Japan's economy is declining since the impact of the economic ¡§foam¡¨ in the 1990s. Besides, under the double blow of Asian financial storm many enterprises go bankrupt, reforming happens frequently day by day within the territory of Japan. Japanese steel industry does not make an exception. In order to increase the occupation rate of market in the industry or for the goal of long-lasting operation, the actions of merger and alliance among the steel factories are prevailing. According to the positive attitude of the steel blast furnace factories to deal with this sitution they established their own trading department one after another. Make the demands of trading, information and finance services provided by the trading companies who live by the steel blast furnance factories go down, it force the companies to adopt the action of cooperation or merger to prevent disappearing in the industry. This study utilizes the case study approach to deduce the management model of the merged enterprises and induce with the phenomenon. According to the secondary and case interview materials collected to proceed an exploratory qualitative research. Case study aims the new established company composed of the isolated steel departments of Itochu and Marubeni with equal stakes. Probes into its tactics goal, merger motive, merger process related to the operation performance and try to establish a management model of merger. This study found that the direction and method of decision while carrying out merger originally, and the unique national and corporate culture in this case improve to reach the anticipated synergy achievement on the initial stage of merger. And provide suggestions and references to companies which intend to merge with similar culture and background.

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The purpose of the study was to find whether Taiwan banks could gain competitiveness by using merger and acquisition strategies. After interviewing with nine experts who work in the banks, the study found that ¡§economies of scales¡¨, ¡§brand image¡¨ and ¡§human resource¡¨ were the key successful factors of the banking industry. The study examined three banking mergers that were announced after the Legislative Yuan had approved ¡§The Law of Financial Institution Mergers¡¨. The result was that the banks in these cases had few benefits by using merger and acquisition strategies. Therefore, standing at the point of banks and considering their abilities and resources, the study chose three merges as the objects of study. Then, the study investigated the merger benefits and integration problems in the three merges. The study found that mergers in Taiwan commercial banks could produce economies of scales. Taiwan commercial banks could not improve brand image and human resource by using merger and acquisition strategies. Most Taiwan commercial banks were lack of innovation culture and employees who were good at financial innovation. Taiwan is going to participate in WTO, so the combined banks needs to improve their brand awareness. The conclusion of the study was that merger and acquisition strategies could bring Taiwan banks some benefits. But Taiwan banks could not rely on merger and acquisition strategies to solve the problem of being lack of competitiveness. The integration differs because of different merger goals. The integration would influence the achievement of merger benefits.

The economic success in Taiwan has been called the ¡§Economic Miracle.¡¨ However, it deserves further attention to explore the actual causes of the formation of the ¡§miracle.¡¨ As a country of island-economy, Taiwan is short of natural resources. It is necessary for Taiwan to depend on the international resources to survive and backup. Moreover, in the cross-section analysis, the rate of small and medium businesses is as high as 97.75% in Taiwan. Thus, the importance of the small and medium businesses in the development of Taiwan economy can be thus known. However, the great changes in worldwide economy have been taking place. Due to the limits on corporate size, finance, technology, manpower, marketing, research, and management, the small and medium businesses, which have been playing important roles in Taiwan economy, are facing great competitions. As a result, in order to obtain competitive advantages in business ventures, and to increase the competitiveness, the small and medium businesses try all the means to look for new ways to effectively deal with the economic challenges. Nonetheless, facing the same difficult business environment, the small and medium businesses have much fewer resources than the large-sized companies. Therefore, in order to find ways to survive and develop, the mergence among the small and medium businesses is one of the practical ways. Though merger can strengthen the power of the companies, most of the related researches all state that the failure rate of the mergence is actually higher than 50%. In order to make the action of the merger successful, it is necessary to examine the mutual adjustability, the resources and the corporate status of each merger, and to estimate the possible changes of the outside environment. And what¡¦s more important, it also requires careful observation and clear and powerful corporate expectation. This research employs mainly the ¡§case study¡¨ method that is used often in qualitative analysis and the in-depth interview. First of all, the researcher designs the interview outline, chooses the major decision makers of the merger case for the interview, and uses the in-depth interview to explore the research topics. The contents of the interview are then analyzed and discussed. Based upon the result, the practical key points for the success of the merger are concluded and the practical factors of the studied case and the related theories are further analyzed and compared to comprehend the coverage and the realizability of the theories and to offer conclusions and suggestions in order to provide future references for the professional researchers and corporate owners.

Along with economy growth, trends of merger and acquisition (M&A) between organizations have become an important issue in both geographical and strategic terms. Through M&A, firms are able to utilize their resources, enhance their marketing channels and penetrate markets with better efficiency. However, how do products grab consumers¡¦ eyes against competitors? And how do firms maintain consumer loyalty? ¡§Brand¡¨ is a critical factor. When discussing issues relating brands, ¡§brand equity¡¨ is something one would never skip. The ¡§brand equity¡¨ means the value added of a brand, containing the overall conception and attitudes of consumers. Only through constructing and creating brand equity, firms could gather the unique value possessed by their brands. This thesis aims at discussing the relation between M&A, brand associations, the fit of target product, willingness to purchase and brand equity. This study served cellphone products as example and conducted four experiments. According to experiment result, the relationship between brand image of product and the product we want to buy is high before M&A, the brand equality and purchase intension are better than the relationship between brand image of product and the product we want to buy is low. This thesis use different fit of brand image to buy of different types of ingredient brand alliance, could affect the brand equity. Besides, different kinds of consumer could have different level of emphasising on the ingredient of integral brand alliance. When acquirers¡¦and acquirees¡¦possess high brand association and fit of brand image, brand equity of the acquirers¡¦would rise, especially in the parts of trustworthiness. Thus firms could cooperate with specialized firms in order to gain trusts from consumers. It is mention worthy that negative relations are documented in the product performance parts, thus, firms should pay attention on after-sales services and other parts instead of product alone after the M&A for the sake of brand equity and to let consumers enjoy better services.

In the beginning stage of economic development in Taiwan, the market was lack of funding and the capital market is immature. The majority of financial institutions are public banks. With the development of financial liberalization, Taiwan government lifted the restrictions on establishing private commercial banks on 1991. Following that, public banks face challenges of the fierce competition with private banks, comply with policy of the authorities to authorize special policy loans or generally take over insolvent banks. The public banks were under such severe challenges and the under performing problems were expected to be solved only by privatization. Consequently, following the Act Governing the Conversion of State Owned Enterprises into Private Enterprises entered into effect in 1992, the Privatization of public banks in Taiwan began. Since the Asia finance turmoil occurred, the operation of financial institution significantly deteriorates. The overall Non-Performing Loan Ratio is high due to low financial institution loan quality. In addition, Taiwan banks face a severe problem that whether the current overall domestic financial market is too small for all the current financial institutions? Is the operation scale of Taiwan banks competitive internationally? Presuming the current operation scale of Taiwan banks is weak among international competition, what are the development alternatives for Taiwan banks? The research scope of this study is based on the current general operations, merger cases, and the development strategies applied in the second stage financial reform of Taiwan banks. In the case study, the merger case targeted is the most successful merger in the second stage financial reform, where the financial product development is improved by the merger synergy. In addition, the policy goals to reduce the number of government-owned banks by half and facilitate introduction of foreign funding are realized, which contributes to Taiwan economic development. This study first introduces the overall development of public banks, followed by case studies of operating performance and financial data on Taiwan Cooperative Bank and the Farmers Bank of China. This study is conducted through the operating performance analysis on two targeted banks and overall banks. The analysis includes return on assets, return on equity, earning per share. Also the analysis includes the comparison analysis of market competition status with financial holding companies, which is critical reference to evaluate the development potential when the Taiwan Cooperative Banks establishes a financial holding company in the future. The analysis further includes combined market analysis, and SWOT analysis to compare the strengths, weaknesses, opportunities and threats of these two public banks.

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<p>Abstract</p><p>Keeping the key individuals in a post merger and acquisition situation is vital to preserve the value of the investment. Yet it is not uncommon, in relation to mergers and acquisitions, that key individuals not only leave the organization but assumes a position with a competitor or even start a competing business. This problem was highlighted as a sug-gested topic for this thesis by Nordic Construction Company (NCC).</p><p>Findings from interviews with 4 key individuals at NCC and 6 individuals with a combined experience of the human resource management aspect of the merger and acquisition process and its aftermath, show that the primary reasons why key individuals leave is, even if the deciding factor differs, strongly linked to uncertainty that can be reduced with a suffi-cient communication strategy.</p><p>This thesis suggests a number of potential actions of improvement to the NCC merger and acquisition process and its aftermath. The following human resource influences should improve the NCC merger and acquisition process in order to prevent the loss of key individuals</p><p>• Introduce the human resource aspect into the strategy discussion during the merger and acquisition preparation phase.</p><p>• Infuse human resource related enquiries into the discussion with the target organization’s owners, during the initial due diligence phase.</p><p>• Conduct qualitative and quantitative human resource research that relate to the set human resource management strategy, during the due diligence phase as soon as access to the workforce individuals have been granted.</p><p>• Implement extraordinary PLUS conversations with key individuals shortly after the closing of the deal process.</p><p>• Modify the welcome package that is communicated in relation to the merger or ac-quisition so that it includes a list of communication channels, a contact information list and a message in alliance with the human resource strategy. This message should put the individual in the center by focusing equally on the expectations flowing from the individual to the new organization and vice versa.</p>

<p>Under 1900-talet har företagsfusioner förekommit i vågformade mönster där tider med lugnare aktivitet har avlösts av tider med något som närmast kan beskrivas som fusionsyra. Fusionsvågornas antal och storlek har efterhand ökat och vågtopparna har vuxit sig allt högre, något som inte minst varit tydligt under de senaste 6-7 åren Vilka är de motiv som har gjort fusioner till ett så vanligt förekommande strategiskt agerande? Finns det likheter inom och mellan branscher avseende motiven att fusionera? Det empiriska materialet består av primär- och sekundärdata insamlat från sex fusioner fördelat på tre branscher; tillverkningsindustrin, bankbranschen och IT-branschen. I analysen används tre skilda perspektiv, och syftet med detta är att skapa bred förståelse och belysa komplexiteten i fenomenet. Resultaten visar på tydliga likheter i motiv inom branscher, samt att det även finns vissa motiv som är branschöverskridande. Vidare innebär de tre perspektiven ett medningsfullt sätt att skapa förståelse och belysa komplexiteten kring motiv till fusioner.</p> / <p>During the twentieth century, mergers&aquisitions have occured in waves where times of low activityfrequently has turned into periods of high activity. M&A:s have been of increasing numbers and growing size, which was extra evident during the last wave during the 1990:s. What are the motives that has made M&A such a widely used strategy? Are there similarities within and across industries regarding merger motives? The empirical material consists of primary and secundary data collected from two mergers in three industries respectively; manufacturing, banking and IT. The analysis make use of three different perspectives, the reason for this being to create understanding and furthermore illuminate the complexity of the problem. The results clearly demonstrate similarities in merger motives within the industries, but also give some support for similarities across the industries. Furthermore, using a multi perspective approach has proved to be a good way of illuminating the problem.</p>

Thesis (M.Sc.)--University of Alberta, 2009. / "Fall 2009." At head of title: University of Alberta. Title from pdf file t.p. (viewed on Dec. 4, 2009). "A thesis submitted to the Faculty of Graduate Studies and Researchin partial fulllment of the requirements for the degree of Master of Science Mathematical Finance, Department of Mathematical and Statistical Sciences" Includes bibliographical references.