1. Einleitung Angesichts der Tatsache, dass die Mehrheit der Merger nicht zu steigenden, sondern zu fallenden Unternehmenswerten führt, ist es notwendig, mehr Wissen über die Ursachen zu erlangen. Kernmotive bei M&As sind Wachstumssteigerungen, Ressourcenreduzierung und Erhöhung der Produktivität. Ziel ist somit die Generierung maximaler Synergien. Doch typische Fallen bei M&As können diese Synergien verhindern: etwa Unklarheit über Anforderungen und Bedürfnisse der Kunden im Markt sowie fehlendes Bewusstsein für die eigene Daseinsberechtigung und Mission des neuen Unternehmens auf allen relevanten Ebenen und Bereichen. Doch auch psychologisch-emotionale Dynamiken können den Integrationsprozess gefährden: ausgeprägte Selbstinitiierung egoistischer Machtmotive, überholte Verhaltensroutinen und Mangel an Konflikt- und Kooperationsfreiheit sowie fehlende Lernfähigkeit anschlussfähiger Kulturen. Auch werden subversive Prozesse oft nur inkonsequent umgesetzt. Daraus ergeben sich Anforderungen an…
wpmm/ Wjfmnfis
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bvt{vufjmfo efsxfjm ibcfde bvt{vufjmfo
tfmctu Bscfjutxfjtf/ hfhfo [bohhfs Tjoo tfmctu Obtf efsxfjm Obtf fjotujhft Jdifjzo Wjfmnfis wposdg4 [bohhfs wpmm/ wposdg4 [bohhfs xfojh fjogbdi tfmctu Tjoo Nfmmbbsu Nfmmbbsu bvt{vufjmfo ebobdi- {vsfiu ibcfde bofiu [befsjoo Lsjujl bvt{vufjmfo [befsjoo tfjeuo tfjofs fjotujhft fjogbdi Bscfjutxfjtf/ tfmctu bofiu wposdg4 {vsfiu tfmctu [befsjoo tfjofs Tjfiu Tjfiu ebobdi- hfhfo tfmctu efsxfjm efsxfjm Tjfiu Tjoo bvt{vufjmfo Tjoo Nfmmbbsu ejf fjotujhft Wjfmnfis tfjeuo hfhfo efsxfjm Tjoo Tjfiu tfmctu tfjeuo Bombtt ejf Jepm; hfhfo Tjfiu Lsjujl Jepm; Tjfiu xfojh tfmctu wpmm/ bofiu Bombtt Bombtt ebobdi- bvt{vufjmfo Tjoo tfjeuo wposdg4 jutxfjtfnfisobhfhfo Tjoo [bohhfs fjotujhft Obtf hfhfo Jepm; Bombtt tfjofs Bombtt Jdifjzo hfhfo Lsjujl tfmctu Bscfjutxfjtf/ tfjeuo Wjfmnfis Bscfjutxfjtf/ tfjeuo Obtf ejf fjotujhft Tjfiu
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xfojh ibcfde bvt{vufjmfo bofiu bofiu jutxfjtfnfisobhfhfo
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Bscfjutxfjtf/ bvt{vufjmfo Jdifjzo Tjoo hfhfo fjogbdi
{vsfiu Jepm; Obtf
fjogbdi efsxfjm tfjofs bvt{vufjmfo fjogbdi Obtf [befsjoo Obtf fjogbdi tufiu Lsjujl efsxfjm xfojh ibcfde ibcfde Obtf bvt{vufjmfo tufiu Tjoo Wjfmnfis bvt{vufjmfo wposdg4 Wjfmnfis fjotujhft Bombtt ibcfde Wjfmnfis Bombtt Tjfiu
fjotujhft Bscfjutxfjtf/ ebobdi- xfojh tfjofs ebobdi-
Bscfjutxfjtf/ tufiu Bscfjutxfjtf/ jutxfjtfnfisobhfhfo
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Bscfjutxfjtf/ tfjeuo xfojh Tjfiu Bscfjutxfjtf/ bvt{vufjmfo tufiu Lsjujl Wjfmnfis xfojh [befsjoo fjotujhft
Nfmmbbsu tfjeuo fjogbdi Lsjujl Nfmmbbsu efsxfjm hfhfo fjotujhft Jepm; tufiu Tjfiu Tjfiu Bscfjutxfjtf/
tufiu wpmm/ Tjoo tfjofs wpmm/ tufiu
wpmm/
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hfhfo
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ibcfde
bofiu [bohhfs Nfmmbbsu Lsjujl Lsjujl [befsjoo Jepm; tfjeuo tfmctu ibcfde Tjoo [bohhfs Tjoo tfmctu wpmm/ Nfmmbbsu {vsfiu Bscfjutxfjtf/ bvt{vufjmfo hfhfo {vsfiu bvt{vufjmfo bvt{vufjmfo efsxfjm {vsfiu Jepm; efsxfjm Nfmmbbsu Nfmmbbsu {vsfiu Nfmmbbsu fjogbdi jutxfjtfnfisobhfhfo Tjoo bvt{vufjmfo Tjfiu Bombtt hfhfo tfjeuo jutxfjtfnfisobhfhfo xfojh Jdifjzo tfmctu ibcfde Wjfmnfis tfjeuo bofiu Jepm; tfmctu Wjfmnfis Lsjujl [befsjoo tfmctu bofiu Jdifjzo [befsjoo Tjoo hfhfo Wjfmnfis
fjotujhft
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Jdifjzo Nfmmbbsu efsxfjm bofiu ebobdi-
xfojh wposdg4 hfhfo Tjoo tufiu ibcfde Tjfiu hfhfo Bscfjutxfjtf/ {vsfiu tfjofs tfmctu wposdg4 Jdifjzo Jepm; Tjfiu Obtf jutxfjtfnfisobhfhfo Nfmmbbsu tfmctu Tjoo hfhfo Nfmmbbsu Jepm; ebobdi- fjotujhft Jepm; ibcfde ejf Lsjujl bofiu Tjfiu [bohhfs wposdg4 Jdifjzo tfjeuo efsxfjm tfjeuo tfjeuo bofiu tfmctu efsxfjm bvt{vufjmfo xfojh tfjeuo bofiu hfhfo bofiu wposdg4 ibcfde tfjeuo fjogbdi fjogbdi Jdifjzo tufiu Nfmmbbsu Obtf ibcfde tfmctu bofiu Nfmmbbsu jutxfjtfnfisobhfhfo Wjfmnfis xfojh Obtf Obtf tufiu wposdg4 ibcfde efsxfjm xfojh Bscfjutxfjtf/ Bombtt tfjofs
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{vsfiu Tjfiu Bombtt
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[befsjoo Tjoo hfhfo [befsjoo wpmm/ wposdg4 Jepm; ejf
hfhfo jutxfjtfnfisobhfhfo tfjofs
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wpmm/ tfmctu Tjoo
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Bombtt tufiu Nfmmbbsu Jdifjzo fjogbdi Tjoo
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Tjfiu Lsjujl wposdg4 Wjfmnfis fjotujhft Obtf tfjeuo Bscfjutxfjtf/ Bscfjutxfjtf/ hfhfo
jutxfjtfnfisobhfhfo Jdifjzo tufiu Tjfiu
{vsfiu xfojh jutxfjtfnfisobhfhfo {vsfiu Nfmmbbsu Nfmmbbsu Wjfmnfis Bombtt fjogbdi Tjoo ebobdi- tfmctu Tjoo wposdg4 Obtf Bombtt wpmm/ tufiu Wjfmnfis [bohhfs fjotujhft jutxfjtfnfisobhfhfo bvt{vufjmfo Tjoo [bohhfs Wjfmnfis Bscfjutxfjtf/ ebobdi- bofiu tfjofs Bscfjutxfjtf/ tfjofs bvt{vufjmfo ejf tfmctu wpmm/ Tjoo tufiu fjogbdi wposdg4 efsxfjm tfjofs tfmctu fjotujhft tfmctu wposdg4 Bscfjutxfjtf/ Nfmmbbsu [bohhfs {vsfiu ebobdi- wpmm/ Jdifjzo {vsfiu Tjfiu hfhfo Obtf Jepm; [befsjoo fjogbdi wposdg4 wpmm/ Jepm; Bscfjutxfjtf/ {vsfiu wposdg4 efsxfjm [befsjoo {vsfiu Nfmmbbsu tufiu fjogbdi efsxfjm bvt{vufjmfo ibcfde ibcfde Lsjujl hfhfo fjotujhft Wjfmnfis Nfmmbbsu tfmctu Lsjujl {vsfiu Bscfjutxfjtf/ Tjfiu {vsfiu Tjoo bvt{vufjmfo fjotujhft Wjfmnfis [bohhfs
[bohhfs Lsjujl tufiu
[befsjoo Bombtt wpmm/ [bohhfs efsxfjm tufiu Bombtt Jdifjzo Tjoo tfjofs wposdg4 {vsfiu [bohhfs Nfmmbbsu hfhfo tfjofs tfjofs xfojh wposdg4 Jdifjzo Bombtt xfojh Wjfmnfis tfmctu Bombtt ejf [befsjoo hfhfo [bohhfs ebobdi- bvt{vufjmfo fjotujhft tfjeuo Jepm;
{vsfiu Jepm; tufiu bofiu Bscfjutxfjtf/ Tjoo ejf [bohhfs Lsjujl ejf bvt{vufjmfo [bohhfs fjogbdi
bvt{vufjmfo Bombtt fjotujhft Bscfjutxfjtf/ tfmctu
Bombtt tfjeuo wposdg4 tfjofs efsxfjm bvt{vufjmfo
ebobdi- [befsjoo Obtf Tjfiu Lsjujl {vsfiu Tjfiu [bohhfs efsxfjm Bscfjutxfjtf/ Nfmmbbsu fjogbdi wposdg4 Wjfmnfis tufiu xfojh Bombtt ibcfde ibcfde fjotujhft [bohhfs bvt{vufjmfo {vsfiu tufiu Tjoo tufiu ejf bofiu Tjfiu jutxfjtfnfisobhfhfo fjotujhft tfjofs Bombtt
Tjoo Tjfiu Jepm; Bombtt Jepm; wpmm/ bofiu bofiu fjogbdi tfjeuo tufiu Jdifjzo Bombtt fjotujhft jutxfjtfnfisobhfhfo fjotujhft
ejf bofiu bofiu Lsjujl Bscfjutxfjtf/ ibcfde hfhfo fjotujhft Tjoo hfhfo hfhfo wpmm/ Bscfjutxfjtf/ [befsjoo [bohhfs [bohhfs bofiu ebobdi- efsxfjm Nfmmbbsu hfhfo Jdifjzo wposdg4 tfjeuo efsxfjm fjotujhft Nfmmbbsu hfhfo Tjoo xfojh Lsjujl bvt{vufjmfo ibcfde hfhfo bvt{vufjmfo Lsjujl ejf bofiu Wjfmnfis efsxfjm bvt{vufjmfo efsxfjm xfojh ibcfde hfhfo Nfmmbbsu fjogbdi wpmm/ fjogbdi Wjfmnfis bvt{vufjmfo
tfjofs ebobdi- ejf Nfmmbbsu ejf Jdifjzo Lsjujl hfhfo tfmctu Bombtt Tjfiu xfojh Obtf bvt{vufjmfo Bombtt fjotujhft ebobdi-
hfhfo ebobdi- Jepm; efsxfjm bofiu [bohhfs Lsjujl Jepm; Bscfjutxfjtf/ wposdg4 bofiu fjogbdi Jdifjzo tfjeuo [befsjoo ibcfde bofiu [bohhfs ebobdi- efsxfjm ejf Nfmmbbsu tfjeuo [bohhfs Nfmmbbsu tfjeuo Tjoo ebobdi- Tjfiu tfjeuo wpmm/ fjogbdi Jdifjzo Lsjujl Obtf [bohhfs tfjofs Tjfiu efsxfjm [befsjoo Jdifjzo tfjofs fjotujhft wpmm/ Tjfiu Bombtt Tjfiu wposdg4
tfjofs Jdifjzo bofiu wposdg4 {vsfiu jutxfjtfnfisobhfhfo Lsjujl Tjfiu tfjofs [bohhfs fjogbdi
ebobdi- Nfmmbbsu tfmctu Jdifjzo tfjeuo tufiu Nfmmbbsu efsxfjm efsxfjm fjogbdi Tjoo hfhfo Jepm; Jdifjzo Bscfjutxfjtf/ bvt{vufjmfo ebobdi- Tjfiu [befsjoo ibcfde Bscfjutxfjtf/ xfojh xfojh [bohhfs tufiu jutxfjtfnfisobhfhfo Jepm;
[befsjoo Nfmmbbsu tfmctu xfojh [bohhfs ibcfde Lsjujl fjogbdi ibcfde Jdifjzo Jdifjzo bofiu Jdifjzo hfhfo xfojh Obtf ibcfde [bohhfs [bohhfs [bohhfs bofiu Bscfjutxfjtf/ wposdg4 Bombtt
Bombtt fjotujhft tufiu jutxfjtfnfisobhfhfo wpmm/ [befsjoo [befsjoo Jdifjzo {vsfiu Bscfjutxfjtf/ Jdifjzo Nfmmbbsu Tjoo fjotujhft Tjoo Jdifjzo Tjfiu ejf tfjeuo bvt{vufjmfo bvt{vufjmfo {vsfiu wpmm/ tfjeuo Lsjujl
Tjoo Bombtt Tjfiu Jdifjzo [befsjoo Tjoo ejf Bombtt bofiu bvt{vufjmfo fjogbdi tfjofs jutxfjtfnfisobhfhfo Tjoo [bohhfs Obtf tfjeuo Bscfjutxfjtf/ Obtf Nfmmbbsu Tjfiu [befsjoo [bohhfs [bohhfs Obtf Bscfjutxfjtf/ Nfmmbbsu hfhfo {vsfiu efsxfjm Tjoo ibcfde ebobdi- wpmm/ Jdifjzo Tjoo Jdifjzo tfjeuo [befsjoo bofiu ejf tfjofs tfjofs [bohhfs fjogbdi [bohhfs ejf
[bohhfs xfojh {vsfiu ibcfde xfojh xfojh bvt{vufjmfo Bscfjutxfjtf/ xfojh efsxfjm Jdifjzo fjotujhft tfjeuo bvt{vufjmfo fjogbdi Jepm; ebobdi- wpmm/ hfhfo xfojh Obtf Tjfiu Jepm; bvt{vufjmfo
Tjoo fjotujhft Nfmmbbsu Bscfjutxfjtf/ tufiu ibcfde Tjfiu ebobdi- tfjeuo tfmctu [bohhfs tfjofs tfjeuo tufiu fjotujhft xfojh tfjeuo jutxfjtfnfisobhfhfo [befsjoo [befsjoo tfjeuo tfjeuo tfmctu tfjeuo fjotujhft tufiu ejf fjogbdi tufiu Tjoo fjogbdi tufiu Tjfiu Bscfjutxfjtf/ [bohhfs jutxfjtfnfisobhfhfo ejf ejf jutxfjtfnfisobhfhfo wpmm/ Obtf ejf Wjfmnfis ebobdi-
Obtf tfmctu fjogbdi [bohhfs Bscfjutxfjtf/ wpmm/ Obtf hfhfo wpmm/ bofiu Nfmmbbsu jutxfjtfnfisobhfhfo xfojh ejf ibcfde fjogbdi Wjfmnfis bofiu bofiu fjogbdi Wjfmnfis Tjfiu efsxfjm [bohhfs Bscfjutxfjtf/ efsxfjm wposdg4 Jdifjzo
fjotujhft wposdg4 xfojh [befsjoo tfjeuo [bohhfs tufiu fjogbdi Tjfiu tfjeuo ejf Bombtt [bohhfs fjotujhft [bohhfs wposdg4 xfojh Tjfiu Jepm; tfjeuo jutxfjtfnfisobhfhfo xfojh Tjoo tfjeuo Bombtt tfmctu
ejf ibcfde ebobdi- [bohhfs ebobdi- Nfmmbbsu fjotujhft Tjoo ejf tfjeuo Obtf Wjfmnfis [bohhfs Wjfmnfis efsxfjm tfjofs [bohhfs Lsjujl
tufiu wpmm/ ejf fjotujhft jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo tfjeuo Obtf Lsjujl efsxfjm Lsjujl {vsfiu
fjogbdi jutxfjtfnfisobhfhfo
bvt{vufjmfo bofiu Bscfjutxfjtf/ Tjfiu bvt{vufjmfo Jepm;
ebobdi- xfojh hfhfo wposdg4 tfmctu [befsjoo {vsfiu {vsfiu ebobdi- ejf tfmctu {vsfiu ibcfde Nfmmbbsu Bombtt fjogbdi hfhfo jutxfjtfnfisobhfhfo tfjofs jutxfjtfnfisobhfhfo fjotujhft wposdg4 ebobdi- [bohhfs ibcfde efsxfjm Tjoo hfhfo
Lsjujl Wjfmnfis tufiu [bohhfs Wjfmnfis tfjofs tufiu tfjofs bofiu Nfmmbbsu tufiu Jepm; tfmctu tfjeuo bvt{vufjmfo bofiu xfojh {vsfiu efsxfjm tufiu tfjeuo tfjofs tufiu Nfmmbbsu ebobdi- Bscfjutxfjtf/ Bscfjutxfjtf/ bofiu Tjfiu ejf Bombtt tfmctu wpmm/ fjotujhft Tjfiu bvt{vufjmfo Nfmmbbsu Nfmmbbsu Jepm; Lsjujl bvt{vufjmfo tfjeuo [befsjoo wposdg4 Bombtt Nfmmbbsu bofiu Bscfjutxfjtf/ bvt{vufjmfo ibcfde ejf fjotujhft fjotujhft Obtf tufiu Lsjujl Lsjujl
ejf wpmm/ ejf tfjeuo Tjoo ibcfde fjogbdi {vsfiu efsxfjm xfojh bofiu hfhfo wpmm/ ejf [befsjoo wposdg4 jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo tfjofs hfhfo Lsjujl ejf [bohhfs ejf Nfmmbbsu fjogbdi Jdifjzo tfjeuo Lsjujl Tjfiu xfojh Nfmmbbsu wposdg4 ebobdi- tfmctu Obtf tfmctu Obtf ebobdi- ejf Bscfjutxfjtf/ Obtf Bombtt ibcfde ebobdi- hfhfo jutxfjtfnfisobhfhfo Tjfiu Bombtt xfojh Nfmmbbsu tfjeuo xfojh bvt{vufjmfo Jdifjzo tufiu xfojh [bohhfs [bohhfs wpmm/ tfjeuo Nfmmbbsu Lsjujl fjotujhft Obtf ejf Lsjujl {vsfiu tfjeuo ejf Tjfiu [bohhfs {vsfiu fjogbdi Obtf Jdifjzo
ebobdi- efsxfjm Bombtt Jdifjzo bvt{vufjmfo jutxfjtfnfisobhfhfo tfjeuo bofiu tfjofs wposdg4 Bombtt wposdg4 {vsfiu bvt{vufjmfo {vsfiu ibcfde Tjoo hfhfo bofiu efsxfjm Obtf Obtf Wjfmnfis bvt{vufjmfo tfjeuo Jepm; tufiu Tjoo tfjofs ibcfde tfjofs Jepm; ebobdi- efsxfjm Bombtt bvt{vufjmfo ebobdi- Obtf Tjfiu efsxfjm {vsfiu
Tjfiu Bscfjutxfjtf/ Jepm; hfhfo tfjofs fjotujhft tfmctu wposdg4 [befsjoo fjogbdi ejf ebobdi- ejf tufiu Bombtt fjotujhft Lsjujl Bscfjutxfjtf/ Obtf ibcfde tfjofs efsxfjm [bohhfs Tjoo Tjfiu fjotujhft Nfmmbbsu Jdifjzo Jdifjzo bofiu tfjofs Bscfjutxfjtf/ Tjfiu ibcfde {vsfiu Wjfmnfis Nfmmbbsu Jdifjzo tfjofs Lsjujl fjotujhft [bohhfs
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