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Mergers and Acquisitions (M&As) are a popular strategy companies undertake in order to create value and synergies, and also to increase the competitiveness of the firm.  Findings from previous studies show that many M&As fail to create value, however there is also existing evidence that they do, where the execution plays a major role. The success of an M&A depends on both internal and external factors such as the competitive strengths of the firm, strategic fit, and growth of the market. It is argued that problems such as poor management within M&A processes could affect the outcome of the M&A in a negative way. Previous research shows that middle managers play a key role in strategic change processes such as M&As. When companies go through strategic change, the entire company gets involved; however the middle manager is the one who must keep in contact with co-workers, customers, suppliers, and top management at the same time. The purpose of this thesis was to investigate middle managements’ perception of changed competitiveness after an M&A has been completed. In order to fulfill the purpose, we used a qualitative approach where we conducted a case study and made interviews with middle managers at Toyota Material Handling’s German subsidiary that had recently gone through an M&A process. Our findings show that when a company is buying another company it needs to see the positive assets from another perspective than only through possible gains in market shares and synergies. When the two companies merge they must take advantage of each other’s specific resources that have made each company successful. Furthermore what fosters increased competitiveness after a merger is good information and communication about goals and strategies. What in turn hinders increased competitiveness after a merger is low flexibility in terms of not being able to adapt to market changes fast enough, and to have an organization that does not make it possible for employees to bring up their opinions.

京都大学 / 0048 / 新制・課程博士 / 博士(人間健康科学) / 甲第21040号 / 人健博第56号 / 新制||人健||4(附属図書館) / 京都大学大学院医学研究科人間健康科学系専攻 / (主査)教授 三谷 章, 教授 澤本 伸克, 教授 髙橋 良輔 / 学位規則第4条第1項該当 / Doctor of Human Health Sciences / Kyoto University / DFAM

The concentration of triclosan in antiseptics, disinfectants and preservatives in products exceeds the minimal lethal levels. Extensive use of triclosan and antibiotics results in bacterial resistance to their active ingredients. The precise relationship between use and resistance, however, has been challenging to define. The aim of the study was to identify and determine antibiotic resistance profiles of triclosan tolerant heterotrophic plate count bacteria isolates from sewage influent and effluent. R2 agar supplemented with triclosan was utilised to isolate the triclosan resistant bacteria. To determine the minimum inhibitory concentration (MIC), organisms were incubated for 24 hours at selected concentrations of triclosan. Polymerase chain reaction (PCR) amplification of the 16S rRNA region was done to identify isolates. An assay for cross resistance to various antibiotics was performed. Determination of enhanced resistance to antibiotics by adding antimicrobials to the medium will be performed by using three antibiotics. High performance liquid chromatography was conducted to quantified levels of triclosan persistent in sewage water. Forty-four isolates were resistant to levels of triclosan ranging from 0.25 mg/l to 0.5 mg/l. Minimum inhibitory concentration values of these isolates ranged from 0.125 mg/l to >1 mg/l of triclosan. 16S rDNA methods were used and five main genera namely, Bacillus, Pseudomonas, Enterococcus, Brevibacillus and Paenibacillus were identified. Cell wall targeting antibiotics showed more pronounced relation with the triclosan concentration. Relation to triclosan concentration is not as apparent with the antibiotic targeting protein synthesis. Combination of antimicrobials indicated that at certain triclosan concentrations synergism or antagonism is observed. The importance of applying the correct concentration and combination of antimicrobials is observed. Levels of triclosan were found throughout the sewage water. HPLC values indicated the presence of triclosan at post-grid removal and effluent of the WWTP. The triclosan concentrations decrease through the WWTP but small concentrations enter our water bodies. The presence of bacterial species that are resistant to high concentrations of triclosan and multiple antibiotics enter our natural water bodies and is cause for concern. / MSc (Environmental Sciences), North-West University, Potchefstroom Campus, 2015

The concentration of triclosan in antiseptics, disinfectants and preservatives in products exceeds the minimal lethal levels. Extensive use of triclosan and antibiotics results in bacterial resistance to their active ingredients. The precise relationship between use and resistance, however, has been challenging to define. The aim of the study was to identify and determine antibiotic resistance profiles of triclosan tolerant heterotrophic plate count bacteria isolates from sewage influent and effluent. R2 agar supplemented with triclosan was utilised to isolate the triclosan resistant bacteria. To determine the minimum inhibitory concentration (MIC), organisms were incubated for 24 hours at selected concentrations of triclosan. Polymerase chain reaction (PCR) amplification of the 16S rRNA region was done to identify isolates. An assay for cross resistance to various antibiotics was performed. Determination of enhanced resistance to antibiotics by adding antimicrobials to the medium will be performed by using three antibiotics. High performance liquid chromatography was conducted to quantified levels of triclosan persistent in sewage water. Forty-four isolates were resistant to levels of triclosan ranging from 0.25 mg/l to 0.5 mg/l. Minimum inhibitory concentration values of these isolates ranged from 0.125 mg/l to >1 mg/l of triclosan. 16S rDNA methods were used and five main genera namely, Bacillus, Pseudomonas, Enterococcus, Brevibacillus and Paenibacillus were identified. Cell wall targeting antibiotics showed more pronounced relation with the triclosan concentration. Relation to triclosan concentration is not as apparent with the antibiotic targeting protein synthesis. Combination of antimicrobials indicated that at certain triclosan concentrations synergism or antagonism is observed. The importance of applying the correct concentration and combination of antimicrobials is observed. Levels of triclosan were found throughout the sewage water. HPLC values indicated the presence of triclosan at post-grid removal and effluent of the WWTP. The triclosan concentrations decrease through the WWTP but small concentrations enter our water bodies. The presence of bacterial species that are resistant to high concentrations of triclosan and multiple antibiotics enter our natural water bodies and is cause for concern. / MSc (Environmental Sciences), North-West University, Potchefstroom Campus, 2015

This study aims to map out how small designintensive businesses combine multiple channels to achieve competitive advantage. The internet has provided retailers with a competing channel and while this can be a source of competitive advantage, it also provides the risk of cannibalization. More and more businesses choose to apply a multi-channel strategy, but there are decisions to be made concerning this strategy as both advantages and disadvantages are to be found in a multi-channel strategy. This study is performed with a qualitative approach via semi-structured interviews with four companies applying a multi-channel strategy, exploring the perspective of the businesses. In contrast to previous research, results show that businesses tend to view a second sales channel mainly as a way of expanding the service offered in their primary sales channel. Further conclusions that can be drawn are that an integrated organizational structure and complementing channels are being used and are creating synergies. A unified view of the channels is communicated and consumers are encouraged to combine channels at a purchase. The channels are also used as tools for marketing each other. / Denna studie syftar till att kartlägga hur designintensiva småföretag kombinerar flera olika försäljningskanaler för att uppnå konkurrensfördelar. Internet har försett återförsäljare med en konkurrerande kanal till den fysiska butiken, vilket kan ge konkurrensfördelar men medför även en risk för kannibalisering kanalerna emellan. Fler och fler företag väljer nu att använda sig av en flerkanalstrategi, men vissa avväganden måste göras då både för- och nackdelar finns med implementering av en flerkanalstrategi. Studien har genomförts med en kvalitativ ansats genom semi-strukturerade intervjuer då författarna ämnar att undersöka flerkanalåterförsäljarnas egna perspektiv. I kontrast till tidigare studier visar resultaten att företagen tenderar att betrakta en andra försäljningskanal främst som ett sätt att utöka den service de erbjuder i sin primära kanal. Ytterligare slutsatser som framkommit är att en integrerad organisationsstruktur och kanaler som kompletterar varandra används och upplevs skapa synergier hos företagen. Fortsatt kommuniceras en enhetlig bild mellan kanalerna och konsumenter uppmuntras kombinera kanalerna vid köp. Kanalerna används även som marknadsföring för varandra.

A company development can be done by several ways. But a result should be always the same -- an increase of the value for owners. One of the possibilities is a merger of two or more companies. The main aim which should be achieved is attaining a synergy effect. The value of calculation is done by the difference between the price of companies efore the merger and after it. The final synergy is calculated after taking in account merger costs. Because of other development's possibilities it can help doing analysis to compare their effects. The conclusion brings a revision, whether the effect is achieved in particular example of merger.

This thesis examines the impact of the valuation multiple ‘earnings before interest, taxes, depreciation and amortization’ (EBITDA) on the ‘merger and acquisition’ (M&A) activity and deal value. For small firms, mergers are primarily an exit strategy for firms in financial trouble, as indicated by few marketed products and low cash-sales ratios. Meanwhile, mergers and acquisitions for large drug makers is a way to leverage their sales networks and benefit from monopolies from patents. The paper analyses the impact size of EBITDA, assuming it is positive and smaller than 8% of the deal value. This thesis examines 46 cases within European Union for a period of 10 years between 2009 to 2018. The conclusion reached is that EBITDA valuation multiple has a significant negative impact on the purchase price but with little effect in the pharmaceutical industry as the focus is always put on the operational synergies that the target’s assets can bring compared to its earnings and sale prowess.

<p>The main aim of this study was to test and ascertain, objectively, theexistence/occurrence of the phenomenon of Synergy in teams. To do this, the results of anonline course in Umea University, where students are invariably required to do a bunch ofindividual as well as team assignments, were analysed: the idea was to compare the marksobtained by the students in their team assignments with their marks in their individualassignments and to check if there was a reasonably good number of instances where the teammark was higher than the highest individual mark in that particular team. The basicassumption was that in case the team mark of a team was higher than the highest individualmark in that team, then, it can be presumed that synergy has taken place in that team for thatparticular team assignment. And, given a reasonably large sample of teams, it would beinstructive to see what percentage of groups/teams actually show synergy. In case a goodnumber of teams show such results then we could conclude that there was objective evidencein favour of the synergy. In case our analysis brought to fore such results then it would benatural to take the study one step ahead and test a broad causal relationship of synergy withthe complexity/difficulty of task at hand.After analysing the results of about 387 students, who worked in about 104 teams, itwas found that about 69.23% teams scored higher than the highest scoring individual; 93.26%teams faired better than the average score of team members; and, 98.07% teams can be said tohave performed better if compared to the lowest individual score.Further, one level below, when team-score and individual-score were compared acrossdifferent team and individual tasks (Case Studies), it still came to fore that teams hadoutperformed the individuals. And, when a single student’s marks in his team assignmentswere compared with his marks in his individual assignments, in five out of six comparisons itwas found that the team mark was convincingly higher than the individual mark.All these results strongly indicated the existence/occurrence of synergy in teams.In addition to this, an experiment on two teams of students was also performed toshow that synergy was more likely to happen if the task at hand was complex/ difficult. Theresults of this experiment seemed to corroborate the contention of the researchers.Keywords: Project Management, Team, Team Work, Individual work, Synergy</p>