This collection examines the issues and likely consequences for industrial policy and business strategies in growing international trade, accelerated by the Single Market. There has been a sharp increase in mergers across national borders between European-based firms.

Mergers and economic performance in the UK - a survey of the empirical evidence 1950-1990, Alan Hughes; the market for corporate control - divestments and buy-outs, Mike Wright et al; shareholder wealth effects of UK take-overs - implications for merger policy, Julian Franks and Robert Harris; European capital markets and corporate control, Julian Franks and Colin Mayer; corporate governance, take-overs and the role of the non-executive director, Evan Davis and John Kay; the empirical analysis of market structure and performance, James Fairburn and Paul Geroski; the evolution of merger policy in Britain, James Fairburn; free trade in companies - does nationality matter?, Leslie Hannah; European or national? - the Community's new merger regulation, Matthew Bishop; recent patterns of European merger activity, Paul Geroski and Anastassios Vlassopoulos; continental mergers are different, Evan Davis et al. Appendix: the Commission's merger reports.