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Download Banking Mergers and Acquisitions in the EU: Overview by Rym Ayadi, Georges Pujals PDF

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By Rym Ayadi, Georges Pujals

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Contestability hinges on the absence of exit costs (called ‘sunk costs’), which are the costs that cannot be recovered by transferring assets to other uses or by selling them. Entry to the financial services sector requires substantial investment that tends to be sunk to a high degree. 47 The possibility of a cartel in banking is not purely theoretical and can be prejudicial for effective competition, as shown by the “Cruickshank” report (2000) in the UK and in Canoy and Onderstal (2003) in the Netherlands.

53 reached the threshold considered critical, in general the majority of the countries have tended to reach it, but at different degrees. Indeed, in 2001, two major M&A operations were aborted due to a risk of dominant position at the national level: the failures of the bid for Abbey National by Lloyds TSB due to the veto of national competition authorities in the UK and of the proposed merger between SEB and Swedbank in Sweden due to the opposition by competition services in the European Commission.

The expected outcome is to increase revenue and to increase costs. ❍ Transaction H: a cross-border acquisition between Kredietbank SA Luxembourgeoise KBL from Luxembourg and Banco Uquijo from Spain. The deal was announced and completed around 1999. The acquirer was more inclined towards investment activities; whereas the target was more active in commercial activities including lending and savings. The industrial strategy behind the acquisition was to consolidate the universal banking model at a cross-border level.

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