毕马威：2025年并购之舞：统筹上市公司收购中的协同效应与价值创造报告（英文版）

Acquisitions can be considered a potent lever for strategic growth, and companies are spending more per mergers and acquisitions (M&A) deal than ever before1. Yet, capturing sustainable value from M&A can be as challenging as ever.This report examines value creation in public company mergers and acquisitions by analysing total shareholder return (TSR) relative to the relevant index (e.g. S&P) — a market-adjusted metric that isolates deal performance from broader sector trends.TSR movement is dri