企業進行併購的目的是要將企業之間各自擁有的資源和優勢結合、互補產生綜效，最終達到增強企業競爭力、擴大企業規模之目標。全球化的趨勢之下，企業搶占市場最快的方法之一就是靠國際併購。然而，併購併並不是簡單的買賣而已，研究顯示其失敗率約為70-90%。有效的併後整合（Post Merger Integration, PMI）不但是決定企業併購案是否成功的主要因素，也更是最複雜且失敗率最高的部分。成功的併後整合在實務上，必須要有嚴謹的計劃與執行，投入足夠的財務及管理資源，重視文化上的整合，更重要的是高階管理的參與，讓整合的指令與工作能貫徹執行，減少失敗風險。 本研究個案為一臺灣企業併購德商的併後整合之研究，主併公司期望除了透過併購買回品牌在當地的商標權之外，更重要的是擴大市場佔有率及銷售的實質成長。過程中，經由併購協商，訂定出併後整合之目標，形成雙方共識。而由於兩國經濟發展、民族及文化上的差異，雙方文化的融合與兼容並蓄是一個重要的課題。因此主併公司透過建立正式與非正式的溝通管道，由專人負責併後整合與管理，將併購的目標透過日常的溝通與合作中貫徹執行。個案主併公司在這項國際併購案中，設法留住人才，並投入相當資源以穩定軍心，也鼓勵員工發揮讓併購的成果極大化，更在併後的人力資源與管理上達到100%留住人才，且得到員工對併後整合感到滿意的成果。 研究發現，若能事前縝密的規劃併後整合計畫，交由適當的專人領導管控團隊監督整個整合過程，相互尊重雙方組織與當事者母國文化，遇到困難或問題能適時溝通、調整流程、平息雙方可能的歧見，將能更順利地完成併後整合，並且達到新組織設定的預期目標。 / The purpose of mergers and acquisitions (M&A) is to combine and complement two companies' own resources and advantages to create a synergy, and ultimately achieve the goal via enhancing the competitiveness and expanding the business scale. Under the trend of globalization, one of the fastest ways for companies to seize the market is to rely on international M&A. However, M&A is not simply buy and sell only. Research shows that the failure rate of international M&A is about 70-90%. Effective Post Merger Integration (PMI) is not only the main factor determining the success of a M&A. Successful PMI practices must be rigorously planned and implemented, be invested sufficient resources, pay attention on cultural integration, and involve high-level management, so that the integrated instructions and work can be implemented. The case is a study of a Taiwanese business merging a German firm. The Taiwanese company wanted to buy back the trademark rights in European market and also to expand the market share with sales growth. In the process, through the negotiation process of acquisition to set goals for PMI, then mutual consensus was reached. Due to the economic conditions and cultural differences between two countries, the integration and compatibility of both cultures is an important issue. Therefore, via building formal and informal communication channels and the PMI management team to implement the goal of M&A through daily communication and operations. Company tried to retain talents and invested considerable resources to stabilize the morale of employees. They also encouraged employees to contribute their talents for maximizing the results of M&A. After those efforts which company has made, employees are all satisfied with the results of current stage of PMI. The study found that if PMI projects can be properly planned in advance, appropriate management teams could be assigned to supervise the entire integration process, mutual respect for both parties’ cultures involved can lead to timely adjustment of the process in case of difficulties or problems. Suppressing the possible disagreements between the two sides will enable them to complete the PMI process more smoothly and achieve the expected goals set for the new organization.