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Harvard Business Review
The Dubious Logic of Global Megamergers
Harvard Business Review
July, 2000

Most executives think it’s good to be big in a globalizing economy. You can’t look at the front pages of the Wall Street Journal or the Financial Times without seeing yet another megadeal in the headlines. Companies seem to be combining at a rate almost unprecedented in history—and on a global scale.

In the oil sector, there’s Exxon and Mobil, not to mention BP’s mergers with Amoco and Atlantic Richfield. In the automobile industry, Daimler-Benz and Chrysler have joined forces, Ford has taken over the automobile operations of Volvo, and Renault has acquired a significant stake in Nissan. Similar merger examples can be found in industries as diverse as telecommunications, entertainment, financial services, soft drinks, and even cement.

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