Bergamin / Braun Mergers and Acquisitions

Integration and Transformation Management as the Gateway to Success
1. Auflage 2018
ISBN: 978-3-319-60504-3
Verlag: Springer International Publishing
Format: PDF
Kopierschutz: 1 - PDF Watermark

E-Book, Englisch, 110 Seiten, eBook

Reihe: Management for Professionals

This book brings home the message that meticulous integration management is the key to success in M&A transactions. Half of all M&A transactions are unsuccessful because many companies embarking on a merger neglect this key success factor. Based on 30 years of experience of corporate mergers and acquisitions as well as the subsequent implementation of growth strategies, the authors have developed a practical manual that helps managers optimize and streamline their growth strategy using persistent integration and transformation management. The book provides first-hand accounts of M&A transactions that the authors led or were involved in, assessing each case from an insider perspective and outlining the key success factors and pitfalls. It concludes with practical checklists including the most relevant topics for each individual step toward successful integration.


Stephan Bergamin holds a PhD in Economics from HSG University of St. Gallen (Switzerland). An alumnus of AMP Harvard (USA), Stephan is the current CFO of Gearbulk Group (Switzerland). Previously he was the CFO of Goldbach Group SIX Swiss Exchange, and Steiner Group. He also held various national and international financial positions within Swissair Group, after starting his career in corporate finance at Credit Suisse. He is an author, and lecturer at different educational institutions. 
Markus Braun is a PhD in Economics and Head of International Business ABF at ZHAW University of Applied Sciences, School of Management and Law (Switzerland); Markus is also a lecturer of business administration, and PhD in Business Administration of the University of Basel (Switzerland). Previously he was Head of Corporate Office at Diethelm Keller Holding AG in Zurich (Switzerland), and was the Group CFO and Deputy CEO of Nuance Group in Zurich (Switzerland), including various national and international financial positions at Novartis/Ciba-Geigy. He is a member of several advisory boards of science and economics.

Zielgruppe

Professional/practitioner

Autoren/Hrsg.

Bergamin, Stephan

Braun, Markus

Inhaltsverzeichnis

1;Preface;6
2;Contents;9
3;About the Authors;10
4;List of Figures;11
5;List of Checklists;13
6;1: Integration Management in Mergers and Acquisitions: Success Factors and Pitfalls;14
6.1;1.1 Integration and Transformation Is Essential for the Success of an MandA Transaction;14
6.2;1.2 Success Factors and Pitfalls;19
6.3;1.3 Clearly Outline Your Vision and Organize the Integration Project;20
6.3.1;1.3.1 Principles;20
6.3.1.1;1.3.1.1 Devise an Integration Plan at an Early Stage and Outline a Clear Vision;20
6.3.1.2;1.3.1.2 Leading-Edge Enterprises Put Their Leaders First;20
6.3.1.3;1.3.1.3 Involving the Corporate Management Is Important, but not Enough;21
6.3.1.4;1.3.1.4 Successful Companies Capitalize on Previous Integration Planning Experiences;21
6.3.2;1.3.2 Success Factor: Stringent and Systematic Implementation Thanks to Coaching;21
6.3.2.1;Practical Example;21
6.3.3;1.3.3 Pitfall: Integration Manager with the Right Pedigree, but not from the Same Stable;22
6.3.3.1;Practical Example;23
6.3.4;1.3.4 Pitfall: Side Plots Are Distracting;23
6.3.4.1;Practical Example;23
6.3.4.2;Bottom Line;25
6.4;1.4 Secure the Future Organization´s Efficacy;25
6.4.1;1.4.1 Principles;25
6.4.1.1;1.4.1.1 Leading-Edge Companies Will not Content Themselves with Mere ``Docking´´;25
6.4.1.2;1.4.1.2 Secure Business Operations and Highlight Additional Potential;26
6.4.1.3;1.4.1.3 Leading-Edge Enterprises Quickly Create Transparency;26
6.4.2;1.4.2 Success Factor: Utilize Growth and Knowledge Synergies;27
6.4.2.1;Practical Example;27
6.4.3;1.4.3 Pitfall: Lack of Transparency for a Prolonged Period of Time;27
6.4.3.1;Practical Example;28
6.4.3.2;Bottom Line;29
6.5;1.5 Appoint the Management Team;29
6.5.1;1.5.1 Principles;29
6.5.1.1;1.5.1.1 Appoint Top Management and Operative Management;29
6.5.1.2;1.5.1.2 Dispatch Operative Key Figures into Both Directions;30
6.5.1.3;1.5.1.3 Leading-Edge Enterprises Keep Key Employees Loyal to the Company over the Long Run;30
6.5.2;1.5.2 Success Factor: A Holistic Approach;30
6.5.2.1;Practical Example;30
6.5.3;1.5.3 Pitfall: Top Management Keep Themselves to Themselves;31
6.5.3.1;Bottom Line;31
6.6;1.6 One Team, One Goal;32
6.6.1;1.6.1 Principles;32
6.6.1.1;1.6.1.1 Savvy and Successful Acquirers Train Their Staff;32
6.6.1.2;1.6.1.2 Leading-Edge Companies Adapt and Orient Incentive Schemes to Their Target;32
6.6.2;1.6.2 Success Factor: Prolonged Initiation Phase;32
6.6.2.1;Practical Example;33
6.6.3;1.6.3 Pitfall: Incentive Systems Gradually Lose Their Appeal;33
6.6.3.1;Practical Example;33
6.6.3.2;Bottom Line;34
6.7;1.7 Join Forces on an Operative Level;35
6.7.1;1.7.1 Principles;35
6.7.1.1;1.7.1.1 Integration Projects: A Chance to Improve Operative Processes;35
6.7.1.2;1.7.1.2 IT Is a Powerful Tool for Operative Amalgamation;35
6.7.1.3;1.7.1.3 Leading-Edge Enterprises Do not Consolidate Operative Units at all Cost;35
6.7.2;1.7.2 Success Factor: Amalgamation, but not at All Cost;35
6.7.3;1.7.3 Pitfall: Focus on Technical Details;36
6.7.3.1;Bottom Line;36
6.8;1.8 Key Factors of Integration Management;37
6.8.1;1.8.1 Organization and Leadership Personalities;37
6.8.2;1.8.2 Exploit Synergies;39
6.8.3;1.8.3 Put Mobilization to Use;40
6.8.4;1.8.4 Resources;41
6.8.5;1.8.5 Integration Management Means Project Management;42
6.8.6;1.8.6 The Most Important Points so Far;43
6.9;References;43
7;2: Integration Management as a Gateway to Performance Transformation;45
7.1;2.1 Sustainable Integration Success Takes Longer than a Hundred Days;45
7.2;2.2 Institutionalize Integration Responsibility;49
7.3;2.3 Implementing Performance Transformation;54
7.3.1;2.3.1 Four Dimensions;54
7.3.2;2.3.2 Width of Integration;55
7.3.3;2.3.3 Depth of Integration;56
7.3.4;2.3.4 Areas of Integration;57
7.3.5;2.3.5 List of Priorities;59
7.3.6;2.3.6 Individual Design of Performance Transformation;60
7.3.7;2.3.7 Checklist 1: Scaling and Standardization in an International Context;64
7.4;2.4 Exploit Growth Dynamics;65
7.4.1;Practical Example;67
7.5;2.5 Take Care of Talents;69
7.6;2.6 Introduce Integration Monitoring;72
7.6.1;2.6.1 Integration Scorecard;72
7.6.1.1;Practical Example;74
7.6.2;2.6.2 Opportunity and Risk Management;74
7.6.3;2.6.3 Post-merger Audit;75
7.7;2.7 Integration Management and Performance Transformation Checklists;75
7.7.1;2.7.1 Checklist 2: Institutionalize Integration Office Responsibility;76
7.7.2;2.7.2 Checklist 3: Enforce Performance Transformation;76
7.7.3;2.7.3 Checklist 4: Exploit Growth Dynamics;77
7.7.4;2.7.4 Checklist 5: Take Care of Talents;77
7.7.5;2.7.5 Checklist 6: Introduce Integration Monitoring;78
7.8;2.8 Legal Aspects of Post-merger Integrations;79
7.8.1;2.8.1 Due Diligence;79
7.8.2;2.8.2 Competition Law Aspects;80
7.8.3;2.8.3 Corporate Law Aspects;81
7.8.4;2.8.4 Employment Law Aspects;82
7.8.5;2.8.5 Conclusion;83
7.9;References;83
8;3: Global Merger dormakaba: Interview and Case Study;85
8.1;3.1 Interview with Riet Cadonau, CEO dormakaba Group;86
8.2;3.2 Our First Hypothesis: Integration Planning Starts as Early as During the MandA Transaction Phase Before the Closing;86
8.3;3.3 Our Second Hypothesis: Project Management Skills Are Central to Successful Integration Management, i.e. Top-level Guiding ...;88
8.4;3.4 Our Third Hypothesis: Measures in Integration Management Depend on Each Individual Case and Are a Matter of Common Sense a...;90
8.5;3.5 Our Fourth Hypothesis: Speed Is of the Essence when It Comes to Appointing Key Positions or Outlining the New Organization;94
8.6;3.6 Our Fifth Hypothesis: Sufficient and Suitable Personnel Resources Have a Considerable Impact on Sustainable Integration Su...;94
8.7;3.7 Conflict Management During the Integration Process;95
8.8;3.8 The dormakaba Merger Takeaways;97
8.8.1;Bottom Line;98
9;4: Global Merger LafargeHolcim: Interview and Case Study;99
9.1;4.1 The Essentials of the Merger in Brief and Selected Press Commentaries;99
9.1.1;April 7, 2014: Announcement of the merger;100
9.1.2;February/March 2015: New conditions for the completion of the merger;100
9.1.3;April 2015: Appointment of the new leadership team;100
9.1.4;July 14, 2015: Closing the merger;101
9.1.5;October 12, 2015: New CFO;101
9.1.6;March 2016: The merger is sluggish;101
9.1.7;May 2016: The new group management is announced;101
9.1.8;July 2017: New CEO;101
9.2;4.2 Interview with Christof Hässig, Head of Strategy and MandA, LafargeHolcim;101
9.3;4.3 Antitrust Issues and the Merger Process;104
9.4;4.4 The LafargeHolcim Merger Takeaways;105
9.4.1;Bottom Line;106
10;Closing Remarks;107
11;Glossary;109

Integration Management in Mergers and Acquisitions: Success Factors and Pitfalls.- Integration Management as a Gateway to Performance Transformation.- Global Merger
dormakaba
- Interview and Case Study.- Global Merger
LafargeHolcim
- Interview and Case Study.- Closing Remarks.

Über Autor(innen)

Stephan Bergamin holds a PhD in Economics from HSG University of St. Gallen (Switzerland). An alumnus of AMP Harvard (USA), Stephan is the current CFO of Gearbulk Group (Switzerland). Previously he was the CFO of Goldbach Group SIX Swiss Exchange, and Steiner Group. He also held various national and international financial positions within Swissair Group, after starting his career in corporate finance at Credit Suisse. He is an author, and lecturer at different educational institutions. 

Markus Braun is a PhD in Economics and Head of International Business ABF at ZHAW University of Applied Sciences, School of Management and Law (Switzerland); Markus is also a lecturer of business administration, and PhD in Business Administration of the University of Basel (Switzerland). Previously he was Head of Corporate Office at Diethelm Keller Holding AG in Zurich (Switzerland), and was the Group CFO and Deputy CEO of Nuance Group in Zurich (Switzerland), including various national and international financial positions at Novartis/Ciba-Geigy. He is a member of several advisory boards of science and economics.