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