Subject category:
Finance, Accounting and Control
Published by:
INSEAD
Length: 23 pages
Data source: Published sources
Abstract
The European market for corporate control has undergone rapid change. Together with the attempted takeover of Thyssen by Krupp and their eventual merger and the successful hostile takeover of Mannesmann by Vodafone Airtouch, the takeover of Telecom Italia by Olivetti was a path-breaking event in this process. A transaction that would have been unheard-of only a few years before not only was successfully carried out, but the process was carried out and financed in a new financial market characterized by a single currency. This case illustrates the dramatic changes that have been taking place in European financial markets and their implications for corporate governance.
About
Abstract
The European market for corporate control has undergone rapid change. Together with the attempted takeover of Thyssen by Krupp and their eventual merger and the successful hostile takeover of Mannesmann by Vodafone Airtouch, the takeover of Telecom Italia by Olivetti was a path-breaking event in this process. A transaction that would have been unheard-of only a few years before not only was successfully carried out, but the process was carried out and financed in a new financial market characterized by a single currency. This case illustrates the dramatic changes that have been taking place in European financial markets and their implications for corporate governance.