Combuyn

Diese Studie untersucht, wie Führungskräfte Integrationskosten und -aufwand bei einem Unternehmenskauf einpreisen. Wir zeigen, dass die meisten Unternehmen die Vorteile oder Herausforderungen der bevorstehenden Integration bei der Bepreisung nicht berücksichtigen, sondern eher bereit sind, zusätzliche (Unternehmens-)Ressourcen ad-hoc während des Integrationsprozesses einzusetzen, um dennoch den vollen Wert der Integration ausschöpfen zu können. Trotz der aktuellen wirtschaftlichen Situation scheinen die Taschen nicht leer zu sein, um den größtmöglichen Nutzen aus M&A-Aktivitäten zu ziehen, sondern eher bis später im Integrationsprozess geschlossen zu bleiben

“The bird is freed” tweeted Elon Musk on October 28th, 2022, with his usual bravado, subsequently implying that the job was finished. He had just completed the long-awaited acquisition of Twitter for $44 billion. How-ever, Musk’s well-documented and self-inflicted difficulties in the weeks following the deal, adequately demonstrated that the task of integration was anything but complete.

Previously, we summarized information on acquisition activity, and we noted pre-acquisition differences between acquiring and target firms. One conclusion was that acquisitions likely performed better than generally assumed. For example, a common perception of acquisitions is that they can increase performance by better allocating resources (Dutz, 1989). By acquiring another company, a firm can gain access to a larger customer base, established distribution channels, and valuable intellectual property. This can result in increased efficiencies and cost savings, as well as the ability to leverage the expertise and knowledge of the acquired company. Even if acquisitions do not benefit an acquirer, they can help an economy optimize their resource allocation and improve their competitiveness. As a result, we now examine whether acquisitions benefit firms, and whether those benefits vary across time and countries.

In the past years, the notion of “sustainability” increasingly gained traction in the public and put pressure on companies to adjust their business to be more sustainable – across all industries and geographic regions. However, while a common interpretation of the term has typically been heavily weighted towards environmental protection efforts (e.g. CO2 or waste reduction), sustainability has a much broader meaning, covering also social and economic objectives such as poverty reduction, welfare and diversity. From a corporate perspective, various sustainability criteria are often summarized under the umbrella term ESG (Environmental, Social, and Governance), which also addresses the governance aspect of implementing compliance, proper processes and incentives within firms.

Analysing and interpreting M&A transactions over the long term is a complex and difficult task, as the nature and implementation of deals are constantly changing. In their article, Kyeong-Seop (KS) Choi and David R. King from Florida State University take an initial look back at the development of M&A transactions in the 21st century.

According to the International Monetary Fund, India still is the fastest growing economy in world, now being the 5th largest economy, even leaving behind the UK. India has been a highly attractive destination for foreign investors in 2022. The Indian M&A market is on the rise with ending and completed M&A deals valued at over $87 billion in the first quarter of 2022-231. M&A volumes reached a record high in 2021. Therefore, it is no surprise that the world’s largest investment banks will earn more dealmaking fees in India than in China in 2022, for instance.