This paper analyses the mergers and acquisitions waves that took place in history, emphasizing the generating factors of each wave of operations, as well as the particularities specific to each period. Systematically, these growth and development instruments have become very attractive for the firms in the entire Europe and, in the present, the phenomenon of mergers and acquisitions represents a reality having a major impact on national economies and also on the world economy. This research is

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... ased on a systematic, logical and comparative analysis of scientific literature and statistical data regarding mergers and acquisitions.