Re: What's a merger?
Most mergers are so the CEO has "done something".
CEO at companyA - slow and steady, grows market a bit, money in the bank, happy workforce = laughing stock.
CEO at companyH - 'invests' $8bn in iBuzzword-cloudy thing that they eventually shut down = a Big Swinging Dick for heading up a multi-billion $ merger and being a forward thinking visionary in the iBuzzword technology. Gets hired by companyA whose current CEO hasn't made any $Bn investments.
The other alternative is either to split the company into competing business units to enhance competitiveness - or (if the last CEO did this) merge the competing business units into one giant company to enhance efficency.