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Das Akquisitions-Integrationsansätze Modell von Philippe Haspeslagh und David Jemison stellt Einblick und Anleitung in Fusionen und Erwerbe zum Wählen des optimalen Integrationsansatzes zur Verfügung.
In Fusionen und Erwerben war das Motto häufig traditionsgemäß: „Mache sie wie wir“. Oder verhältnismäßig einfache Kriterien wurden verwendet, um einen Ansatz zu wählen. Wie die Größe und die Qualität des erworbenen Unternehmens.
Haspeslagh und Jemison (1990) haben ausgesagt, dass der Ansatz, den eine Firma in Richtung zur Integration nehmen sollte, verstanden werden sollte, indem man zwei (zusätzliche) Kriterien betrachtet:
- Das Bedürfnis für strategische gegenseitige Abhängigkeit
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- Das Bedürfnis für organisatorische Autonomie.
Vier Arten der Wertschaffung in Fusionen und Erwerben
Offensichtlich ist das Ziel und die zentrale Aufgabe in jeglicher Akquisition, den Wert zu schaffen, der ermöglicht wird, wenn die zwei Organisationen kombiniert werden. Es gibt vier Arten der Wertschaffung:
- Teilung von Hilfsmitteln. Wert wird geschaffen, indem man die Firmen auf dem operativen Level kombiniert.
- Übertragung von Funktionsfähigkeiten. Wert wird geschaffen, indem man bestimmte Leute verschiebt oder Informationen, Wissen und Know-How teilt.
- Übertragung von generellen Managementfähigkeiten. Wert wird durch verbesserten Einblick, Korrdination oder Steuerung geschaffen.
- Kombinationsvorteile. Wert wird geschaffen, indem man Barmittelressourcen, Kreditfähigkeit, erhöhte Kaufkraft oder grössere Marktmacht wirksam einsetzt.
Organisatorische Autonomie
Haspeslagh und Jemison warnen, dass Manager nicht die Tatsache aus den Augen verlieren dürfen, dass die strategische Aufgabe einer Akquisition ist, Wert zu schaffen. Ausserdem dürfen sie nicht zu schnell Autonomie gewähren, obgleich offensichtlicherweise Personen wichtig sind und sie mit Fairness und Würde behandelt werden sollten. Das Bedürfnis für organisatorische Autonomie kann mit drei Fragen beantwortet werden:
- Ist Autonomie zum Bewahren der strategischen Fähigkeit wesentlich, die wir gekauft haben?
- Wenn die Antwort zu Frage 1 positiv ist, wieviel Autonomie sollte erlaubt werden?
- In welchen spezifischen Bereichen ist Autonomie wichtig?
Das bevorzugte Fusionen- und Erwerbemodell
Abhängig von der Auswertung der zwei obengenannten Faktoren (siehe Diagramm), sind die bevorzugten Akquisitions-Integrationsansätze:
- Absorption. Management sollte mutig sein sicherzustellen, dass diese Vorstellung für die Akquisition umgesetzt wird.
- Erhaltung. Managementfokus ist: die Quelle des erworbenen Nutzens intakt halten, „pflegend“.
- Symbiose. Management muss simultane Grenzbewahrung und Grenzpermeabilität sicherstellen, stufenweiser Prozess.
- Holding. Keine Absicht der Integrierung und Wert wird nur durch finanzielle Transfers, Risikoteilung oder allgemeine Managementfähigkeit geschaffen.
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 Combining Integration and Autonomy in Acquisitions
According to the literature on acquisitions, it is of high importance to decide on the proper level of integration between the firms in order to realize value from an acquisition. It is often considered that there is a trade-off between integratio...
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What HRM Theories are used in M&A?
What theories of HRM are usually applied in mergers and acquisitions?
How about configuration and contingency approaches? Thanks for your suggestions......
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2 Perspectives on Post-acquisition Integration
One can distinguish two perspectives when discussing acquisition integration:
1. Organizational Behavior Perspective towards Post-acquisition Integration (also called: 'Human Integration Perspective...
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What makes M&A So Attractive Compared to Organic Growth?
I think one reason for the low success rate of M&A is that many times the merger arises from opportunity and not from genuine strategic planning. Sometimes board members meet loosely, see some similarities and the idea is borne.
Seldom you see a...
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Reasons for Mergers and Acquisitions?
Please help me understand why any company would want to merge with some another company. What are the typical main reasons behind mergers and acquisitions?...
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Da Annullamento and Da Concambio in English?
I'm writing a thesis degree on Italian and U.S. mergers. In Italy, mergers generate deficits ("Disavanzi") or surplus("Avanzi"). We have two types of these called "da annullamento" and "da concambio". The first one is generated due to the cancellatio...
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The right Leader during M&A
The role of HR in M&A is important, but the role of the future Country or Regional Leader is critical. If that Leader is not "neutral", it is hard to have the right new and effective top management: this person can destroy the shared values....
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Culture Clashes in M&A
Many studies report that up to 80% of M&A are failing to create value and this is mainly due to culture clashes during the integration phase. Some authors have suggested that like financial and operational, a Cultural Due Diligence should be...
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Increase the role of HR in M&A
Many mergers and acquisitions fail to deliver on their initial promises partly because of cultural/people issues. The role of HR in M&A should be increased to avoid this, especially in early stages. In this way potential culture clashes can be...
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Akquisitions-Integrationsansätze Fachgruppe
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Akquisitions-Integrationsansätze Bildung & Veranstaltungen
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Why M&A is not a Strategy
Note that M&A is just a tool to achieve something; it is not a strategy by itself. Some companies seem to be acquiring merely for the sake of top-line...
Usage (application): Mergers and Acquisitions Planning, Strategy
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Mergers and Acquisitions: Success Archetypes
According to Marc Goedhart, Tim Koller, and David Wessels ("The Five Types of Successful Acquisitions", McKinsey Quarterly, July 2010), the strateg...
Usage (application): Mergers and Acquisitions, Strategy
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Value Creation in Cross-Border Mergers and Acquisitions
There is a rise in the amount of cross-border mergers and acquisitions (M&As). These cross-border M&As are subject to a set of factors that affect ...
Usage (application): International M&A, Value Creation
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Focus Areas after a Merger for Leaders
In McKinsey Quarterly 2006/4 is an article on the art of postmerger leadership. McKinsey mention 5 challenges for postmerger leaders:
1. Create a...
Usage (application): Post-merger Integration, M&A, Strategy
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Rules for Successful Acquisition Campaigns
In his HBR article "Rules to Acquire By", Pitney Bowes' CFO and Executive VP Bruce Nolop shares some lessons learned by his organization during succes...
Usage (application): M&A, Strategy
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Attributes of Success of Successful Acquisitions
In an empirical study of 24 acquisitions, Hitt, Harrison, Ireland and Best examined that successful acquisitions share following organizational attrib...
Usage (application): Strategy, M&A
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What are the Key Responsibilities of the Board in M&A?
Cookson (iancookson@gt.com) recommends the following useful shopping list in the "Financial Excutive" of Oct2004:
- What are the integration pla...
Usage (application): Board Responsibilities, Mergers and Acquisitions
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Potential Strategic Objectives of Mergers & Acquisitions
Many mergers and acquisitions are driven by strategies in order to achieve one of the following five strategic M&A objectives:
1. To exte...
Usage (application): Mergers & Acquisitions, Strategy
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Platform and Bolt-on Acquisitions Types
When it comes to assess a potential acquisition, Pitney Bowes, famous for its successful acquisition strategies, applies different criteria according ...
Usage (application): M&A, Strategy
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Communication Strategy Before, During and After a Merger
Of the many complex decisions that senior executives make before and during a merger, one is mandatory and critical but often given short shrift: the ...
Usage (application): Branding, Communication, M&A
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Principles for Successful M&A integration
1. Use a personal touch: One of the most important elements of a successful M&A integration is clear and consistent communication with employees of bo...
Usage (application): Post-Merger Integration
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The Relation Between “Organizational Fit” and Post-acquisition Integration Performance
The term “Organizational Fit” is an important aspect when considering the post-acquisition integration performance. The term refers to the degree of c...
Usage (application): M&A Strategy, Post-merger Integration
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The Drivers of Merger Success
Many mergers fail. Everybody knows that. Marc J. Epstein thinks there are seven determinants of merger success:
1. strategic vision
...
Usage (application): Post-Merger Integration
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Reasons for M&A Failures
Research from Hay Group and La Sorbonne University on European merger and acquisition operations of the last 3 years highlights 2 unusual failure caus...
Usage (application): Avoid these Mistakes in M&A…
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Cold Hard Facts about Acquisitions
One should recognize some cold hard facts about mergers and acquisitions. In the book: The Complete Guide to Mergers and Acquisitions, the authors Tim...
Usage (application): When you're considering an acquisition…
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Guidelines for a Smooth Post Merger Integration
In the article "The Ten Commandments Of Integrating an Acquisition" by Jess Varughese and Peter Bond (USBanker, July 2008), the authors use the...
Usage (application): Integrating an Acquisition
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