When Mega - Mergers Don't Make Sense.

Last year more than 20,000 U.S. companies paired up to add value. The result? They're barely surviving the morning after.

THE WAVE OF MERGER MANIA that's been going strong for several years now may subside--some day. But CEO obsession with size will not. Despite mounting evidence that life after mergers is less than idyllic, no one in Corporate America seems willing to challenge the old adage that bigger is better.

This merger lust has been explained so often that few executives bother justifying their decisions to merge. Deregulation, consolidation, globalism, cross-selling--the usual explanations for mergers--have already become hoary Wall Street clich[acute{e}]s. But they are having an undeniable impact. I...

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