Mergers and Acquisitions in European Energy Markets
The article summarizes merger activity in European utilities. A number of different business models are emerging, including Regional Giant, Merchant Powerhouse and Layer Player. The authors take a view that the Regional Giant is most likely to win out, but that it depends on the way the markets develop. Any M&A strategy needs to make strategic sense (by having a clear business model), have the financial model to pull through, and have enough optionality to adjust to changing market conditions.
Whitehead, Jo. & Ellul, E. (2001) Mergers and Acquisitions in European Energy Markets,Global Energy Business, November/December