Einbettung von Merger und Akquisition in wirtschaftstheoretische Erklärungsansätze

The combination of enterprises is not a phenomenon of the last years. The concept of the "Mergers & Acquisitions" is based on fundamental economic theories, which are however often overlaid in the discussion by populist motives for the merger or acquisition in that particular case. This article brings a theoretical structure into the available reasons for mergers, with a special focus to the field of the New Institutional Economics. There exists no gold standard in arguing for or against mergers. A decision maker has to consider his specific situation when choosing between the different levels of co-operation up to the acquisition of an enterprise.