Old Mutual’s Hostile Takeover of Skandia
Chapter 22: Some Conclusions on Corporate Control and Governance Processes in Financial Capitalism
CHAPTER OVERVIEW 22.1 In this final chapter, we shall analyse a selection of the topics that the extensive empirical investigation (see Chapters 2–21) and theoretical platform (see Chapter 1) has made it possible for us to address. We then claim to have chosen the more important themes that are intimately linked to the stated purposes of the study. As described in Chapter 1, the theoretical ambition has been to try to improve socioeconomic theories that address corporate control and corporate governance processes. The empirical aim has been to provide an extensive case study of a hostile cross-border takeover process. This enables a better understanding of corporate control struggles in early financial capitalism. This combined theoretical and empirical ambition could also be phrased as a more specific research question: how are changes of corporate control achieved in the emerging global financial capitalism of the early twenty-first century? The rest of this chapter is divided into six sections (22.2–22.7): the first one addresses more general issues related to contextual conditions (financial capitalism), and contains a discussion regarding both the relevance and possible idiosyncrasies of the Old Mutual–Skandia case. We analyse the empirical material in the following four sections (22.3– 22.6), and draw some conclusions from the study, based upon the basic concepts and theories elaborated in Chapter 1. We begin this analysis by bringing to the forefront the differing value bases that the main actors have expressed (and professed themselves to hold) in their activities in the hostile takeover...
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