Firms have started to develop Europe-wide ambitions, especially in three fragmented industries telecoms, banking and energy.

ECONOMIST: European takeovers

Since the mid-1990s the strategic rollup has been a corporate fad: Large acquirers buy smaller players in fragmented industries, reaching for critical mass, McDonald's-like uniformity and that beloved state of bliss called synergy.

FORBES: Which Conglomerators Are the Big Winners?

Since the mid-1990s the strategic roll-up has been a corporate fad: Large acquirers buy smaller players in fragmented industries, reaching for critical mass, McDonald's-like uniformity and that beloved state of bliss called synergy.

FORBES: Which Conglomerators Are The Big Winners?