Our purpose is to understand how learnings are drawn from previous experiences of cross-border acquisition integration, to later be utilized for integration of subsequent acquisitions. Elaborately, we intend to empirically study how learnings from previous endeavors are captured and built upon. Thus, there are two research questions given the sequence: learnings are first captured, then utilized. The study aims to extend current body of literature and deepening the understanding on deliberate learning through case study aspects. To answer this, we have constructed two research questions:    (1)  How can learnings be captured from previous experience in integration after cross-border acquisition?    (2)  How can learnings from previous experience of cross-border acquisition integration be utilized in subsequent deals?   The founding pillars of our literature review are perspectives on M&A and perspectives on learning. More specifically, the first perspective focuses on cross-border aspects and post-merger integration phases. Regarding the perspective on learning, our study particularly focuses on deliberate learning theory. Beyond named focus is dynamic capabilities, serial acquirers and previous experience discussed due to its connection to deliberate learning theory and our study. The literature review concludes in a theoretical tool, which summarizes the literature and is portrayed through a model.   The case study method was constructed with a qualitative and interpretive approach, which we found appropriate to reach a deeper in-depth understanding regarding the purpose and to answer our research questions. Six semi-structured interviews with managers were conducted to understand how they operated. We collected primary data by using snowball sampling and received secondary data of documentation from the studied firm. Further, this was qualitatively analyzed from a coding procedure of categories.    Our findings disclose how previous experience of post-merger integrations in cross-border acquisition is deliberately captured by our case company through learning mechanisms discussed in deliberate learning theory. The mechanisms are accordingly articulation, codification, sharing and internalizing. However, the findings disclosed a discrepancy between the literature and our empirical case due to the rotation of integration team members, which caused a disruption in sharing and internalizing of previous experience.    The contributions are both theoretical and managerial. First, the theoretical contribution is given through our revised theoretical tool, in which the findings regarding the different mechanisms are discussed and elaborated. The managerial findings provide recommendations in the assembling of an M&A integration team to preserve experience from previous endeavors and disseminate to new members.

Malgré l’engouement des organisations pour les fusions-acquisitions (F/A), leur taux d’échec élevé invite à continuer la recherche en proposant de nouvelles clés de lecture. De nombreux travaux soutiennent que les F/A nécessitent de nouvelles approches pour appréhender la complexité et le dynamisme de ces opérations, et plus spécifiquement de l’intégration post-fusion. Notre recherche propose une analyse des dynamiques inhérentes au cours du processus et plus particulièrement lors de l’intégration. Cette étude se place dans une logique intégrative, appréhendant la multiplicité des dynamiques à l’œuvre dans le but de comprendre comment ces dynamiques engendrent ou entravent la réussite de l’intégration. Nous utilisons ces dynamiques comme un moyen pour parvenir à capter la complexité inhérente au processus de fusion, et comme une opportunité pour capter le dynamisme de l’intégration. Une manière de rendre intelligibles ces dynamiques inter-reliées dans un espace-temps défini est de recourir au concept de paradoxe. Les paradoxes offrent en effet un cadre pour décrypter les dynamiques inhérentes aux organisations. Ainsi, la lecture paradoxale permet une analyse globale des dynamiques à l’œuvre. La question de recherche suivante est posée : « Comment la gestion des paradoxes favorise-t-elle l’intégration post-fusion ? ». La thèse s'appuie sur une méthodologie qualitative d’une étude de cas longitudinale en temps réel d'une fusion sur 24 mois. Il ressort de la thèse que la nature évolutive des paradoxes au cours d’une intégration, ainsi que leur multiplicité, permet de comprendre en quoi ces dynamiques interfèrent dans la réussite du processus d’intégration post-fusion. / Despite the number of mergers and acquisitions (M&As), their high failure rate calls to continue research by proposing new reading keys. Many studies argue that M&As require new approaches to understand the organizational complexity and dynamism of these operations, and more specifically concerning post-merger integration (PMI) process. This phase is defined as a crucial one because it determines the success or failure of the merger. Our research provides an analysis of the dynamics inherent in the process, and especially during the PMI. This study is based on an integrative logic, considering the multiplicity of dynamics at work to understand how they engender or hinder the success of PMI. We use these dynamics as a means to capture the complexity inherent in the merger process, and as an opportunity to capture the dynamics of PMI. The concept of paradox allows us to make intelligible these inter-related dynamics within a defined temporal framework. Paradoxes provides a framework to decipher the dynamics inherent in organizations. The paradoxical reading allows a comprehensive analysis of the dynamics at work in the merger process. This leads us to ask the following research question: "How does the management of paradoxes benefits post-merger integration? ". The thesis is based on a qualitative methodology of a longitudinal and real-time case study of a 24-month merger, once the operation has been signed. It emerges from the thesis that the evolutionary nature of paradoxes during the post-merger integration, as well as their multiplicity (categories, actors, levels), allows us to understand how these dynamics interfere in the success of the PMI process.

The objective of this thesis is to provide a comparison of theoretical knowledge, mapping processes in the post-merger integration, including the perspective of professionals and an assessment of the post-merger integration in selected company in terms of achieving the objectives of the integration project. Further objective of the thesis includes an analysis of the integration from the perspective of corporate culture, perception of employees and basic information on analyzed acquisition. The primary benefit is to create a theoretical basis for the integration process for further detailed research and theoretical preparation for the implementation of the post-merger integration. At the practical level following thesis should serve as a general guide on how to proceed in this process. The practical part contains a comprehensive analysis of the integration phase and its impact on the selected company, comparison with the best practices and general recommendations. Furthermore the thesis provides a high level perspective on the acquirer's future development and its long-term profile. Research methods were mainly driven by interviews with the management of the company, analysis of internal documents and questionnaire.

Purpose: The purpose of this study is to explore the role of IT specialists in systems integration during M&A processes including the issues faced during the process and provide suggestions based on experience from top management staff and IT specialists about improving the merger-IT integration process. Methods: In-depth interviews with open-ended questions were conducted on ten individuals belonging to the senior management of the companies under the study. The collected data were transcribed and analyzed and coded using qualitative thematic analysis to derive categories and themes. Results: The analysis resulted in 5 themes and 14 categories from a total of 39 codes. The analysis revealed the implications of "Underestimating the importance of IT" and analyzed the "Preferred IT integration approach" methods followed by the participants. The coded data also revealed the "Perception of management toward including IT and IT experts" and the “Issues faced in the M&A process due to the delay/non-involvement of IT experts". The results of the analysis conclude with the "Perceptions of managers toward the timing of IT integration" and suggestions from the participants based on their experiences. Conclusion: The five themes obtained from the qualitative thematic analysis from the interviews of ten participants suggest that IT and IT specialists were a necessary and core function of the M&A process. The analysis also recommends senior management responsible for the merger or acquisition engage IT, specialists, during the early stages of the process to enable better IT integration and follow a centralized approach towards merging the IT systems.

企業透過併購為了要獲得更多資源以建立競爭優勢的策略。過去很多研究關注在兩家公司之間的流程與資源整合，而忽略合併後因為文化與系統整合的衝突而產生對顧客關係管理的影響。理論上，合併後的公司除了獲得更多資源之外也要能夠獲得更多的顧客，但是實際上因為兩家公司組織間擁有不同的企業流程、文化與資訊系統，有可能無法維持顧客關係的水準。本研究的目的希望了解企業併購對顧客關係管理的影響以及希望找出影響顧客關係管理的成功因素。本研究選擇金融產業的信用卡業務作為研究對象，因為在金融產業裡消費金融是一項需要依賴顧客關係管理，才能維繫顧客忠誠度與獲得更多的顧客。 本研究透過文獻蒐集找出可能影響顧客關係管理的關鍵因素，建立研究架構。並透過兩階段驗證與及擴充研究架構。第一階段，我們先定義出與顧客關係管理相關的信用卡指標，然後蒐集台灣過去八年有從事合併活動的銀行在信用卡業務上的資料，並透過指標分析以了解銀行在合併前至合併後的顧客關係管理成效，目的是希望了解企業在併購後顧客關係管理的維繫。第二階段，我們針對所選的個案去做深度的跨個案研究，目的是希望了解企業可以維持顧客關係的重要成功因素。 本研究結果透過跨個案分析驗證我們在文獻中發現的關鍵因素，並說明這些因素如何影響顧客關係。此外還發現可能會影響管理顧客關係的其他影響因素。本研究發現關鍵因素分別為1.顧客重整與服務調整2.服務文化調整3.流程整合4.資訊整合5.溝通6.組織慣性改變7.企業轉換時標準程序的建立8.合併後的顧客關懷。而影響併購後顧客關係管理的因素分別為1.策略目的2.客群的規模3.品牌效益4.組織心態。透過本研究可了解併購後維繫顧客關係的重要性，並提供影響顧客關係管理的成功因素，以幫助企業維繫顧客忠誠度與獲得更多的顧客。 / Mergers and acquisitions (M&A) represent a strategic approach for businesses to acquire resources and build competitive advantages. Many studies have investigated the process and results of the resource integration between two firms. Some cases have revealed satisfactory results in building asset portfolios and some cases uncovered a downside to merger due to conflicts in cultural and system integration. One of the key objectives of business acquisition is to expand business operations in providing customers with superior products and services. However, there is limited understanding about how customers react to the post-merger services. In theory, the merged enterprise should be able to leverage the assets and knowledge in growing and retaining customers, but in reality the customer relationships may not be well managed because of a lack of synergy between the merged organizations. The objective of this study is to examine the effect of mergers and acquisitions on customer relationship management (CRM), and we select the credit card business in the banking industry as our focus of study. Finance industries, especially consumer banks, rely heavily on CRM for targeting customers, promoting services, building deep knowledge, and generating revenue. M&A is the most applied approach in increasing business scope and enhancing services for engaging more customers. Based on the literature about M&A and CRM, this study builds a framework for data collection, and the study is conducted in two stages. First, we collect data on CRM performance of credit card business in banks in Taiwan that have experienced M&A in the past eight years, and we compare CRM performance before and after mergers. Second, we do in-depth case study on selected cases regarding possible causes for CRM success in post-merger. The research results not only verified and enhanced the list of critical factors for CRM success but also discovered influential factors that can affect the effectiveness of CRM after merger. The critical factors are: strategy for rebuilding customer base and service portfolio, service culture, process integration, technology integration, communication and organizational inertia, standard of procedures of the business transition and customer care after the merger. The additional influential factors are: strategic purpose, customer base, brand effect, and organizational mindsets. It is hoped that we can learn from these cases about managing customer relationships after a merger and help companies develop effective plans for building synergy in CRM after M&A.

就一個併購案而言，資訊科技的整合是最重要且複雜的任務之一。過去許多併購的研究著重於技術和組織的議題而忽略了如何去衡量資訊系統整合成功與否，然而現今的研究依舊鮮少著墨於併購後資訊系統整合的績效評估。不同的利害關係人對於併購後資訊系統的成功有所不同，衡量的標準從流程的強化到顧客的滿意度也有所差異。因此，本論文將利害關係人區分為執行長、資訊長、業務經理和顧客四種角色來探討。本研究的目標是欲從策略面和經營面檢驗資訊系統整合的成敗並以一個較廣的衡量方式追蹤資訊系統整合的成效。本研究使用兩階段的實證研究，第一階段以目前相關的文獻和研究發展出初步的衡量指標和研究發現;第二階段藉著訪談多名業界人士進行多個案分析，檢驗第一階段所提出的指標，接著發展出一完整且具備多利害關係人衡量指標的表格，此表格可清楚表現此四利害關係人衡量指標的優先順序。本研究發現，對執行長來說，達到企業綜效和提升市佔率是他的前二衡量指標;對資訊長來說，維持營運的持續性和統整所有資訊科技是他的前二衡量指標;對業務經理來說，維持營運的持續性和整合後資訊系統的彈性是他的前二衡量指標;對於顧客而言，則是營運的持續性和顧客自身資料的正確性。本研究亦發現於設計和規劃資訊系統的整合時，必須特別考量資訊系統的彈性和使用者介面，以提高整體資訊系統整合所帶來的效益。同時，對於企業來說，此時亦是個好契機做企業流程的再造和強化企業自身的競爭力，可以更積極的方式來實現資訊系統整合帶來的價值。希望本研究所提出的衡量指標能提供企業有效且一致的基準去評估併購後資訊系統整合成功與否。 / IT integration is one of the most critical and complex tasks in a merger-and-acquisition (M&A) project. Many studies on M&A have focused on the technological and organizational issues of information technologies (IT) integration but have left out the important base of what to measure for in the success of the integration. Existing research remains sparse in explaining the performance assessment of a post-merger IT integration. The success of post-merger IT integration can be viewed differently by different stakeholders—the CEOs, the CIOs, the business managers, and the customers of the merged companies—and thus standards used vary from process enhancement to customer satisfaction. The objective of this research is to examine the success of post-merger IT integration from both strategic and operational viewpoints and track the integration performance using a wide range of business measures. This study uses a two-phase empirical study. The first phase involves building preliminary indicators and findings by the related literatures and research. In the second phase, we use a multi-case method by interviewing the practitioners to develop a detailed table of stakeholders’ measurements. Finally, the table reveals that the top two measurements for CEOs are achieving synergies and increasing market share; for the CIOs, the top measurements are operational continuity and technology consolidation, for business managers the measurements are operational continuity and the flexibility of an integrated system, while for the customer the measurements are operational continuity and the accuracy of customer information. Moreover, this study also finds the importance of taking flexibility and user interface into consideration while planning and designing IT integration. For an enterprise, IT integration is also a good opportunity to reengineer business processes to enhance competitiveness. It is hoped that the resultant measurements can provide a consistent and useful benchmark for evaluating IT integration success after a business investment in an M&A project.

Univ., Akad. avh.--Göteborg, 2007.

There are numerous researches done in the last couple decades dedicated to the observation of impact of merges and acquisitions on the performance of the company. The topic is considered to be up-to-date, as still there is no common approach to evaluating of benefits mergers are about to bring to a new established entity. In this thesis the issue of post-merger financial performance is investigated on an example of three biggest energy companies in Europe: RWE, E.ON and Vattenfall. The aim of the thesis is to find out whether financial performance of chosen companies improves after the merger occurs. This target is elaborated with a help of the analysis of commonly used financial ratios in corporate finance and construction of two regression models, which explain the interrelations between basic indicator of the company's growth (net income), the fact of the merger and determined financial ratios. As an outcome of the research, a few findings were obtained, such as worsening of financial performance three to five years after the merger, with continuing improvement in further years, quite stable financial indicators before the merger, positive interconnection between the fact of the merger and the net income. Such outcomes might be considered as significant, though further research and elaboration of the topic can be performed in the future.

Bakgrund: Sammanslagningar är vanligt förekommande och görs bland annat av ekonomiska skäl. Det är vanligt att sammanslagningar inte ger önskat resultat och skapar sämre moral och arbetskultur. Den mänskliga faktorn och organisationskulturen förbises då fokus ofta ligger på ekonomi. Kulturella skillnader är en stor utmaning vid sammanslagningar och inverkar stort på sammanslagningens resultat. Kulturer som är samstämmiga ökar chanserna att medlemmarna i organisationerna eller enheterna är mer positiva och bidrar till att göra sammanslagningen lyckad. Människors sociala identitet spelar in för hur en individ känner samhörighet och tillhörighet till en organisation eller enhet. Syfte: Studiens syfte är att undersöka och beskriva hur organisationskultur inverkar vid sammanslagningar genom att undersöka artefakters betydelse. Studien ämnar göras utifrån aspekten organisationskultur och specifikt artefakter i förhållande till social identitet, samhörighet- och lojalitetskänsla då en längre tid passerat sedan en sammanslagning genomförts. Metod: Kvalitativ metod valdes för att svara på studiens syfte och få en så rättvis och sanningsenlig bild som möjligt. Semistrukturerade intervjuer har genomförts med åtta medarbetare som är berörda av sammanslagningen. Även dokument från den studerade organisationen har legat till grund då de anses viktiga vid historiskt inriktad forskning och kan vara bra när kulturella skillnader och anställdas beteende studeras. Slutsats: Studien visar att människan som artefakt har stor betydelse för var de anställda lägger sin lojalitet och känner samhörighet. Studiens resultat visar även att flera andra typer av artefakter, såsom aktiviteter och arbetskläder har betydelse för detta. Det visade sig att chefens sätt att vara och kommunicera reflekteras i de olika enheterna och även ses som en symbol för organisationen. Det framkommer att i stort sett allt som sker i en organisation har en symbolisk betydelse och att artefakter kan användas för att implementera önskade värderingar och beteenden i en organisation. Ett medvetet arbete med organisationskultur och artefakter kan användas som ett verktyg för att uppnå en lyckad sammanslagning. / Background: Mergers are common and financial issues are one reason. It is common that mergers do not produce the desired results and often create poorer morals and work culture. The human factor and organizational culture are often disregarded as the focus is on finances. Cultural differences are a major challenge in mergers and have a major impact on the merger's results. Cultures that are consistent increase the chances that members of organizations or units are more positive and contributes to make the merger successful. People's social identity plays a role in how an individual feels about belonging to an organization or entity. Purpose: The purpose of the study is to research and describe how organizational culture affects mergers by researching the significance of artifacts. The study aims to make, based on the aspect of organizational culture and specific artifacts in relation to social identity, sense of belonging and loyalty after a long time has passed since the merger. Method: The qualitative method was chosen to respond to the study and get as fair and truthful picture as possible. Documents from the studied organization have also been used as they are considered important in historically oriented research and can be good when studying cultural differences and employee behaviour. Conclusion: The study shows that human as an artifact is of great importance for where the employees place their loyalty and feel togetherness. The results also show that several other types of artifacts, such as activities and work clothes have significance for this. It appears that the manager's way of conducting and communicating is reflected in the various units and seen as a symbol for the organization. It appears that almost everything that happens in an organization has a symbolic significance and that artifacts can be used to implement desired values and behaviours in an organization. A conscious work with organizational culture and artifacts can be used as a tool for achieving a successful merger.

This thesis addresses the critical issue of incorporating Environmental, Social, and Governance (ESG) considerations in the context of mergers and acquisitions (M&A) integration. As companies face increasing pressure to align their business strategies with sustainable practices, understanding how different MA integration modes can facilitate the implementation of ESG enhancements within merged companies becomes imperative. The objective of this research was to investigate the effect of two MA integration modes, absorption integration, and symbiotic approach, on enhancing ESG performance. Using a multiple case study approach, four MA cases from Orbis and Nordic Compass databases were examined. The findings reveal that the absorption integration leads to more efficient and effective implementation of ESG strategies compared to the symbiotic approach. The results contribute to the existing knowledge by highlighting the crucial relationship between post-merger integration (PMI) approaches and the improvement of ESG practices. / Denna avhandling behandlar den kritiska frågan om att integrera miljömässiga, sociala och styrelserelaterade (ESG) överväganden i sammanhanget av sammanslagningar och förvärv (M&A). I takt med att företag står inför ökande press att anpassa sina affärsstrategier efter hållbara metoder blir det viktigt att förstå hur olika M&A integrationsmetoder kan underlätta implementeringen av ESG-förbättringar inom sammanslagna företag. Syftet med denna forskning var att undersöka effekten av två M&A-integrationsmetoder, absorptionsintegration och symbiotiskt tillvägagångssätt, på förbättring av ESG-prestanda. Genom att använda en fler fallsstudieundersökning analyserades fyra M&A-fall från databaserna Orbis och Nordic Compass. Resultaten visar att absorptionsintegrationen leder till mer effektiv och framgångsrik implementering av ESG-strategier jämfört med det symbiotiska tillvägagångssättet. Resultaten bidrar till den befintliga kunskapen genom att belysa det viktiga sambandet mellan postfusionsintegrering (PMI)-metoder och förbättring av ESG-praktiker.