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  • Scientific Council of RAS on economic history;
  • Research and Educational Center «The economic history of Central Russia and the Middle Volga region» of Ogarev Mordovia State University;
  • Center of Economic History of  Lomonosov Moscow State University

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«Economic History» (2021y. №54)


ISSN 2409-630X (Print), ISSN 2618-916X (Online)

DOI: 10.15507/2409-630X.054.017.202103.209-226

Alexandr А. Bessolitsyn

Institute of Russian History RAS (Moscow, Russia),



«Merger and acquisition»: monopolization of electro technical market in Russia at the beginning of the XX century


Introduction. The problem of monopolization of the electric and technical market in Russia becomes the most important one during the economic modernization at the edge of XIX–XX centuries when the branches of foreign electric and technical companies are converted into Russian joint stock companies. “Electric illumination company of 1886” becomes the largest company on this market at the beginning of the XX century. Materials and Methods. The article is devoted to the research of the policy of “Electric illumination company of 1886” aimed at the acquisition of the “Shuvalov electric illumination company in Petersburg region”  of the largest electro technical company – Joint stock company “Shuvalov electro technical illumination in Petersburg region” established for the purpose of illumination of country-house plots and houses in the suburb of St. Petersburg (Shuvalovo, Ozerki and Pargolovo) at the beginning of the XX century, which is based on the analysis of the archive materials contained in the Russian State Historical Archive (RSHA) and Central State Historical Archive of St. Petersburg (CSHA SPb.). Results of the Research. Using the example of the activity of such electro technical companies the author reveals the mechanism of “merger and acquisition” of minor joint stock companies by large monopolists who used different methods of pressure on the shareholders and management of the companies. Discussion and Conclusion. In this competitor environment, minor joint stock companies did not have a chance to remain independent even in the case of a fair court decision. The situation of “merger and acquisition” was actually profitable mostly for the companies’ management and for the leading shareholders who, in this case, received regular dividends, but the common customers had to pay according to the prices set forth by monopolies.

Keywords: joint stock company, electro technical industry, competition, shareholders, management board, monopoly, dividend.

For citation: Bessolitsyn А. А. “Merger and acquisition”: monopolization of electro technical market in Russia at the beginning of the XX century. Ekonomicheskaya istoriya = Russian Journal of Economic History. 2021; 17(3): 209–226. (In Russ.). DOI: 10.15507/2409-630X.054.017.202103.209-226.


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