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Agarwal, Manish --- "Does Implementation of Merger Regulation Impede Inbound Cross-border Mergers? Analysis of Developed versus Developing Countries" [2012] ELECD 834; in Whish, Richard; Townley, Christopher (eds), "New Competition Jurisdictions" (Edward Elgar Publishing, 2012)

Book Title: New Competition Jurisdictions

Editor(s): Whish, Richard; Townley, Christopher

Publisher: Edward Elgar Publishing

ISBN (hard cover): 9780857939517

Section: Chapter 8

Section Title: Does Implementation of Merger Regulation Impede Inbound Cross-border Mergers? Analysis of Developed versus Developing Countries

Author(s): Agarwal, Manish

Number of pages: 29

Extract:

8. Does implementation of merger
regulation impede inbound
cross-border mergers? Analysis
of developed versus developing
countries
Manish Agarwal1

1. INTRODUCTION AND BACKGROUND

Over the past two decades, there has been an unprecedented increase in
cross-border mergers. Data published by the United Nations Conference
on Trade and Development (UNCTAD), which is the main secondary
source for country-level data on cross-border mergers, show that over
the period 1987­2007 cross-border mergers increased nine-fold in real
value terms as well as in terms of numbers.2 Detailed country-level and
year-wise data published by UNCTAD for 1987­2006 show that cross-
border merger activity has expanded geographically across countries. The
share of developed countries in inbound cross-border mergers3 is high and
that of developing and transition countries is increasing. In value terms,
developed countries accounted for approximately 88 per cent of the total
inbound cross-border mergers. The share of developing and transition
countries, which was approximately 2 per cent in the 1980s, increased to
13 per cent in the 1990s and 14 per cent up to 2006.

1 I thank Michal Gal, Christopher Townley and other members of the

ASCOLA selection committee for helpful comments. I thank Aditya Bhattacharjea,
Harry Bloch, Ping Lin, Tom Ross, David Round, Martin Shanahan, Magnus
Söderberg, and participants of the Sixth ASCOLA Conference 2011 (London) for
their comments and suggestions. Any errors or omissions are mine.
2 Calculated by the author based on cross-border mergers data published ...