The paper compares economic and financial performance of companies which experienced M&A with those which did not. Comparisons have been made with four criteria of performance one year before and one or two year after M&A announcement. The analysis focuses on M&A where the acquirer gets a majority shareholding of the target company in the French food businesses from 1996 to 2000. The results of the tests show that M&As did not have much effect on corporate performance. But in 2000, M&A seem to have impacted EBITDA to capital employed and ROE of acquirers.
DECLERCK, F. and FOURCADET, O. (2005). Food Firms: Was Performance Enhanced by M&A in the Years 1996-2000? In: Proceedings of the 15th Food and Agribusiness Symposium and Forum of the International Food and Agribusiness Management Association (IAMA). IAMA, pp. 1-10.