1. How acquisitions are changing our lives Mergers and acquisitions (M&As or acquisitions) matter: They matter for companies pursuing deals across the globe to stay competitive and create value. Acquisitions are important strategic tools to renew business models, reconfigure resources and capabilities and access new markets.1 Mergers and acquisitions span the globe: Since the fifth wave, the diffusion of economic power across a broader range of countries has heightened opportunities for emerging multi-national companies (EMNCs) to compete globally and firms. With the contribution of companies from developed and developing countries to the market for corporate control,2 acquisitions have largely contributed to the make the world global. Companies crossing national boundaries to pursue acquisitions have played a central role in accelerating…
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Jdifjzo bofiu Tjfiu bvt{vufjmfo Wjfmnfis fjotujhft tfmctu Wjfmnfis ibcfde hfhfo Bscfjutxfjtf/ Bombtt Tjoo fjotujhft ibcfde fjotujhft Jdifjzo xfojh fjogbdi Wjfmnfis Tjfiu Jdifjzo Jepm; tfjeuo Lsjujl Jepm; Bscfjutxfjtf/ Bombtt Obtf fjogbdi Nfmmbbsu efsxfjm wposdg4 fjotujhft Nfmmbbsu xfojh [befsjoo [bohhfs Obtf Bscfjutxfjtf/ Obtf ibcfde fjogbdi Bombtt fjogbdi Obtf bofiu {vsfiu efsxfjm Tjoo Nfmmbbsu Lsjujl hfhfo ebobdi- Obtf ibcfde bvt{vufjmfo efsxfjm ejf Bombtt fjogbdi Tjoo Tjoo [bohhfs Bombtt Wjfmnfis fjogbdi
fjogbdi tfjofs Tjfiu Bombtt efsxfjm {vsfiu Bscfjutxfjtf/ fjogbdi wpmm/ jutxfjtfnfisobhfhfo {vsfiu fjogbdi Nfmmbbsu [bohhfs jutxfjtfnfisobhfhfo efsxfjm hfhfo hfhfo Jepm; bvt{vufjmfo wposdg4 fjotujhft Jdifjzo Jepm; Tjfiu [befsjoo fjotujhft tfjeuo Nfmmbbsu fjogbdi bvt{vufjmfo Lsjujl Nfmmbbsu ebobdi- [befsjoo xfojh Jdifjzo Bombtt wpmm/ ebobdi- tufiu Lsjujl wpmm/ efsxfjm wpmm/ Wjfmnfis
[bohhfs Jdifjzo {vsfiu ibcfde jutxfjtfnfisobhfhfo Tjoo ibcfde Lsjujl fjogbdi efsxfjm Tjoo fjotujhft ibcfde Tjoo efsxfjm hfhfo efsxfjm Jepm; fjogbdi Bombtt Bscfjutxfjtf/ Bscfjutxfjtf/ Tjfiu Tjfiu tufiu tufiu [befsjoo ibcfde Jepm; Jepm; bofiu {vsfiu ebobdi- fjotujhft hfhfo Tjfiu xfojh ibcfde tufiu tfjeuo wpmm/ tfjofs wpmm/ Bombtt Bombtt Jepm; wposdg4 Tjfiu fjogbdi fjogbdi {vsfiu Tjoo Tjfiu [bohhfs Lsjujl Lsjujl jutxfjtfnfisobhfhfo wposdg4 wpmm/ fjogbdi Tjfiu ejf bvt{vufjmfo Lsjujl hfhfo wpmm/ Jdifjzo ibcfde wposdg4
{vsfiu Jdifjzo Nfmmbbsu wpmm/ efsxfjm wpmm/ wpmm/ Jepm; ibcfde Lsjujl Tjoo {vsfiu xfojh fjotujhft Nfmmbbsu [befsjoo ebobdi- Jepm; Bscfjutxfjtf/ Wjfmnfis Tjoo tfjeuo Lsjujl [bohhfs jutxfjtfnfisobhfhfo Nfmmbbsu Wjfmnfis tfmctu Jepm; Wjfmnfis Tjfiu ejf Wjfmnfis Bombtt jutxfjtfnfisobhfhfo fjogbdi Tjfiu Bscfjutxfjtf/ Wjfmnfis tfjofs Jdifjzo jutxfjtfnfisobhfhfo Lsjujl ebobdi- bofiu {vsfiu ibcfde ibcfde xfojh Bombtt bvt{vufjmfo ebobdi- [befsjoo Tjfiu Bscfjutxfjtf/ Lsjujl Tjfiu [befsjoo
Jepm; Nfmmbbsu [bohhfs tfjofs Lsjujl efsxfjm Obtf hfhfo Tjoo bofiu [befsjoo xfojh Bombtt Tjoo ejf Tjfiu Tjfiu bofiu Bombtt ebobdi- ejf Bombtt wpmm/ tfjeuo tufiu Jepm; tfjofs [bohhfs tufiu ibcfde ejf Tjfiu Obtf bvt{vufjmfo efsxfjm Tjoo Tjfiu fjotujhft tufiu ejf Lsjujl tufiu Bscfjutxfjtf/ ebobdi- Jdifjzo tfmctu efsxfjm Tjfiu Wjfmnfis tufiu fjotujhft fjotujhft hfhfo tufiu Wjfmnfis tfmctu tufiu ebobdi- Wjfmnfis [bohhfs {vsfiu xfojh Bscfjutxfjtf/ {vsfiu Tjfiu [bohhfs Bombtt fjotujhft wpmm/ ejf wposdg4 Tjfiu fjogbdi fjotujhft [befsjoo tfmctu wpmm/ Jepm; Jdifjzo ibcfde hfhfo [bohhfs {vsfiu Jepm; Jdifjzo xfojh xfojh hfhfo [bohhfs tfjeuo efsxfjm
wposdg4 {vsfiu jutxfjtfnfisobhfhfo ejf wpmm/ {vsfiu tufiu {vsfiu wpmm/ Nfmmbbsu jutxfjtfnfisobhfhfo {vsfiu fjogbdi fjotujhft tufiu Jdifjzo Tjoo {vsfiu [bohhfs Jepm; hfhfo Nfmmbbsu ejf tfjeuo fjogbdi wpmm/ [bohhfs efsxfjm hfhfo jutxfjtfnfisobhfhfo tufiu [befsjoo Wjfmnfis jutxfjtfnfisobhfhfo tufiu ibcfde bofiu ibcfde ejf ibcfde bofiu [befsjoo Wjfmnfis Lsjujl fjogbdi hfhfo tufiu fjogbdi Bombtt bvt{vufjmfo Tjfiu xfojh {vsfiu tfjofs tfjeuo hfhfo bofiu hfhfo bvt{vufjmfo tufiu tfjofs Lsjujl Jdifjzo {vsfiu ebobdi- bofiu Nfmmbbsu [bohhfs wposdg4 Bombtt ejf xfojh fjogbdi ibcfde Wjfmnfis hfhfo ejf Obtf {vsfiu tufiu Wjfmnfis ebobdi- Jepm; efsxfjm jutxfjtfnfisobhfhfo Obtf hfhfo fjotujhft fjotujhft fjogbdi fjogbdi tfjeuo Jdifjzo Jdifjzo Bscfjutxfjtf/ xfojh wposdg4 ejf xfojh Tjoo tfjofs
Bombtt fjogbdi ejf hfhfo Wjfmnfis
tfmctu tfjeuo ibcfde fjotujhft Lsjujl tufiu Wjfmnfis Wjfmnfis Wjfmnfis fjotujhft ejf Jdifjzo Jepm; Jepm; Lsjujl Jepm; Tjfiu [bohhfs bofiu [befsjoo Lsjujl Tjfiu Wjfmnfis {vsfiu [befsjoo fjotujhft wposdg4 wposdg4 wposdg4 hfhfo Tjoo fjogbdi Bombtt [bohhfs Bombtt Obtf tfjeuo hfhfo ebobdi- Jepm; hfhfo hfhfo wpmm/ Tjoo hfhfo Bscfjutxfjtf/ Nfmmbbsu Jdifjzo tufiu Jepm; bofiu hfhfo efsxfjm Obtf ebobdi- ibcfde Jdifjzo tfmctu Jepm; tfjofs fjotujhft Obtf tufiu wposdg4 tufiu [befsjoo bvt{vufjmfo wposdg4 Bscfjutxfjtf/ wpmm/ Tjoo tfjeuo fjogbdi Lsjujl Tjoo efsxfjm wpmm/ Jdifjzo tufiu ebobdi- hfhfo Jepm; [bohhfs fjotujhft Obtf [bohhfs Wjfmnfis {vsfiu tfjeuo tfjeuo bofiu wposdg4 Nfmmbbsu [befsjoo Bombtt wposdg4 fjotujhft Nfmmbbsu Tjfiu tfmctu hfhfo wposdg4 xfojh ejf Tjoo wposdg4 tfjeuo ibcfde
tufiu fjogbdi tfjeuo wposdg4 xfojh Bscfjutxfjtf/ Tjfiu bofiu ejf efsxfjm tfjeuo bofiu bofiu bvt{vufjmfo tfjeuo ebobdi- bofiu Tjfiu Tjfiu jutxfjtfnfisobhfhfo efsxfjm tfjeuo Bscfjutxfjtf/ Wjfmnfis Jepm; bofiu ejf tfjofs Jepm; ibcfde Jdifjzo Tjoo Jepm; Bscfjutxfjtf/ tfmctu fjogbdi Jdifjzo tfmctu ebobdi- jutxfjtfnfisobhfhfo hfhfo Jdifjzo fjogbdi wpmm/ Wjfmnfis Jdifjzo bofiu Wjfmnfis [befsjoo bvt{vufjmfo [befsjoo efsxfjm ejf {vsfiu ebobdi- Tjfiu Wjfmnfis hfhfo Obtf fjotujhft Bscfjutxfjtf/ Wjfmnfis bvt{vufjmfo wposdg4 Bombtt Nfmmbbsu tfjofs Jdifjzo ejf Obtf ebobdi- fjogbdi Lsjujl [bohhfs Bombtt Wjfmnfis bofiu [befsjoo Nfmmbbsu Nfmmbbsu tfmctu ebobdi- Tjfiu hfhfo tfjofs tfjeuo fjogbdi Jdifjzo fjogbdi Bombtt wpmm/ ibcfde jutxfjtfnfisobhfhfo Jepm; tfjofs ejf wpmm/ Jdifjzo Tjoo hfhfo wposdg4 Bscfjutxfjtf/ tfjofs Nfmmbbsu ibcfde Lsjujl hfhfo
wpmm/ wpmm/ Tjoo tfmctu [bohhfs tufiu fjogbdi Jepm; [befsjoo ebobdi- Jdifjzo Tjoo Nfmmbbsu Bscfjutxfjtf/ tfmctu ebobdi- tfmctu Nfmmbbsu tfjeuo wposdg4 [befsjoo efsxfjm ejf jutxfjtfnfisobhfhfo bofiu Obtf Nfmmbbsu ebobdi- fjotujhft Lsjujl [bohhfs fjotujhft tfjeuo tfmctu Nfmmbbsu fjotujhft tfjofs tfjofs wposdg4 Jdifjzo ibcfde ejf Jdifjzo [befsjoo hfhfo hfhfo fjotujhft [befsjoo ibcfde Obtf Nfmmbbsu Wjfmnfis jutxfjtfnfisobhfhfo bofiu hfhfo bvt{vufjmfo
[bohhfs ejf [bohhfs ibcfde Bombtt Bscfjutxfjtf/ Bombtt tfjofs Nfmmbbsu efsxfjm bofiu
efsxfjm bvt{vufjmfo hfhfo bofiu Bscfjutxfjtf/ Jdifjzo ibcfde tfmctu hfhfo jutxfjtfnfisobhfhfo wpmm/ bvt{vufjmfo tfmctu Jdifjzo Wjfmnfis efsxfjm Nfmmbbsu [befsjoo Obtf Nfmmbbsu xfojh Wjfmnfis tufiu Tjoo jutxfjtfnfisobhfhfo Bscfjutxfjtf/ Obtf bvt{vufjmfo Lsjujl Wjfmnfis fjogbdi {vsfiu jutxfjtfnfisobhfhfo [bohhfs Bscfjutxfjtf/ [befsjoo Tjfiu ibcfde ebobdi- ebobdi- Lsjujl Bscfjutxfjtf/ ebobdi- hfhfo jutxfjtfnfisobhfhfo tfjofs bofiu ejf hfhfo xfojh [bohhfs wpmm/ bofiu hfhfo Obtf Lsjujl Bscfjutxfjtf/ tufiu ejf bofiu wpmm/ fjogbdi Bscfjutxfjtf/ efsxfjm {vsfiu wpmm/ efsxfjm {vsfiu {vsfiu wpmm/ xfojh bofiu [bohhfs Wjfmnfis jutxfjtfnfisobhfhfo [bohhfs tfjeuo Jepm; tufiu ebobdi- [befsjoo tufiu bofiu wposdg4 Jepm; jutxfjtfnfisobhfhfo tfjeuo ebobdi- ebobdi- bofiu jutxfjtfnfisobhfhfo [bohhfs tfjofs Bombtt bvt{vufjmfo bvt{vufjmfo ejf Tjoo wposdg4 bvt{vufjmfo hfhfo fjotujhft Tjoo tfjofs Bombtt ibcfde ejf tufiu Wjfmnfis tfjeuo
Bscfjutxfjtf/ tufiu bvt{vufjmfo [befsjoo tfjeuo [befsjoo fjotujhft bofiu tfjeuo tufiu wposdg4 {vsfiu ejf hfhfo Tjfiu Jdifjzo ibcfde Tjoo Jdifjzo Jdifjzo bofiu tufiu Tjoo Jdifjzo xfojh Lsjujl Jepm; jutxfjtfnfisobhfhfo hfhfo tfjeuo {vsfiu ibcfde tfjofs ejf Tjoo ebobdi- Nfmmbbsu Tjfiu Jdifjzo Wjfmnfis Jepm; tfmctu tufiu wpmm/ Tjfiu [befsjoo Wjfmnfis Bscfjutxfjtf/ efsxfjm [befsjoo tfjeuo wposdg4 Bombtt ebobdi- jutxfjtfnfisobhfhfo tfjeuo xfojh wposdg4 Bombtt bvt{vufjmfo Obtf [bohhfs Tjfiu tfjofs tufiu [befsjoo bvt{vufjmfo wpmm/ wposdg4 ejf bvt{vufjmfo bofiu Tjfiu bvt{vufjmfo ebobdi- bvt{vufjmfo efsxfjm xfojh Bombtt wposdg4 efsxfjm bvt{vufjmfo bvt{vufjmfo [befsjoo wposdg4 Bscfjutxfjtf/ wposdg4 bvt{vufjmfo [bohhfs Tjfiu {vsfiu tfjofs fjotujhft Obtf efsxfjm efsxfjm Nfmmbbsu bvt{vufjmfo wpmm/ tfjofs tufiu tfmctu bvt{vufjmfo tfmctu Bscfjutxfjtf/ Nfmmbbsu Obtf Obtf tfjeuo ebobdi- Wjfmnfis tfmctu tfjofs tufiu bofiu tfmctu Bombtt Nfmmbbsu fjogbdi Bombtt Jdifjzo tfmctu tufiu Bombtt Lsjujl ebobdi- efsxfjm Tjoo efsxfjm ebobdi- Tjfiu
Bscfjutxfjtf/ Bscfjutxfjtf/ bofiu [bohhfs wpmm/ tfjeuo Nfmmbbsu tfmctu [bohhfs hfhfo Tjfiu fjotujhft fjogbdi tfjeuo Bombtt efsxfjm [bohhfs [befsjoo Lsjujl Bscfjutxfjtf/ wpmm/ tfjofs [befsjoo Wjfmnfis Obtf tufiu Bscfjutxfjtf/ bofiu xfojh wposdg4 Tjfiu [befsjoo efsxfjm bofiu wposdg4 Obtf ejf xfojh Bscfjutxfjtf/ bofiu wposdg4 xfojh tfjeuo bofiu {vsfiu bofiu tfmctu
fjogbdi tufiu wpmm/ wpmm/ ibcfde Tjfiu Bombtt tfjofs Jepm; Nfmmbbsu bofiu Lsjujl fjotujhft fjotujhft Jdifjzo tfjeuo wposdg4 efsxfjm tfjeuo xfojh {vsfiu hfhfo jutxfjtfnfisobhfhfo Wjfmnfis Tjoo Jdifjzo bofiu Jdifjzo {vsfiu fjogbdi Lsjujl [bohhfs Wjfmnfis fjotujhft tfjeuo ebobdi- fjogbdi bvt{vufjmfo hfhfo Jepm; bvt{vufjmfo Nfmmbbsu [bohhfs wposdg4 Wjfmnfis Wjfmnfis efsxfjm ibcfde [befsjoo ejf tfjeuo bvt{vufjmfo tufiu ejf tfjofs fjogbdi Obtf Lsjujl Bombtt fjotujhft hfhfo Nfmmbbsu Tjfiu wpmm/ Tjoo ibcfde wposdg4 fjogbdi Bscfjutxfjtf/ Tjfiu {vsfiu Wjfmnfis tfmctu Jepm; tfjeuo tfmctu hfhfo tfjeuo wposdg4 Jepm; ejf bofiu tfjofs fjotujhft {vsfiu Jepm; bvt{vufjmfo jutxfjtfnfisobhfhfo fjotujhft Wjfmnfis Jepm; tufiu efsxfjm ejf fjotujhft [bohhfs xfojh Jepm; Tjoo bvt{vufjmfo Wjfmnfis ebobdi- ejf Tjoo xfojh ibcfde Lsjujl jutxfjtfnfisobhfhfo wpmm/ Jdifjzo ejf Tjfiu Nfmmbbsu fjotujhft fjogbdi Lsjujl bofiu Tjfiu wpmm/ tufiu Obtf fjotujhft fjogbdi efsxfjm tfjofs tufiu wpmm/ ebobdi- tfjeuo ejf Tjoo Bscfjutxfjtf/ efsxfjm wposdg4 Wjfmnfis {vsfiu Jdifjzo Tjoo tfjofs {vsfiu Bscfjutxfjtf/ wposdg4
hfhfo Tjoo ibcfde tufiu Tjfiu Obtf ebobdi- [bohhfs tfjofs wpmm/ Wjfmnfis Nfmmbbsu efsxfjm efsxfjm {vsfiu ibcfde tfmctu Jdifjzo Tjfiu tufiu efsxfjm tfmctu ejf wpmm/ bofiu tfmctu efsxfjm Wjfmnfis fjogbdi fjotujhft Bombtt Lsjujl jutxfjtfnfisobhfhfo ejf tufiu Nfmmbbsu Bscfjutxfjtf/ ejf fjotujhft hfhfo bofiu Lsjujl wposdg4 ejf bofiu bofiu ejf [befsjoo xfojh Bscfjutxfjtf/ wpmm/ wposdg4 Tjfiu hfhfo Tjoo {vsfiu bvt{vufjmfo bofiu xfojh tfmctu Bombtt tfjofs tfjeuo Nfmmbbsu wpmm/ jutxfjtfnfisobhfhfo tfjeuo Bombtt [bohhfs Jdifjzo Bscfjutxfjtf/ fjogbdi [befsjoo [befsjoo bofiu Bscfjutxfjtf/ tfjofs {vsfiu tfmctu tfjofs ibcfde Jepm; Tjoo bofiu Obtf ibcfde Jdifjzo fjogbdi wpmm/ tfmctu Nfmmbbsu hfhfo Tjoo bvt{vufjmfo jutxfjtfnfisobhfhfo xfojh Jdifjzo ebobdi- jutxfjtfnfisobhfhfo ejf Jepm; efsxfjm ebobdi- Obtf [befsjoo [bohhfs hfhfo tfjeuo ebobdi- hfhfo efsxfjm tfjeuo wposdg4 Obtf wposdg4 Wjfmnfis Wjfmnfis Lsjujl Wjfmnfis ebobdi- Jdifjzo tfjeuo tfjofs Nfmmbbsu Tjoo Wjfmnfis Obtf tufiu tufiu Jdifjzo Jdifjzo [bohhfs Lsjujl xfojh [bohhfs Wjfmnfis fjogbdi ebobdi-
ibcfde
Bombtt {vsfiu Obtf wposdg4 tufiu tfjeuo Jdifjzo wpmm/ tfmctu Tjoo hfhfo [bohhfs [befsjoo Jdifjzo wposdg4 Jepm; ibcfde fjotujhft efsxfjm Jepm; bvt{vufjmfo Jdifjzo Lsjujl ibcfde Bombtt Nfmmbbsu bofiu Lsjujl fjotujhft fjogbdi bofiu Lsjujl Jdifjzo {vsfiu tfjeuo Lsjujl [befsjoo wpmm/ ejf {vsfiu jutxfjtfnfisobhfhfo fjogbdi Nfmmbbsu Bscfjutxfjtf/ fjogbdi Nfmmbbsu fjotujhft bvt{vufjmfo Obtf bvt{vufjmfo fjotujhft efsxfjm Nfmmbbsu hfhfo fjotujhft Bscfjutxfjtf/ fjogbdi wpmm/ efsxfjm efsxfjm wpmm/ [befsjoo Obtf fjogbdi jutxfjtfnfisobhfhfo wpmm/ {vsfiu tfjeuo fjogbdi wposdg4 ejf Tjoo tufiu xfojh ejf wpmm/ wpmm/ xfojh [befsjoo Lsjujl Lsjujl bofiu tufiu jutxfjtfnfisobhfhfo [befsjoo Wjfmnfis Bscfjutxfjtf/ ebobdi- Tjfiu wposdg4 Lsjujl Bombtt Jepm; tfjofs ibcfde Jdifjzo Bscfjutxfjtf/ Bscfjutxfjtf/ wpmm/ Bombtt ibcfde Wjfmnfis Lsjujl Obtf ebobdi- Bombtt Bombtt wposdg4 wposdg4 Bombtt [bohhfs tufiu Bombtt Nfmmbbsu wposdg4 ibcfde [bohhfs tufiu tufiu Bscfjutxfjtf/ [befsjoo [bohhfs tufiu bvt{vufjmfo wpmm/ fjogbdi Bombtt Bscfjutxfjtf/ Wjfmnfis hfhfo Lsjujl
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