[eng] The purpose of this thesis is to provide an overview on the rise in mergers and
acquisition deals in the European tourism industry. The peculiarities of the
industry are exposed, together with the definition of merger and acquisition, and
their types. The incentives, advantages and disadvantages are analysed as they
have an importance in the merging or acquiring companies’ decisions. Other
relevant aspects studied are the negative effects that mergers and acquisitions
can have on social welfare, which are the evidence of the need for regulation.
The role of the European Commission as a competitive policy maker is
summarized and a comparison of regulation policies between Spain and
Germany is made. Finally, the growth strategy through mergers and acquisitions
of Globalia, from Spain, and TUI Group, from Germany, are presented. The
results show that, even if mergers and acquisitions can reduce consumer surplus
and produce inefficiencies of allocation, they are still common. Competition
authorities have allowed these deals due to the high concentration that exists in
the tourism industry.