Elite mobilizations play a key role in shaping the contours of social institutions. Prior research has demonstrated that mobilizations and the resulting struggles between competing elites shape the social structure of markets (Fligstein 1996), corporate governance regimes (Davis and Thompson...

Corporate governance in Germany is often described as a bank-oriented, block-holder or stakeholder model where markets for corporate control have not played a significant role. This case study of the hostile takeover of Mannesmann AG by Vodafone in 2000 demonstrates how systemic changes during...