By Denise Dahlhoff
The U.S. meals skilled a wave of mergers and acquisitions (M&As) in the course of the moment 1/2 the decade. more and more, marketing-related targets were suspected to reason those M&As.
Denise Dahlhoff investigates the explanations underlying the M&A task within the U.S. foodstuff within the moment half the decade. the focal point is on marketing-related explanations, specifically manufacturers, as a motive force of M&As. using the shareholder price framework, the writer explains the surge of M&As within the U.S. foodstuff in recent times; she explores the categorical explanations of vital M&As within the foodstuff undefined, linking those reasons to shareholder worth drivers; she develops a quantitative dimension instrument for depicting companies' M&A intent and applies it in a pilot examine. together with either advertising and monetary views, Denise Dahlhoff demonstrates how marketing-oriented M&As can generate development and, finally, shareholder price. The findings of this research should be utilized to equally dependent industries, particularly patron goods.
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Additional resources for Marketing-Related Motives in Mergers & Acquisitions: The Perspective of the U.S. Food Industry
A SUpercenter is a combination store of mass merchandise and food/drug products in a single unit, providing one-stop-shopping. Grocery items, occupying about 40% of shelf space, serve as a customer magnet to increase both the nurober of shopping trips and the average checkout total. The three major players in the supercenter area are Wal-Mart, Kmart and Target (Standard & Poor's 2000c, 9). Wal-Martplans to open 170180 new supercenters in 2001 (Bear Steams 2000, 5). S. Food lndustry 33 through purchases of the Wertkauf and Asda groups, respectively, caused substantial structural changes in Europe over the past years.
34 35 36 Heinz for example generates a substantial part of its business with private Iabel business. Indication tbat online sbopping for consumer goods is increasingly adopted by customers is the surge in traffic on Wal-Mart's online site. 54 million visits within a five-weeks period compared to the same period a year earlier (Hansell 2000, C2). 5 million were spent within a three-weeks period during the season, wbich is a 103% incline compared to the same period in the preceding year. com, for example, said to cease Operations at the end of 2000.
Business Wire 2000a). 1 for a compilation of press releases of food M&As. 15 Often, synergy is referred to as '1+1 is more than 2' (Gaughan 1998, 117). 16 An altemate systematization of synergies from consolidation is suggested by Seth ( 1990) who defines live classes of M&A synergies: coinsurance, diversification of risk (by reverse business cycles), economies of scale, economies of scope, and collusive synergy which Iead to market power due to a strenger negotiating position toward distribution chain members.