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Le modèle des approches d'intégration d'acquisition de Philippe Haspeslagh et David Jemison fournit idée et conseil en Fusions et Acquisitions pour choisir l'approche optimale d'intégration.
Dans les Fusions et acquisitions, la devise était souvent traditionnellement : « Faites-le comme nous ». Ou des critères relativement simple étaient employés pour choisir une approche. Comme la taille et la qualité de la société acquise.
Haspeslagh et Jemison (1990) ont déclarés que l'approche, que devrait suivre une entreprise vers l'intégration, devrait prendre en compte deux critères (additionnels) :
- The need for strategic interdependence (Le besoin d'interdépendance stratégique)
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- The need for organizational autonomy (Le besoin d'autonomie d'organisation).
Quatre Types différents de création de valeur en Fusions et Acquisitions
Évidemment, le but et la tâche principale dans n'importe quelle acquisition est de créer de la valeur qui résulte de la synergie des deux organisations intégrées. Il y a quatre types de création de valeur :
- Partage des ressources. La valeur est créée en intégrant les entreprises au niveau opérationnel.
- Transfert de qualifications fonctionnelles. La valeur est créée en déplaçant certains personnes ou en partageant l'information, la connaissance et le savoir-faire.
- Transfert des qualifications de Direction Générale. La valeur est créée par l'amélioration de la perspicacité, de la coordination ou du contrôle.
- Synergie de rentabilité. La valeur est créée en accroissant la trésorerie disponible, la capacité d'emprunt et en augmentant son pouvoir d'achat ou son pouvoir sur le marché.
Autonomie organisationnelle
Haspeslagh et Jemison alertent les directeurs de ne pas perdre de vue le fait que la tâche stratégique d'une acquisition est de créer de la valeur. En outre ils ne doivent pas accorder l'autonomie trop rapidement, bien qu'évidemment le employés sont importants et devraient être traité avec respect et dignité. Le besoin d'autonomie de l'organisation peut être évalué en posant trois questions :
- L'autonomie est-elle essentielle à préserver les possibilités stratégiques que nous avons achetées ?
- Si la réponse à la question 1 est positive, quel degré d'autonomie devrait être permis ?
- Dans quels domaines spécifiques l'autonomie est-elle importante ?
Fusions et acquisitions le modèle préféré
Selon les scores des deux facteurs ci-dessus (voir le graphique), les Approches d'Intégration d'Acquisition) principales sont :
- Intégration (Absorption). Le management doit être persévérant et s'assurer que cette vision pour l'acquisition est réalisée.
- Conservation (Preservation). Le management doit se focaliser sur : maintenir la source des revenus acquis intacte, « consolidation ».
- Synergie (Symbiosis). Le management doit s'assurer à la fois, de la conservation des frontières et de la perméabilité simultanées de celles-ci, processus progressif.
- Avoirs (Holding). Aucune intention d'intégration et de valeur n'est créée seulement par des transferts financiers, par le partage des risques ou par les capacités de gestion de la direction générale.
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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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Approches d'Intégration d'Acquisition Groupe d'Intérêt Spécial
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Approches d'Intégration d'Acquisition Enseignement & Evènements
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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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Une nouvelle...
J'ai écrit ce document en février 2007, dans le but de sensibliser mes collègues à l'impression diffuse de fin de cycle qui règnait à cette époque. Pe...
Usage (application) : Ma première contribution
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Nouvelles
Acquisition Intégration
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Fusions Acquisitions
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Acquisition Intégration
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Comparez les Approches d'Intégration d'Acquisition avec : Coeur de Compétence | Rachat d'Entreprise avec Effet de Levier | Styles de Filialisation | Gestion Basée sur la Valeur | Porter | Avantage de la Filialisation | Intégration Horizontale | Gestion de Redressement (Turnaround Management) | Rachat d'Entreprise par ses Dirigeants | Matrice BCG | Phases de Croissance | Aptitudes Distinctives | Centralisation et Décentralisation | Configurations d'Organisation | Organigramme | Externalisation
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