Mergers and Acquisitions in the Energy Sector

The Impact of Synergy Disclosures on Shareholder Wealth and Operating Performance

by Robert Fraunhoffer (Author)
Thesis XVIII, 109 Pages


The study analyzes the impact of voluntary synergy disclosures at the M&A announcement on M&A transactions in the European as well as in the US energy sector. Thereby, not only is the capital market perspective considered on both a long- and short-term horizon, but the operational point of view is also taken into account. The author shows, while utilizing the event study methodology, that capital markets attribute increased returns to those M&A transactions which expect synergy gains for both the US and European market. As the post-merger accounting study confirms the realization of these announced synergy gains, it may be inferred that capital markets do not overreact and management boards are not overconfident in realizing merger gains.


XVIII, 109
ISBN (Hardcover)
Publication date
2013 (November)
Frankfurt am Main, Berlin, Bern, Bruxelles, New York, Oxford, Wien, 2013. XVIII, 109 pp., 30 tables, 4 graphs

Biographical notes

Robert Fraunhoffer (Author)

Robert M. Fraunhoffer studied business administration at the European Business School in Oestrich-Winkel and completed the MBA at the Joseph M. Katz Graduate School of Business at the University of Pittsburgh. While pursuing a PhD in finance at the Darmstadt University of Technology, the author worked as a teaching assistant at the chair of corporate finance.


Title: Mergers and Acquisitions in the Energy Sector