摘要:

SummaryThis study recorded 340 international mergers and 1992 domestic mergers in Australia in the period mid 1959‐December 1970. In the 1,460 mergers for which price information was available, the total merger value amounted to $2,283.3 million. The merger movement was most intensive in the later years of the period, with $1,034.8 million being paid for 429 firms during 1968‐1970. This compares with some 1,157 mergers transacted at a total cost of $558.4 million recorded by Mr Bushnell [2] in the period 1947‐to mid 1959.23While mergers took place in almost all industries, they were not uniformly distributed. More than two‐thirds of foreign take‐overs occurred in manufacturing, compared with less than one‐half of domestic mergers in manufacturing. Foreign companies have purchased the largest or leading Australian firms in their respective industries. Moreover, United States take‐overs were important in basic chemicals and flour mill and cereal products; on the other hand, United Kingdom take‐overs were prominent in beverages and malt, other industrial machinery and fabricated metal products. Among the foreign acquiring companies, merger activity was more concentrated in United Kingdom‐based companies than among United States‐based companies. For the period as a whole, domestic take‐overs outnumbered foreign take‐overs by more than 5·5 to 1. In examining the limited evidence for foreign take‐over activity in the period 1946‐59,24it is apparent that foreign firms have accounted for a much higher share of merger activity during the nineteen‐sixties. In addition, mergers overseas have brought together the Australian subsidiaries of the merging companies.Mr Bushnell [2] rated the tax structure including all its ramifications as probably the single most important cause for mergers.25While tax factors have continued to play an important role in merger activity, it appears that, during the sixties, a far more important reason for mergers in many industries has been the so‐called proliferation effect of mergers. As some firms, especially the multinationals, took over leading local companies making for cost and competitive advantages, invariably the smaller remaining independent firms were compelled to resort to mergers for defensive reasons. The owners of many of these firms, fearing a war of attrition, took advantage of avoiding risks by capitalizing future profits in the form of tax‐free capital gains, by selling out before a situation emerged where their bargaining power would have been seriously eroded. Most of these firms disappearing into mergers, did so with partners closely related to their existing operations. Approximately three‐fourths of domestic and foreign take‐ov

ISSN:0013-0249    

DOI:10.1111/j.1475-4932.1977.tb00289.x

出版商:Blackwell Publishing Ltd    

年代:1977

数据来源: WILEY

ISSN:0013-0249    

DOI:10.1111/j.1475-4932.1977.tb00290.x

出版商:Blackwell Publishing Ltd    

年代:1977

数据来源: WILEY

ISSN:0013-0249    

DOI:10.1111/j.1475-4932.1977.tb00291.x

出版商:Blackwell Publishing Ltd    

年代:1977

数据来源: WILEY

ISSN:0013-0249    

DOI:10.1111/j.1475-4932.1977.tb00292.x

出版商:Blackwell Publishing Ltd    

年代:1977

数据来源: WILEY

ISSN:0013-0249    

DOI:10.1111/j.1475-4932.1977.tb00293.x

出版商:Blackwell Publishing Ltd    

年代:1977

数据来源: WILEY

ISSN:0013-0249    

DOI:10.1111/j.1475-4932.1977.tb00294.x

出版商:Blackwell Publishing Ltd    

年代:1977

数据来源: WILEY

ISSN:0013-0249    

DOI:10.1111/j.1475-4932.1977.tb00295.x

出版商:Blackwell Publishing Ltd    

年代:1977

数据来源: WILEY

摘要:

Book reviewed in this article:The Intellectual Capital of Michal Kalecki: A Study in Economic Theory and Policy.By G. R. FiewelProduction Functions and Aggregation.By K. Sato. (North Holland Publishing Company, Amsterdam, 1975)United Nations Conference on Trade and Development, Geneva, Switzerland.The Economics of Electricity Supply in Australia.By G. D. McColl. (Melbourne University Press, Melbourne, 1975.)Price and Non‐Price Competition: Dynamics of Marketing.By M. M. Metwally. (Asia Publishing House, London, 1976.)Australia, Japan and the Western Pacific Economic Relations: A Report to the Governments of Australia and Japan.Presented by Sir John Crawford and Dr. Saburo Okita. (Australian Government Publishing Service, Canberra, 1976.) Pp. IX + 325. No price stated.Money, Employment and Inflation.By R. J. Barro and H. I. Grossman. (Cambridge University Press, London, 1976.)Investigating Economics.By A. Hocking. (Australian Economics Project, Cheshire, Melbourne, 1975.)Teaching Economics. A Guide to Investigating Economics.By A. Hocking, A. Gregory and R. Wilkes. (Australian Economics Project, Cheshire, Melbourne, 1975.)A Theory of Profits.By A. Wood. (Cambridge University Press, Cambridge, 1975Investment and Employment Decisions.By Frank Brechling. (Manchester University Press, Manchester, 1975

ISSN:0013-0249    

DOI:10.1111/j.1475-4932.1977.tb00296.x

出版商:Blackwell Publishing Ltd    

年代:1977

数据来源: WILEY

ISSN:0013-0249    

DOI:10.1111/j.1475-4932.1977.tb00297.x

出版商:Blackwell Publishing Ltd    

年代:1977

数据来源: WILEY

ISSN:0013-0249    

DOI:10.1111/j.1475-4932.1977.tb00298.x

出版商:Blackwell Publishing Ltd    

年代:1977

数据来源: WILEY