Şi̇rket Bi̇rleşmeleri̇ Ve Satin Almalarda Kri̇ti̇k Başari Faktörleri̇: Türki̇ye Pazari Bağlaminda Bi̇r Değerlendi̇rme

Abstract

Merger and acquisitions is defined as a strategic decision to increase a firm's growth and enhance its operations (Saxena, 2012). Some proponents argue that mergers increase efficiency whereas opponents argue that they decrease consumer welfare by monopoly power (Coontz, 2004). There is a growing empirical literature documenting that mergers are efficient means for assets to be reallocated within the economy. In line with all these discussions Mergers and Acquisitions in the corporate world are achieving increasing importance and attention especially in the era of intense globalization. Grubb and Lamb (2000) states that only about 20 percent of all mergers really succeed. In 2014, there was a total of 130 deals with disclosed values totaling US$17.7 billion in Turkey. Of these, 4 of them were above one billion US dollars and accounted for 51% of total transaction volume. This paper analyzes the sources of value creation in mergers and acquisitions; focus on critical success factors in merger & acquisition strategies and examines the transactions that took place in Turkey in 2014.