Effects of the M&A Wave in the Global Brewing Industry 2000-2010

Erik S. Madsen, Kurt Pedersen, Lars Lund-Thomsen

Guest Editors: Giannis Karagiannis and Klaus Salhofer
Published: 01.12.2012  〉 Volume 61 (2012), Number 4, 235-243  〉 Resort: Articles 
Submitted: N. A.   〉 Feedback to authors after first review: N. A.   〉 Accepted: N. A.

ABSTRACT

The brewing industry has experienced massive changes over the last decade. Industry concentration has increased dramatically, and the leading brewing groups have globalised their operations across virtually all continents. Based on a major data base the paper traces some causes and assesses the main effects of the M&A strategies in the global beer industry. The results verify that the 4 large acquiring brewing groups are more efficient than a control group of 200 large breweries but they have not performed significantly better in the period. This gives some evidence for the market power hypothesis which seems to work in the brewing industry in this period.
CONTACT AUTHOR
ERIK S. MADSEN, ASSOCIATE PROFESSOR
Department of Economics and Business
Aarhus University
Fuglsangs Allé 4, building 2632, room 226;
8210 Aarhus V, Denmark
e-mail: ema@asb.dk
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