Year
2004
Authors
CHARLETY-LEPERS Patricia, SAGART M.C., SOUAM S.
Abstract
We study horizontal partial acquisitions in an oligopolistic industry in the absence of synergies. Contrary to existing results, we show that a dominant shareholder may choose to acquire toeholds in rivals, silent or controlling, which harm other shareholders and decrease welfare. Moreover, the existence of initial toeholds in rivals generally entrance the incentive to acquire.
CHARLETY-LEPERS, P., SAGART, M.C. et SOUAM, S. (2004). Real Market Concentration through Partcal Acquisitions. Dans: EARIE’04 Proceedings. Europen Association for Research in Industrial Economics (EARIE).