With the exception of several well publicized natural resource deals, cross border mergers and acquisitions involving Chinese companies is still at an early stage.
Banks are likely to become more pan-European as the single currency encourages cross-border mergers and greater cross-border exposures.
The new single currency has also set off a wave of cross-border mergers and acquisitions.
Still, even in the absence of legislation, French politicians are adept at discouraging cross-border mergers in this area.
But Canal Plus came up against the hostility in Europe to cross-border mergers.
Thus a second option: to go for cross-border mergers, and try to create something big enough to confront the world's megabanks.
And Europe remains a difficult place for cross-border mergers in financial industries.
There have been few cross-border mergers, and these have not had much luck in capitalising on economies of scale or indeed on anything else.
The third big necessary change is to accept more cross-border mergers.
Law firms themselves are going global, through links and cross-border mergers.
Several other European countries, such as Italy and Spain, are going through their own banking consolidation, and are shunning cross-border mergers, preferring to find economies at home.
The European Commission is fearful that Poland's stance marks a growing trend of protectionism from states trying to block cross-border mergers, notably in the banking and utilities industries.
Meanwhile, the cross-border mergers and acquisition business is heating up.
EU's most Westphalian features are also its most vital ones: the commissioners who try to keep the internal market operating freely, and who try to unscramble cartels and allow cross-border mergers.
That idea made so much sense that the two companies had reached agreement on most of the issues usually impeding cross-border mergers, such as legal structure, governance arrangements, business strategy and dividend policy.
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According to a recent study by Mercer Oliver Wyman, a consulting group, and Morgan Stanley, an investment bank, cross-border mergers can work if the buyer brings more sophisticated information-technology and risk management to the target.
But it may be that outside forces are more important: for example, a European Union that forbids cosy cartels, American pension funds that demand open accounts for their investments in France, or even the influence of the euro in promoting competition and cross-border mergers.
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So far only Scandinavia and the Benelux countries have seen significant cross-border bank mergers.
Bank analysts have long been expecting some cross-border bank mergers in Europe.
This is in marked contrast to European banks' strategies for the euro zone, where cross-border bank mergers have so far been rare.
See page 160 for the survey, which will help you keep up in a world of cross-border hostile mergers, global competition and ADRs.
We haven't seen a lot of cross border mega-mergers here until recently because regulations varied from country to country and nationalism and paraochialism kept predators at bay.
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This abolition of national flag carriers will, in turn, make it easier to complete cross-border European airline mergers.
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From 1990 to 1998, cross-border deals accounted for less than a third of European mergers by volume.
In both America and Europe, most cross-border deals for now are selective forays rather than big mergers between leading banks.
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