M&A processes in the Italian multi-utility industry: accomplishment of a political project, chance for growth and value creation. An industry analysis starting from a case study of Acea S.p.A.
Abstract: This M.Sc. Thesis aims to investigate on the reasons at the basis of the M&Aoperations that, in the last few years, are radically changing the structure and thedynamics of the multi-utility industry in Italy. Through an initial inquiry of the paththat has gradually brought to the current industrial organization, and a followinginsight of the present scenario, the Research sets the foundations to better understandthe subsequent empirical study and final analysis. The features actually characterisingand affecting the industry are explored starting from a case study of the Rome-basedmulti-utility Acea S.p.A., which however constitutes only a sub-section of theEmpirical Findings. As a matter of fact, the latter analyse at the same time both theinternal forces – as the other main players’ resources, capabilities and outlooks – andthe external factors – referred to as the Italian political, legislative and competitiveframework as well as some global macro-economic trends – which directly influenceand guide the M&A dynamics in the Italian multi-utility industry. The combinationof the historical and theoretical framework with the findings from the empirical studyeventually allows to end up with the work’s outcomes regarding the main drivers ofthe type of operations object of the Research, which are provided and construed at theend of the paper.
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