AMR-USAIR merger approved

Various articles and documents just published on the proposed DOJ approval of merger between American and USAir. Good reading to see how a large horizontal merger is done. Some challenges to the court settlement might still be issued, but it looks like this will go through as approved.

AMR-US Airways Merger Is Cleared to Fly – WSJ.pdf

How American CIO Manages ‘Colossal’ US Airways Integration – The CIO Report – WSJ.pdf

Airline Merger Sets Up Land Grab at Major Airports – WSJ.pdf

DOJ Prop Final Judgment AMR USAIR 111213.pdf

Do law-firm mergers create value?

This WSJ article questions the trend toward larger law firms, driven by international mergers. The reasoning can be applied to many other mergers, especially in service fields.

Big Law Mergers Fuel Skepticism – WSJ.pdf

M&A write-offs signal failed synergy

An interesting study by Duff and Phelps tracks goodwill added to balance sheets by mergers, and also goodwill “impairment,” a fancy word for write-offs. These data suggest when and where firms have been overpaying or not achieving promised synergies in mergers. The 2013 report is attached, and also a WSJ article summarizing some of its results.

DuffPhelps Goodwill Report 2013.pdf

Companies Get More Wiggle Room on Soured Deals – The CFO Report – WSJ.pdf

IBM Shakes Up Growth-Markets Unit – The Wall Street Journal.

IBM Shakes Up Growth-Markets Unit

http://on.wsj.com/16iBbQM