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How do Takeovers Create Synergies? Evidence from France
Studies in Business and Economics
Based on bidder-target asymmetry, our study investigates the source of synergy gains derived from corporate takeovers and their specific contribution to bidder value creation. Prior researches have focused on the relevance of only one source of potential synergy. We find that French takeovers tend to create long-term operating and financial synergies. These two synergy components are positive and significant with a large contribution of the former. Furthermore, cutbacks in investmentdoi:10.1515/sbe-2016-0005 fatcat:kt74llq6brh4xcix5zqkcfrx4i