VALUATION OF TARGET FIRMS ACQUIRED IN THE FOOD SECTOR DURING THE 1996-2001 WAVE

The paper studies valuation ratios of food companies that were part of mergers & acquisitions (M&A) involving at least one French company during the 1996-2001 period. Results converge to value the food company 1.1 to 1.4 times its turnover. There is no significant difference of "valuation to turnover" ratios among M&A involving only French firms and M&A involving companies from different countries. Corporate valuation may differ according to food sub-sector