Mergers and acquisitions among Tier One suppliers have played well on Wall Street in recent years. But have they benefited shareholders? Maybe not, says a recently completed 5-year study by Andersen Consulting analyzing the impact of mergers and acquisitions on more than 25 of the top independent automotive suppliers globally. Andersen says that in 1997 and 1998, median shareholder returns for the more active acquirers (those that made six or more acquisitions over a 5-year period) fell ...

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