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Merger Regulation, Firms, and the Co-Evolutionary Process: An Empirical Study of Internationalisation in the UK Alcoholic Beverages Industry, 1985-2005

Bower, Julie and Cox, Howard (2013) Merger Regulation, Firms, and the Co-Evolutionary Process: An Empirical Study of Internationalisation in the UK Alcoholic Beverages Industry, 1985-2005. CGR Working Paper (48). pp. 1-33. (Unpublished)

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Abstract

We present an historic industry study of the consolidation of the UK alcoholic beverages firms to inform debates in organisation studies relating to co‐evolution and the dynamics of internationalisation. We distinguish behavioural and structural co‐evolutionary factors in firms’ strategic intent, mirroring the two types of remedies that competition authorities can impose on merging firms. We test this theoretical construct in an empirical investigation of the consolidating UK alcoholic beverages firms between 1985 and 2005. In this era Diageo was formed from the landmark merger of Grand Metropolitan and Guinness. Subsequently Diageo acquired the former international spirits empire of Seagram in partnership with a major competitor. Successful implementation of Diageo’s merger strategy owed much to an ability to navigate the evolving multijurisdictional co‐ordinated oversight of cross‐border mergers and acquisitions. The formation of novel deal structures as well as co‐operation with competitors to circumvent policy intervention were significant co‐evolutionary mechanisms that have featured more generally in subsequent international mergers as others have copied these deal structures to achieve similar regulatory outcomes.

Item Type: Article
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Uncontrolled Keywords: alcoholic beverages, co‐evolution, competition policy, merger regulation
Subjects: H Social Sciences > HD Industries. Land use. Labor
H Social Sciences > HD Industries. Land use. Labor > HD28 Management. Industrial Management
Divisions: Academic Departments > Worcester Business School
Related URLs:
Depositing User: Howard Cox
Date Deposited: 17 Nov 2014 09:31
Last Modified: 07 Aug 2015 12:26
URI: https://eprints.worc.ac.uk/id/eprint/3462

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