Why is there no hostile takeover?

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However strong the bidder’s motivation and thorough its preparation may be, the shareholder structure and the cultural environment appear hard obstacles to bypass to successfully pursue a hostile takeover nowadays in France.


“But there are hostile takeovers!” This is the first reaction I usually encountered when leading my research. One would then quote a few famous examples of past operations, such as Louis Vuitton on Moët Henessy or Mittal over Arcelor. But their frequency is much lower than one could expect. Indeed, hostile takeover is a strong academic topic and offers sensationalism due to its particular process, hence a strong presence in specialized and unspecialized media. It is also taught in business schools very early on, along with several defense mechanisms. However, this strong presence ...

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Banque et Stratégie Nº382