Merger and Acquisition Strategies

Merger and Acquisition Strategies

How to Create Value

New Perspectives on the Modern Corporation series

Angelo Dringoli

The decision to carry out a merger or acquisition is certainly a risky one, not least because of the number of variables influencing the final outcome. It is also a decision frequently based on the wrong objectives and an incorrect evaluation process. With this in mind, this important new book offers solutions for reducing the high percentage of mergers and acquisitions (M & As) that fail. It adopts a normative approach, using theoretical analysis to show what managers could and should do to increase shareholders’ value through successful M & A strategies. It also explores the conditions that are suitable for favouring a certain type of M & A (horizontal, vertical or diversified) over the others. In conclusion, the book presents case studies of successful M & A strategies providing a link between theory and practice.

Chapter 11: The M & A strategies of L’Oreal

Angelo Dringoli

Subjects: business and management, strategic management, economics and finance, industrial organisation


L’Oreal is a France-based global cosmetics company, engaged in the production and marketing of a range of perfume, make-up, hair and skin care products. With 100 years of existence L’Oreal is today the top world company in cosmetics. The company operates all over the world with a wide range of products and brands covering almost all segments and all distribution channels. The company’s products are sold under a unique portfolio of prestigious brands, such as L’Oreal Paris, Garnier, Maybelline, Vichy, Kerastase, Redken, Matrix and Mizani, Lancome, Biotherm, Helena Rubinstein, Kiehl’s, Shu Uemura and Giorgio Armani. In 2014, L’Oreal reached €22,530 million consolidated sales and €3,891 million operating profits. In the cosmetic market, L’Oreal has a leading position with a market share of approximately 15%. The following data complete the firm profile of L’Oreal: 78,611 employees and 40 establishments all over the world.

You are not authenticated to view the full text of this chapter or article.

Elgaronline requires a subscription or purchase to access the full text of books or journals. Please login through your library system or with your personal username and password on the homepage.

Non-subscribers can freely search the site, view abstracts/ extracts and download selected front matter and introductory chapters for personal use.

Your library may not have purchased all subject areas. If you are authenticated and think you should have access to this title, please contact your librarian.

Further information