Takeovers, mergers and the regional economy:
Gespeichert in:
| Hauptverfasser: | , |
|---|---|
| Format: | Buch |
| Sprache: | English |
| Veröffentlicht: |
Edinburgh
Edinburgh Univ. Pr.
1993
|
| Schriftenreihe: | Scottish industrial policy series
5 |
| Schlagworte: | |
| Online-Zugang: | Inhaltsverzeichnis |
| Beschreibung: | XVI, 218 S. graph. Darst. |
| ISBN: | 0748604006 |
Internformat
MARC
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| 650 | 7 | |a Regionale aspecten |2 gtt | |
| 650 | 4 | |a Wirtschaft | |
| 650 | 4 | |a Consolidation and merger of corporations |z Scotland | |
| 650 | 4 | |a Industrial policy |z Scotland | |
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Datensatz im Suchindex
| _version_ | 1804122552445960192 |
|---|---|
| adam_text | CONTENTS
List of Tables and Figures vii
Preface xi
Introduction xiii
1. THE PHENOMENON OF EXTERNAL OWNERSHIP
AND CONTROL 1
The Concept of External Ownership and Control 2
External Control and the Scottish Economy 4
Economic Consequences 11
Significance of Takeovers 28
2. TAKEOVERS AND THE REGIONAL INTEREST 33
The Regional Effects of Takeovers 33
Establishing the Impact of Takeover 39
Appendix: Statistical Estimation of the Effect of Takeover 45
3. SCOTTISH TAKEOVERS, 1965 to 1989 49
Population Identification 49
The Time Pattern of Scottish External Takeovers 53
Characteristics of Acquired Manufacturing Companies 56
Characteristics of Acquiring Companies 61
Scottish Takeovers and Interregional Takeovers in the uk 65
4. EVIDENCE ON THE EFFECTS OF EXTERNAL
TAKEOVERS 74
Pre acquisition Performance and Merger Motivation 74
Internal Company Effects of Takeover 79
Effects of External Takeover on the Scottish Economy 93
Summary and Conclusions 105
5. A CASE STUDY OF EXTERNAL TAKEOVER:
THE SCOTCH WHISKY INDUSTRY 114
Introduction 114
Economic Performance and Significance 114
Industry Structure 122
Changing Ownership and Control 125
The Significance of External Takeover 131
Conclusions and Recent Developments 139
Contents
6. PUBLIC POLICY AND EXTERNAL TAKEOVERS 142
An Overview of uk Mergers Policy 142
The Public Interest and the Decision to Refer 144
The Role of the Monopolies and Mergers Commission 149
A Review of Key mmc Decisions 150
Appraisal of uk Mergers Policy 164
Mergers Policy in the European Community 168
7. POLICY CRITIQUE 175
Current Policy and Practice 175
The Case for Change 178
Accommodating the Regional Interest into Mergers Policy 183
The Regional Interest in EC Mergers Policy 189
Other Policy Issues 191
Appendix 195
Externally acquired Scottish Manufacturing Companies,
1965 89 195
Bibliography 207
Index 212
LIST OF TABLES
I.I The fifty largest Scottish controlled manufacturing
companies in 1980 and their subsequent acquirers xiv
1.1 Overseas owned manufacturing plants in Scotland by
sector, 1950 89 7
1.2 Overseas owned manufacturing plants in Scotland by
country of ownership, 1950 89 8
1.3 Hypothesised costs and benefits of external control 12
1.4 Overseas new openings and acquisitions from uk owners in
manufacturing by number, employment and sub period,
1950 89 29
1.5 Overseas new openings and acquisitions from uk owners by
manufacturing industry grouping, 1950 89 30
1.6 Overseas new openings and acquisitions from uk owners in
manufacturing by major area of origin, 1950 89 31
2.1 Hypothetical data of firm/industry differences pre and
post acquisition 48
3.1 Time pattern of all identified acquisitions 54
3.2 Industrial structure of acquired manufacturing companies,
1965 89 55
3.3 Asset size distribution of acquired companies
(£ million, 1975 prices) 56
3.4 Status of acquired companies 57
3.5 Type of acquisition 58
3.6 Employment in acquired Scottish manufacturing companies
(assets £1 million at 1975 prices) 59
3.7 Location of acquiring companies 61
3.8 Asset size of acquired and acquiring companies, 1965 80
(£ million, 1975 prices) 62
3.9 Average employment in acquired and acquiring companies
at time of takeover, 1965 79 62
3.10 uk regional and interregional takeovers, 1969, 1977 and 1985 68
4.1 Cross classification of company performance and prospects
(no of companies) 75
4.2 Appointments and pre acquisition performance of the
acquired firms 80
4.3 Estimated effects of takeover on company performance
variables 85
4.4 Pre merger position and prospects compared with outcome as
judged by the case studies 88
List of Tables
4.5 Percentage of regional vat registrations attributable to finance,
insurance and property sector, 1980 8 97
4.6 Vat registrations per thousand of working population, 1980 8 98
4.7 Summary of discriminant analysis of firms between decreased
and non decreased linkages or functions by ranking of
characteristics 103
5.1 Production and exports of Scotch whisky, 1970 90
(million litres of pure alcohol) 115
5.2 Scotch whisky exports to major markets by volume: 1980
and 1988 117
5.3 Major purchases by the whisky industry: 1979 (£m) 120
5.4 Whisky balance of trade : 1979 (£m) 121
5.5 Type I output multipliers: 1979 122
5.6 Associated employment effects 122
5.7 Cr5 concentration ratios: percentage of total sales controlled by
five largest enterprises by employment. Mlh 239.1, 1971 80;
activity heading 4240, 1981 8 124
5.8 Ownership of operating Scottish malt whisky distilleries 124
5.9 Changes of ownership in the Scotch whisky industry, 1971 90 126
5.10 Ownership of operating Scotch whisky distilleries (1990) 131
5.11 Test for difference between means 132
5.12 Change in level of company sales attributable to takeover
(1979 prices) 135
5.13 Estimated changes in purchases from Scottish suppliers
following takeover 135
5.14 Estimated impact of changed final demand and linkages on
Scottish sectoral output and employment (firm industry) 136
5.15 Estimated impact of changed final demand and linkages on
Scottish sectoral output and employment (firm industry trend) 138
6.1 Scottish headquartered companies fulfilling the minimum
requirements of ec mergers legislation in 1989 172
viii
LIST OF FIGURES
1.1 Manufacturing in Scotland: ultimate ownership by employment,
1968 89 9
1.2 Construction and service sector: employment by ownership,
1990 10
2.1 Estimation of effect of takeover using projected time trend
on Fb ib 47
3.1 Scottish external takeovers, 1965 89 53
3.2 uk acquisition activity, 1965 89 54
3.3 Average pre takeover roce of acquired and acquiring firms,
1965 80 63
3.4 Average pre takeover ros of acquired and acquiring firms,
1965 80 64
3.5 Interregional takeovers, 1968 84: percentage of all
large takeovers 65
3.6 Net transfers of control: large firms, 1968 84 66
3.7 Annual transfer of net control to South East from rest of uk,
1968 84 67
3.8 Net transfer of control for all firms and uk regions, 1969, 1977
and 1985 70
4.1 Management following takeover: percentage of firms 82
4.2 Linkages following takeover: percentage of firms 94
4.3 Key functions following takeover: percentage of firms 96
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| geographic | Écosse (GB) - Conditions économiques ram Schottland Scotland Economic conditions 1973- Regional disparities |
| geographic_facet | Écosse (GB) - Conditions économiques Schottland Scotland Economic conditions 1973- Regional disparities |
| id | DE-604.BV008169378 |
| illustrated | Illustrated |
| indexdate | 2024-07-09T17:15:41Z |
| institution | BVB |
| isbn | 0748604006 |
| language | English |
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| physical | XVI, 218 S. graph. Darst. |
| publishDate | 1993 |
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| series | Scottish industrial policy series |
| series2 | Scottish industrial policy series |
| spelling | Ashcroft, Brian Verfasser aut Takeovers, mergers and the regional economy Brian Ashcroft and James H. Love Edinburgh Edinburgh Univ. Pr. 1993 XVI, 218 S. graph. Darst. txt rdacontent n rdamedia nc rdacarrier Scottish industrial policy series 5 Fusies gtt Fusion d'entreprises - Écosse (GB) ram Regionale aspecten gtt Wirtschaft Consolidation and merger of corporations Scotland Industrial policy Scotland Mergers and Acquisitions (DE-588)4205916-1 gnd rswk-swf Regionale Wirtschaftsentwicklung (DE-588)4076601-9 gnd rswk-swf Takeover (DE-588)4213995-8 gnd rswk-swf Écosse (GB) - Conditions économiques ram Schottland Scotland Economic conditions 1973- Regional disparities Mergers and Acquisitions (DE-588)4205916-1 s Regionale Wirtschaftsentwicklung (DE-588)4076601-9 s DE-604 Takeover (DE-588)4213995-8 s Love, James H. Verfasser aut Scottish industrial policy series 5 (DE-604)BV000009629 5 HBZ Datenaustausch application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=005390230&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis |
| spellingShingle | Ashcroft, Brian Love, James H. Takeovers, mergers and the regional economy Scottish industrial policy series Fusies gtt Fusion d'entreprises - Écosse (GB) ram Regionale aspecten gtt Wirtschaft Consolidation and merger of corporations Scotland Industrial policy Scotland Mergers and Acquisitions (DE-588)4205916-1 gnd Regionale Wirtschaftsentwicklung (DE-588)4076601-9 gnd Takeover (DE-588)4213995-8 gnd |
| subject_GND | (DE-588)4205916-1 (DE-588)4076601-9 (DE-588)4213995-8 |
| title | Takeovers, mergers and the regional economy |
| title_auth | Takeovers, mergers and the regional economy |
| title_exact_search | Takeovers, mergers and the regional economy |
| title_full | Takeovers, mergers and the regional economy Brian Ashcroft and James H. Love |
| title_fullStr | Takeovers, mergers and the regional economy Brian Ashcroft and James H. Love |
| title_full_unstemmed | Takeovers, mergers and the regional economy Brian Ashcroft and James H. Love |
| title_short | Takeovers, mergers and the regional economy |
| title_sort | takeovers mergers and the regional economy |
| topic | Fusies gtt Fusion d'entreprises - Écosse (GB) ram Regionale aspecten gtt Wirtschaft Consolidation and merger of corporations Scotland Industrial policy Scotland Mergers and Acquisitions (DE-588)4205916-1 gnd Regionale Wirtschaftsentwicklung (DE-588)4076601-9 gnd Takeover (DE-588)4213995-8 gnd |
| topic_facet | Fusies Fusion d'entreprises - Écosse (GB) Regionale aspecten Wirtschaft Consolidation and merger of corporations Scotland Industrial policy Scotland Mergers and Acquisitions Regionale Wirtschaftsentwicklung Takeover Écosse (GB) - Conditions économiques Schottland Scotland Economic conditions 1973- Regional disparities |
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