<p>Abstract</p><p>Mergers and Acquisitions (M&A) have been around for a long time and has experienced waves of popularity during these times and they are very much an important part of today’s business world. M&As have also become increasingly international which can be due to the rising global competition. The popularity of cross-border M&As makes it important to look at M&As from an international perspective. One of the main reasons a company choose to M&A is growth (Lees, 2003) and there are several possible motives why a company chooses to grow through an M&A but the most common motive is to create synergy (DePhamphilis, 2005). Although synergy is one motive, according to the literature more M&As destroy value instead of creating it (Habeck, et al. 2000). This makes this subject interesting to study: especially the post-M&A phase since the integration process in this phase has been pointed out to be the riskiest, when creating synergy, but also the most crucial in order for a successful M&A (Habeck, et al. 2000; Shaver, 2006).</p><p>Purpose:</p><p>The purpose of this thesis is to analyze how the management of a company create and realize synergies in the post-M&A process of a cross-border M&A.</p><p>Method:</p><p>In order to fulfil the purpose the case study approach was chosen. The empirical data was gathered through semi-structured face-to–face (except two telephone) interviews. This approach was used because the information needed to fulfil the purpose was of the character to be found in a qualitative way by going in-depth into the field of interest with a management team with extensive knowledge in this subject.</p><p>Conclusion:</p><p>Creating and realizing synergies is a long process on average 5-10 years. There is no manual for the M&A process only a general approach and each M&A process is customized. It was found that one cannot separate the pre-deal phase from the post-phase. An M&A process includes three different important parts; the strategic intent phase, the due diligence phase, and finally the integration phase. Key success factors for conducting an M&A are that you set up a special management group which will focus on the creation and realisation of synergies and that one focus on motivating and assisting managers through offer new exiting challenges.</p>

Abstract Mergers and Acquisitions (M&amp;A) have been around for a long time and has experienced waves of popularity during these times and they are very much an important part of today’s business world. M&amp;As have also become increasingly international which can be due to the rising global competition. The popularity of cross-border M&amp;As makes it important to look at M&amp;As from an international perspective. One of the main reasons a company choose to M&amp;A is growth (Lees, 2003) and there are several possible motives why a company chooses to grow through an M&amp;A but the most common motive is to create synergy (DePhamphilis, 2005). Although synergy is one motive, according to the literature more M&amp;As destroy value instead of creating it (Habeck, et al. 2000). This makes this subject interesting to study: especially the post-M&amp;A phase since the integration process in this phase has been pointed out to be the riskiest, when creating synergy, but also the most crucial in order for a successful M&amp;A (Habeck, et al. 2000; Shaver, 2006). Purpose: The purpose of this thesis is to analyze how the management of a company create and realize synergies in the post-M&amp;A process of a cross-border M&amp;A. Method: In order to fulfil the purpose the case study approach was chosen. The empirical data was gathered through semi-structured face-to–face (except two telephone) interviews. This approach was used because the information needed to fulfil the purpose was of the character to be found in a qualitative way by going in-depth into the field of interest with a management team with extensive knowledge in this subject. Conclusion: Creating and realizing synergies is a long process on average 5-10 years. There is no manual for the M&amp;A process only a general approach and each M&amp;A process is customized. It was found that one cannot separate the pre-deal phase from the post-phase. An M&amp;A process includes three different important parts; the strategic intent phase, the due diligence phase, and finally the integration phase. Key success factors for conducting an M&amp;A are that you set up a special management group which will focus on the creation and realisation of synergies and that one focus on motivating and assisting managers through offer new exiting challenges.

Problem: Despite much attention from researchers and practitioners, the reason(s) for why M&amp;A’s tend to fail remain a topic of investigation. Within this investigation there is reason to believe this problem is connected to not prioritizing communicating with multiple stakeholders a during post-M&amp;A integration. Purpose: The purpose of this study is to explore the specific context of communicating with multiple stakeholders during post-M&amp;A integration. Method: A qualitative, abductive and exploratory study with semi-structured interviews providing primary data from stakeholders (respondents) with different experiences of communicating during in post-M&amp;A integration. Results: The results of this study contribute with new insights within the scope of communicating with multiple stakeholders during post-M&amp;A integration. These insights are analyzed and collected in a revised conceptual framework along with reflecting on theory and discussing practical implications. Recommendations for future studies are offered along with discussing the limitations of this study. / Problem: Trots mycket uppmärksamhet från forskare och praktiker så undersökts det fortfarande varför M&amp;A brukar misslyckas. Inom denna undersökning finns det anledning att tro att problemet är kopplat till att inte priortiera kommunikation med flera intressenter under post-M&amp;A integration. Syfte: Syftet med denna studie är att undersöka den specifika kontexten att kommunicera med flera intressenter under post-M&amp;A integration. Metod: En kvalitativ, abduktiv och exploratoriv studie med semi-strukturerade intervjuer som bidrar med primärdata från intressenter (respondenter) med olika erfarenheter av kommunikation under post-M&amp;A integration. Resultat: Studiens resultat bidrar med nya insikter inom ramen för att kommunicera med flera intressenter under post-M&amp;A integration. Dessa insikter har analyserats och samlats i ett reviderat konceptuelt ramverk tillsammas med en reflektion över teory samt en disksussion av studiens praktiska implikationer. Rekomendationer fram framtida studier presenteras samt så diskuteras studiens begränsningar.

In the last decade, the number of mergers and acquisitions (M&A) activities by emerging market firms has rapidly increased to exploit growing markets at home and abroad. In order to be successful in their M&A goals, these firms need to develop a specific M&A capability and manage post-M&A processes effectively. Drawing on the dynamic capabilities view, I develop a theoretical framework for emerging market acquirers that outlines the development of the acquisition capability mechanisms. I first examine the influence of prior acquisition experience on acquisition performance. I then go on to study the integration capability of emerging market firms and examine the effect of post-M&A integration strategies on the performance of acquisitions by emerging market firms. The overall results indicate that a firm‘s focal acquisition performance positively relates to prior acquisition experience that is similar to the focal acquisition. Moreover, post-M&A integration strategies vary depending on the geographical similarity of the focal acquisition. Replacing the target‘s top manager is a particularly important determinant of acquisition performance in domestic M&A. Finally, in this research, I also extend the organisational learning view and develop a multi-level analysis that examines the role of business groups alongside firm-level learning from acquisitions. The usual focus in emerging market studies is on the big emerging economies of Brazil, Russia, India and China (BRIC). I focus instead on the country case of Turkey, one of the second tier of ―biggish‖ growing economies of ―MIST‖ (Mexico, Indonesia, South Korea and Turkey). The empirical results are based on a unique hand-collected dataset of acquisitions in Turkey culled from publicly available data. The final dataset consists of 279 acquisitions between 1998 and 2011.