Mergers and Acquisitions (eBook)

Integration and Transformation Management as the Gateway to Success

Stephan Bergamin, Markus Braun (Autoren)

eBook Download: PDF

2017 | 1st ed. 2018
XV, 98 Seiten
Springer International Publishing (Verlag)
9783319605043 (ISBN)

Infos

This book brings home the message that meticulous integration management is the key to success in M&A transactions. Half of all M&A transactions are unsuccessful because many companies embarking on a merger neglect this key success factor. Based on 30 years of experience of corporate mergers and acquisitions as well as the subsequent implementation of growth strategies, the authors have developed a practical manual that helps managers optimize and streamline their growth strategy using persistent integration and transformation management. The book provides first-hand accounts of M&A transactions that the authors led or were involved in, assessing each case from an insider perspective and outlining the key success factors and pitfalls. It concludes with practical checklists including the most relevant topics for each individual step toward successful integration.

Stephan Bergamin holds a PhD in Economics from HSG University of St. Gallen (Switzerland). An alumnus of AMP Harvard (USA), Stephan is the current CFO of Gearbulk Group (Switzerland). Previously he was the CFO of Goldbach Group SIX Swiss Exchange, and Steiner Group. He also held various national and international financial positions within Swissair Group, after starting his career in corporate finance at Credit Suisse. He is an author, and lecturer at different educational institutions. 

Markus Braun is a PhD in Economics and Head of International Business ABF at ZHAW University of Applied Sciences, School of Management and Law (Switzerland); Markus is also a lecturer of business administration, and PhD in Business Administration of the University of Basel (Switzerland). Previously he was Head of Corporate Office at Diethelm Keller Holding AG in Zurich (Switzerland), and was the Group CFO and Deputy CEO of Nuance Group in Zurich (Switzerland), includi

ng various national and international financial positions at Novartis/Ciba-Geigy. He is a member of several advisory boards of science and economics.

Inhalt

Preface 6
Contents 9
About the Authors 10
List of Figures 11
List of Checklists 13
1: Integration Management in Mergers and Acquisitions: Success Factors and Pitfalls 14
1.1 Integration and Transformation Is Essential for the Success of an MandA Transaction 14
1.2 Success Factors and Pitfalls 19
1.3 Clearly Outline Your Vision and Organize the Integration Project 20
1.3.1 Principles 20
1.3.1.1 Devise an Integration Plan at an Early Stage and Outline a Clear Vision 20
1.3.1.2 Leading-Edge Enterprises Put Their Leaders First 20
1.3.1.3 Involving the Corporate Management Is Important, but not Enough 21
1.3.1.4 Successful Companies Capitalize on Previous Integration Planning Experiences 21
1.3.2 Success Factor: Stringent and Systematic Implementation Thanks to Coaching 21
Practical Example 21
1.3.3 Pitfall: Integration Manager with the Right Pedigree, but not from the Same Stable 22
Practical Example 23
1.3.4 Pitfall: Side Plots Are Distracting 23
Practical Example 23
Bottom Line 25
1.4 Secure the Future Organization´s Efficacy 25
1.4.1 Principles 25
1.4.1.1 Leading-Edge Companies Will not Content Themselves with Mere ``Docking´´ 25
1.4.1.2 Secure Business Operations and Highlight Additional Potential 26
1.4.1.3 Leading-Edge Enterprises Quickly Create Transparency 26
1.4.2 Success Factor: Utilize Growth and Knowledge Synergies 27
Practical Example 27
1.4.3 Pitfall: Lack of Transparency for a Prolonged Period of Time 27
Practical Example 28
Bottom Line 29
1.5 Appoint the Management Team 29
1.5.1 Principles 29
1.5.1.1 Appoint Top Management and Operative Management 29
1.5.1.2 Dispatch Operative Key Figures into Both Directions 30
1.5.1.3 Leading-Edge Enterprises Keep Key Employees Loyal to the Company over the Long Run 30
1.5.2 Success Factor: A Holistic Approach 30
Practical Example 30
1.5.3 Pitfall: Top Management Keep Themselves to Themselves 31
Bottom Line 31
1.6 One Team, One Goal 32
1.6.1 Principles 32
1.6.1.1 Savvy and Successful Acquirers Train Their Staff 32
1.6.1.2 Leading-Edge Companies Adapt and Orient Incentive Schemes to Their Target 32
1.6.2 Success Factor: Prolonged Initiation Phase 32
Practical Example 33
1.6.3 Pitfall: Incentive Systems Gradually Lose Their Appeal 33
Practical Example 33
Bottom Line 34
1.7 Join Forces on an Operative Level 35
1.7.1 Principles 35
1.7.1.1 Integration Projects: A Chance to Improve Operative Processes 35
1.7.1.2 IT Is a Powerful Tool for Operative Amalgamation 35
1.7.1.3 Leading-Edge Enterprises Do not Consolidate Operative Units at all Cost 35
1.7.2 Success Factor: Amalgamation, but not at All Cost 35
1.7.3 Pitfall: Focus on Technical Details 36
Bottom Line 36
1.8 Key Factors of Integration Management 37
1.8.1 Organization and Leadership Personalities 37
1.8.2 Exploit Synergies 39
1.8.3 Put Mobilization to Use 40
1.8.4 Resources 41
1.8.5 Integration Management Means Project Management 42
1.8.6 The Most Important Points so Far 43
References 43
2: Integration Management as a Gateway to Performance Transformation 45
2.1 Sustainable Integration Success Takes Longer than a Hundred Days 45
2.2 Institutionalize Integration Responsibility 49
2.3 Implementing Performance Transformation 54
2.3.1 Four Dimensions 54
2.3.2 Width of Integration 55
2.3.3 Depth of Integration 56
2.3.4 Areas of Integration 57
2.3.5 List of Priorities 59
2.3.6 Individual Design of Performance Transformation 60
2.3.7 Checklist 1: Scaling and Standardization in an International Context 64
2.4 Exploit Growth Dynamics 65
Practical Example 67
2.5 Take Care of Talents 69
2.6 Introduce Integration Monitoring 72
2.6.1 Integration Scorecard 72
Practical Example 74
2.6.2 Opportunity and Risk Management 74
2.6.3 Post-merger Audit 75
2.7 Integration Management and Performance Transformation Checklists 75
2.7.1 Checklist 2: Institutionalize Integration Office Responsibility 76
2.7.2 Checklist 3: Enforce Performance Transformation 76
2.7.3 Checklist 4: Exploit Growth Dynamics 77
2.7.4 Checklist 5: Take Care of Talents 77
2.7.5 Checklist 6: Introduce Integration Monitoring 78
2.8 Legal Aspects of Post-merger Integrations 79
2.8.1 Due Diligence 79
2.8.2 Competition Law Aspects 80
2.8.3 Corporate Law Aspects 81
2.8.4 Employment Law Aspects 82
2.8.5 Conclusion 83
References 83
3: Global Merger dormakaba: Interview and Case Study 85
3.1 Interview with Riet Cadonau, CEO dormakaba Group 86
3.2 Our First Hypothesis: Integration Planning Starts as Early as During the MandA Transaction Phase Before the Closing 86
3.3 Our Second Hypothesis: Project Management Skills Are Central to Successful Integration Management, i.e. Top-level Guiding ... 88
3.4 Our Third Hypothesis: Measures in Integration Management Depend on Each Individual Case and Are a Matter of Common Sense a... 90
3.5 Our Fourth Hypothesis: Speed Is of the Essence when It Comes to Appointing Key Positions or Outlining the New Organization 94
3.6 Our Fifth Hypothesis: Sufficient and Suitable Personnel Resources Have a Considerable Impact on Sustainable Integration Su... 94
3.7 Conflict Management During the Integration Process 95
3.8 The dormakaba Merger Takeaways 97
Bottom Line 98
4: Global Merger LafargeHolcim: Interview and Case Study 99
4.1 The Essentials of the Merger in Brief and Selected Press Commentaries 99
April 7, 2014: Announcement of the merger 100
February/March 2015: New conditions for the completion of the merger 100
April 2015: Appointment of the new leadership team 100
July 14, 2015: Closing the merger 101
October 12, 2015: New CFO 101
March 2016: The merger is sluggish 101
May 2016: The new group management is announced 101
July 2017: New CEO 101
4.2 Interview with Christof Hässig, Head of Strategy and MandA, LafargeHolcim 101
4.3 Antitrust Issues and the Merger Process 104
4.4 The LafargeHolcim Merger Takeaways 105
Bottom Line 106
Closing Remarks 107
Glossary 109

Produkt-Details

• Erscheint lt. Verlag: 7.8.2017
• Reihe/Serie: Management for Professionals
• Reihe/Serie: Management for Professionals
• Zusatzinfo: XV, 98 p. 30 illus. in color.
• Verlagsort: Cham
• Sprache: englisch
• Original-Titel: M&A: Erfolg dank Integrationsmanagement
• Themenwelt: Recht / Steuern ► Wirtschaftsrecht
• Themenwelt: Wirtschaft ► Betriebswirtschaft / Management ► Personalwesen
• Themenwelt: Wirtschaft ► Betriebswirtschaft / Management ► Unternehmensführung / Management
• Schlagworte: Case Studies • Comprehensive Plan • Environmental Due-diligence • Financial Due-diligence • HR Challenges in M&A • Integration Management • Legal Due-diligence • M&A • M&A Guideline • M&A Strategies • Operations Management • Post-merger Growth • Post-Merger Integration • Sustainable Integration • Transformation Management
• ISBN-13: 9783319605043 / 9783319605043