The essence of this study is to capture the dynamics of decision-making. The context of this study is the engineering consultant industry consolidation in South Africa over the last five years. Decision-making is a complex phenomenon and highly influenced. To understand the dynamic nature of decision-making, it is important to understand the rationale or process that was followed to derive to the decision made. This can be simplified or better understood when evaluated at the hand of a context. In South Africa, consolidation activity was relatively high during the last five years when compared to previous years – engineering consulting companies – with international groups teaming up with well-established domestic entities to create new African-focused organisational platforms. The research questions are predominantly “how” and “why” questions and this is best answered through a qualitative research approach. The research design uses a multi-case study design in that participants in this research study are employed by different engineering consultant companies. It does not follow the traditional multi-case design which determines similarities and differences between the cases or similarities and differences in the same case, but rather a view gathered on the same context from different perspectives. The participants are defined as key role players with a responsibility to make strategic, financial and/or commercial decisions in a company and individuals who directly faced decision-making in the context of this study. Data collection is primarily by means of interviews. The key findings indicate that decision-making is highly influenced and that personal disposition is a prominent influencing factor. Another finding was that industry consolidation was a global trend that could no longer be ignored in South Africa and that companies had to strategically respond to a number of key issues that they have been facing. It is clear that decisions are made in context. The continuously changing environment in which the engineering consultant industry operates means that opportunities are never static and that decision making is always dynamic. It is important to have strategic objectives and a list of expected outcomes at the start of a decision making process and to monitor and control progress constantly against these as one advance through a life cycle of events, such as a consolidation transaction. This research study concludes in a sense that the engineering consultant industry is looking forward, some recommendations to the industry and recommendations for further research. / MBA, North-West University, Potchefstroom Campus, 2015

The essence of this study is to capture the dynamics of decision-making. The context of this study is the engineering consultant industry consolidation in South Africa over the last five years. Decision-making is a complex phenomenon and highly influenced. To understand the dynamic nature of decision-making, it is important to understand the rationale or process that was followed to derive to the decision made. This can be simplified or better understood when evaluated at the hand of a context. In South Africa, consolidation activity was relatively high during the last five years when compared to previous years – engineering consulting companies – with international groups teaming up with well-established domestic entities to create new African-focused organisational platforms. The research questions are predominantly “how” and “why” questions and this is best answered through a qualitative research approach. The research design uses a multi-case study design in that participants in this research study are employed by different engineering consultant companies. It does not follow the traditional multi-case design which determines similarities and differences between the cases or similarities and differences in the same case, but rather a view gathered on the same context from different perspectives. The participants are defined as key role players with a responsibility to make strategic, financial and/or commercial decisions in a company and individuals who directly faced decision-making in the context of this study. Data collection is primarily by means of interviews. The key findings indicate that decision-making is highly influenced and that personal disposition is a prominent influencing factor. Another finding was that industry consolidation was a global trend that could no longer be ignored in South Africa and that companies had to strategically respond to a number of key issues that they have been facing. It is clear that decisions are made in context. The continuously changing environment in which the engineering consultant industry operates means that opportunities are never static and that decision making is always dynamic. It is important to have strategic objectives and a list of expected outcomes at the start of a decision making process and to monitor and control progress constantly against these as one advance through a life cycle of events, such as a consolidation transaction. This research study concludes in a sense that the engineering consultant industry is looking forward, some recommendations to the industry and recommendations for further research. / MBA, North-West University, Potchefstroom Campus, 2015

<p>This study aims at introducing and describing a novel multi parameter analysis method to identify potential acquisition targets and to qualitatively and quantitatively evaluate the overall match between a target company and its acquirer. The method was tested with two recent real cases involving each an antibody based biotech company and a large fully integrated pharmaceutical company. The model was validated by comparing two independent antibody companies against the real cases, testing if they would have made better targets. It was found out that the in reality acquired companies scored highest, thus proving the validity of the method. One of the four potential targets got the highest scores for both acquirers. Consequently one of the acquired targets was only the second best match. The still independent companies would not have been better targets. The lowest scoring target company did get identical scores for both acquiring companies. Despite the proper prediction of targets, the scoring did not reveal the true underlying motives for the acquisitions, nor could significant parameters be identified to discriminate between target and non-target. This study adds a novel, valuable tool to the still limited arsenal of methods to qualitatively and quantitatively measure a match between target and acquirer solely based on publicly available data.</p>

Abstract Keeping the key individuals in a post merger and acquisition situation is vital to preserve the value of the investment. Yet it is not uncommon, in relation to mergers and acquisitions, that key individuals not only leave the organization but assumes a position with a competitor or even start a competing business. This problem was highlighted as a sug-gested topic for this thesis by Nordic Construction Company (NCC). Findings from interviews with 4 key individuals at NCC and 6 individuals with a combined experience of the human resource management aspect of the merger and acquisition process and its aftermath, show that the primary reasons why key individuals leave is, even if the deciding factor differs, strongly linked to uncertainty that can be reduced with a suffi-cient communication strategy. This thesis suggests a number of potential actions of improvement to the NCC merger and acquisition process and its aftermath. The following human resource influences should improve the NCC merger and acquisition process in order to prevent the loss of key individuals • Introduce the human resource aspect into the strategy discussion during the merger and acquisition preparation phase. • Infuse human resource related enquiries into the discussion with the target organization’s owners, during the initial due diligence phase. • Conduct qualitative and quantitative human resource research that relate to the set human resource management strategy, during the due diligence phase as soon as access to the workforce individuals have been granted. • Implement extraordinary PLUS conversations with key individuals shortly after the closing of the deal process. • Modify the welcome package that is communicated in relation to the merger or ac-quisition so that it includes a list of communication channels, a contact information list and a message in alliance with the human resource strategy. This message should put the individual in the center by focusing equally on the expectations flowing from the individual to the new organization and vice versa.

This study aims at introducing and describing a novel multi parameter analysis method to identify potential acquisition targets and to qualitatively and quantitatively evaluate the overall match between a target company and its acquirer. The method was tested with two recent real cases involving each an antibody based biotech company and a large fully integrated pharmaceutical company. The model was validated by comparing two independent antibody companies against the real cases, testing if they would have made better targets. It was found out that the in reality acquired companies scored highest, thus proving the validity of the method. One of the four potential targets got the highest scores for both acquirers. Consequently one of the acquired targets was only the second best match. The still independent companies would not have been better targets. The lowest scoring target company did get identical scores for both acquiring companies. Despite the proper prediction of targets, the scoring did not reveal the true underlying motives for the acquisitions, nor could significant parameters be identified to discriminate between target and non-target. This study adds a novel, valuable tool to the still limited arsenal of methods to qualitatively and quantitatively measure a match between target and acquirer solely based on publicly available data.

Under the situation of the internationalization and global trend, enterprises are facing ever more rigorous competition. Therefore the best way to keep sustainable competitive advantage is to upgrade continuously, and through economies of scale and economies of scope to keep the cost down. Furthermore, to ensure firm¡¦s global competitiveness, the fast growth strategies are through mergers and acquisitions. Based on that American enterprises had over nine thousand M&A cases, we found about three fourth of the result of M&A are not successful achievement; its failure rate is extremely high. The reasons included fault in selecting the target, over-paying, and failing to integrate after M&A. Although M&A can instantly gain the another firm, but still long way to achieving success, because the effects in M&A must go through integration stages. Even if the M&A strategy is correct and the price is reasonable, failing to integrate after M&A, the synergy of M&A is unable to reach. This individual research is deeply researching the process and result of USI group after M&A, then compare between the research results and related documents, and conduct to conclude the suggestion for the further integration.

There were more than 16 new banks operated in Taiwan since The Ministry of Finance unlimited the bank licenses in 1991. Since then, the competition of banks have become very roughly. The local banks expect to reach the scale of economics and fit the global style by merger and acquisition. The purpose of merger and acquisition between banks includes: to increase revenue transfer know-how and establish the corn business. There will be existed that knowledge lost in transfer in the processing of merger and acquisition. How to ensure the whole transfer of knowledge? How to fit well in different organizations? Is there a better profit after merger and acquisition? The knowledge management is a key point. In this study we found (1). There are 5 items must be notice: information system, human resource, organization restructure, culture, risk management. (2). By the flow of knowledge management can increase the knowledge capital of bank and reach the purpose of merger and acquisition. (3). The item of human resource is more importance than other items. (4). The new name after merger and acquisition must be considerately. ¡iKey words¡j Merger and acquisition, knowledge management, knowledge capital, risk management,

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This paper discusses the necessity for consolidation and the related problems of the securities industry in Taiwan as it increases its economies of scale. The logistical planning for consolidations in the industry is profiled within the context of the theoretical motivations and legal issues underlying the changes to this industry. The necessity for consolidation and expansion in order to achieve economies of scale is illustrated by drawing upon the past history of the Taiwan securities industry in the last 40 years as well as the present circumstances as the industry is threatened by the multi-industry structure of foreign conglomerates and the internationalized competitive environment. The combination of industry characteristics and market trends is presented to provide some suggestions for further development. In the past ten years (from 1990 to 2000), the securities industry in Taiwan grew at a very fast pace, with the number of firms increasing from 199 to 531, 2.66 times. The market capitalization grew 6.86 times, increasing to NTD 3.7 trillion from NTD 533 billion. The amount of corporate bonds and savings trusts issued in the foreign market increased to USD 9.6 billion in 2000 from USD 74 million in 1990. At the same time, as the Taiwanese economy took off and grew at an amazing pace, the trade surplus and balance-of-payments surplus brought wealth and prosperity to the people of this country. The money supply grew from NTD 5.78 trillion to NTD 19.46 trillion, giving Taiwan new potential as a place to underwrite and issue new securities. The market in Taiwan has expanded tremendously in order to meet the spectacular growth in demand for these services. The market expansion took place at a time when mergers were the dominant trend around the world, and the securities industry increased not only its economies of scale but also its economies of scope in order to face the tougher world competition in the coming years. In November 1999, the securities industry witnessed a dramatic change in the market. Yuanta Securities and Core pacific Securities announced their merger plans and this lit a spark that led to the consolidation of large firms with sizes of a such magnitude that they have not been linked to firms active in the consolidation arena. In the future, Taiwan will ride the international merger wave that originates from the economies of scale and scope and many more mergers in the industry will take place to form companies that will combine the capital and foreign exchange markets in its operations. Through cross industry mergers and the establishment of holding companies, large scale securities and financial conglomerates will be formed. Securities and financial institutions in the domestic market and abroad will develop towards enlarging its size, increasing its lines of businesses, and expanding in the international market. This paper looks at the development trends in the securities industry and discusses the necessity for consolidation and its related problems. Having worked in the industry for over ten years, the author has a keen awareness of the market characteristics and its trends, as well as intuition about what motivates the market. Throughout this research, the author has found that the market forces on a theoretical level that drive the need for consolidation have originated from a need to increase the economies of scale to deal with the increased competition in the international marketplace and have made consolidation a necessity so that the industry can remain competitive as internationalization unfolds. As a whole, this research has found ten conclusions with regard to the consolidation of the securities industry and makes ten recommendations to guide future developments as the industry seeks to increase its economies of scale.

The purpose of the study was to find whether Taiwan banks could gain competitiveness by using merger and acquisition strategies. After interviewing with nine experts who work in the banks, the study found that ¡§economies of scales¡¨, ¡§brand image¡¨ and ¡§human resource¡¨ were the key successful factors of the banking industry. The study examined three banking mergers that were announced after the Legislative Yuan had approved ¡§The Law of Financial Institution Mergers¡¨. The result was that the banks in these cases had few benefits by using merger and acquisition strategies. Therefore, standing at the point of banks and considering their abilities and resources, the study chose three merges as the objects of study. Then, the study investigated the merger benefits and integration problems in the three merges. The study found that mergers in Taiwan commercial banks could produce economies of scales. Taiwan commercial banks could not improve brand image and human resource by using merger and acquisition strategies. Most Taiwan commercial banks were lack of innovation culture and employees who were good at financial innovation. Taiwan is going to participate in WTO, so the combined banks needs to improve their brand awareness. The conclusion of the study was that merger and acquisition strategies could bring Taiwan banks some benefits. But Taiwan banks could not rely on merger and acquisition strategies to solve the problem of being lack of competitiveness. The integration differs because of different merger goals. The integration would influence the achievement of merger benefits.