Vertical mergers:

a.

Occur in mature industries, between firms that sell similar products or substitute products, in industries having a relatively small number of large competitors.

b.

Occur in mature industries, between firms that sell similar products, in industries that are characterised with stringent regulation and that have a relatively large number of small competitors.

c.

Occur in growing industries, between firms that sell similar or substitute products, in industries having a relatively large number of large competitors.

d.

Are mainly driven by the motivation to diversify and are therefore mergers between unrelated firms.

e.

Tend to result in a merger of firms that produce goods or services that represent the output of successive stages of the same production chain.