This study is to investigate how acquiring firms within the Swedish construction industry work towards successful post-acquisition integration during the early stages of post-acquisition and which factors they consider when doing so. When researching the five cases, the study adopted a qualitative approach, using semi-structured interviews with five managers from acquiring firms to gather in-depth, first-hand data for thematic analysis. The empirical findings highlight the significance of corporate culture, organizational structure, and leadership structure in the integration process. Acquiring firms prioritize cultural compatibility, recognizing that differences can hinder successful integration. They also emphasize the positive impact of similar business models and the creation of new leadership groups combining resources and capabilities. Supportive leadership plays a crucial role in smoothening the integration process. To achieve a successful post-acquisition integration, firms in the Swedish construction industry focus on assessing corporate culture compatibility, restructuring leadership, and effective integration planning. They aim to integrate cultures, develop thorough integration plans, and ensure employee satisfaction and financial success. The studied cases challenges theories that emphasize organizational structure as the main obstacle in acquisitions, suggesting that cultural factors are more critical. Similarly, it contradicts theories highlighting directive leadership, emphasizing the importance of supportive leadership instead. The study contributes to the understanding of integrating human resources, cultural factors, and clear integration plans as essential elements for acquisition success.

We examine the effect of merger announcements on the stock performance of acquirers' industry rivals in the context of Chinese and US deals between 1994 and 2017. Our analysis reveals that investors of rivals are able to earn abnormal returns during days around merger announcement, meaning that markets are not fully efficient as implied by the Efficient market hypothesis. We conclude that in a reaction to the announcement, US rivals achieve generally negative abnormal returns with higher magnitude and volatility compared to Chinese rivals. Additionally, we observe that Chinese investors' perception of mergers turned out to be more conservative after the Global financial crisis. During days around the merger announcement, signs of rivals' abnormal returns also differ on whether the target is public or private in both countries. Rivals operating in industries that are substantially supported by Chinese government such as real estate, pharmaceuticals, and chemicals experience positive reaction on mergers of their competitors. Furthermore, we find that industries with increasing im- portance in Chinese developing economy such as banking, telecommunications, and cyclical consumer products show a positive reaction of rivals' returns on merger announcements while in the developed US economy, a negative...