The present article intends to asses returns on shares of the steel companies that were formed based on eithermerger or acquisition. The analysis included 14 operations in the steel industry. Attention was paid to returns of thecompanies performing acquisitions, as well as to the returns on shares that presented the acquisition target. Theanalysis was performed based on the “event study” method, and the analysed event was the announcement or notificationof realization of an acquisition. Shares of the target steel companies as well as acquirers are attaininghigher returns, but the change was not statistical significant.
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