This paper develops and extended eclectic paradigm to fit the firm internationalization process with the real international business world. The approach is based on Dunning´s, introducing new concepts like mode of entry, international joint venture o international mergers and acquisitions. At the same time is presented a model to describe the Spanish international mergers and acquisitions in order to determinate the most important factor that influence in this type of foreign direct investment., {"references":["Caves, R.E. \"International Corporations: The industrial Economics of\nForeign Investment\", New Series, Vol. 38, 149, pp. 1-27. 1971.","Dunning, J.H. \"Economic Analysis and multinational enterprise\",\nRoutledge Taylor & Francis Group, London & New York. 1974.","Dunning, J.H. \"Toward an eclectic theory of international production:\nsome empirical tests\". 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