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Dynamics of Industrial Consolidation: Mergers & Acquisitions in the Argentinean Electricity and Gas Sector

Industrial consolidation is a global mega trend that evolved during the last three decades. Privatisation, market liberalisation, new technologies and globalisation are the key drivers for the transformation processes – also in the energy industry. These drivers allowed new growth opportunities in new or emerging markets. While competitors seek to strengthen their market position, their underlying strategies reveal distinct and potentially differing degrees of performance. The volume and number of international large-scale mergers increased and new multinational champions gained momentum (Graeme 2002). According to the industrial logic, the big players in the merger endgame focused on their core competences. The champions followed the theories of growth to realise economies of scale, scope and density (Panzar and Willig 1981; Chandler 1990).