O objetivo deste trabalho é analisar influências do Fit Estratégico para o alcance de acordos em negociações de Fusões e Aquisições (F&A). A metodologia envolveu pesquisa qualitativa com suporte quantitativo para desenvolver estrutura analítica que integrasse elementos de F&A e Negociação, permitindo identificar e avaliar 115 variáveis em 20 casos reais de negociações de F&As, 10 com Acordo Alcançado e 10 com Acordo Não Alcançado. Embora com limitações, o estudo alcançou os objetivos propostos identificando quatro Macrorrelações de Influência (MRI) principais: Existência de Fit Estratégico influencia positivamente a chance de acordo, através das Sinergias, assim como sua ausência influencia negativamente; Riscos e Impedimentos integram a Equação de Valor para o Comprador, quando eles ameaçam a captura de valor, podem inviabilizar a chance de acordo; Pressões Indutoras influenciam positivamente a chance de acordos em operações de F&As; e, Interesses Críticos Convergentes são condição precedente para o alcance de acordos em operações de F&As. Esta dissertação contribui para o desenvolvimento de uma visão integrada entre F&A e Negociação, permitindo uma conduta mais consciente, consistente e estratégica para alcançar acordos. Atenção particular é dada à MRI que envolve Fit Estratégico. Além de demonstrar ser forte fator de influência (82% dos casos com Fit atingiram acordo), a estrutura analítica quantitativa utilizada se revelou robusta (os resultados observados nos 20 casos confirmam estudo anterior com 218 casos de Shelton, 1988), apresentando aptidão para ser convertida em ferramenta de suporte à decisão, já que permite avaliar potencial sinérgico entre empresas e nichos de mercado. / The objective of this work is to analyze the influences of Strategic Fit in order to reach agreements in Mergers and Acquisitions (M&A) negotiations. The method involved a qualitative research with quantitative support to develop an analytical framework that integrates elements of M&A and Negotiation, allowing to identify and evaluate 115 variables in 20 actual cases of M&A negotiations of Which 10 Reached a Deal, and 10 Did Not Reach a Deal. Although with limitations, the study achieved its proposed objectives identifying four macro-relations of influence (MRI): Strategic Fit presence positively influences the chance of an agreement, through Synergies and its absence has a negatively influence; Risks and Impediments are part of the Value Equation to the Buyer, when threatening the capture of value they can prevent the chance of agreement; Inducing Pressures positively influences the chance of agreements in M&A transactions; and Critical Converging Interests is a pre-condition to reach agreements in M&A operations. This dissertation contributes to the development of an integrated view between M&A and Negotiation, enabling a more cognizant, consistent and strategic behavior in order to reach agreements. Particular attention is given to the MRI that involves Strategic Fit, as it proved a strong influencing factor (82% of cases with Strategic Fit reached an agreement). As well, the quantitative analytical framework used showed to be robust (results in the 20 cases studied in here confirmed a previous study by Shelton in 1988 of 218 cases) indicating potential to become a decision-supporting tool, since it allows the synergy potential evaluation between companies and market niches.

<p>Date             29 May 2009Program        International Business and Entrepreneurship (IB&E)Course          Master Thesis (EFO705).Authors         Karol Duda, 851010 – T317                    Hong Y Pham, 841117 - T153Tutor             Love BörjessonTitle              Human and Culture integration in Mergers & Acquisitions: A study of Andersen acquisition by KPMG in Vietnam.Research problem: What did KPMG Vietnam do to integrate organizational culture and human resource of Andersen during and after its acquisition in 2002?Purpose         The aim of this research was to focus on culture and human resource dimensions by investigating the case KPMG acquired Andersen in Vietnam in 2002.Method          The conducted methodological stance in this report is interpretive research. The qualitative method has also been utilized. This research has mostly based on primary data in which semi-structured interviews and questionnaires were implemented to collect empirical data related to Andersen Vietnam acquisition. Secondary data from books, journals, websites etc has also been gathered.Conclusion     Although KPMG did not employ every tool suggested by researchers, it was proven to perform fair or good in culture integration dimension</p>

Date             29 May 2009Program        International Business and Entrepreneurship (IB&amp;E)Course          Master Thesis (EFO705).Authors         Karol Duda, 851010 – T317                    Hong Y Pham, 841117 - T153Tutor             Love BörjessonTitle              Human and Culture integration in Mergers &amp; Acquisitions: A study of Andersen acquisition by KPMG in Vietnam.Research problem: What did KPMG Vietnam do to integrate organizational culture and human resource of Andersen during and after its acquisition in 2002?Purpose         The aim of this research was to focus on culture and human resource dimensions by investigating the case KPMG acquired Andersen in Vietnam in 2002.Method          The conducted methodological stance in this report is interpretive research. The qualitative method has also been utilized. This research has mostly based on primary data in which semi-structured interviews and questionnaires were implemented to collect empirical data related to Andersen Vietnam acquisition. Secondary data from books, journals, websites etc has also been gathered.Conclusion     Although KPMG did not employ every tool suggested by researchers, it was proven to perform fair or good in culture integration dimension

O objetivo deste trabalho é analisar influências do Fit Estratégico para o alcance de acordos em negociações de Fusões e Aquisições (F&A). A metodologia envolveu pesquisa qualitativa com suporte quantitativo para desenvolver estrutura analítica que integrasse elementos de F&A e Negociação, permitindo identificar e avaliar 115 variáveis em 20 casos reais de negociações de F&As, 10 com Acordo Alcançado e 10 com Acordo Não Alcançado. Embora com limitações, o estudo alcançou os objetivos propostos identificando quatro Macrorrelações de Influência (MRI) principais: Existência de Fit Estratégico influencia positivamente a chance de acordo, através das Sinergias, assim como sua ausência influencia negativamente; Riscos e Impedimentos integram a Equação de Valor para o Comprador, quando eles ameaçam a captura de valor, podem inviabilizar a chance de acordo; Pressões Indutoras influenciam positivamente a chance de acordos em operações de F&As; e, Interesses Críticos Convergentes são condição precedente para o alcance de acordos em operações de F&As. Esta dissertação contribui para o desenvolvimento de uma visão integrada entre F&A e Negociação, permitindo uma conduta mais consciente, consistente e estratégica para alcançar acordos. Atenção particular é dada à MRI que envolve Fit Estratégico. Além de demonstrar ser forte fator de influência (82% dos casos com Fit atingiram acordo), a estrutura analítica quantitativa utilizada se revelou robusta (os resultados observados nos 20 casos confirmam estudo anterior com 218 casos de Shelton, 1988), apresentando aptidão para ser convertida em ferramenta de suporte à decisão, já que permite avaliar potencial sinérgico entre empresas e nichos de mercado. / The objective of this work is to analyze the influences of Strategic Fit in order to reach agreements in Mergers and Acquisitions (M&A) negotiations. The method involved a qualitative research with quantitative support to develop an analytical framework that integrates elements of M&A and Negotiation, allowing to identify and evaluate 115 variables in 20 actual cases of M&A negotiations of Which 10 Reached a Deal, and 10 Did Not Reach a Deal. Although with limitations, the study achieved its proposed objectives identifying four macro-relations of influence (MRI): Strategic Fit presence positively influences the chance of an agreement, through Synergies and its absence has a negatively influence; Risks and Impediments are part of the Value Equation to the Buyer, when threatening the capture of value they can prevent the chance of agreement; Inducing Pressures positively influences the chance of agreements in M&A transactions; and Critical Converging Interests is a pre-condition to reach agreements in M&A operations. This dissertation contributes to the development of an integrated view between M&A and Negotiation, enabling a more cognizant, consistent and strategic behavior in order to reach agreements. Particular attention is given to the MRI that involves Strategic Fit, as it proved a strong influencing factor (82% of cases with Strategic Fit reached an agreement). As well, the quantitative analytical framework used showed to be robust (results in the 20 cases studied in here confirmed a previous study by Shelton in 1988 of 218 cases) indicating potential to become a decision-supporting tool, since it allows the synergy potential evaluation between companies and market niches.

O objetivo deste trabalho é analisar influências do Fit Estratégico para o alcance de acordos em negociações de Fusões e Aquisições (F&A). A metodologia envolveu pesquisa qualitativa com suporte quantitativo para desenvolver estrutura analítica que integrasse elementos de F&A e Negociação, permitindo identificar e avaliar 115 variáveis em 20 casos reais de negociações de F&As, 10 com Acordo Alcançado e 10 com Acordo Não Alcançado. Embora com limitações, o estudo alcançou os objetivos propostos identificando quatro Macrorrelações de Influência (MRI) principais: Existência de Fit Estratégico influencia positivamente a chance de acordo, através das Sinergias, assim como sua ausência influencia negativamente; Riscos e Impedimentos integram a Equação de Valor para o Comprador, quando eles ameaçam a captura de valor, podem inviabilizar a chance de acordo; Pressões Indutoras influenciam positivamente a chance de acordos em operações de F&As; e, Interesses Críticos Convergentes são condição precedente para o alcance de acordos em operações de F&As. Esta dissertação contribui para o desenvolvimento de uma visão integrada entre F&A e Negociação, permitindo uma conduta mais consciente, consistente e estratégica para alcançar acordos. Atenção particular é dada à MRI que envolve Fit Estratégico. Além de demonstrar ser forte fator de influência (82% dos casos com Fit atingiram acordo), a estrutura analítica quantitativa utilizada se revelou robusta (os resultados observados nos 20 casos confirmam estudo anterior com 218 casos de Shelton, 1988), apresentando aptidão para ser convertida em ferramenta de suporte à decisão, já que permite avaliar potencial sinérgico entre empresas e nichos de mercado. / The objective of this work is to analyze the influences of Strategic Fit in order to reach agreements in Mergers and Acquisitions (M&A) negotiations. The method involved a qualitative research with quantitative support to develop an analytical framework that integrates elements of M&A and Negotiation, allowing to identify and evaluate 115 variables in 20 actual cases of M&A negotiations of Which 10 Reached a Deal, and 10 Did Not Reach a Deal. Although with limitations, the study achieved its proposed objectives identifying four macro-relations of influence (MRI): Strategic Fit presence positively influences the chance of an agreement, through Synergies and its absence has a negatively influence; Risks and Impediments are part of the Value Equation to the Buyer, when threatening the capture of value they can prevent the chance of agreement; Inducing Pressures positively influences the chance of agreements in M&A transactions; and Critical Converging Interests is a pre-condition to reach agreements in M&A operations. This dissertation contributes to the development of an integrated view between M&A and Negotiation, enabling a more cognizant, consistent and strategic behavior in order to reach agreements. Particular attention is given to the MRI that involves Strategic Fit, as it proved a strong influencing factor (82% of cases with Strategic Fit reached an agreement). As well, the quantitative analytical framework used showed to be robust (results in the 20 cases studied in here confirmed a previous study by Shelton in 1988 of 218 cases) indicating potential to become a decision-supporting tool, since it allows the synergy potential evaluation between companies and market niches.

The volume of mergers and acquisitions in 2014 amounted to 3.6 trillion USD. Acquisition activity over the previous year increased by 26 % and the volume of mergers and acquisitions was the third highest in history after 2007 and 2006. The constantly increasing number of mergers and acquisitions and an increase in the volume of capital required for the realization of transactions stand in stark contrast to the high rate of failure. The primary motive for international mergers and acquisitions is the realization of synergies. The paper analyzes in detail the factors that influence the success of international mergers and acquisitions, especially strategic fit, cultural fit and integration. It also analyzes the motives which lead to realization of those transactions and how they relate to the realization of synergies. The results of previous studies are presented in the theoretical part, practical part is focused on a specific acquisition of Anheuser-Busch, which is part of the global brewing group Anheuser-Busch InBev, which in 2014 bought a small Czech brewery - Pivovar Samson.

This research explains the role of aligned inter-firm performance measures as a predictor of success in of contractual alliances. Contractual alliances, a popular type of inter-firm relations, are also known as non-equity alliances and often display conflicting objectives in their contractual agreements. This research proposes that the assessment of contractual alliances performance must go beyond the contract’s ability to deliver to its internal performance targets or service level agreements (SLA). The success of contractual alliances lies in the alliance’s capability to contribute to the specific performance objectives of the firms involved as well as to fulfil its internal SLAs. This capability is called alignment and the results of this research show that is critical to the success of inter-firm relationships. The data for the research was gathered from outsourcing contracts between a logistics service provider and 149 users. Each contract includes its SLAs and two years of actual performance measures. The research design considers the firms’ financial measures as a proxy for their performance objectives during the same period of time. The alignment construct was operationalised by creating an inter-firm alignment (IFA) coefficient calculated with mathematical techniques to assess multi-dimensional fit amongst constructs. The three dimensions included in the IFA coefficient are i) alignment of contract’s SLAs and actual performance values, ii) alignment of contract’s SLAs and provider’s performance objectives, and iii) alignment of contract’s SLAs and user’s performance objectives. Success of contractual alliances was operationalised using known measures from the inter-firm management literature, such as longevity, stability, formality and relative profitability of the relationship. Information for all determinants was available in the 149 contracts. The quantitative correlations were specified and calculated using structural equation models (SEM). The results show that aligned inter-firm performance measures are a strong predictor of contractual alliance success. The empirical model supports the positive correlation of longevity and formality as measures of contractual alliance success, as stated in extant literature. The findings dispute the expected positive correlation between formality and stability with alliance success as described in the alliance literature. The results confirm the positive role of renegotiations as stated in the organization learning literature. Additional in-depth interviews were conducted with relationship managers, during the pilot study. The qualitative results support the quantitative findings. This research contributes to theory by: a) conceptualising and measuring the concept alignment to inter-firm performance measures; b) estimating the contribution of relation-specific measures to contractual alliance success, and c) introducing alignment of inter-firm performance measures as a predictor of contractual alliance success. The research and its results fill a substantive gap in managing contractual alliances. It provides the outsourcing industry with a tool that predicts the likelihood of relationship survival based on the degree of alignment of the inter-firm’s performance measures. The quantitative methods employed in the research extend the use of current techniques for assessing ‘fit’ in the strategy literature, into the field of performance measurement systems.

This research explains the role of aligned inter-firm performance measures as a predictor of success in of contractual alliances. Contractual alliances, a popular type of inter-firm relations, are also known as non-equity alliances and often display conflicting objectives in their contractual agreements. This research proposes that the assessment of contractual alliances performance must go beyond the contract’s ability to deliver to its internal performance targets or service level agreements (SLA). The success of contractual alliances lies in the alliance’s capability to contribute to the specific performance objectives of the firms involved as well as to fulfil its internal SLAs. This capability is called alignment and the results of this research show that is critical to the success of inter-firm relationships. The data for the research was gathered from outsourcing contracts between a logistics service provider and 149 users. Each contract includes its SLAs and two years of actual performance measures. The research design considers the firms’ financial measures as a proxy for their performance objectives during the same period of time. The alignment construct was operationalised by creating an inter-firm alignment (IFA) coefficient calculated with mathematical techniques to assess multi-dimensional fit amongst constructs. The three dimensions included in the IFA coefficient are i) alignment of contract’s SLAs and actual performance values, ii) alignment of contract’s SLAs and provider’s performance objectives, and iii) alignment of contract’s SLAs and user’s performance objectives. Success of contractual alliances was operationalised using known measures from the inter-firm management literature, such as longevity, stability, formality and relative profitability of the relationship. Information for all determinants was available in the 149 contracts. The quantitative correlations were specified and calculated using structural equation models (SEM). The results show that aligned inter-firm performance measures are a strong predictor of contractual alliance success. The empirical model supports the positive correlation of longevity and formality as measures of contractual alliance success, as stated in extant literature. The findings dispute the expected positive correlation between formality and stability with alliance success as described in the alliance literature. The results confirm the positive role of renegotiations as stated in the organization learning literature. Additional in-depth interviews were conducted with relationship managers, during the pilot study. The qualitative results support the quantitative findings. This research contributes to theory by: a) conceptualising and measuring the concept alignment to inter-firm performance measures; b) estimating the contribution of relation-specific measures to contractual alliance success, and c) introducing alignment of inter-firm performance measures as a predictor of contractual alliance success. The research and its results fill a substantive gap in managing contractual alliances. It provides the outsourcing industry with a tool that predicts the likelihood of relationship survival based on the degree of alignment of the inter-firm’s performance measures. The quantitative methods employed in the research extend the use of current techniques for assessing ‘fit’ in the strategy literature, into the field of performance measurement systems.

Dans le cadre de cette thèse, le chercheur a étudié l'impact de l’incertitude environnementale perçue tant sur le supply chain que les stratégies des entreprises et cela à travers diverses dimensions. Le terrain de l’étude concerne les entreprises Iraniennes productrices de générateur d’électricité. Les impacts de cette incertitude peuvent affecter la performance du supply chain et par voie de conséquence réduire la portée des stratégies de ces entreprises. L’objet de cette recherche est d’identifier les dimensions les plus pertinentes afin d’analyser leurs impacts sur la relation entre le supply chain et la stratégie de ces entreprises. La question de recherche est : Quels sont les principaux impacts des facteurs de l’incertitude environnementale perçue par les entreprises Iraniennes produisant des générateurs d’électricité et comment affectent-ils la relation entre le supply chain et la stratégie de ces entreprises ? Dans un premier temps une revue de la littérature a permis de définir et de caractériser le concept « d’incertitude environnementale perçue ». Et d’expliquer comment la relation entre le supply chain et la stratégie pouvait être affectée par les dimensions qui aractérisent l’incertitude environnementale perçue. Dans un deuxième temps une étude exploratoire menée auprès des managers a permis de compléter cette revue de la littérature et de construire un modèle conceptuel. . Fondé sur ce modèle conceptuel un questionnaire a été conçu et envoyé aux managers appartenant aux sociétés évoluant dans le domaine de la production des générateurs en Iran. Après un traitement quantitatif des données, les résultats montrent que toutes les entreprises connaissent des risques et des incertitud s dont les sources sont les suivantes : La demande; la prévision; la perturbation; les sanctions; les embargos; les droits de douane; les impôts; la politique; les relations diplomatiques; les questions juridiques; la volatilité de Gestion du remplacement ; la fluctuation de taux de change; l’inflation; la ondialisation, et la Macro Économie. Chacune de ces sources impacte les stratégies des sociétés soit à travers un ou plusieurs léments de la stratégie du Supply Chain soit ceux de la stratégie de l’entreprise. Par conséquent les incertitudes environnementales affectent tant les stratégies du Supply Chain que les stratégies des entreprises. Après le traitement des données, un modèle est proposé pour montrer les impacts directs et indirects de l’IEP (l'incertitude environnementale perçue) sur les SCS (Stratégies du Supply Chain) et sur la SE (la stratégie de l’entreprise). Il montre que la relation entre lastratégie du Supply Chain et la stratégie de l’entreprise est impactée par des incertitudes environnementales perçues (IEP). Lorsque l’IEP est élevée, l'ajustement entre ces stratégies devient très difficile puisqu'il n'y a plus que 68 % d’impact sur le CBS (company business strategy). Le modèle montre, par contre, que lorsque l’IEP est faible, l’IPEU (Impact de l'incertitude environnementale perçue) sur à la fois la SCS et la SE sont similaires et la moyenne correspond avec exactitude à 0,001. / In this Ph.D. dissertation, the researcher has studied the impact of perceived environmental uncertainties from various dimensions on the supply chain and business strategies of Iranian manufacturing companies in the power generation section. The impacts of PEU can generate lots of problems in their supply chain performance and the company’s business strategies. Therefore, it is significant to recognize the dimensions of PEU and related impacts. This research is conducted to recognize of the dimensions of perceived environmental uncertainty (PEU) and investigate their impacts on the fit between the supply chain strategy and the company’s business strategy of Iranian power generation equipments manufacturing firms. The main question of the research is “What are the main impacts of Perceived Environmental Uncertainty’s (PEU) dimensions for Iranian power generation equipments manufacturing firms and how they affect the Fitbetween Supply Chain Strategy (SCS) and Company’s Business Strategy (CBS)?". In this research, in the first step literature review is implemented broadly to define the related dimensions of PEU and in order to find the appropriate model to explain how the strategic fit could be influenced by the PEU’s dimensions through an exploratory survey via semi-structure and in-depth interviews among related managers in the case to design the appropriate theoretical model. In the next step, an exploratory survey is done by submitting a questionnaire as a survey tool among the case and its subsidiaries and implementing the quantitative statistical research based on the answer sheets by analyzing thecollected data to derive the conclusions. Applicable questionnaire to be used in the main part of survey by distributing the questionnaires among the multi cases in the same field and applied the quantitative research based on the answer sheets to find the results. The data arecollected and analyzed to derive the conclusions.This research implies that all businesses are surrounded with lots of risks and uncertainties. The environmental uncertainties could be caused by several sources which they are studied among the defined population in manufacturing companies in power generation felid in Iran. The environmental uncertainties could be perceived through several aspects such as Demand; Forecasting; Disruption; Sanctions; Embargo; Tariffs; Taxes; Political issues; Diplomatic relation; Legal Issues; Management Volatility (Replacement); Exchange-rate Fluctuating; Inflation; Globalization; Macro Economy and so on. Each of these indexes is impacting the company’s strategies via affecting one or more elements in the supply chain strategy or company’s business strategy elements. Therefore, the environmental uncertainties are affecting both supply chain strategies and the company’s business strategies. This research proposed a model to show how PEU impacts the SCS and CBS, directly and indirectly impacting their infrastructures. Then, it is explored that the supply chain strategic fit -fit means matching the supply chain strategies with the company’s business strategy- how is influenced by perceived environmental uncertainties (IPEU). Furthermore, when the PEU is high, the fit between these strategies is approximately lost, because there is 68% more impact on the CBS. Whereas the model shows when PEU is low, the IPEU are matching on the both SCS and CBS and their average become fit together with accuracy of 0.001. Besides, through this dissertation, there are proposed equations illustrating the relation between the indexes.

[pt] Embora as atividades de fusões e aquisições (F&A) remontem ao final do século XVIII e início do século XIX, como conseqüência da Revolução Industrial, é possível verificar que as transações registradas nos anos 1990 possuem um caráter distinto do observado em décadas precedentes, em função da sua intensidade, da magnitude dos valores e dos setores envolvidos. Embora a indústria de minério de ferro seja bastante madura e tradicional, observou-se nos últimos anos um expressivo volume de operações de F&A, as quais modificaram sensivelmente sua estrutura. Esta pesquisa tem como objetivo analisar os processos de F&A realizados pela Companhia Vale do Rio Doce (CVRD), líder mundial deste setor, verificando se os mesmos estão adequados à sua estratégia competitiva. A partir da utilização da metodologia de estudo de caso com triangulação de métodos, os dados da pesquisa foram coletados por meio de investigação documental/telematizada e de levantamentos de percepções com auxílio de questionário predominantemente estruturado e de entrevistas, sendo posteriormente tratados com métodos quantitativos e qualitativos. A interpretação e análise dos dados basearam-se no referencial teórico, fundamentado em revisão de literatura pertinente à área de estudo, com auxílio do modelo genérico integrativo de Macedo-Soares, em suas versões tradicional e relacional. Os resultados da pesquisa evidenciaram uma adequação entre os objetivos estratégicos explicitados pela empresa, permitindo valorizar suas forças e eliminando fraquezas da organização, de modo a potencializar oportunidades e minimizar ameaças do seu ambiente competitivo. Como recomendação resultante da pesquisa, sugere-se a realização de novos trabalhos enfocando os principais concorrentes da CVRD, os quais igualmente passaram por processos de F&A, assim como para seus clientes, os atores principais da indústria siderúrgica. / [en] Although mergers and acquisitions (M&A) activity date from the end of the eighteenth and beginning of nineteenth century, as a consequence of the Industrial Revolution, it is clear that the transactions that took place in the 1990s have a distinct character to the ones observed in preceding decades, due to their intensity, the magnitude of the values and sectors involved. Substantial amount of M&A activity took place in the iron ore industry in the last few years, which modified its structure significantly. The objective of this study is to analyze the processes of M&A conducted by Companhia Vale do Rio Doce (CVRD), worldwide leader of this industry, in order to verify the adequacy for competitive strategy. With the help of case study methodology and the triangulation of methods strategy, data was collected by way of documental / telematic investigations as well as a survey and in-depth interviews. Data interpretation and analysis were carried out in the light of the theoretical references which were established by the review of the literature, with the support Macedo-Soares`s systemic and integrative model in its traditional and relational versions. The study`s results suggest that there is indeed adequacy between the firm`s strategy, inasmuch as it enables to take advantage of environmental and relational opportunities while reducing pertinent threats, by capitalizing on the firm`s as well as its relationships` strengths and minimizing their weaknesses. In the conclusion, recommendations are made to conduct further studies focusing on the main competitors of CVRD that have also carried out M&A transactions, as well as on its customers - key strategic actors of the steel industry.