Discussion
Pfizer's acquisition of Pharmacia is an example of:
(I) Horizontal merger
(II) Vertical merger
(III) Conglomerate merger
Answer: A
Correct answer: I only
Pfizer and Pharmacia were both pharmaceutical companies, so combining them joined two firms at the same stage of the same industry - the definition of a horizontal merger. A vertical merger would join a supplier to a customer, and a conglomerate merger firms in unrelated businesses; neither describes two drug makers.
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