1995 61 565 301 (53.3%) 212 (37.5%) 52 (9.2%) 1 1981 85 90 93 94 95 95 1 3,409 60 1 1981
2-1 2-2
85 90 90 80 2 3 20 92 95 52 2-3
2-4 1990 1991 TOB 1991 S. C. 1992 1992 1992 50 1992 1993 EDS 92 TOB 1993 1994 1994 MEMC 1994 1994 1994 GE 1994 HOYA HOYA 1995 1995 1995 1995 MCA 1995 1995 US 1995 BASF,
(1) 1994 4,625 2,727 632 291 423 426 1981 80 91 93 94 90 2-5
(2) 1995 1,694 677 4,700 160 1994 1,555 252 7,200 2.5 94 62 50 9,000 95 85 362 900 2-6, Acquisitions Monthly, Annual 1995
(1) 20 1895 1905 15.... 1903 1904 1890 1914 (2) 1920 29 No.2
1929 15 10 (3) 1950 1960 1960 71 2 5 1967 69 2 200 50 1969 2 1950
(4), 1980 250 129 100 1970 1975
3 1968 4 1985 1987 3 4 3-19
1990 1993 80 93 (5) 90 90 90 80 90 80
2-7 2-8
2-9 10 M&A 32.7 12.0 101 26.5 9.7 59 19.2 7.1 36 18.6 6.8 222 17.6 6.4 248 14.2 5.2 487 11.9 4.4 109 7.8 2.8 103 7.6 2.8 149 7.1 2.6 108 Meregers & Acquisitions, May/June,1995 2-10 1996,1996.1.1
2-11 (1995 1 9 ) M&A 1 859 28.0 2 704 22.9 3 CS 508 16.5 4 401 13.1 5 396 12.9 6 376 12.3 7 364 11.9 8 D 326 10.6 9 297 9.7 10 240 7.8 ( ),1995.10.25 %
(1) 1900 1897 11 1898 31 (2) 1920 1926 4 1920 1929 (3) 1930 1950 1960 1960 1968 1973
1960 67 1966 (4) 1980 1986 87 88 90 1986 10
=Management Buyout, (5) 90 1991 93 200 94 253 95 2.5 677 95 95 24 Lyonnaise des Eaux
2-12 1995 ( 100 ) Schweizerischer Bankverein SG Warburg Group (investment banking Division) 3,048 Phône-Poulenc Fisons 2,803 Compagnie Financière Richemont Rothmans International(39%) 2,476 Central & South West Corp SEEBOARD 2,385 Southern Company South Western Electricity 1,642 Dresdener Bank Kleinwort Benson Group 1,525 Veba Cable & Wireless PLC(11%) 1,371 Telecommunications Consortium I-CO Global Telecomunications 1,335 Internationale Nederlanden Groep Barings Group 1,316 Lyonnaise Des Eaux Nortumbrian Water Group 1,260 ( ) 1=US$1.53 Aquisitions Monthly, Annual,1995 2-13
2-14 (1995 ) M&A 1 19,477 26 2 14,683 30 3 SBC 13,281 48 4 NM 12,067 42 5 JP 11,940 7 6 11,931 30 7 11,083 9 8 8,348 46 9 8,192 25 10 6,835 13 Acquisitions Monthly,1996.1.8.
70 (1) 1960 70 1965 70 1964 1960 (2) 1970 1969 1974 1970
(3) 1980 80 80 87 1987 1988 1952
(4) 1992 93 (5) 1994 1994 5 80 90 80 5
(1) 1980 1990 6 65.8 72.4 2-15 2-16 (2) (3) 6 1,219 623
2-15 2-16
(4) 1980
1994 1990
TBS, 1987,,1991,, 1987, 1993, 1995,, 1995.7.17