Planning International Mergers and Acquisitions

  • Derek F. Channon
  • Michael Jalland


In recent years acquisitions and mergers have become an increasingly important route to international expansion. In the decade 1946–57, the leading US multinationals for example made 194 acquisitions in Western Europe. In the next decade to 1967 the number rose to 1193.1 Most of these moves were, however, acquisitions rather than mergers. In Europe, a report sponsored by the EEC revealed that between 1961 and the first half of 1969 there were 1861 mergers and takeovers within the Community and only 257 between companies from countries in other communities. Non-Community companies made 820 acquisitions of EEC-based companies, while Community-based firms made 215 purchases abroad.2 While the leading firms have now mainly established themselves in major countries, fill-in acquisitions are still undertaken and newly emerging multinationals, including many of the largest firms in Western Europe and Japan, are also actively engaged in increasing their geographic coverage.


Cash Flow Capital Gain Parent Company Trade Mark Work Capital Management 
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  1. 1.
    J. Vaupel and J. P. Curhan, The Making of Multinational Enterprise (Harvard Business School, Division of Research, 1969), introduction.Google Scholar
  2. 2.
    J. Kitching, ‘Acquisitions in Europe: Causes of Corporate Successes and Failures; Business International, Geneva 1973, pp. 59–60.Google Scholar
  3. 3.
    Adapted from points raised by Kitching, ibid., pp. 87–9.Google Scholar
  4. 4.
    Ibid., pp. 94–7.Google Scholar
  5. 5.
    Ibid., pp. 56–86.Google Scholar
  6. 6.
    Ibid., p. 116.Google Scholar
  7. 7.
    Adapted from ‘Business Man’s Review’, Price Waterhouse and Company, 1972.Google Scholar
  8. 8.
    Edwardes Ker, op. cit., chapter 13.Google Scholar
  9. 9.
    Ibid., chapter 13.Google Scholar
  10. 10.
    J. Chown, op. cit., p. 196.Google Scholar
  11. 11.
    Ibid., pp. 196–200.Google Scholar
  12. 12.
    Edwardes Ker, op. cit., chapter 13.Google Scholar
  13. 13.
    Mainly adapted from J. Chown, op. cit., pp. 219–31.Google Scholar
  14. 14.
    Edwardes Ker, op. cit., chapter 14.Google Scholar
  15. 15.
    J. Kitching, op. cit., pp. 177–9.Google Scholar
  16. 16.
    Ibid., pp. 179–83.Google Scholar
  17. 17.
    Ibid., p. 183.Google Scholar

Copyright information

© Derek F. Channon with Michael Jalland, Manchester Business School 1978

Authors and Affiliations

  • Derek F. Channon
    • 1
  • Michael Jalland
    • 1
  1. 1.Manchester Business SchoolUK

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