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Value Creation within the Construction Industry

A Study of Strategic Takeovers

Series:

Joachim Vogt

Mergers & Acquisitions (M&A) are important strategic business options for corporations. Yet, the understanding of industry-specific drivers of M&A transactions is more than limited. Characterized by highly fragmented markets, cross-company production structures and increasing international business scope, the construction industry represents an attractive field of research to address questions on M&A motives. Based on comprehensively selected datasets and state-of-the-art empirical methods, the study illustrates the motives, the strategy and the effects of M&A transaction within the construction industry. Overall the analyzed M&A transactions tend to lead to an increase of corporate wealth. Important factors for a positive development comprise the peculiarities of the construction industry, the general market conditions and the nature of many takeovers. Still, the M&A transactions may also cause significant value destruction and may even lead to a failure of a company if an inappropriate strategy is applied.

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List of Figures XV

Extract

XV List of Figures Figure 2.1: CAAR Overview of All Bidders ...................................................... 16 Figure 4.1: Organizational Structure of Walter Bau in 1995.............................. 73 Figure 4.2: Organizational Structure of Walter Bau in 2001.............................. 76 Figure 4.3: Share Prices of Leading Construction Firms in Germany................ 85

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