Made available in DSpace on 2016-04-25T18:39:56Z (GMT). No. of bitstreams: 1 Adilson Afonso da Silva.pdf: 668832 bytes, checksum: c95aa26ee4bce1272567ca87bd9aa72e (MD5) Previous issue date: 2013-08-01 / The auditor has is important for the capital market because it´s increasing the quantity of companies that are looking for such market as an alternative and way to raise funds to invest in their operations. This market offers many options for raising funds and in most of these operations the company is required to have its financial statements audited. Depending on the operation performed by the company or the transaction chosen by the company, such company needs to follow the specific regulation issued by a regulatory agency responsible for such sector or market. This agency is responsible for both, for issuing regulations related to the industry and for rmonitoring the companies operations in a supervision way. In addition to requiring the audited financial statements, the regulators often require additional work of auditors in order to get additional credibility of the information provided by these companies. Some procedures required by the regulators are common or similar and others are specific. This difference in requirements makes the auditor seeks a constant update and an extensive knowledge of the markets where it operates. This growing capital market has required auditors' greater involvement and participation by giving more credibility to financial and accounting data disclosed by companies. The objective of this dissertation is to demonstrate the main requirements issued by the regulators, specifically BACEN and CVM, related to the auditor and specifically related to auditing the financial statements. The purpose is also to focus on capital markets. We have conducted a search of the major normatives issued by such regulators of the market and compared them to identify convergences and divergences. The focus of this research was to comparatively describe the work performed by the auditor on accounting audit based on the capital market. The main operations were considered: i) initial public offering of shares (open capital) or (Initial Public Offering - IPO), ii) the issuance of bonds in the local market and abroad (bonds, debentures and other) and obtaining loans and iii) the process of mergers and acquisitions and privatizations (where the auditor's process support and support analyzing accounting information before completing the acquisition transactions "due diligence"). As a result we found that specifically in accounting audit there is no relevant differences in the regulatory requirements of the Central Bank and the CVM, regulators considered for such research. Both even issuing their own rules, make reference to the same audit requirements defined by the CFC and Ibracon. We found that each agency defines different periodicities for auditing and specific accounting standards, as the case of the Central Bank, but all have the same goal and the requirements are very close. Related to operations of the capital markets that are not regulated as mergers and acquisitions, we fond that the work is set by client or contractor and the scope may vary and even the format of each report case by case / O auditor tem um papel importante no mercado de capitais por que cada vez mais as empresas buscam esse mercado como forma de captar recursos para investir nas suas operações. Esse mercado oferece várias opções de captação de recursos e na maioria dessas operações a empresa precisa apresentar as suas demonstrações financeiras auditadas. Dependendo da operação realizada pela empresa ou da forma escolhida para efetuar a captação de recursos a mesma precisa seguir regulamentações específicas do órgão regulador responsável pelo respectivo setor ou mercado. Esses órgãos são responsáveis tanto pela emissão das normas que regulam o setor e as empresas que nele operam quanto pela fiscalização das mesmas. Além das demonstrações financeiras auditadas esses reguladores muitas vezes requerem trabalhos adicionais dos auditores para confirmar e dar credibilidade nas informações apresentadas por essas empresas. Quanto aos procedimentos requeridos pelos reguladores, alguns são comuns ou semelhantes e outros são específicos. Essa diferença de requerimentos faz com que o auditor busque uma constante atualização e um amplo conhecimento dos mercados onde ele atua. Esse crescente mercado de capitais tem requerido dos auditores um maior envolvimento e participação dando maior credibilidade aos dados financeiros e contábeis divulgados pelas empresas. O objetivo dessa dissertação é demonstrar o papel do auditor e os diferentes requerimentos dos reguladores para o mesmo com foco no mercado de capitais. Efetuamos uma pesquisa dos principais normativos publicados pelos principais reguladores desse mercado e os comparamos para identificar as convergências e divergências. O foco dessa pesquisa foi descrever comparativamente o papel executado pelo auditor na auditoria contábil tende como base o mercado de capitais, considerando como os principais órgãos reguladores (CVM, Bacen e outros). As principais operações consideradas foram: i) oferta pública inicial de ações (abertura de capitais) ou (Initial Public Offering IPO); ii) emissão de títulos privados no mercado local e no exterior (bonds, debêntures e outros) e obtenção de empréstimos; e iii) no processo de fusões e aquisições e privatizações (processo onde o auditor da suporte e apoio analisando as informações contábeis antes de concluir as transações de aquisição due diligence ). Como resultado foi possível verificar que especificamente na auditoria contábil não há diferenças relevantes nos requerimentos regulatórios do BACEN e da CVM, órgãos utilizados para a pesquisa. Ambos, mesmo emitindo suas próprias normas, fazem referencia aos mesmos requerimentos de auditoria definidos pelo CFC e Ibracon. Verificamos que cada órgão define periodicidades de auditoria diferentes e até padrões contábeis específicos, como o caso do BACEN mas, todos tem um mesmo objetivo e requerimentos muito próximos. Quanto as operações do mercado de capitais que não são reguladas como as fusões e aquisições, constatamos que o trabalho é definido com o solicitante ou contratante podendo variar o escopo e formato de caso para caso

Submitted by Sandra Pereira (srpereira@ufrrj.br) on 2016-08-31T17:06:57Z No. of bitstreams: 1 2011 - Jordana Luiza Barbosa da Costa Veiga.pdf: 2017275 bytes, checksum: 953447545685588991df3f141c32d267 (MD5) / Made available in DSpace on 2016-08-31T17:06:57Z (GMT). No. of bitstreams: 1 2011 - Jordana Luiza Barbosa da Costa Veiga.pdf: 2017275 bytes, checksum: 953447545685588991df3f141c32d267 (MD5) Previous issue date: 2011-02-02 / The main objective for firms to perform a Merger&Acquisition (M&A) process is the search for a competitive advantage considered important in their strategic planning. The process of M&A can be characterized by the concentration of capital, patrimonial, organizational and societal restructuring, and cyclical movements. This dissertation, has the aim to describe and analyze the financial accounting performance of a traded corporation, registered in the stock exchange pre and post M&A performed in the year of 2005 in order to assess the value creation due to the M&A process for the shareholder of firms involved as buyer. This aim was carried out through the analysis of the data evolution, use of descriptive statistics and hypothesis test; was also analyzed the stock behavior, on stock market, by technical analysis, descriptive statistics, beta assessment, hypothesis testes and abnormal results. The analysis were carried out using the variables: earning after taxes, net sales, Ebitda, net debt, sales, earning per stock ratio, stock price, dividends payed, total assets divided by total liabilities e current ratio, presence in trading market, number of daily deals of the stock, daily turnover, closing price variation, all traded on BM&FBovespa. In order to assess the value creation for shareholders, were performed analysis in Brazilian firms on the pulp and paper industry, the chosen firms shall be traded to have all the necessary information for the assess, and shall have passed through the M&A process in 2005. Acquiring and acquired companies should also have similar size, so the process of M&As could be clearly observed in the studied variables. Only 1 target company acquired by 2 acquiring companies was chosen, which composes the universe of analysis. The study included analysis of short term, days before and after the announcement, divided into two groups 10 days before and 10 days after and 30 days before and 30 days after the announcement, and long term, periods of three years before and three years after the event. With the analysis results it was possible to observe increase on value creation for shareholders of companies involved as buyers in the process of M&A during the studied period. The variables number of daily deals of the stock, number of daily deals of the stock and daily turnover had important role on the stock-holder assess earning. It is possible to observe that the firms Suzano papel e celulose and Votoratim Celulose e Papel had substantial changes on the studied variables after the M&A process. Were observed increase on stock price, number of daily deals of the stock, number of traded stocks and daily turnover. The beta, risk indicator, after M&A, on both companies, get close to 1, improving the non-diversifiable risk of the firms. The accounting and financial parameters have showed inconclusive results probably / O objetivo principal das empresas ao recorrerem ao processo de F&A ? a busca por alguma vantagem competitiva considerada importante em seu planejamento estrat?gico. O processo de F&A pode ser caracterizado pela concentra??o de capitais, reestrutura??o patrimonial, organizacional e societ?ria, e por movimentos c?clicos. Esta disserta??o, tem por objetivo descrever e analisar o desempenho cont?bil-financeiro de sociedade an?nima de capital aberto, registrado em bolsa de valores, pr? e p?s F&A ocorrido no ano de 2005 com o intuito de avaliar a gera??o de valor decorrente do processo de F&A para os acionistas das empresas envolvidas como adquirentes, atrav?s da an?lise da evolu??o dos dados, aplica??o de estat?stica descritiva e formula??o de teste estat?stico de hip?tese; tamb?m foi realizada an?lise do comportamento das a??es, em mercado secund?rio, por meio de an?lise t?cnica, estat?stica descritiva, avalia??o do beta, teste de hip?teses e verifica??o de ganhos anormais. As an?lises foram feitas utilizando as seguintes vari?veis: lucro l?quido, receita l?quida de vendas, Ebitda, d?vida l?quida, produ??o comercializada, lucro por a??o, pre?o por a??o, dividendo pago por a??o, liquidez geral e liquidez corrente, presen?a nos preg?es, n? de neg?cios di?rio da a??o negociada, volume de neg?cios di?rio da a??o negociada, pre?o de fechamento da a??o negociada todas na BM&FBovespa. Com o intuito de avaliar a gera??o de valor para os acionistas, foram realizadas as an?lises em empresas brasileiras escolhidas do setor de papel e celulose, de capital aberto para haver disponibilidades nas informa??es necess?rias para an?lise, e que passaram pelo processo de fus?o ou aquisi??o no ano de 2005. As empresas adquirentes e adquiridas deveriam ter porte similar para que o processo de F&A pudesse ser observado com clareza nas vari?veis em estudo. Foi selecionada uma ?nica empresa alvo adquirida por 2 empresas adquirentes, que formaram o universo da an?lise. O estudo contemplou an?lises de curto prazo, dias antes e depois do an?ncio, divididos em 2 grupos 10 dias antes e 10 dias depois e 30 dias antes e 30 dias depois do an?ncio; e de longo prazo, per?odos de 3 anos antes e 3 anos ap?s o evento. Com os resultados das an?lises ? poss?vel constatar aumento na gera??o de valor para os acionistas das empresas envolvidas como adquirentes no processo de F&A, no per?odo estudado. As vari?veis n? de neg?cios, volume negociado e quantidade de a??es tiveram papel importante na avalia??o do ganho do acionista. ? poss?vel constatar que as empresas Suzano Papel e Celulose e Votorantim Celulose e Papel, tiveram altera??es substanciais nas vari?veis estudadas depois do processo de F&A. Constatou-se a valoriza??o no pre?o da a??o negociada, aumento no n? de neg?cios, na quantidade de a??es negociadas por preg?o e no volume movimentado diariamente. O beta, indicador de risco, p?s F&A, em ambas as empresas, aproximou-se de 1, aumentando o risco n?o diversific?vel das empresas. Os par?metros cont?beis-financeiros apresentaram resultados inconclusivos, provavelmente pela pequena quantidade de dados analisada e pela infu?ncia de fatores externos.

Depuis l’application de la politique de Réforme et d’Ouverture, la Chine remporte un grand succès pour attirer les investissements étrangers. Elle est devenue le troisième pays investisseur. Ses IDE sont distribués dans la plupart des pays et régions du monde et leur distribution sectorielle est de plus en plus élargie. Il existe divers facteurs décisifs de l’internationalisation des entreprises chinoises, tels que la croissance économique chinoise, la stratégie d’intégration de l’entreprise, la recherche du marché, de la technologie et des autres actifs créatifs. Les entreprises chinoises possèdent leurs propres avantages concurrentiels sur le marché international, tels que les technologies, des ressources issues du pays mère. Les entreprises chinoises effectuent leur choix de modèles d’internationalisation en fonction de leurs stratégies, de leurs stades de développement, de leurs motivations et de leurs compétences d’organisation internationale. Ces différentes problématiques sont évoqués et analysés à travers d’une étude de cas sur YTO France. / Since the implementation of the policy of reform and opening, China has a great success in attracting foreign investment. It has become the third largest investor country. Chinese FDI are distributed in most of the world's countries and regions. The sectorial distribution is increasingly expanded. There are various decisive factors of the internationalization of Chinese enterprises, as China's economic growth, the development strategy and overall business integration, the search for new markets, for creative assets, etc. The Chinese companies have their own competitive advantages, such as the technologies, the resources from the origin country. Chinese companies do their choices of internationalization models based on their strategies, their stages of development, their motivations and their international organization skills. The different problems are shown and analyzed by a case study of YTO France.

<p>Mergers and acquisitions (M&A) in the corporate world are achieving increasing importance and attention especially in the advent of intense globalization. This is evident from the magnitude and growth of deal values and resultant ‘mega-mergers’ transacted in recent times. As expert advisory are sought in M&A activities to facilitate the undertaking and maximise the value of the transaction, advisory firms begin to play a more significant and at the same time lucrative role in M&A activities, to the extent of determining the outcome of such projects. Being an area of limited research, it is thus valuable to investigate what M&A advisory firms view as critical success factors to the projects they undertake. Consequently, the research question of “What are the critical success factors for merger & acquisition projects in the view of merger & acquisition advisory firms” has been raised. A list of ten critical success factors for M&A projects is firstly identified from an extensive literature review. These factors are (1) Complete and Clear objectives, goals and scope of the project, (2) Client consultation and acceptance, (3) Project manager’s competence and commitment, (4) Project team member’s competence and commitment, (5) Communication and information sharing and exchange, (6) Project plan development, (7) M&A advisory firm’s resource planning, (8) Time management and tight secrecy, (9) Price evaluation and financing scheme, and (10) Risk management.</p><p>In an attempt to explore the importance of each factor in the practical context, data have been collected through three research methods. Primarily, the authors conduct a semi-structured interview with six interviewees currently working in three organizations which provide professional services related to M&A projects. Meanwhile, a self-completion questionnaire method is employed, following which a sample of 325 M&A advisory firms based in the U.S. is selected to participate in an online survey. In addition, the authors follow a case study approach based on the three organizations of the six interviewees in order to establish comprehensive knowledge about issues relating to M&A projects.</p><p>In response to the research question, the findings strongly indicate that seven out of ten factors in the original list have a positive impact, being the factors listed above as (1), (2), (3), (4), (5), (8), and (9). On the other hand, it revealed the lesser importance of the other three. In addition, three new factors have been discovered from analyzing the data collected, being (i) Having a number of key potential buyers with suitable profile (ii) Right, correct and complete information and data in the data room, and (iii) The quality of the selling company. While as another outcome of this research, further practical insights have been provided regarding the role of M&A advisory firms, the M&A process, common issues faced by M&A projects and the success criteria for M&A projects.</p><p>The findings from this research contribute valuable new knowledge to both researchers and practitioners in both project management and M&A fields, while facilitating the achievement of successful M&A projects.</p>

Mergers and acquisitions (M&amp;A) in the corporate world are achieving increasing importance and attention especially in the advent of intense globalization. This is evident from the magnitude and growth of deal values and resultant ‘mega-mergers’ transacted in recent times. As expert advisory are sought in M&amp;A activities to facilitate the undertaking and maximise the value of the transaction, advisory firms begin to play a more significant and at the same time lucrative role in M&amp;A activities, to the extent of determining the outcome of such projects. Being an area of limited research, it is thus valuable to investigate what M&amp;A advisory firms view as critical success factors to the projects they undertake. Consequently, the research question of “What are the critical success factors for merger &amp; acquisition projects in the view of merger &amp; acquisition advisory firms” has been raised. A list of ten critical success factors for M&amp;A projects is firstly identified from an extensive literature review. These factors are (1) Complete and Clear objectives, goals and scope of the project, (2) Client consultation and acceptance, (3) Project manager’s competence and commitment, (4) Project team member’s competence and commitment, (5) Communication and information sharing and exchange, (6) Project plan development, (7) M&amp;A advisory firm’s resource planning, (8) Time management and tight secrecy, (9) Price evaluation and financing scheme, and (10) Risk management. In an attempt to explore the importance of each factor in the practical context, data have been collected through three research methods. Primarily, the authors conduct a semi-structured interview with six interviewees currently working in three organizations which provide professional services related to M&amp;A projects. Meanwhile, a self-completion questionnaire method is employed, following which a sample of 325 M&amp;A advisory firms based in the U.S. is selected to participate in an online survey. In addition, the authors follow a case study approach based on the three organizations of the six interviewees in order to establish comprehensive knowledge about issues relating to M&amp;A projects. In response to the research question, the findings strongly indicate that seven out of ten factors in the original list have a positive impact, being the factors listed above as (1), (2), (3), (4), (5), (8), and (9). On the other hand, it revealed the lesser importance of the other three. In addition, three new factors have been discovered from analyzing the data collected, being (i) Having a number of key potential buyers with suitable profile (ii) Right, correct and complete information and data in the data room, and (iii) The quality of the selling company. While as another outcome of this research, further practical insights have been provided regarding the role of M&amp;A advisory firms, the M&amp;A process, common issues faced by M&amp;A projects and the success criteria for M&amp;A projects. The findings from this research contribute valuable new knowledge to both researchers and practitioners in both project management and M&amp;A fields, while facilitating the achievement of successful M&amp;A projects.

綜觀過去的文獻多發現購併事件的宣告效果為負,其可歸因於企業錯誤的投 資決策、高估綜效價值或是過度投資。在資本市場甚具影響力的三大法人中,外國 機構投資人憑藉著其國際投資經驗、財務專業及資源,其交易行為經常被認定隱含 高度的資訊內含價值,故本研究希冀探討外資買賣超與台灣上市主併公司長期營 運績效之關聯,以探究外資機構投資人交易是否隱含對主併公司長期營運績效品 質具有認證價值。 本論文以 2003 至 2011 年間進行購併的台灣上市企業為探討對象,排除金融 業的樣本,以外國機構投資人之累積買 (賣) 超股數占總流通在外股數做為交易指 標,並選用單位資本投入之經濟附加價值 (EVA/IC) 與單位資本投入之自由現金流 量 (FCF/IC) 做為長期營運績效指標,並首先以配對差異檢定進行分析。研究發現 外資機構投資人累積淨買超之主併公司的 EVA/IC 在購併後第二年顯著為負值,但 第三年有顯著之正值,在營益率未有起色時,投入資本週轉率有漸趨改善的表現; 與非購併同業相比較時,第三年有顯著之正值。FCF/IC 則於購併後第一年有顯著 負值,稅前淨營業利益的獲利表現較購併前顯著下降;與同業相比時,購併後第一 年有顯著正值,其投資支出較同業為低。其次,外資機構投資人累積淨賣超之主併 公司的 EVA/IC 則在 1~3 年均呈現顯著負值的表現,與同業相比時,均為不顯著之 負值;FCF/IC 在購併後第三年始出現顯著之正值。 為加入控制變數之考量,以複迴歸模型的實證結果發現:外國機構投資人淨買 (賣) 超與主併公司購併長期績效呈現不顯著的正向關係;外國機構投資人淨買超 之主併公司的購併後長期營運績效較購併前三年平均呈現不顯著的正向差異;外 國機構投資人淨買超之主併公司的購併後長期營運績效較非購併同業表現呈現不 顯著的正向差異。 / This study investigates the relationship between foreign institutional trading and the long-term operating performance of acquiring firms. The research is based on acquiring firms listed in Taiwan which announced merger and acquisition between 2003 and 2011. We use cumulative net buying of foreign institution to examine acquirer’s EVA/IC and FCF/IC as the indicator of the long-term operating performance in the three years period after the announcement of merger and acquisition. In the pair-t test, the results indicate that acquirers with net buy of foreign institution have significantly positive EVA/IC as compared to the premerger level and to the match firms in the third year, while exhibit significantly negative EVA/IC in the second year. The FCF/IC of the acquirers with net buy of foreign institutions have significantly negative value compared to the premerger level, but have significantly positive value compared to the match firms in the first year. In the regression analysis, the results indicate a near-all insignificant positive EVA/IC and FCF/IC in the three year period after merger and acquisition.

本研究分析各類型機構投資人持股份額及持股變動，與企業併購長短期績效的關聯性，藉以探討各類型投資人在公司治理中所扮演的角色。本研究結果發現，機構投資人持股對企業監督的功能在短期不明顯。然而就長期而言，外資持股對併購長期績效有正面影響。無論由法人、機構投資人及總持股等層面來看，外資持股皆與併購企業長期績效有顯著的正相關。 進一步將各類型投資人持股拆解為細項，發現外資信託基金持股與併購長期績效的關係由負轉正;反觀本國方面，本國信託基金持股對長期績效則有非常顯著的負向影響；而包含職工福利會及基金會持股的本國其他法人持股及證券自營商持股則對長期績效有顯著的正向影響。 由持股變動也能觀察到一致性的結果。機構投資人持股變動與對併購績效的影響，於短期多為不顯著且方向不一致；長期而言，雖然包含外資機構投資人在內的多數持股變動變數皆未有顯著結果，但本國信託基金的持股變動與併購績效仍然存在非常顯著的負相關。 由公司治理及外部監督的角度而言，本研究結果顯示外資整體投資人在企業中扮演著重要的監督者角色。以細項來看，外資信託基金、本國其他法人及證券自營商較能有效地監督企業決策，為企業帶來長期的價值提升；反觀本國信託基金則非良好的企業監督者，且帶來顯著的負向影響。 / In this paper, we examine the relationship between different types of institutional ownership and acquiring firms’ performance on M&A activities. We found that the monitoring effect is weak in the short-term horizon; however, there is a significantly positive relationship between foreign institutional ownership and long-term performance on M&A activities. More specifically, the result shows that the ownership of foreign mutual funds, domestic foundations and securities dealers is positively related to M&A performance, while the ownership of domestic mutual funds has a significantly negative relation with M&A performance. At the same time, we have a consistent result from change in institutional ownership. While the relationship between change in most kinds of institutional ownership and long-term M&A performance is weak, the change in domestic mutual funds’ ownership has a strong negative relation with M&A performance. This paper shows that foreign investors’ monitoring has a positive influence on firm’s M&A decision. On the contrary, domestic mutual funds is not a good monitor that their holdings lead to poor M&A performance.

The diploma thesis deals with takeover techniques and regulation of takeovers in the Czech law system. In the theoretical part of the paper there are explained key definitions and general facts concerning with takeovers. The main theme of the theoretical part analyzes the most frequent takeover techniques. The paper studies how particular techniques work. It also takes into account expert discussions about the takeover theme. The takeover laws of the Czech Republic are analyzed in the second part of the diploma thesis. The paper contains a synthesis of theoretical findings and regulation of corresponding laws. It reveals practical use of particular takeover techniques in the Czech Republic.

本研究使用組織學習理論(Organizational learning theory)來解釋併購經驗與負責併購之單位(M&A function)對於併購動機與併購績表現的影響。研究結果顯示，有越多過去併購經驗的公司，特別是過去有相同產業併購經驗者，其併購意願越高。其次，過去併購經驗與併購之宣告效果與長期持有報酬存在U型之關係，而有負責併購職能部門的收購公司則有助於減緩過去併購經驗所帶來的負面影響。

Mergers and acquisitions are common in the modern economy, where the number has increased significantly in recent decades. Despite this increase in popularity, it leads in most cases to value destruction in both short and long term. The large proportion of failures is due to many different factors. One of the most critical, but still underrepresented in previous literature is an effective integration of information systems. Studies in the high-tech sector are particularly underrepresented. This study addresses this by describing how the information systems are integrated after an acquisition between two IT consulting companies. The study is based on the experiences of people involved in the acquisition process. Eight interviews are conducted with people from both the acquiring and the acquired part. The study examines the connection between integration strategies, how the work with IS integration relates to the acquisition process, and what challenges that may arise. The study shows that the synergy effects that arise from the integration of information systems for an area that is merged must be weighed against synergy effects for the entire business when mergers take place in several places. Also, that unclear system ownership can be a challenge after the integration of information systems in mergers and acquisitions. / Företagsförvärv är vanligt förekommande i den moderna ekonomin där antalet ökat markant senaste decennierna. Trots denna ökning i popularitet leder det i de flesta fall till värdeförstörande på både kort och lång sikt. Stora andelen misslyckanden beror på många olika faktorer. En av det mest kritiska, men fortfarande underrepresenterad i tidigare litteratur är effektiv integration av informationssystem. Särskilt underrepresenterad är studier som berör den högteknologiska sektorn. Det bemöter denna studie genom att beskriva hur informationssystem integreras i ett företagsförvärv mellan två IT-konsultbolag utifrån upplevelser av personer involverade i förvärvsprocessen. Åtta stycken intervjuer genomförs med personer från både uppköparen och uppköpta parten. I uppsatsen undersöks sambandet mellan integrationsstrategier, hur arbetet med IS-integrationen förhåller sig till förvärvsprocessen samt vilka utmaningar som kan uppstå. Studien visar att de synergieffekter som tillkommer av integration av informationssystem för ett området som slås samman måste vägas mot synergieffekter för hela verksamheten då sammanslagning sker på flera ställen. Även att otydligt systemägarskap kan vara en utmaning efter integrationen av informationssystem vid företagsförvärv.