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DOI 10.21440/2307-2091-2017-3-93-96

Genesis of the concept "mergers and acquisitions" in the world scientific knowledge pdf

T. V. Reshetnikova, F. I. Valieva

The authors examine the genesis of the concepts of "merger" and "acquisition" in terms of their essence, the need for implementation in the modern economy, the role in the restructuring of the company or business as a whole, the forms of manifestation in the market of corporate control. The authors compare the classical approaches to the examination of essential characteristics in the foreign economic literature with those available in Russian economic literature and used in Russian practice. Both foreign and Russian literature have two clearly distinguished, fundamentally different positions of scientists on the considered definition. Herewith, the first group of researchers separates the terms "merger" and "acquisition", understanding by merging such a transaction between companies in which only one of the involved parties survives, usually the initiator of the transaction. The rest of the companies leave the markets (financial and commodity). This researches consider acquisition
as such a process, after which the absorbed company continues to be present in the markets as a subsidiary of the company initiating the transaction. The authors justify new challenges in the M&A market, and reveal the reasons for their appearance. The article presents the genesis of the concepts of mergers and acquisitions from the point of view of their classification by essential characteristics, and reveals common features that practically all foreign and Russian researchers in this field of knowledge identify. The article also shows the distinctive features noted by scientists that expand the possibilities for business restructuring taking into account the processes of corporate control market. The authors study the classification of mergers and acquisitions with the substantiation own position on the sufficiency/insufficiency of the criterion for classifying the studied concepts to different groups; substantiate appearance of definition "transboundary mergers and acquisitions", taking into account new challenges in world economic relations.

Keywords: mergers and acquisitions; classification features that mediate the essence of the concept; new challenges in the M&A market; transboundary transactions as a growth strategy for companies.

 

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