Merger e.g. Rothschilds, Barings, Hambros, Lazards and Schroders. Merchant banks are also referred to as issuing houses, accepting houses or investment trusts in exercising particular functions. The merchant banks’ deposits amount to only about 5 per cent of those of the banking system and they are in fact relatively small institutions which pride themselves on their personal, flexible management.
Merger. The fusion of two or more separate companies into one. In current usage merger is a special case of combination, where both the merging companies wish to join together and do so on roughly equal terms, as distinct from a take-over, which occurs against the wishes of one company. However, merger, take-over, amalgamation, absorption and fusion are sometimes all used as synonyms. Where two firms in the same business, i.e. competitors, merge, this is known as horizontal or lateral integration. Where two firms that are suppliers or customers of one another merge, this is known as vertical integration. conglomerate; holding company; reverse
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