisitions --- Corporate buyouts --- Corporate mergers --- Corporate takeovers --- Fusion of corporations --- Hostile takeovers of corporations --- M & A (Mergers and acquisitions of corporations) --- Merger of corporations --- Mergers and acquisitions of corporations --- Mergers, Corporate --- Takeovers, Corporate --- Corporate reorganizations --- Golden parachutes (Executive compensation) --- Industrial concentration --- Trusts, Industrial --- Finance --- Consolidation --- Mergers --- Theses --- Stocks --- Finance. --- -Finance --- Common shares