The purpose of this study is to examine the value generated to shareholders due to the announcement of mergers and acquisitions (M&A) in different industries. Only deals between firms in the OECD member countries over the period 2004-2014 are analysed. The value is measured by calculating the cumulative abnormal return for event periods close to the announcement date. Cumulative abnormal returns is often used for measuring the impact of events on a stock price and reflect what investors believe will be the value from resulting synergies to shareholders. Only transactions between target and acquiring companies that are operating in the industrials, financial services, information technology and consumer staples industry are examined. Previous research is used to determine industry conditions affecting value creation and the expected value creation for each of the four industries is determined. This study find that returns for acquirers are distributed around zero percent. The mean cumulative abnormal returns for acquirers are negative for three of the four industries examined. The only positive abnormal return for acquirers is found in the financial services industry. Target firm shareholders receive positive returns in all industries. Target firm shareholders in the consumer staples and industrials industries receive on average statistically significant results above zero percent for a significance level of 5%. These industries have also the highest target returns.