Since it is a normal path for business to go for internationalization through merge and acquisition, there are always cases that end up with non expectable results. Therefore, there do exist huge risks in doing merge and acquisition. However, the probability of making a successful merge and acquisition could be improved by applying for appropriate strategic concerns. Finally, it is essential for managerial implications to find out the key factors of successful merge and acquisition. The thesis tried to find out factors that affect the process, and the outcome of merge and acquisition. By interviewing these key persons of W Company, we concluded with problems including culture, leadership, organization process, and human resources management that do have significant influence on the merge and acquisition progress. Furthermore, we try conclude and making hypotheses according to our interview. The purpose of our thesis was to discuss factors that affect the performance of merge and acquisition, such as corporate culture, leadership, operation process, and organization. According to the conclusions made from Narrative Method, it showed that these factors to some extent did have significant influence on the performance of post merge and acquisition. Therefore, anyone who wants to have splendid performance of merge and acquisition could not ignore these ones. According to the results, as we defined that whenever the performance ¡§turns from loss to profit,¡¨ it means that the merger is getting into success. Therefore, as the case is making huge profit many years after the action of merger, this is really a ¡§success¡¨ case. Therefore, the propositions and survey records are really precious and referral literatures for practical and academic.

I den här uppsatsen studeras skillnaderna i lönsamhet och sysselsättning under en treårspe-riod för 71 svenska företag som var mål för förvärv under perioden 1998-2001. Syftet är att undersöka om utlandsägda företag är bättre på att generera lönsamhet och sysselsättning än företag med inhemska ägare. Resultaten visar att det finns ett samband mellan nationalitet på uppköparen och lönsamhet. Utländskt ägande har ett positivt samband till lönsamhet i allmänhet och också till de högsta lönsamhetsökningarna i tidsperioden som studerats. Företag med inhemska ägare har ett positivt samband till minskad lönsamhet vilket betyder att företag med inhemska ägare har en högre tendens att generera en lägre lönsamhet under den tidsperiod som studerats. Inga statistiskt signifikanta resultat fanns för sambandet mellan nationalitet på uppköparen och skillnad i sysselsättning. Siffrorna visar dock på ett positivt samband mellan utländskt ägande och ökad sysselsättning. Tester gjordes också för att se om det finns något samband mellan nationalitet på uppköpare och den ekonomiska prestationen på målföretaget vid tiden för uppköpet. Resultaten visar att utländska uppköpare har en tendens att köpa målföretag som har en negativ lönsamhet medan inhemska uppköpare tenderar att köpa företag med en positiv lönsamhet. / This thesis studies the changes in profitability and employment during a three-year period for 71 Swedish firms that were targets of acquisitions in the years 1998-2001. The aim is to test whether foreign-owned firms are better in generating profitability and employment than domestically-owned firms. The results show that there is a relationship between the nationality of the acquirer and profitability. Foreign ownership has a positive relationship to profitability in general and also account for the highest profitability increases in the period studied. Domestically-owned firms have a positive relationship to decreased profitability which means that the domestically-owned firms have a greater tendency to generate lower profitability than foreign-owned firms in the period studied. No statistically significant results were attained when testing the relationship between nationality of acquirer and change in employment. Nevertheless the figures show a pattern of positive relationships between foreign ownership and increased employment. Tests were made to see if there is any relationship between nationality of acquirer and the economic performance of target firms at the time of acquisition. The results show that foreign acquirers tend to acquire targets with a negative profitability while domestic investors tend to acquire firms with a positive profitability.

Syftet är att analysera integrationen i förvärvsprocessen mellan Pernod Ricard och Vin&Sprit genom att göra en fallstudie för att se vilka förutsättningar de har för att lyckas. Undersökningen är en fallstudie och har en kvalitativ ansats. Metoden i denna uppsats kommer att bestå av intervjuer och skriftliga källor. Till största delen används primärdata men även sekundärdata kommer att förekomma. Erfarenhet och tidigare kunskap om internationella förvärv spelar en stor roll vid internationella förvärvsprocesser. Kulturella skillnader verkar inte spela en så stor roll som det ofta sägs. En decentraliserad affärsmodell kan dock förhindra att de eventuella kulturella skillnader som finns inte påverkar förvärvsprocessen negativt. Andra viktiga faktorer vid ett internationellt förvärv är ledarskap, kommunikation och utformandet av en ny vision. / The purpose is to analyze the integration of the acquisition process between Pernod Ricard and Vin&Sprit by making a case study to see what conditions they have to succeed. This study is a case study with a qualitative approach. The method in this paper consists of interviews and written sources. For the most part primary data is used, but secondary data will also occur. Experience and previous knowledge of international acquisitions play a major role in international acquisition processes. Cultural differences do not seem to play as large a role as it is often said. A decentralized business model can, however, prevent potential cultural differences from affecting the acquisition process in a negative way. Other important factors in an international acquisition process are leadership, communication and the creation of a new vision.

Today, companies need to constantly expand their business to stay ahead of the severe competition. As competition grows more intense, it makes sense to join forces or simply acquire the rival to provide the most diverse service and to reach even the last customer. But is it really only about the need for efficiency to merge and acquire competitors? Are managers and investors right about their hope, that every new acquisition or merger offers more control over the market? Or are they themselves pushed into these promising expec- tations? This research focuses on how social behavior influences value creation in mergers and acquisitions. Throughout history, waves have been observed that reflect the excessive hype for perennial need of growth. Growth by acquisitions and mergers is seen as key element to create value by investors and managers. However, reality looks different. This research focuses on a two step approach by first describing underlying social catalysts that amplify the trend towards value creation in mergers and acquisitions. Secondly, to verify the inves- tigation of social behavior, the results are matched to a financial approach to detect wheth- er the transaction price justifies the current value and possible synergies or whether value is destroyed. A case study was conducted of Boss Media AB, a software company situated in the online gaming industry, which experienced several mergers and acquisitions since their founda- tions and was eventually acquired itself. The company provided an interview and further information on their involvement with mergers and acquisitions. The research showed that mergers and acquisitions continue to increase in number and value, leading to the amplitude of each wave being higher than the previous one. This also means that more value is destroyed. It is illustrated that managers being determined to have bet on the right horse, are often more influenced by social behavior and trends than they think they are. Blinded by the overestimation of their own abilities, and prosperous short- term profits, managers overvalue their investment choices. Hence, the research implies that managers destroy shareholder value even though they initially intended to create it.

The internationalization process of emerging market multinationals (EMNCs) has been the focus of study of several studies on the recent decades. Importance was given as well to differentiate the patters of those from the multinationals coming from developed countries (MNCs). This study investigates specificities in the path of a Brazilian steel industry, Gerdau, into foreign production in developed countries, Canada and United States. By pointing out the different theories, the case of Gerdau can be better understood not only as an internationalization process, but as well as a company that could reach opportunities in a sector going through a problematic period by acquiring regional players, instead of using exports to reach those markets. Some authors states managerial capabilities being understood as second most important competitive advantage of Brazilian firms, loosing only to differentiated access of natural resources. In this study, we go through the understanding of how this capabilities played important role in a company outside of the natural resources business, supporting Gerdau's successful path.

Integration through strategy of mergers and acquisitions have become popular all over the world thanks to globalization, technological developments, liberalization, and saturated competitive business environment. On The Journal published on www.globusz.com, it has been announced that the number of M&A corporations has reached 5000 mergers, and the total value of the companies acquired is of about $1.7 trillion in 2000. In USA, it was the period where the most important and largest M&As were ever announced, it was the year where AOL and Time Warner were merged. Most of researches conducted on M&A activities have recognized that firms prefer to enlarge their activity by merging or acquiring new businesses rather than enlarging organically. However, in some cases, results collected are not the ones expected. IBM has made about 800 strategic alliances, Hewlet Packard about 300, and AT with T about 400. This proves that those alliances either with strategic suppliers, or with competitor or partners, they are an effective and a prompt access towards capital increase, talents discovery, effective distribution channels and manufacturing productive designs or operations. According to a study conducted by Coopers and Lybrand, companies that form strategic alliances grow 20% faster and gain 11% more in sales than those who choose to rely solely on their own expertise (Segil 1998). The study also identified that two thirds of middle level firms have entered some form of alliance: 37% with their customers; 35% with their suppliers; 15% with competitors. The gaining from M&As is said to be a means of protecting the market share and of expanding growth domestically and internationally, because it leads to more beneficial using of resources and assets, to more efficient managеmеnt, and to еcоnomies of scale, etc.  Thus, the question to raise is: do results of M&As create real value for the shareholders of acquirers?

In today’s business world, it appears to be impossible for companies to survive without expanding through deals that result in mergers and acquisitions. Mergers and acquisitions represent a favourable medium of growth. However, studies indicate a high rate of failure in these operations. Evidently, there are areas that are mismanaged during the course of a merger or acquisition.   If organizations make a decision to go through a merger or acquisition, it is vital that they devote significant attention and resources to understand and deal with opportunities and challenges presented during its processes. Through our research we have come to identify four important aspects as integral to a successful merger and acquisition. These components: culture, synergies, leadership and politics, each independently and together when mismanaged become the source of a merger or acquisition failing.  If we are to envision the newly formed organization post a merger or acquisition as the structure, we see these four components as the pillars of this structure.  The strength or weakness of these pillars will determine the future of the newly formed organization.  At the other end of the spectrum, the very core aspects that result in success, we believe when mismanaged can spell catastrophe for the organization. However, lessons in mismanagement in these very four strategic areas can be the game changer that could possibly turn a merger and acquisition failure into success. It is only through an analytical study of the mismanagement pertinent in these four individual areas that we arrive at answers so that we may change this dominant trend of failure in mergers and acquisitions.

This study is mainly working on the influence of the staying employees¡¦ citizenship behaviors and working attitude under corporate merger, under the background of integration upstream parts and components by optoelectronic company. The subjects to study are organizational commitment, job insecurity and job satisfaction.. This study aimed to understand employees¡¦ mentality and coworker relations by interviewing 3 management members and 7 employees by adapting qualitative analysis Those who accept to stay in the merged company usually feel unsafety in their mind and show bad interaction with employees of the merger. The job insecurity will affect employees¡¦ organizational commitment, job involvement, and job satisfaction. The most important is that the support from the direct supervisor will strongly influence the job satisfaction and performance of subordinators. The better interaction, the stronger support from the direct supervisor which subordinators will feel.

Abstract In the global steel industry, some of the regional steel makers start to mergers and acquisitions in order to increase their competitive ability and market share in faces of the crisis that the market share unceasingly glides down. In recent years, the merge and reorganization of steel industry become more popular. It¡¦s to form more professional and bigger group through expanding the productivity, the regional enterprise's merge, the vertical integration and international strategy alliance and so on merge. This research about merger of the H Company and the U Company is not only the first large-scale merge case in the domestic stainless steel industry, but also the first reverse mergers¡¦ case of listed companies and unlisted companies (include emerging stock board companies).It also means the pioneering case in the age. The ¡§reverse mergers¡¨ which above-mentioned plan uses is an item of advanced accounting concept . It mainly focuses on the economical essence of merger, which one can obtain the actual domination and which one is easier to obtain the approval of creditor and supervising institution. Therefore it changed the traditional idea about merger to the public. Integrating with the discussing procedure to above reverse mergers¡¦ case, there are three consolidated problems to be supposedly noticed. Hopefully this research can offer the alternatives to those enterprises that want to pick the merge way through this kind of exterior growth opportunity to expand their competitive ability in the domestic more frequent merge case, and for their reference when they take action concerning reverse mergers. In addition, this research valuation above case¡¦s reasonable intrinsic value by the Discounted Free Cash Flow Model (DCF Model) and the Edwards-Bell-Ohlson Model (EBO Model), and check whether my projection about the stock swap proportion under the DCF model and EBO model are reasonable by making the sensitivity analysis of the price-to-book ratio. The reasonable area of trading the stock swap proportion sector supposedly should be between 4.45 and 4.68 after this research¡¦s calculation by the above two valuation method. However, the proportional difference reaches 38% to 45% with the comparison of the bilateral company resolution 1¡G3.22. Obviously, it was not appropriately responded the intrinsic stock value for both of companies on trading the stock swap proportion, and makes the sensitivity analysis by the price-to-book ratio also to support the DCF model and result of the EBO model computation. Although the bilateral companies still have to considerate a lot of factors to final the stock swap proportion, then they could negotiate the acceptable stock swap proportion. But , the data ,the enterprise value, which was calculated by the relative value approach should still has the reference value.

This paper applies a real option approach to analyze the optimal decisions of mergers, stock offers, and cash offers. We use the two-stage approach to investigate the optimal decisions of mergers and acquisitions. At the first stage, the merger company has to choose the target company to obtain the largest synergy, which comes from the increasing return to scale, improved performance, acquired R&D, and increased market power. At the second stage, the main work is to determine the takeover threshold (timing), exchange rate of stocks or bid premium under the three forms of mergers and acquisitions. We find that the increasing return to scale, improved performance, and increased market power will lower takeover threshold and speed up merger activity. Finally, the forms of mergers and acquisitions will affect the timing and the returns of the acquirer and acquiree. Cash offers will happen even later than mergers and stock offers. This thesis also constructs a model to study the multi-firms¡¦ merger strategies and derives the multi-firms¡¦ synergy value, timing and terms of merges. In addition, we study the effect of firms¡¦ competitive intensity, market power, fixed cost, and demand shocks on the decisions of merges. We find that the increased competitive intensity, increased market power, higher fixed cost, and lower demand shocks will enhance the motives of merges and accelerate merger activities.