Dublin Business School & Liverpool John Moores University Post-Merger Integration Achieving Success in M&A MBA in Finance Dissertation submitted in part fulfilment of the requirements for the degree of Masters of Business Administration (M.B.A) at the Dublin Business School and Liverpool John Moores University Submitted by: Student ID: Supervisor: Word count: Submission date: Sebastian Schmidt 1714588 Mr Enda Murphy 21284 words 10th May 2013 I Table of contents DECLARATION ACKNOWLEDGMENTS ABSTRACT LIST OF FIGURE LIST OF TABLES CHAPTER - INTRODUCTION The merger and acquisition market Background of the Issue Research aim Research objective 10 Approach to the dissertation 11 Suitability of the researcher and interest in the subject 11 Scope and limitations of the research 12 7.1 Scope 12 7.2 Limitation 12 Organisation of the dissertation 13 CHAPTER - LITERATURE REVIEW: 15 I Fundamentals for this study 15 1.1 The term M&A 15 1.2 M&A forms 16 1.3 The M&A industry 18 1.4 M&A in Germany 20 1.5 The strategic decision of mergers and acquisitions 20 1.6 Different Phases of M&A 22 1.7 Culture 23 1.7.1 Definition culture 23 1.7.2 Definition corporate culture 24 1.7.3 Corporate Culture as a success factor 24 Synergies 26 2.1 The term synergies 26 2.2 Fundamentals according to Ansoff 27 2.3 Synergy Potentials through M&A 28 Post Merger Integration (PMI) 30 3.1 Integration – A definition 31 3.2 The significance of corporate culture for the PMI 32 3.2.1 Culture collision 32 3.2.2 The Merger Syndrome 33 3.3 Post merger integration models 33 3.3.1 Integration approach of Buono and Bowditch 34 3.3.2 Integration approach of Cartwright and Cooper 37 3.3.4 Acculturation model of Nahavandi and Malekzadeh 38 3.3.5 Integration approach of Keller 39 3.3.5 Critical appreciation of the integration models 41 CHAPTER - RESEARCH METHODOLOGY AND RESEARCH METHODS 43 Research questions 43 Research philosophies 45 2.1 Research paradigms 47 2.1.1 Positivism 47 2.1.2 Realism 47 2.1.3 Pragmatism 47 2.1.4 Interpretivism 48 2.2 Research approach 48 II 2.3 Research strategies 49 2.3.1 Experiments 49 2.3.2 Surveys 50 2.3.3 Action Research 50 2.3.4 Grounded theory 50 2.3.5 Ethnography 51 2.3.6 Archival Research 51 2.3.7 Case Studies 51 Research choices 52 Research time horizons 53 4.1 Cross-sectional 53 4.2 Longitudinal 53 Structure of the research method – Framework 54 Data collection and data analysis 55 6.1 Type of data collecting 55 6.2 Data analysis 56 6.3 Population and Sample 57 6.4 Ethical Issues 57 6.5 Limitations to the research 57 6.6 Personal biases 58 CHAPTER - RESEARCH FINDINGS AND DATA ANALYSIS 59 Findings 61 CHAPTER - CONCLUSION AND RECOMMENDATIONS 66 Implementation of an integration management 66 Integration speed 67 Corporate Cultures 67 Communication 68 Overall Conclusion 69 III Limitation and Suggestions for Further Research 69 CHAPTER - SELF-REFLECTION ON OWN LEARNING 71 Learning styles 71 Review on learning 75 Master of Business Administration´s experience and learning 76 Conclusion 76 APPENDIX 78 BIBLIOGRAPHY 80 IV Declaration This is to certify that I, Sebastian Schmidt, student of Dublin Business School in partnership with the Liverpool John Moores University, studying a Masters of Business Administration, have submitted this dissertation on the topic “Post-Merger Integration - Achieving Success in M&A” in part fulfilment of the requirements for the degree of Masters of Business Administration (MBA) at the Dublin Business School Furthermore, I hereby certify that this dissertation is entirely based on my own work, unless referenced in the text as a specific source and the words have been placed in inverted commas (“”), and has not been submitted in part or in whole to any other College/University for assessment or for award of any other degree Sebastian Schmidt Sebastian Schmidt Acknowledgments Many people have contributed to my success during my time in Ireland and therefore, deserve a very special thanks and acknowledgments First, I would like to thank my supervisor, Mr Enda Murphy for his valuable supervision Furthermore I would like to thank Dr Nicole Gross who had always a sympathetic ear to my problems and always motivated me Secondly, I would like to express my gratitude to Mr Bernhard Slavetinsky, Mr Volcker Deck and Dr Jörg Kempken for their involvement and their willingness to let me interview them Without their help, I would not have been able to this study Thirdly, I would like to thank my parents for their support and constant encouragement They were my best motivation Thank You! Finally, without naming anyone in particular, I would like to thank all my friends who have always supported me during this study and my time in Ireland Sebastian Schmidt Abstract The main purpose of this study is to better understand how the post merger integration contributes to a successful merger or acquisition transaction This study attempts to find out why the numbers of failures in M&A are so high This study used data from two sources, primary and secondary data The primary data was collected by in depth interviews In fact, two interviews were done to achieve valuable information Secondary data was collected from different sources such as libraries, journal articles, books, catalogues, textbooks and Internet The first part of this study starts with fundamentals of M&A, synergies and the post merger integration to better understand the research problem The second part is about the primary data, which was collected through interviews The analysed data can help managers who are doing an M&A transaction or M&A advisors as well The study found out that most of the M&A transaction fail because managers not esteem how important the post merger integration is Transactions with a good post merger integration were much more successful and thus it can be said that the integration is the key point where companies will achieve their synergies However, this study found some important key factors, which can bring the desired success and therefore the synergies Sebastian Schmidt List of figure Figure 1: McKinsey´s 7s framework 25 Figure 2: Potential synergies in M&A deals 29 Figure 3: Five key points where interventions are possible 36 Figure 4: Research onion 46 Figure 5: Research choices 53 Figure 6: Research framework 54 Figure 7: Learning style concept 72 List of tables Table 1: Merger waves Table 2: Selected studies of the success in mergers and acquisitions Table 3: Merger waves 19 Sebastian Schmidt Chapter - Introduction The merger and acquisition market The 21st century was driven by fast technologies and globalization The results of this fast growth and change of companies are fast growing competitive pressure, more complex value chains and hybrid company structures This phenomenon is not new but the speed increases steadily Thus, companies are facing new challenges By the accelerated structural change, in particular through globalization associated with the international competition, organizations are forced, much more frequently and at increasingly shorter intervals to respond to changes in order to remain competitive viable In such a competitive environment, growth represents a key requirement for the corporate success At the same time, to compete on the world market, internal growth for many companies in terms of the development and activation of its own potential is not enough anymore Therefore it is not surprising that forms of external growth, in particular mergers and acquisitions grow ever stronger (Grave, Vardiabasis and Yavas, 2012, p 56-57) Hence, it is not surprising that Borghese and Borgese (2002, p xiii) state “Every day it seems there is a new merger and acquisition deal splashed across the headlines” Another growth driver, especially in Europe, after Moschieri and Campa (2009, p 71) is “the process of economic integration in Europe, together with the European Commission’s efforts to foster standardization and increase transparency in the development of a single market for M&As” Hence, Europe overtook the U.S in the activity of M&A for the first time in 2007 (Moschieri and Campa, 2009, p 71) However, the financial crisis in 2008 and the European crisis of course affect the number as well as the total amount of M&A deals But Grave, Vardiabasis and Yavas (2012, p 56) state that “The global financial crisis is changing the landscape for mergers and acquisitions (M&A) and identifying new M&A targets that indicate a shift with significant impact to our global business practices Even more now than ever before, companies are implementing strategies that include gaining access to new geographies They are responding to the crisis by focusing on growth outside their home country regions, expanding their geographic diversification and investment in secondary markets” Therefore it is not surprising that the volume of M&A deals in 2010 is close to the year 2005 (Tschöke and Klemen, 2011, p 286) Especially cross-border transactions grow rapidly “For at least the past decade - and thus well before the onset of credit market turmoil Sebastian Schmidt What have your company done to avoid the synergy trap and how important in this context was the PMI? 10 Some people talk about merging or combining cultures, while others seek to create a new culture that is separate from those of the legacy companies What was your approach? 11 Has the experience taught you things that would be useful in more conventional mergers, or is the approach always dictated by individual circumstance? 12 What was your approach to stakeholders such as customers, communities, and suppliers? 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Dynamics are Changing the M&A Landscape, A Morgan Stanley Publication, Journal of Applied Corporate Finance, Vol 20, Number 2, p 84-96 Sebastian Schmidt 93 ... out that most of the M& A transaction fail because managers not esteem how important the post merger integration is Transactions with a good post merger integration were much more successful and... strategic management and international business and trade have generated the interest in mergers and acquisitions further Magazines and studies about the high failure rate of M& A transactions captured... research approaches, research choices, research time horizons, framework, and data collection and data analysis Chapter - Data analysis and findings This chapter analyses the data which was obtained