Analysis of the success of M&A transactions in Russia

the purpose of the study is to analyze the success of mergers and acquisitions in Russia. Methods: the work uses the following theoretical methods (analysis, classification, comparison, study of literature), empirical methods (calculations, measurements, description), as well as quantitative methods presented by statistical analysis. Findings: the study presents methods that make it possible to identify the market reaction to mergers and acquisitions in Russia using statistical analysis. In the course of the study, a sample of 89 transactions was analyzed, which includes M&A transactions carried out by Russian public companies in the period from 2015 to 2024. The calculation results showed that in 57.3% of cases, Russian companies react negatively to news of a merger or acquisition of a target company on the date of the transaction announcement. The median daily return on the Russian market is -0.4% on the day of the announcement of the acquisition of the target company. Conclusions: negative returns for the shareholders of the buyer company in the Russian market may be a signal of a large number of problems in the corporate sector. Minority shareholders of the buyer company may not believe in the realization of synergies with the target company, or they may not see any opportunities for the realization of synergistic effects as a result of the transaction.

M&A transactions, mergers and acquisitions, corporate finance, business valuation, finance and credit