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The study analyzes the impact of voluntary synergy disclosures at
the M&A announcement on M&A transactions in the European as
well as in the US energy sector. Thereby, not only is the capital
market perspective considered on both a long- and short-term
horizon, but the operational point of view is also taken into
account. The author shows, while utilizing the event study
methodology, that capital markets attribute increased returns to
those M&A transactions which expect synergy gains for both the
US and European market. As the post-merger accounting study
confirms the realization of these announced synergy gains, it may
be inferred that capital markets do not overreact and management
boards are not overconfident in realizing merger gains.
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