Mergers are the biggest growth fraud of them all. Take two sand piles and sweep them together. You can make the claim that you've doubled the amount of sand in one pile, but the amount of sand hasn't changed at all. There's been no real growth.
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You have to understand, mergers are a perfect way to cook the books for another year or two. Depends upon the talents of your CFO and his/her team. There is a cost savings laying off all the merged HR people and Admin staff. Consolidation of properties is another great win. You force move a large percentage of the "merged" people, this will auto-cut them by 50%. the properties become sellable and you milk the equity. The best trick is the ancient GE method. You rent the property back to yourself via shell companies and expense the rent, eliminate the taxes, etc. The 50% who remain are so disheartened you will lose another 50% of the remainder. Now you just have to hassle the remaining 25% until they quit, no pension, no payouts...zoom
Any time you read about a "merger" usually there's a comment "We're creating new efficiencies" which is PR talk for "A whole bunch of people going to lose their job"