A comparative case study between full acquisitions vs. joint ventures. As seen through the development of Telefonica's international growth strategies

      Аннотация: Although this work specifically deals with one of Spain's largest multinational firms' international growth strategies it is also, in large part, an analysis of the impressive growth Spanish firms have attained in Latin America mostly since the mid 1980's. Just prior to this book's publication around May 2012, it would appear that much of the gains made by Spain's multinationals are unraveling with the recent announcements from the Argentinian, Venezuelan and Bolivian governments that they intend to nationalize many of Spain's top firms. While also dealing with the post credit crisis of 2008 austerity measures designed to combat record unemployment, high sovereign debt and struggling productivity, Spain must now endeavor to review its foreign commercial expansion strategies that would require greater diversification away from its cultural link with once friendly Latin American governments and economies. Other markets already entered into but not fully maximized are Central & Eastern Europe &and Sub-Sahara Africa should receive greater study in terms of leveraging any potential synergies should Spanish multinationals wish to maintain sustainable growth in the future.

Ключевые слова: mergers & acquisitions risk management