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Mergers
occurs when 2 or more businesses join to form a new one.
Takeovers
occurs when one company purchases another.
Horizontal mergers & takeovers
on the same sector of production
Vertical backwards
secondary sector business buys the primary sector business.
Vertical forwards
secondary sector business buys the tertiary sector business.
Why businesses merge and takeover
economies of scale - allows reduction in costs and increased efficiency.
Synergies - the benefits that result from the combination of 2 businesses e.g. increased revenue, improved products.
Elimination of competitors - takeovers often used to remove competition and increase market share.
Financial risks of mergers/takeovers
Cultural differences - mergers can result in cultural clashes leading to decreased productivity
Integration challenges - can be complex and costly.
Financial rewards of mergers/takeover
Increased market share
diversification
Access to new markets
Increased value