BEC中级真题阅读精讲:第3辑T4P3实现成功的合并.pdf

BEC中级真题阅读精讲:第3辑T4P3实现成功的合并.pdf

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BEC中级真题阅读精讲:第3辑T4P3实现成功的合并

BEC中级真题阅读精讲:第3辑T4P3实现成功的合并

BEC中级真题阅读精讲:第3辑T4P3实现成功的合并

Achievingasuccessfulmerger

Howeverattractivethefiguresmaylookonpaper,inthelong

runthesuccessorfailureofamergerdependsonthehuman

factor.Whentheagreementhasbeensignedandthe

accountantshavedeparted,therealproblemsmayonlyjustbe

beginning.Ifthereisacultureclashbetweenthetwocompanies

inthewaytheirpeoplework,thenalltheeffortsofthefinanciers

andlawyerstostrikeadealmayhavebeeninvain.

AccordingtoChrisBoltonofKSManagementConsultants,

70%ofmergersfailtoliveuptotheirpromiseofshareholder

value,riotthroughanyfailureineconomictermsbutbecausethe

integrationofpeopleisunsuccessful.Corporates,heexplains,

concentratetheireffortsbeforeamergeronlegal,technicaland

financialmatters.Theyemployarangeofexpertstoobtainthe

mostfavourablecontractpossible.Butevenattheseearlystages,

peopleissuesmustbetakenintoconsideration.Thestrengths

andweaknessesofbothorganisationsshouldbeassessedand,if

itisamergerofequals,thencarefulthoughtshouldbegivento

whichpersonnel,fromwhichside,shouldtakeonthekeyroles.

Thiswastheissuein2001whentheproposedmerger

betweentwopharmaceuticalcompaniespromisedtocreateone

ofthelargestplayersintheindustry.Forbothcompaniesthe

mergerwasintendedtoreversefallingmarketshareand

shareholdervalue.However,althoughthecompaniesskillbases

werecompatible,thechiefexecutivesofthetwocompaniescould

notagreewhichofthemwastoheaduptheneworganisation.

Thisillustratestheneedtocompromi

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