Our friends at the Boston Consulting Group alerted CD Forum that they've been busy with some research. BCG recently completed one of their largest ever studies on mergers and acquisitions, one they say "shatters several M&A myths." The study, entitled "The Brave New World of M&A: How to Create Value from Mergers and Acquisitions," is based on an analysis of more than 4,000 completed deals between 1992 and 2006. It is believed to be the largest nonacademic study of its kind. Among the findings:

-Although 58.3% of deals between 1992 and 2006 destroyed value for acquirers, with a net loss of 1.2% for all transactions, the average deal produced a net gain to shareholders of 1.8% when returns of the targets are taken into account;

-Hostile deals are viewed significantly more favorably by investors in today's market than they were in the preceding wave of M&A (1997-2001);

-Deals greater than $1 billion destroy nearly twice as much value on a percentage basis as deals below $1 billion; and

-The Americas account for the largest share of deal value (46.5%), but Europe has drawn closer (29.5%). Between 2002 and 2006, China's and India's deal value grew by 20.4% per year.

Click below to see more on the findings, how to receive a copy of the study and to contact one of the authors.

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