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1、March2002Merger IntegrationIntellectual Capital CollectionGeneric ProposalA.T.Kearney4/1375C/MergerIntegration108319_Macros2Table of contentsnExecutiveSummarynOurUnderstandingofYourSituationnA.T.KearneysPerspectiveonMergerIntegrationnProposedOverallApproachnRealizingIntegrationSynergiesnIntegrationM
2、anagementnA.T.KearneyQualificationsA.T.Kearney4/1375C/MergerIntegration108319_Macros3Executive SummaryThis section is tailored to the client situation and summarizes the approach proposed in the documentA.T.Kearney4/1375C/MergerIntegration108319_Macros4Our Understanding your SituationThis section is
3、 tailored to the client situation and summarizes the key drivers of the merger.It should highlight relevant quantitative and qualitative analysis that demonstrate our insight into the clients particular challenges and drivers of success for the integrationA.T.Kearney4/1375C/MergerIntegration108319_M
4、acros5A.T.Kearneys Perspective on Merger IntegrationA.T.Kearney4/1375C/MergerIntegration108319_Macros6The best value-builders combine organic growth with mergers and acquisitionsSource:A.T.KearneyMonographonValue-BuildingGrowth 2001RevenueGrowthValue GrowthUnder performersProfit SeekersSimple Grower
5、sValue GrowersGrowth Matrix(CAGR 1988-2000)Value Growers Follow Conscious,Constant Process To Growth A.T.Kearney4/1375C/MergerIntegration108319_Macros7Mergers and acquisitions are key growth driversWhat really matters in“acquisition for growth”strategies is executionSource:A.T.KearneyMonographonValu
6、e-BuildingGrowth 2001Sources of Growth40%of Growth Is From Acquisitions Value Growers Manage Both WellA.T.Kearney4/1375C/MergerIntegration108319_Macros8Few mergers actually create shareholder valueSource:A.T.KearneyAnalysis2001,SDCdatabase,GlobalWorldscopeAcquirers Value Growth Following a MergerTop
7、 performing mergers create significant shareholder valueValuegrowth3%8%12%27%21%16%3%Underperformance compared to industry averageOverperformance compared to industry average-100%-60%-30%30%60%150%-15%15%0%Average:2.8%49.5%50.5%Top-PerformingMergers10%A.T.Kearney4/1375C/MergerIntegration108319_Macro
8、s9Business Integration issues require“usual”management decisions while four main factors add another level of considerable complexity ScopeHighnumberofdecisionstobemadeinalloperationalandfunctionalareasDozensofprojects/initiativesandriskstobemanagedTime pressureAllstakeholdersexpectrapidexecution(sh
9、areholders,employees,management,regulationcommittees,government,)DecisionsneedtobemadewithoutdelaySimultaneityCo-existenceofstrategic,tacticandoperationaldecisionsStronginter-dependenceofthedecisionsShorttermandstrategicdecisionsmayseemincompatibleHuman componentHighnumberofpeoplepotentiallyinvolved
10、(operational,functionalandexecutivepeople)RiskofculturalmismatchScarceresourcestobridgebetweenmergedcompaniesUsual Management decisionsStrategy&IPODefinethescopeofcombinedentityConfirmeachcountrysscopeofactivityformobilesDesignstrategyleveragingonbroaderglobalpresenceDefinefinancialandoperationaltar
11、getsaswellastimingofexpectedbenefitsPreparetheIPOOrganisationChoosethebestorganisationalmodelattheEuropeanmanagementlevelIdentifythecentral/localfunctionsevolutionscheduleDefineorganisationalchartsandmanagementnominationDefinekeydecisionprocesses(committees,procedures,)InfrastructureReducetotalcosto
12、fexternalpurchasesthroughbestpriceevaluationvolumeconcentration,competitivebiddingSharebestpracticesSupport functions Rationalisesharedsupports(AlignandselectInformationSystemsfortheintegrationAlignprocessesandsharebestpracticesCommunicationDefineexternalcommunicationstrategyDefineinternalcommunicat
13、ionstrategySelectcommunicationrulesandproceduresChoosemedia(intranet,documents,speeches)Integration mgnt IntegrateoverallplanningandmilestonesDetailplanningbytopicandcountryManagetransitionphaseTrackandexecutefinancialsynergiesManagerisksA.T.Kearney4/1375C/MergerIntegration108319_Macros10 explaining
14、 why only few mergers and acquisitions succeed fully Note:(1)Shareholderreturnsfrombuyerdividedbyshareholderreturns(industryaverage)afterthemergerSources:A.T.Kearneyanalysis,GlobalPMISurvey,1998;DatastreamHigherNochangeLower100%=230 companiesOnly 29%of Companies Realize an Increase in Aggregate Prof
15、itabilityPerformance relative to industry average10%11%21%18%17%23%-15%-25%+15%+25%Top PerformingMergersUnder performance Outperformance Number of companiesIndustry averageOnly 42%of Companies Outperform Their Peers in Shareholder Value(1)42%58%A.T.Kearney4/1375C/MergerIntegration108319_Macros11Top
16、performers across most industries can create significant shareholder valueCreation ofShareholderReturnsErosion ofShareholderReturnsNote:(1)Totalshareholderreturnspercentageover/underperformancerelativetoindustryindexinthetimeframebetween3monthsbeforeand24monthsaftermergerannouncement;totalshareholde
17、rreturnsdefinedasthetangiblereturnsinvestorsreceivethroughdividendsandstockpriceappreciationsSources:Datastream;A.T.KearneyAnalysis2001Retailers62.5%64.5%32.3%44.2%26.6%49.9%34.2%26.6%36.1%25.1%16.0%43.3%26.0%27.5%17.2%17.4%31.9%22.4%18.0%40.4%17.4%14.8%4.0%-6.5%-31.5%-38.9%-10.8%-25.9%-11.0%-35.0%-
18、20.6%-17.6%-28.8%-18.0%-9.7%-39.6%-22.7%-24.9%-17.4%-20.3%-35.3%-26.7%-24.1%-46.8%-26.5%-27.2%-19.4%-24.1%RecreationChemicalsMetal ProducersPaperTransportationDiversifiedDrugs,Cosmetics&Health CareUtilitiesAutomotivePrinting and PublishingElectronicsFinancialBeveragesMetal Products ManufactureFoodTo
19、baccoMachinery&EquipmentElectricalMiscellaneousOil,Gas,Coal&Related ServicesConstructionTextilesAerospaceIndustry Specific Ranges of Value Creation(1)A.T.Kearney4/1375C/MergerIntegration108319_Macros12Once the deal is closed,the principal problems relate almost entirely to failures in merger managem
20、ent,rather than to the underlying strategic rationaleProblems Identified inMerger IntegrationUnder-communicationFinancial/synergy Expectations Unrealistic/UnclearNew Org.Structure With Too Many Compromises“Master Plan”MissingMissing MomentumMissing Top Management CommitmentUnclear Strategic ConceptM
21、issing Pace of ProjectIT Issues Addressed Too LateSource:A.T.KearneysGlobalMergerIntegrationSurvey1998Percent of RespondentsA.T.Kearney4/1375C/MergerIntegration108319_Macros13To manage inherent risks,“critical success factors”can be distilled from successful large-scale mergers to guide value creati
22、onCritical Success Factors from Large-Scale MergersSource:A.T.KearneyMergerIntegrationCreateasenseofurgencyandreduceuncertaintythroughcleareventmilestones,andmovequicklySelecttop-levelleadershipquicklyandfairly;avoid“two-in-the-box”leadershipforintegrationplanningandexecutionunlessabsolutelynecessar
23、ySetoutsynergygoalsandobjectives,toprioritizeactivitiesandprovideabaselineforperformancetrackingManagemarketexpectationscarefully.SetconservativedollartargetswithatimeframethataccommodatesunforeseencircumstancesKeepstrong,explicitfocusonkeycustomerretentionandservicewithteeth(i.e.,measurementandtrac
24、king)MaintainopenandtimelycommunicationswithemployeestoensureunderstandingandretentionConductdecentralized merger IntegrationguidedforciblyviaClearguidingprinciplesOverallframeworkandtoolsforintegrationReportingstandardsEstablishastrongcentralIntegrationofficeanddecentralizedIntegrationteamswithcorp
25、orate-wideperspectivesonResultsProjectstatusRiskLeadroleoninternal/externalcommunicationsInstillrobust,well-definedprocessestoensureobjectiveandtimelyriskandinterdependencytrackingSense of UrgencyTop-Level Leadership Selected QuicklyClear Synergy GoalsManage Market ExpectationsExplicit Focus on Cust
26、omersOpen,Timely and Consistent CommunicationsDecentralized Merger IntegrationStrong Central Integration OfficeWell-Defined ProcessesA.T.Kearney4/1375C/MergerIntegration108319_Macros14Source:A.T.KearneysglobalPMIsurvey98Value Capture of Top Performers Over Time15%Year 1Year 2Cumulative ValueCapture
27、After Two Years85%TimeClosingthe Deal12345678910-10-8-6-4-20246ValueCapture/Loss($MM)Year in Which Synergies Are RealizedTiming of Synergy Realization Is Also CriticalSource:MarlLSirower:TheSynergyTrap.Calculatedbasedona$10MMacquisitionpremium,representing50%ofmarketvalueIn our experience,the most c
28、ritical element in achieving targeted benefits is speedA.T.Kearney4/1375C/MergerIntegration108319_Macros15Proposed Overall ApproachA.T.Kearney4/1375C/MergerIntegration108319_Macros16A.T.Kearney has a flexible merger integration framework with a comprehensive toolkit to support planning and implement
29、ation throughout the merger process to ensure value captureA.T.Kearneys Merger Integration FrameworkDevelop StrategyEstablish Structure and PlanMerger/AcquisitionoptionsCreate/articulate/validateMarkets/customersCompetitionResourcesSourcesofvalueUnderstandtypeofmergerEstablishtheintegrationprogramBu
30、ildintegrationcapabilityAssesssourcesofvalueDeveloporganizationstrategy&designDevelopITintegrationstrategyDesign/harmonizeHRpoliciesCreatemasterplanandprioritizeValidatesourcesofvalueImplementquickhitsDevelopSOVITenablersImplementHRplanMonitorprogressandriskExecutetheplanRealigntheorganizationImplem
31、entITintegrationplanMerger Manage-mentSourcesof ValueMergerEnablersChange of ControlShareholder ApprovalMOUIntegrated Planning and Initial RolloutFull-Scale RolloutDayOnePhase 0Phase IPhase IIPhase IIIMultiple ToolsExist for All CellsA.T.Kearney4/1375C/MergerIntegration108319_Macros17This allows mer
32、ging entities to rapidly capture available sources of value by focusing on operational synergies,as well as seamlessly merging the organizationsMerge the Organizations as Seamlessly as PossibleDevelopandcommunicateasharedstrategicagendaDefineOrganizationstructures/leadershipKeybusinessprocessesTechn
33、ologyplatform/architectureChangeintegrationrequirementsDrivetoplinegrowthNewvaluepropositions/productsCrossselling/salespullthroughEnsurecustomerfocus/retentionIntegrate day-to-day operations Ensure sustainable changePosition for growthAchieve$XXmillion(annualrate)ofsynergysavingswithin1218monthsSal
34、esOperationsProcurementCorporateoverlapandduplicationCostofdistributionTechnology/R&DOtherstobeidentifiedEliminate/minimizesourcesofriskDrive the short-term valueExceed the markets expectationsMI Sources of ValueAchieve Growth Synergy and Cost Synergy Targets as Quickly as PossibleA.T.Kearney4/1375C
35、/MergerIntegration108319_Macros18The program structure supports focused value capture teams working across all SBU/Geographic teamsIllustrativeIntegration Office OthersSteering Committee Business Develop-ment TeamCorporate CenterTeamGlobal OperationsTeamGlobal SourcingTeam Technology/R&DTeamHuman Re
36、sourcesTeamInformation TechnologyTeamSBU A or N.AmericaSBU B or Latin AmericaSBU C or EuropeSBU D or Asia PacificBU driven integration to set prioritiesFocused on value capture across the businessesMarketFacingTeamsValueCaptureTeamsEnablerTeamsSetoveralldirectionMakecriticaldecisionsDevelopguidingpr
37、inciplesProvideintegrationmanagementleadershipandsupportA.T.Kearney4/1375C/MergerIntegration108319_Macros19Implementation Full-Scale Rollout Integrated Planning and Initial Rollout Establish Structure and PlanBy launching the integration effort prior to change of control,significant progress is made
38、 in identifying sources of value,while also developing the high-level organization models to capture that value Integration Management IT Requirements/Alignment High-Level OrganizationDataRepositoryComm.PlanningOversight/Visibility RmAnalysisOpportunitiesInitial PrioritizationInitial SequencingData
39、Collection/AnalysesOperations/Asset ConsolidationDiagnostic PackPP 1PP 2PP 3PP 4HMLHMLInitQ1 Q2 Q3 Q4PP1PP2PP3PP4Data Collection/AnalysesBusiness Unit(e.g.,Services)Diagnostic PackCS 1CS 2CS 3CS 4HMLHMLInitQ1 Q2 Q3 Q4CS1CS2CS3CS4Phase I(“Clean Team”)Hypotheses 1Hypothesis N Hypotheses 1Hypothesis N
40、Master CalendarDay/Week/Month 1 PlansSources of Value IdentificationBaseline Dev./TrackingA.T.Kearney4/1375C/MergerIntegration108319_Macros20During the critical period prior to change of control,the engagement team assumes the role of a“clean team”to enable critical pre-merger integrationRole of Cle
41、an TeamQuantifysavingsgeneratedfromidentifiedopportunitiesfromteamsofmergedcompaniesActasathirdpartyconduitforproprietaryinformationofbothcompanies(protectionshouldmergerbeaborted)ValidateandchallengeinitialassumptionsofopportunitiesmadebymergingcompaniesHighlightbestpracticesinexistingcompaniesande
42、xternalknowledgeandrecommendongoingmergedoperatingpracticesDetermineriskfactorsinmergerforongoingriskmanagementduringimplementationData CollectionOrganization assessmentHypotheses developmentPreliminary planningCompany ACompany BOpenJoint Client Team MeetingsA.T.Kearney“Clean Team”Merger SynergyHypo
43、thesesPre-Change of Control Post-Change of ControlValidated InitiativesAcceleratedecisionmakingbyprovidingaccesstocomprehensivedatabasesanddetailedanalysisShareandvalidatefindingswithjointclientteamsFinalizeinitiativesbasedonvalidatedhypothesesDevelopimplementationplansAssistinlaunchinginitiativesan
44、dprovidecontinuedimplementation,riskandfinancialtrackingsupportThe up-front work efforts of the“clean team”enables accelerated launch of implementation activities and value capture“Clean Team”Process LimitedJointClientTeamMeetingsA.T.Kearney4/1375C/MergerIntegration108319_Macros21After change of con
45、trol,the teams quickly finalize not identify synergy opportunities and gain consensus Results Tracking/Risk Assessment Begin ImplementationInitial Prioritization and SequenceMaster Plan SequencingFull Team MeetingsDiscloseandValidateModifyandRefineFinalizeSavingsOpportunitiesandPrioritizationIdentif
46、yInterdependenciesHMLHMLOverall Prioritization/Executive Committee Buy-InInitQ1 Q2 Q3 Q4MD1ST3SC6PP4SC6 WorkplanST3 WorkplanMD 1 WorkplanStep1234Investment RequirementsTiming of ResultsMaster Plan Detail Day/Week/Month 1 ExecutionPhase IIInitQ1 Q2 Q3 Q4PP1HMLHMLInitQ1 Q2 Q3 Q4PP1HMLHML IT Requiremen
47、ts/EnablersMaster Plan Detail Communication Full-Scale Rollout Integrated Planning and Initial Rollout Establish Structure and PlanA.T.Kearney4/1375C/MergerIntegration108319_Macros22MD 1 WorkplanActivityTask 1Task 1Task 1Task 1Q1Q2Q3Q4The transition to full-scale rollout and implementation of initia
48、tives is supported by a clear tracking process Program Risk ManagementTop 10 Program Risks as of 06/24Organization announcement timing still unclearIT requirements not fully understoodNo plans to address cultural misalignmentSuccess of communication not currently planned to be measuredIllustrativeIn
49、itiative Status ManagementSize=$Saved61218GreenYellowRedRiskTime to Complete ImplementationInitiativeCurrent QuarterCum.Qrtly.BreakdownJan.Feb.Mar.4Q97 1Q98 2Q98Cost Saves and Growth AchievementImplementation CommunicationPhase III Full-Scale Rollout Integrated Planning and Initial Rollout Establish
50、 Structure and PlanA.T.Kearney4/1375C/MergerIntegration108319_Macros23Source:A.T.KearneyMergerIntegrationThroughout the effort,managing risk is a formalized methodology;adherence facilitates a fair and robust decision making processProject Risk PrioritizationRisk IdentificationRisk CategorizationPro