Hostile EU bank M&A raises risk of winner’s curse
Launching an unwelcome takeover of a rival bank used to be a sign of dangerous excess. These days, it seems to be the most logical option available to would-be acquirers. Three bids and one possible approach are currently on the table in Europe, potentially worth almost 60 billion euros in total, none of which are wanted by the targets. The deals are nothing like the hubristic hostile acquisitions of old, but there’s still a risk that the aggressors will suffer from the winner’s curse.
