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Title: Dynamics of industrial consolidation : mergers, acquisitions and joint ventures in the EU27 electricity and gas industry - concentration, cooperation and internationalisation
Author: Petz, Marc
Awarding Body: Glasgow Caledonian University
Current Institution: Glasgow Caledonian University
Date of Award: 2012
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This thesis explores the dynamics of industrial consolidation in the EU27 electricity and gas industry. The research aim is to characterise the consolidation dynamics, its underlying key drivers and implications related to the EU27 electricity and gas industry's consolidation. This research follows a systematic evaluation and comparative analysis of the concentration and internationalisation dynamics since the United Kingdom's privatisation start in the year 1986. This thesis contributes to the discussions about concentration, cooperation and internationalisation strategies in special consideration of competition and competitive advantage in both sectors. This thesis offers a retro perspective, independent, neutral and objective research under special consideration of the interdisciplinary from the perspectives of (energy) economists, institutions, and .management on this transformation • process. The research findings base on the empiric-quantitative analysis of 5,309 realised and closed Mergers & Acquisitions and Joint Venture transactions with a total deal volume of EUR1,184bn covering the period between 01/01/1986 and 31/12/2008 targeting the EU27 electricity and gas industry. In addition, the data set contains all worldwide transactions realised by the companies based in the EU27 member states. Research conveyed a semi-structured survey about the consolidation key determinants issued to the industry's Chief Executive Officers in spring 2010. The survey asked for the economic crisis impact on the industry, and asked for assessment of the prospective consolidation development ~ after the crisis. The research findings demonstrate that economic and regulatory pressures are the main forces influencing the concentration process. Thereby, the incumbent companies mainly drove the consolidation process in Europe. The main reasons for the EU27 electricity and gas industry's internationalisation are an eased market access, advanced by privatisations and market liberalisation, growth orientation, as well as cartel restrictions due to high concentration. The corporate key strategies remain to achieve economies of scale and synergies, meanwhile, focussing on core competencies and the strategic fit. The companies had to struggle during the economic crisis due to decreasing demand, but developed unexpected opportunities from divestures and/or by regulatory restrictions.
Supervisor: Not available Sponsor: Not available
Qualification Name: Thesis (Ph.D.) Qualification Level: Doctoral
EThOS ID:  DOI: Not available