Le differenze di fusione, tra capacità di indebitamento e dividend covenants

Mergers substantially modify the assets and liability structure of the acquiring company. The impact on debt capacity, which depends on post merger leverage and on the new assets’ structure, is normally substantial even for what concerns information asymmetries and mainly in presence of merger deficits with limited collateral value. The ability to pay out dividends after the merger is influenced by new legal, accounting and tax covenants, to be examined with an interdisciplinary approach.