Abstract: This study explores how a cross-border conglomerate merger impacts the wealth of the acquiring firm and the target firm and its rivals, using the case of Foxconn’s acquisition of Sharp. Sharp’s rivals include domestic firms in the Japanese market and major rivals in the global market. Our results show that the announcement of this cross-border conglomerate merger leads to an increase in the shareholder wealth of Foxconn and Sharp. We also find that domestic rivals are impacted by this acquisition. By contrast, major rivals are not affected at all by this acquisition.