Abstract:

Globalization and the much sharper competition on markets are factors that make joining forces by acquisitions and mergers become an attractive perspective for companies. Such reorganizations are welcomed as long as they do not affect competition and consequently, they can enhance the competitiveness level, improving development conditions and raising the living standard. The examination of the mergers which are to be accomplished has as its objective, preventing the negative effects on competition. The recent mergers and acquisitions have been focused on those activity sectors where comparative advantages have disappeared or are going to disappear. Based on the consideration that the size is a barrier against a possible hostile taking-over, mergers and acquisitions are rather, a question of strategy than one of profitableness. Corporations do not absolutely increase their profits, but they secure themselves a strategic comfort. These merger or acquisitions operations are inevitably accompanied by restructures that have significant effects over the whole economy.