Justification, Legitimization and Naturalization of Mergers and Acquisitions: A Critical Discourse Analysis of Media Texts

Abstract

This article concentrates on the discursive construction of mergers and acquisitions in the media. Drawing on critical discourse analysis, the article focuses on justification, legitimization and naturalization processes in three historically significant cases in the Finnish media. The analysis reveals four distinctive discourse types- `rationalistic', `cultural', `societal' and `individualistic'-and elaborates their structural characteristics. The analysis shows that rationalistic discourses typically dominate discussion, while the other discourses are subordinated to the rationalistic discursive practices. This usually means justification of particular merger or acquisition deals and legitimization of specific actions taken by management. In the longer run, this is likely to lead to naturalization of specific management practices in the mergers and acquisitions context.

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