The new single currency has also set off a wave of cross-border mergers and acquisitions.
Still, even in the absence of legislation, French politicians are adept at discouraging cross-border mergers in this area.
Banks are likely to become more pan-European as the single currency encourages cross-border mergers and greater cross-border exposures.
But Canal Plus came up against the hostility in Europe to cross-border mergers.
Thus a second option: to go for cross-border mergers, and try to create something big enough to confront the world's megabanks.
And Europe remains a difficult place for cross-border mergers in financial industries.
There have been few cross-border mergers, and these have not had much luck in capitalising on economies of scale or indeed on anything else.
The third big necessary change is to accept more cross-border mergers.
Law firms themselves are going global, through links and cross-border mergers.
Several other European countries, such as Italy and Spain, are going through their own banking consolidation, and are shunning cross-border mergers, preferring to find economies at home.
The European Commission is fearful that Poland's stance marks a growing trend of protectionism from states trying to block cross-border mergers, notably in the banking and utilities industries.
Meanwhile, the cross-border mergers and acquisition business is heating up.
EU's most Westphalian features are also its most vital ones: the commissioners who try to keep the internal market operating freely, and who try to unscramble cartels and allow cross-border mergers.
That idea made so much sense that the two companies had reached agreement on most of the issues usually impeding cross-border mergers, such as legal structure, governance arrangements, business strategy and dividend policy.
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According to a recent study by Mercer Oliver Wyman, a consulting group, and Morgan Stanley, an investment bank, cross-border mergers can work if the buyer brings more sophisticated information-technology and risk management to the target.
But it may be that outside forces are more important: for example, a European Union that forbids cosy cartels, American pension funds that demand open accounts for their investments in France, or even the influence of the euro in promoting competition and cross-border mergers.
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So far only Scandinavia and the Benelux countries have seen significant cross-border bank mergers.
Bank analysts have long been expecting some cross-border bank mergers in Europe.
This is in marked contrast to European banks' strategies for the euro zone, where cross-border bank mergers have so far been rare.
See page 160 for the survey, which will help you keep up in a world of cross-border hostile mergers, global competition and ADRs.
This abolition of national flag carriers will, in turn, make it easier to complete cross-border European airline mergers.
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We haven't seen a lot of cross border mega-mergers here until recently because regulations varied from country to country and nationalism and paraochialism kept predators at bay.
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From 1990 to 1998, cross-border deals accounted for less than a third of European mergers by volume.
In both America and Europe, most cross-border deals for now are selective forays rather than big mergers between leading banks.
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