The paper studies valuation ratios of food companies that were part of M&A involving at least one French company during the 1996 - 2001 wave of M&A. Deals are more and more transnational over the period. Empirical and structural findings converge to conclude that a food company is worth about 1.3 times its turnover. Econometric tools lead to value food company 1.1 to 1.4 times its turnover. Empirical observations are based on a sample of 100 M&A out of a population of 384 M&A. Student tests show no significant difference of "valuation to turnover" ratios in "French M&A" and "International M&A". M&A in the wine & spirit sector and the retail sector exhibit very specific ratios.
DECLERCK, F. (2002). Valuation of Mergers and Acquisitions Involving at Lest One French Food Company During the 1996-2001 Wave. ESSEC Business School.