This but also: big players swallow smaller players until only big players are left due to "eat or be eaten" dynamics. Management wants to save their asses. The

This but also: big players swallow smaller players until only big players are left due to "eat or be eaten" dynamics. Management wants to save their asses. Then when there is no threatening bigger fish anymore, management is incentivised to make a mark some other way, and thus they start to battle inefficiencies which have inevitably built up and split the company.