We examine the determinants and drivers of 112 mergers and acquisitions (M&A) activities exceed 50 million values in the pharmaceutical industry using COMPUSTAT, SDC and FDA data during the period 1980-2010 with random effect logit model. We find direct evidence on the relationship between an acquisition activity of a firm and its pipeline productivity and qualities. For the acquiring firms, the mergers are motivated by the decreasing trend in the pipeline productivity which is measured by new molecular entities (NMEs) approvals and the fewer top-sale drugs before merging. In the meantime, the research & development and advertising expense are having fewer impacts. For the target firms, the firms which are having higher drug quality and higher drug sales are more popular in the mergers and acquisitions target market. In addition, a higher research and development expense is also a significant indicator on the firm's "quality" which signals the higher possibility to be targeted.

併購已經成為企業長期發展壯大的最重要途徑。企業從事併購是為了構築、強化和拓展核心能力，而核心能力是企業在瞬息萬變的市場環境中能以明顯的競爭優勢持續經營的保證。 本文探討個案通信科技公司所實行成功與失敗併購的因素，公司如果選對了發展方向，就能以較小的投入，獲得較大報酬，並能得以持續的高速發展。個案公司的優勢在於資本運作與整合，劣勢在於從未涉足的行業與地區。如何利用優勢、規避劣勢、充分利用被整合的資源，是個案公司併購關鍵所在。 本文共分四部分：第一部分介紹本文研究的背景和目的；第二部分透過國內外大量豐富的文獻了解企業併購的意義，包括企業併購的含義及其動因，以及併購成功與失敗的原因；第三部分介紹研究方法；第四部分介紹兩個併購案例，一個成功一個失敗，分析了導致企業併購成功與失敗的原因；並提出了防止企業併購失敗的對策。充分瞭解導致併購成功與失敗的原因及有針對性的採取措施去防止併購的失敗，對每一個有此意向的企業都是至關重要的。 / M&A has become one of the most important strategy for enterprise longtime development. By restructuring resource and competence of two enterprises, the core competence will be cultivated and intensified. At the premise of longtime management of enterprise, the purpose of M&A is to construct, intensify and extent core competence. This study gives a complete look back on the successful and failed merger cases of a communication technology company. If the company has chosen the right direction, it can gain a larger repayment by smaller input, also, it can achieve a continuous and rapid development. The advantage of case company is the operation and combination of capital, the disadvantage is that case company has never set foot on that industry and geographic area before. The paper consists of four parts: the first part is to introduce the background, purpose of this paper; the second, through sufficient literature review to expose the current situation of merger and acquisition, including its meanings, causes and factors of success and failure; the third, research method used; the fourth: introduce two cases, one for successful another for failure. We analyze the causes of success and failure and provide the suggestions against the failure. It is very important to learn the causes of failure fully and take effective measures against the failure.

The merger integration process in one of the most critical stages of the deal, and getting a good price is important, but not as important as making sure the deal works. There have been several theses discussing the merger process as well as the importance of post-merger integration, focusing on culture melding or financial system synergy. This study focuses on the post merger integration process of a subsidiary of MNC in Taiwan. The parent company in the past few years have acquired two MNCs and experienced two large global scale integration processes in which the Taiwan subsidiary followed the HQ directives to undertake acquisition integration of the two acquired firms’ local subsidiaries. The integration of two other local subsidiaries provides a rare opportunity to investigate the post-acquisition process occurred in a MNC context. The finding throws light on the post-acquisition process at the subsidiary level and how the process related to the parent’s global strategy of merger and acquisition. All three subsidiaries involved are mainly marketing and sales organizations. Therefore, this study would focus on the integration of marketing and sales functions. This study chose the case study research methodology because the pharmaceutical industry is the industry the research is most familiar with and there is no other case, either a subsidiary or a company, having experienced similar M&A. The researcher found the case company-subsidiary is a unique one, because of the two M&A it experienced, presenting a rare opportunity for studying M&A at subsidiary level. The case study approach investigated deeply the two complete M&A integration process. The case study approach relies on researching the parent and subsidiary history, academic literature on M&A, and in-depth interview with key executives of the subsidiary to identify key activities and decision points in the whole integration process. The research discovers that successful melding of cultures and integration of product management helps post-acquisition growth, and organizational learning played a key role in utilizing the first M&A experience to accelerate the subsequent merger-integration activities. Key words: Merger/ Acquisition, Post-merger integration, Product management process / The merger integration process in one of the most critical stages of the deal, and getting a good price is important, but not as important as making sure the deal works. There have been several theses discussing the merger process as well as the importance of post-merger integration, focusing on culture melding or financial system synergy. This study focuses on the post merger integration process of a subsidiary of MNC in Taiwan. The parent company in the past few years have acquired two MNCs and experienced two large global scale integration processes in which the Taiwan subsidiary followed the HQ directives to undertake acquisition integration of the two acquired firms’ local subsidiaries. The integration of two other local subsidiaries provides a rare opportunity to investigate the post-acquisition process occurred in a MNC context. The finding throws light on the post-acquisition process at the subsidiary level and how the process related to the parent’s global strategy of merger and acquisition. All three subsidiaries involved are mainly marketing and sales organizations. Therefore, this study would focus on the integration of marketing and sales functions. This study chose the case study research methodology because the pharmaceutical industry is the industry the research is most familiar with and there is no other case, either a subsidiary or a company, having experienced similar M&A. The researcher found the case company-subsidiary is a unique one, because of the two M&A it experienced, presenting a rare opportunity for studying M&A at subsidiary level. The case study approach investigated deeply the two complete M&A integration process. The case study approach relies on researching the parent and subsidiary history, academic literature on M&A, and in-depth interview with key executives of the subsidiary to identify key activities and decision points in the whole integration process. The research discovers that successful melding of cultures and integration of product management helps post-acquisition growth, and organizational learning played a key role in utilizing the first M&A experience to accelerate the subsequent merger-integration activities. Key words: Merger/ Acquisition, Post-merger integration, Product management process

p. 110 / Submitted by Santiago Fabio (fabio.ssantiago@hotmail.com) on 2013-03-26T17:16:15Z No. of bitstreams: 1 22222.pdf: 655502 bytes, checksum: 936e3dc425f37a58214f1d2d82836e7a (MD5) / Approved for entry into archive by Tatiana Lima(tatianasl@ufba.br) on 2013-04-08T16:46:38Z (GMT) No. of bitstreams: 1 22222.pdf: 655502 bytes, checksum: 936e3dc425f37a58214f1d2d82836e7a (MD5) / Made available in DSpace on 2013-04-08T16:46:38Z (GMT). No. of bitstreams: 1 22222.pdf: 655502 bytes, checksum: 936e3dc425f37a58214f1d2d82836e7a (MD5) Previous issue date: 2003 / O presente estudo buscou analisar os impactos das fusões e aquisições sobre o comprometimento organizacional dos empregados, que vêm participando na trajetória dessas mudanças: focaliza Intervenção do Banco Central do Brasil em agosto de 1995, no Banco Econômico S/A, que passou pela fusão com o Banco Excel S/A - Excel Econômico, pela aquisição do Banco Bilbao Vizcaya, espanhol, até a última aquisição pelo Bradesco. Compara as distintas estratégias de enfrentamento desse fenômeno e, adicionalmente avalia os impactos das constantes mudanças que a empresa enfrentou nos últimos 8 anos. Assim, ao investigar efeitos de aquisições e mudanças sobre o comprometimento organizacional, utilizou-se o modelo tríplice de Meyer; Allen (1991), com suas bases afetiva, normativas e instrumentais. Aplicou-se um questionário aos empregados – entrevista estruturada, com tratamentos estatístico das respostas e a preocupação na análise dos dados em articular as mudanças de um banco para outro com os níveis de comprometimento. Os resultados apontam níveis altos tanto do comprometimento instrumental quanto do afetivo, e reforçam a importância cada vez maior do comprometimento com a carreira (consigo mesmo) no que diz respeito à qualificação, empregabilidade e visão de mercado. A ênfase no comprometimento com a carreira, revelou a dimensão que o trabalho e o emprego assumem na vida das pessoas, reafirmada principalmente a partir do momento em que os “sobreviventes” vão permanecendo no processo. Espera-se que esta pesquisa dentro dos limites previstos, contribua para outras discussões que aprofundem o comprometimento com o trabalho. / Salvador

According to numerous studies, mergers and acquisitions (M&As) tend to fail more often than being profitable. While strategic fit seems to be a pre-requisit for M&A sucess, organizational culture differeces between merging organizations seem to set boundaries for achieving the synergies identified prior to the deal. This doctoral thesis deals with hybridization, i.e. the blending of organizational cultures, in the context of M&As and provides detailed insights into how this phenomenon shapes the outcome of such strategic activities. Based on a qualitative research design (3 case studies, grounded theory, 55 narrative interviews) five different forms of hybridization were identified: (1) Vintage concept of hybridization, (2) deck of cards concept of hybridization, (3) uncontrolled local adaptation of management knowledge, (4) boundary spannind, and (5) people's twist. Major findings of this doctoral thesis suggest, that most forms of hybridization have rather a negative impact on the M&A performance. Moreover, the outcome of such deals is strongly depending on contextual factors and the acculturation strategy chosen to harmonize existing cultural values, strategies, organizational structures and operations. Finally, financial key ratios to assess the success of M&As could only partly illustrate what had been found through narrative interviews,. Thus, measuring M&A success should not only be based on quantitative measures. This doctoral thesis suggest a more holistic approach to M&A research, when considering cultural effects on the organizational level of analysis. (author's abstract)

Vid företagsförvärv kan värde skapas genom synergier, det är dock omdebatterat huruvida företagsförvärv och sammangående i snitt skapar synergivärden eller inte. I denna studie undersöks analytikers samt aktiemarknadens värdering av ett aktieanbud i syfte att utreda om ett sammangående mellan företagen i studien är värdeskapande. Studien undersöker även hur den potentiella värdeökningen till följd av ett sammangående är fördelad mellan företagen. Därigenom utökar studien den befintliga litteraturen om företagsförvärv. I studien används kvalitativ metod genom intervjuer, samt eventstudiemetod. Anbudet som undersöks för att utreda studiens forskningsfråga är Alfa Lavals bud på Neles samtliga aktier den 13 juli 2020. Studiens resultat visar att den största delen av värdeökningen från förvärvsanbudet tillfaller målföretaget, vilket går i linje med flera tidigare studier. Gällande om ett sammangående är värdeskapande eller inte visar det insamlade materialet att det råder skilda meningar. Det går, utifrån studiens insamlade material, därför inte att fastställa att ett sammangående mellan Alfa Laval och Neles är värdeskapande.

This study examines the viability of treating M&A non-consummation decisions (NCDs) as strategic options. A review of published research in strategic management journals reveals that this topic has yet to undergo rigorous academic examination. Putting the M&A non-consummation phenomenon under a strategic management lens, this study asks the following research questions about the acquiring firm: 1) How does an M&A NCD affect the market value of firms? 2) Under what conditions does an M&A non-consummation enhance firms' value? 3) How can an NCD be executed so that it favorably affects the value of the firm? Study data were collected from numerous secondary sources such as CRSP, Ward's Business Directory, Lexis-Nexis Academic Database etc. The study sample size was 158 and for each NCD event, several variables were computed. With cumulative abnormal returns for a (-30, -1) pre-event period -- as a measure of firm performance -- as the dependent variable, multiple regression estimation used the following independent variables: strategic fit, relatedness, cultural fit, timing of NCD and coverage of NCDs. In estimating the regression models, confounding events were identified and controlled for. Several of the study hypotheses are supported, notably the hypotheses pertaining to cultural fit and timing of the NCD. Findings and implications are discussed. Taken as a whole, the study highlights the value of treating M&A NCDs as part of the repertoire of strategic options of acquiring firms. / Business Administration

Après avoir proposé un cadre général des opérations de fusion‐acquisition, notamment en tant que processus créateur de valeur, nous examinons empiriquement les effets de leur annonce au travers de trois essais. Premièrement, nous étudions les réactions intra‐journalières des investisseurs lors d’annonces diffusées aux États‐Unis. Nous trouvons des gains pour la cible, alors que l’impact s'avère neutre pour l’acquéreur. Ces résultats se déroulent dans une activité de marché soutenue, conjointement à une amélioration de la liquidité. Deuxièmement, nous étendons l’analyse aux concurrents des acquéreurs et des cibles. Considérant le marché canadien, la diffusion de l’information affecte négativement leurs rivaux. Troisièmement, nous soulignons les conditions sous lesquelles les dirigeants écoutent les marchés financiers. Analysant un échantillon d’acquisitions françaises, nous montrons que les dirigeants connectés sont plus enclins à réaliser une acquisition en dépit d’une réaction négative des marchés financiers lors de l’annonce. / After providing a general framework of merger‐acquisition, in particular as value‐creating process, we examine empirically the effects of their announcement through three essays. First, we study the intraday market reactions to announcements in the United‐States. We find gains for target firms, while acquiring firms do not earn significant abnormal returns. These results occur in a high trading activity and animprovement of liquidity. Second, we extend the analysis to the competitors of merging firms. Considering the Canadian evidence, the release of information affects negatively their rivals. Third, we study the conditions under which managers are more willing to listen to investors. Analyzing a sample of French acquisitions, we find that the well‐connected managers are more likely to complete a deal in spite of a negative market reaction on acquisition announcement.

L’activité de fusions et acquisitions (désormais F&A) a atteint un niveau record en 2017 et s’est élevée à plus de 2 993 milliards d’euros (Thomson Reuters, 2018). Cette dynamique sur le marché des F&A est toutefois dominée par une minorité d’acquéreurs qui entreprennent un très grand nombre de F&A (Kengelbach, Klemmer, Schwetzler et Sperling, 2012). Les importants changements environnementaux tels que la globalisation, l'intégration des économies émergentes et les progrès technologiques ont, en outre, suscité de nouvelles opportunités de croissance pour les firmes et ontfait émerger de véritables « serial acquéreurs » ; ces entreprises qui s’engagent dans des séries ou flux de F&A (Fuller, Netter et Stegemoller, 2002) afin de créer de la valeur et améliorer leur performance économique et financière (Laamanen et Keil, 2008). La mise en œuvre et la réussite de cette stratégie extrêmement complexe et risquée (Boubakri, Chan et Kooli, 2012) s’avèrent toutefois difficiles en pratique (Haleblian, Devers, McNamara, Carpenter et Davison, 2009). Plusieurs études montrent, ainsi, des résultats décevants ou une diminution de la performance des acquéreurs en série au fil de leurs opérations (Billett et Qian, 2008 ; Ismail, 2008 ; Fuller et al., 2002). Ce travail de recherche a dès lors été guidé par l’objectif d’identifier des nouveaux déterminants de la performance en s’intéressant aux fondements stratégiques de ceux-ci, qui permettent de piloter efficacement un programme de F&A, de gérer sa complexité et les risques qui y sont associés, et ainsi favoriser ultimement la performance des firmes.Les résultats de cette recherche ; menée à travers 3 essais ; soulignent l’importance des caractéristiques des programmes de F&A (le rythme, la place et le degré de diversification des F&A) et des motivations sous-jacentes aux opérations de désinvestissement (quand elles sont réalisées dans une optique de gestion de portefeuille dynamique) dans la performance financière des acquéreurs en série. De plus, la performance stratégique en matière de croissance, d’internationalisation et de diversification est permise par des séries de F&A qui s’accompagnent du développement de capacités d’acquisition et de la mise en place de mécanismes d’apprentissage organisationnel tels que la temporisation pour codifier et capitaliser les connaissances acquises, l’ajustement de la vitesse d’intégration à la nature de l’intégration poursuivie et la routinisation des processus d’acquisition par la mise en place d’un système d’information commun à l’ensemble du groupe. Ces acquéreurs en série constitueraient ainsi des acquéreurs « habituels », développant de véritables routines d’acquisition. Ces résultats suggèrent, en outre, qu’au-delà des acquéreurs en série, il existe desacquéreurs habituels en parallèle, véritables « maîtres de portefeuille » (Kengelbach, Keienburg, Schmid, Sievers et Mehring, 2016) qui acquièrent parfois en « grappes » ou qui, simultanément, acquièrent et désinvestissent pour gérer au mieux leur portefeuille d’actifs stratégiques. / Global mergers and acquisitions (M&A) activity has hit a record level in 2017 having reached more than 2,993 billion euros (Thomson Reuters, 2018). This dynamic was, however, due to a minority of acquirers who undertook a substantial number of M&A (Kengelbach, Klemmer, Schwetzler and Sperling, 2012). In addition, important environmental changes such as globalization, emerging economies integration and technological progress have created new opportunities for business growth and led to the emergence of "serial acquirers"; these companies engage in M&A series or M&A flows (Fuller, Netter and Stegemoller, 2002) to create value and improve their economic and financial performance (Laamanen and Keil, 2008). The implementation and success achievement of this extremely complex and risky strategy (Boubakri, Chan and Kooli, 2012) is, however, difficult to apply in practice (Haleblian, Devers, McNamara, Carpenter and Davison, 2009). For instance, numerous studies show disappointing results, e. g. a decrease in the performance of serial acquirers during their M&A operations (Billett and Qian, 2008; Ismail, 2008; Fuller, Netter and Stegemoller, 2002). This research work was aimed to identify new determinants of M&A performance by focusing on their strategic foundations permitting to effectively manage an M&A program, its complexity and associated risks, and, thus, ultimately stimulate the firms’ performance.The results of this research (realized by conducting 3 essays) underline the importance of the M&A programs’ characteristics (rhythm, geography and degree of diversification of M&A transactions) and the motivations underlying the divestment operations (undertaken with a view to the dynamic portfolio management) in the understanding of financial performance of serial acquirers. In addition, the strategic performance of the M&A series (e. g. growth, internationalization and diversification amplitude) is accompanied by the development of acquisition capacities and the implementation of organizational learning mechanisms such as codification of acquired knowledge, speed integration adjustment, etc.). These serial acquirers, thus, become “common” acquirers developing real acquisition routines. The results also suggest that, beyond the serial acquirers, there are common acquirers in parallel, true "portfolio masters" (Kengelbach, Keienburg, Schmid, Sievers and Mehring, 2016) who sometimes acquire in clusters or who, simultaneously, acquire and divest tobest manage their portfolio of strategic assets.

International Financial Reporting Standard IFRS 3 Business Combinations settles the rules of identifying, measuring, accounting and reporting for the business combinations. It decides, what is, or is not, a business combination, and explains different types of it. It asks an acquirer to use the acquisition method for accounting for the business combination at the date of acquisition. Especially to correctly recognize all the assets and liabilities acquired in the business combinations, to measure them at their fair value at the date of acquisition, to measure goodwill, and to report the information on business combination required in his financial statements. This thesis deals with the most important aspects of the business combinations, especially mergers. It explains also the most significant differences of the standard IFRS 3 Business combinations compared to the previous vision, and to some national legal regulations, and mentions also the probable development of the international accounting in the future. An attention is given also to the cross-border acquisitions. In its practical part, the thesis focuses to evaluation of fulfilling the requirements to disclose information on business combination in practice.