Lecture_9-_Cross-Border_M_A.ppt

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1、AimsTo define mergers,acquisitions and other types of joint venturesTo consider the role of institutions and cultures in mergers and acquisitionsTo examine the power relations inherent in transnational joint ventures of any kindTo consider how problems in such ventures may be identified and avoided

2、or treatedRecapVerbekes 7 ConceptsStrategies of MNCs for expansionViews of culture:As globalAs nationalAs VoCAs complicated!Definition of termsWhat are international strategic alliances?MergersTwo(or more)companies combining to form new companyE.g.GlaxoSmithKline WellcomeAcquisitionsMore powerful co

3、mpany purchases/takes over less powerfulE.g.BMW MINIJoint venturesTwo companies set up third company or jointly operated companyE.g.Tesco Lotus(Thailand)In practice its less easy to differentiate!Why do companies merge?To acquire localised resources(human,knowledge,physical.)To expand internationall

4、yBrownfield can be easier than greenfieldSome FDI regulations may not permit greenfieldInfrastructural reasonsTax evasion,labour law circumvention.Types of merger/acquisition/allianceHostile takeover“Financialized”or“bust-up”takeover-where there are no obvious synergies and the acquisition is usuall

5、y asset-strippedConsolidationCapacity reductionWhen an industry is overcapacity,a spate of mergers usually follows.Scope extensionAcquisition of capabilityDegrees of control and integration“Hands off”approachAcquired org runs own operationsPartial controlA balance of integration and independenceUnev

6、en controlCertain sectors more integrated than othersExtensive control from HQControl through high-placed expatriatesAlliances may cycle through different levels of control as they Barriers to MergingSuch activities are usually subject to a degree of regulation,with certain tactics banned or circums

7、cribedIn some regimes(e.g.the UK)shareholders of the target company must approve;in others(e.g.the USA)the board of directors must approveThe ethical dilemma:should companies be free to merge/take over at will,or is some regulation a good thing?Buy-side TacticsPremium priceComposition of the conside

8、rationToeholdDawn-raidBlind BidJump bidSaturday night specialsTwo-tier offerTrying to avoid making a hostile bidReputation protectionDefensive TacticsEnhancing Share PriceShark Repellents:Procedural RestrictionsPoison PillsGolden ParachutesDivestmentsPaying GreenmailStandstill AgreementsWhite Knight

9、sEncouraging OppositionDominance effectsSmith and Meiksins(2005):the dominance effectWhen one(national)group has the most powerful discoursesMay not even be a conscious or deliberate actIn M&A there are often dominance effects from the more powerful partnerE.g.BMWCan be a source of resentment/barrie

10、r to integrationIts not always the acquirer though!Importance of national cultures?National cultural differences-often blamed for difficulties within mergersHow accurate is this?Contrast BMW/Mini with Daimler/ChryslerInfrastructural issues as more important?Role of“folk categories”As source of hidde

11、n incompatibilityAs a means of understanding(“the Germans always.”)Importance of corporate cultures?The history and ethos of the partners must be consideredKristensen and Zeitlin(2004),Moore(2011)What are the circumstances of the alliance?DG:resentment of partner.BMW:resignationRole of individual pe

12、rsonalitiesOften overlooked-but managers are not interchangeableTransfer of knowledge and practiceWhy/when is it significant?Knowledge as part of the aims of the allianceKnowledge transferred to acquired company/new partnerKnowledge about the acquired company/new partnerDifferent modelsKnowledge tra

13、nsfer from HQKnowledge remaining at branchKnowledge transfer failureThe“inexplicable”conflict!How to understand/avoid these?Causes:CulturalSocialPersonalitiesInfrastructural generally a combination of theseSolutions(or remedies.):Understanding the different people/cultures involvedMulti-faceted view

14、 of organisationBuilding knowledge about both organisationsSeeing things from both points of viesMerger failure-why does it happen?Merger failure:when a merger/acquisition fails to conclude,or falls apartE.g.s:Rabobank/DG Bank,Daimler/ChryslerReasons:“cultural incompatibility”External pressuresDiffi

15、culties with coming to an agreement“poaching”by rival companiesSuccessful fightback by acquired companyIs it possible to foresee/prevent it?ConclusionsIn a merger,acquisition or JV:Who are the partners?What is the nature of the action?What are the institutional barriers?What are the cultures involve

16、d?What sort of tactics are being used on both sides?Each situation must be appraised on its own meritsFor next week:(a)Honda Case Study(b)Four Seasons Case Study(c)Discuss any article from Smith,Fitzgerald and McSweeney(2008)Remember,next week is revision week-come prepared with your questions and revision issues!

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