Underlying objectives of merger and acquisition. What are the objectives underlying M&A and to what extent are these achieved?

Table of content1. Introduction2. M&A fundamentals 3. Motives for M&A3.1 Market power3.2 Economies of scale3.3 Synergy effects3.4 Diversification 3.5 Incorporate transaction cost 3.6 Value discrepancy3.7 Managerial utility4. Application to business environment4.1 Google's acquisition of Motorola4.2 Pfizer's acquisition of Allergan5. Conclusion