Our model examines real (prices, quantities and profits) and financial (share prices, wealth transferts between shareholders) of p artial acquisitions in an oligopolistic market. Our results show that such operations done at the initiative of a controlling shareholder exist in equilibrium even in the absence of economies of scale, that they benefit the controlling shareholder, harm minority shareholders of his or the target company, benefit competitors and always harm consumers because of the increase in prices.
CHARLETY-LEPERS, P., FAGART, M.C. and SOUAM, S. (2002). Partial Acquisitions and Dilution of Minority Shareholders Wealth. In: EARIE'29 2002 Annual Conference Proceedings. Europen Association for Research in Industrial Economics (EARIE).