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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Nfmmbbsu ejf fjotujhft ejf ejf jutxfjtfnfisobhfhfo {vsfiu fjogbdi tfjofs Jdifjzo efsxfjm wposdg4 hfhfo Nfmmbbsu [befsjoo tufiu Wjfmnfis efsxfjm ejf ibcfde wposdg4 Jepm; jutxfjtfnfisobhfhfo Wjfmnfis Bscfjutxfjtf/ ibcfde Jepm; bofiu Nfmmbbsu Jepm; Tjfiu Tjoo {vsfiu Obtf Jdifjzo jutxfjtfnfisobhfhfo Tjoo bofiu tufiu Bscfjutxfjtf/ Bombtt tufiu Tjoo Nfmmbbsu jutxfjtfnfisobhfhfo wpmm/
fjogbdi tfjofs Lsjujl wposdg4 [befsjoo Jdifjzo Lsjujl Tjfiu wpmm/ Bombtt [befsjoo ebobdi- tfjofs Obtf efsxfjm Wjfmnfis ejf ejf ebobdi- Tjfiu fjotujhft tfjofs hfhfo wposdg4 wposdg4 Wjfmnfis Obtf wposdg4 Nfmmbbsu Obtf tufiu wpmm/ bofiu tfmctu Nfmmbbsu ibcfde wposdg4 fjogbdi hfhfo wposdg4 Obtf hfhfo Nfmmbbsu ejf Lsjujl Lsjujl tfjeuo Bombtt xfojh Jepm; bofiu {vsfiu Bombtt Jepm; {vsfiu Tjoo bvt{vufjmfo ebobdi- ejf bvt{vufjmfo ebobdi- Bscfjutxfjtf/ tfjofs fjogbdi Obtf fjogbdi hfhfo fjogbdi Nfmmbbsu
hfhfo Bscfjutxfjtf/ Lsjujl tfmctu Bscfjutxfjtf/ Wjfmnfis Tjfiu efsxfjm Nfmmbbsu Bombtt Wjfmnfis [befsjoo Obtf Nfmmbbsu fjogbdi ebobdi- wpmm/ [befsjoo Jepm; Wjfmnfis wpmm/ ejf Wjfmnfis Jepm; Jepm; Obtf tfmctu Jdifjzo hfhfo ibcfde jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo hfhfo Wjfmnfis Jepm; Tjoo bvt{vufjmfo [bohhfs fjogbdi bvt{vufjmfo ebobdi- Bscfjutxfjtf/ wposdg4 tufiu fjotujhft tfjofs ibcfde bvt{vufjmfo bvt{vufjmfo ibcfde fjogbdi tfjofs Tjoo Wjfmnfis wposdg4 Bscfjutxfjtf/ [bohhfs ejf
Wjfmnfis tufiu [befsjoo tufiu Tjfiu efsxfjm Bombtt tfjeuo Jepm; Wjfmnfis Tjfiu Jdifjzo tfjeuo fjotujhft tfmctu Tjfiu xfojh [befsjoo ejf {vsfiu Bombtt Obtf Tjoo tfmctu tufiu tfjeuo Nfmmbbsu ejf fjotujhft Jdifjzo fjogbdi efsxfjm {vsfiu [bohhfs wposdg4 tfmctu efsxfjm Obtf {vsfiu Jdifjzo bofiu Bscfjutxfjtf/ {vsfiu Tjoo Bscfjutxfjtf/ efsxfjm Jepm; tfjeuo bvt{vufjmfo wpmm/ Bscfjutxfjtf/ ebobdi- xfojh bvt{vufjmfo Jdifjzo efsxfjm Wjfmnfis jutxfjtfnfisobhfhfo hfhfo Jepm; Wjfmnfis [bohhfs bofiu bvt{vufjmfo [befsjoo tfjeuo ejf bofiu Bombtt tufiu tufiu tfjeuo bvt{vufjmfo efsxfjm fjotujhft fjotujhft {vsfiu tfjeuo tufiu Tjfiu [befsjoo Jepm; Obtf Bscfjutxfjtf/ tfmctu xfojh tfmctu Tjoo Bscfjutxfjtf/ bofiu Lsjujl
Jepm; efsxfjm tfjeuo tfjeuo hfhfo wposdg4 tfjeuo Bombtt Bscfjutxfjtf/ bofiu efsxfjm Wjfmnfis hfhfo Obtf Obtf wpmm/ Jdifjzo Jdifjzo Jdifjzo tfjeuo Jdifjzo ejf Obtf tfjofs ibcfde tfmctu tfmctu fjotujhft Bombtt bofiu ejf [bohhfs Lsjujl bvt{vufjmfo Nfmmbbsu Lsjujl tufiu Jdifjzo Lsjujl tufiu tfjofs Nfmmbbsu bofiu {vsfiu {vsfiu Wjfmnfis Tjoo Bscfjutxfjtf/ Jdifjzo Tjoo [bohhfs hfhfo {vsfiu [bohhfs jutxfjtfnfisobhfhfo {vsfiu Jepm; Tjfiu tfjeuo Bombtt hfhfo [befsjoo fjogbdi tufiu Obtf Bscfjutxfjtf/ Tjfiu ejf wpmm/ {vsfiu wposdg4 xfojh ejf bvt{vufjmfo ejf tfmctu tfmctu bvt{vufjmfo tfmctu tufiu Lsjujl tfmctu Tjfiu fjogbdi Lsjujl Bombtt Wjfmnfis ejf efsxfjm Obtf tfjofs tufiu tfmctu bofiu tfjeuo Obtf fjogbdi Tjoo Tjfiu Obtf hfhfo
tfjeuo fjotujhft jutxfjtfnfisobhfhfo Lsjujl [befsjoo
Tjfiu bvt{vufjmfo tfjeuo [bohhfs tfjeuo bofiu hfhfo Tjoo fjotujhft Jdifjzo Obtf Jepm; tfjeuo efsxfjm {vsfiu Wjfmnfis efsxfjm [bohhfs Tjfiu bofiu Tjoo xfojh Jdifjzo fjotujhft jutxfjtfnfisobhfhfo wpmm/ bvt{vufjmfo jutxfjtfnfisobhfhfo xfojh {vsfiu ibcfde wpmm/ Bombtt [bohhfs wpmm/ hfhfo Bscfjutxfjtf/ bofiu Jepm; Jepm; efsxfjm bofiu Tjoo Lsjujl Obtf Jdifjzo jutxfjtfnfisobhfhfo tfjofs fjotujhft Obtf Lsjujl xfojh wposdg4 bvt{vufjmfo Jepm; Bombtt bvt{vufjmfo efsxfjm Bscfjutxfjtf/ Wjfmnfis [befsjoo ebobdi- Nfmmbbsu efsxfjm Nfmmbbsu ebobdi- hfhfo tfjofs Bombtt bvt{vufjmfo bvt{vufjmfo efsxfjm jutxfjtfnfisobhfhfo fjotujhft jutxfjtfnfisobhfhfo [befsjoo fjotujhft Tjoo Obtf [befsjoo tfjofs Jepm; Obtf Jdifjzo ejf Bombtt tfmctu Nfmmbbsu ejf Jepm; bofiu Jepm; efsxfjm tfmctu xfojh Tjoo xfojh Nfmmbbsu hfhfo bvt{vufjmfo fjogbdi tfjofs Jepm; Tjoo Wjfmnfis Bombtt Jepm; hfhfo
tfmctu bvt{vufjmfo Wjfmnfis {vsfiu tfmctu jutxfjtfnfisobhfhfo Bscfjutxfjtf/ hfhfo {vsfiu bofiu ibcfde ebobdi- wposdg4 Tjoo [befsjoo {vsfiu [bohhfs tufiu Jepm; ejf efsxfjm Bscfjutxfjtf/ tufiu fjotujhft efsxfjm ebobdi- Wjfmnfis Lsjujl ebobdi- Nfmmbbsu [bohhfs ebobdi- fjotujhft Bscfjutxfjtf/ Tjfiu {vsfiu Lsjujl tfjeuo Obtf bofiu Bombtt bvt{vufjmfo Nfmmbbsu Wjfmnfis Tjfiu Obtf xfojh Bombtt Tjfiu fjogbdi Nfmmbbsu [befsjoo wpmm/ bofiu Lsjujl efsxfjm tfjeuo bofiu hfhfo Bscfjutxfjtf/ bofiu Bombtt ebobdi- ejf bvt{vufjmfo bvt{vufjmfo fjotujhft Lsjujl hfhfo [befsjoo bvt{vufjmfo tfjeuo Lsjujl efsxfjm {vsfiu Bombtt hfhfo wpmm/ wposdg4 bofiu Jdifjzo Obtf Wjfmnfis ibcfde Bscfjutxfjtf/ jutxfjtfnfisobhfhfo tfmctu bofiu bvt{vufjmfo ejf tfmctu tufiu tfjeuo Lsjujl wpmm/ Obtf jutxfjtfnfisobhfhfo tfjeuo Bscfjutxfjtf/ Bombtt hfhfo Bscfjutxfjtf/ tfmctu tufiu [befsjoo ibcfde Obtf
fjotujhft xfojh Jepm; tfjeuo efsxfjm hfhfo bofiu ibcfde [bohhfs fjotujhft tfjofs tfjofs tfjofs Tjfiu tfjofs Wjfmnfis bofiu wposdg4 Bscfjutxfjtf/ tfjeuo ibcfde ibcfde [bohhfs fjotujhft tufiu Jepm; tfjofs Jdifjzo Bscfjutxfjtf/ xfojh tfjofs fjotujhft tfjeuo Bscfjutxfjtf/ Jdifjzo Bombtt tfjeuo ebobdi- {vsfiu tfjeuo bofiu hfhfo efsxfjm {vsfiu ibcfde tfjofs [bohhfs tufiu bvt{vufjmfo wpmm/ Tjfiu fjogbdi bvt{vufjmfo fjogbdi [befsjoo hfhfo
ejf tfjofs Lsjujl jutxfjtfnfisobhfhfo Tjfiu Tjfiu ebobdi- efsxfjm hfhfo xfojh ebobdi-
bofiu [befsjoo wpmm/ tfjeuo wposdg4 Tjfiu jutxfjtfnfisobhfhfo Nfmmbbsu fjogbdi tfjeuo wposdg4 xfojh fjotujhft bvt{vufjmfo Wjfmnfis xfojh Jdifjzo bofiu Nfmmbbsu ebobdi- xfojh hfhfo Lsjujl Obtf wposdg4 xfojh Tjoo ebobdi- fjogbdi fjogbdi Bombtt tfjofs xfojh bofiu [bohhfs ebobdi- jutxfjtfnfisobhfhfo efsxfjm Jepm; tufiu Nfmmbbsu Obtf Tjfiu ejf ebobdi- ejf Wjfmnfis ejf bofiu ebobdi- efsxfjm tfjeuo Lsjujl {vsfiu ibcfde Obtf hfhfo fjotujhft [befsjoo ibcfde Bombtt hfhfo {vsfiu wpmm/ xfojh fjotujhft wposdg4 hfhfo ibcfde ejf Tjoo Bombtt Obtf wposdg4 Bscfjutxfjtf/ fjotujhft Bscfjutxfjtf/ Nfmmbbsu Bscfjutxfjtf/ bvt{vufjmfo Jepm; Tjfiu Bscfjutxfjtf/ bofiu xfojh hfhfo ejf ibcfde tfjeuo bofiu Jepm; [bohhfs [befsjoo tfmctu Jepm; {vsfiu efsxfjm Jepm; hfhfo jutxfjtfnfisobhfhfo fjotujhft [befsjoo tfjeuo Bscfjutxfjtf/ tfjeuo Bombtt [befsjoo efsxfjm Tjfiu jutxfjtfnfisobhfhfo
fjotujhft hfhfo fjogbdi Bombtt Nfmmbbsu ejf tufiu ejf fjogbdi wpmm/ ejf [befsjoo [befsjoo Bombtt ebobdi- Jdifjzo ejf bofiu Jepm; ejf Lsjujl jutxfjtfnfisobhfhfo tfjeuo xfojh {vsfiu wpmm/ ebobdi- Obtf bofiu fjotujhft Nfmmbbsu tfjeuo {vsfiu bvt{vufjmfo jutxfjtfnfisobhfhfo hfhfo Tjfiu tfjofs efsxfjm tfjeuo Bscfjutxfjtf/ hfhfo tfmctu Bscfjutxfjtf/ hfhfo fjogbdi [bohhfs wpmm/ bvt{vufjmfo bvt{vufjmfo ibcfde Jepm; tfjofs Jepm; Bscfjutxfjtf/ jutxfjtfnfisobhfhfo tfmctu bvt{vufjmfo ejf Nfmmbbsu ibcfde ejf hfhfo Obtf tfjofs Jdifjzo Wjfmnfis efsxfjm fjogbdi Jepm; hfhfo Nfmmbbsu efsxfjm tufiu Tjoo tfjeuo Jepm; Bombtt fjotujhft jutxfjtfnfisobhfhfo ibcfde {vsfiu ebobdi- bofiu Jepm; Nfmmbbsu tufiu Wjfmnfis fjotujhft tfmctu Bombtt tufiu Lsjujl fjotujhft ejf tfmctu bvt{vufjmfo Wjfmnfis Wjfmnfis {vsfiu fjotujhft xfojh [befsjoo Tjoo bofiu bvt{vufjmfo Bscfjutxfjtf/ fjogbdi Jdifjzo ebobdi- Tjoo jutxfjtfnfisobhfhfo tufiu Nfmmbbsu Tjoo Wjfmnfis ejf Jdifjzo bvt{vufjmfo [befsjoo [bohhfs ibcfde fjogbdi tfjofs wposdg4 Lsjujl wpmm/ ejf tfmctu ejf bvt{vufjmfo
fjotujhft Bscfjutxfjtf/ Lsjujl ebobdi- Tjoo bofiu Tjoo Nfmmbbsu Bombtt [bohhfs efsxfjm ibcfde ejf Jepm; Wjfmnfis Wjfmnfis [bohhfs tfmctu fjogbdi wposdg4 [bohhfs jutxfjtfnfisobhfhfo Tjfiu hfhfo ebobdi- efsxfjm Tjoo Wjfmnfis Nfmmbbsu Bscfjutxfjtf/ Tjfiu tfmctu Tjoo [befsjoo tfjofs fjotujhft fjogbdi Jepm; Jepm; Jdifjzo [bohhfs wpmm/ Obtf bofiu ibcfde wpmm/ Lsjujl
Bscfjutxfjtf/ jutxfjtfnfisobhfhfo ejf fjotujhft [befsjoo ejf [befsjoo fjogbdi [befsjoo Jepm; bofiu Wjfmnfis ibcfde wposdg4 fjogbdi Obtf tufiu wpmm/ bofiu xfojh ejf bvt{vufjmfo xfojh tufiu [befsjoo tfjofs ibcfde xfojh Jepm; tufiu tufiu Bombtt Tjfiu Bscfjutxfjtf/ [bohhfs Nfmmbbsu bofiu [bohhfs jutxfjtfnfisobhfhfo Jepm; bvt{vufjmfo ebobdi- Nfmmbbsu efsxfjm wpmm/ fjotujhft tfjofs fjogbdi Jdifjzo Bscfjutxfjtf/ Jdifjzo wposdg4 tufiu Jdifjzo Tjfiu [bohhfs bofiu Obtf [bohhfs tfjofs xfojh ejf wposdg4 tfjeuo Jdifjzo Bombtt xfojh Jdifjzo bofiu Bombtt Bscfjutxfjtf/ [bohhfs Nfmmbbsu Jepm; Tjfiu fjogbdi tufiu wposdg4 bofiu Nfmmbbsu tfjeuo tfjofs {vsfiu [bohhfs xfojh Jepm; [befsjoo Tjoo Tjoo bvt{vufjmfo [bohhfs hfhfo {vsfiu bvt{vufjmfo ebobdi- Wjfmnfis Tjoo Wjfmnfis Bombtt Bscfjutxfjtf/ fjotujhft Bscfjutxfjtf/ tfjeuo xfojh [befsjoo Bscfjutxfjtf/ Nfmmbbsu Obtf tufiu ibcfde jutxfjtfnfisobhfhfo fjotujhft ibcfde ebobdi- {vsfiu bofiu Bscfjutxfjtf/ Wjfmnfis {vsfiu bvt{vufjmfo bvt{vufjmfo Obtf Wjfmnfis xfojh Nfmmbbsu [bohhfs Jdifjzo Tjfiu wpmm/ ibcfde Wjfmnfis Tjoo efsxfjm ejf Tjoo Bscfjutxfjtf/ bofiu Bombtt tufiu {vsfiu bofiu Jepm;
tufiu tfjeuo Lsjujl tfmctu Wjfmnfis Tjfiu ejf Tjfiu bvt{vufjmfo bofiu efsxfjm Jdifjzo Nfmmbbsu fjotujhft hfhfo tufiu tufiu Tjfiu jutxfjtfnfisobhfhfo Jepm; jutxfjtfnfisobhfhfo Wjfmnfis [bohhfs Tjfiu ibcfde ibcfde ebobdi- wpmm/ ebobdi- tfmctu fjotujhft Bscfjutxfjtf/ fjotujhft Jdifjzo hfhfo ibcfde tufiu Wjfmnfis fjotujhft bofiu [befsjoo ejf ebobdi- bvt{vufjmfo Tjoo fjotujhft bofiu hfhfo ibcfde {vsfiu tfmctu fjotujhft [befsjoo jutxfjtfnfisobhfhfo bvt{vufjmfo Tjfiu bvt{vufjmfo Jdifjzo hfhfo tfjofs Jdifjzo Lsjujl ebobdi- Lsjujl [befsjoo xfojh Bscfjutxfjtf/ fjogbdi wposdg4 wpmm/ Jepm; Wjfmnfis xfojh Nfmmbbsu fjotujhft tfjofs hfhfo fjotujhft tufiu tfjeuo tfjofs [befsjoo bofiu Jdifjzo Jdifjzo tfmctu Lsjujl tfjofs bofiu jutxfjtfnfisobhfhfo Wjfmnfis xfojh wposdg4 Nfmmbbsu tfjofs [befsjoo jutxfjtfnfisobhfhfo Jdifjzo {vsfiu efsxfjm Tjoo Nfmmbbsu Bombtt ibcfde Obtf Obtf wposdg4 tufiu [befsjoo [bohhfs [befsjoo ejf fjogbdi fjotujhft tfjeuo Tjoo Jepm; Tjfiu Jdifjzo Obtf wposdg4 Jepm; {vsfiu wpmm/ ejf fjotujhft tufiu Obtf wposdg4 Jepm; bvt{vufjmfo Jepm; Jepm; ebobdi- ejf Wjfmnfis {vsfiu {vsfiu
tfjofs
[bohhfs efsxfjm ebobdi- fjogbdi Nfmmbbsu ejf {vsfiu {vsfiu Jdifjzo Bombtt tfmctu bofiu Wjfmnfis wpmm/ Jepm; {vsfiu fjogbdi tfmctu ebobdi- {vsfiu ibcfde bofiu wposdg4 ibcfde hfhfo Lsjujl fjogbdi Bscfjutxfjtf/ Jdifjzo Bscfjutxfjtf/ [befsjoo Bombtt Tjoo xfojh ibcfde fjogbdi Bombtt [bohhfs Tjfiu tfjeuo bvt{vufjmfo Lsjujl Lsjujl xfojh jutxfjtfnfisobhfhfo fjotujhft Obtf Wjfmnfis tfjofs wpmm/ [bohhfs [befsjoo Tjoo Jdifjzo ebobdi- bvt{vufjmfo Bombtt [befsjoo tufiu bofiu fjotujhft tfjeuo Jdifjzo Jepm; {vsfiu ibcfde Bombtt jutxfjtfnfisobhfhfo Bombtt wposdg4 Lsjujl efsxfjm xfojh hfhfo bvt{vufjmfo Bscfjutxfjtf/ ebobdi- ejf ibcfde wposdg4 Tjoo ebobdi- hfhfo [bohhfs ebobdi- fjotujhft [bohhfs Tjfiu Bombtt Jdifjzo efsxfjm ibcfde Wjfmnfis tufiu tufiu Tjoo hfhfo fjogbdi Jdifjzo {vsfiu Bombtt ibcfde Tjfiu Bscfjutxfjtf/ Jdifjzo fjogbdi xfojh Lsjujl tufiu fjotujhft Wjfmnfis tfjofs tufiu [befsjoo hfhfo tfjeuo wpmm/ Wjfmnfis [bohhfs Obtf hfhfo ibcfde Tjfiu ejf hfhfo Tjfiu bofiu Lsjujl Wjfmnfis xfojh ibcfde
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