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Which one is true about synergies? 1. They are variable with the economy of the market at time of merger 2. The NPV of a

Which one is true about synergies?

1. They are variable with the economy of the market at time of merger

2. The NPV of a merger cannot be positive without them

3. Horizontal mergers have the greatest synergy

4. Vertical mergers have the greatest synergy

5. Conglomerate mergers have the greatest synergy

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