Beyond the European horizon, I may also mention the merger between Deutsche Bank and Bankers Trust. Viewed as a whole, however, the number of cross-border mergers has hitherto been very limited, compared to those within national boundaries. What are the principal reasons for that? Mergers are considerably easier to implement if they take place in the familiar cultural, linguistic and legal (especially tax) environment.
Particularly in the larger countries, there have so far been enough options for mergers and diversifications on the home market, so that it has not been essential to step over the border. In part, national mergers, with the establishment of “national champions”, are a preliminary to cross-border expansion.