并购整合咨询框架(英文)2-科尔尼战略咨询

并购整合咨询框架(英文)2-科尔尼战略咨询

Merger IntegrationIntellectual Capital Collection

Generic ProposalMarch 2006 ATKEARNEY

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Table of contents

Executive Summary Our Understanding of Your Situation A.T. Kearney’s Perspective on Merger Integration Proposed Overall Approach Realizing Integration Synergies Integration Management A.T. Kearney Qualifications

A.T. Kearney 4/1375C/Merger Integration

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Executive SummaryThis section is tailored to the client situation and summarizes the approach proposed in the document

A.T. Kearney 4/1375C/Merger Integration

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Our Understanding your SituationThis section is tailored to the client situation and summarizes the key drivers of the merger. It should highlight relevant quantitative and qualitative analysis that demonstrate our insight into the client’s particular challenges and drivers of success for the integration

A.T. Kearney 4/1375C/Merger Integration

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A.T. Kearney’s Perspective on Merger Integration

A.T. Kearney 4/1375C/Merger Integration

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The best value-builders combine organic growth with mergers and acquisitions

Value Growers Follow Conscious, Constant Process To GrowthGrowth Matrix (CAGR 1988-2000) Simple Growers13.8%-2.7%

Value Growers18.0% 21.5%

Revenue Growth

Revenue

Value

Revenue

Value

12.8%3.6% Revenue -3.6% Value

4.1% Revenue Value

Under performers Value Growth

Profit Seekers

Source:

A.T. Kearney Monograph on Value-Building Growth 2001

A.T. Kearney 4/1375C/Merger Integration

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Mergers and acquisitions are key growth drivers

40% of Growth Is From Acquisitions

Sources of Growth Value Growers Manage Both Well40%

60%

100%

External

Internal

Total Growth

What really matters in “acquisition for growth” strategies is execution

Source:

A.T. Kearney Monograph on Value-Building Growth 2001

A.T. Kearney 4/1375C/Merger Integration

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Few mergers actually create shareholder value

Acquirer's Value Growth Following a Merger Average: 2.8%49.5% 50.5%

Top-Performing Mergers 16%

8% 3%

10% 12% 27% 21% 3% Value growth

-100%

-60%

-30% -15%

0%

15%

30%

60% Overperformance compared to industry average

150%

Underperformance compared to industry average

Top performing mergers create significant shareholder valueSource: A.T. Kearney Analysis 2001, SDC database, Global WorldscopeA.T. Kearney 4/1375C/Merger Integration 8

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Business Integration issues require “usual” management decisions while four main factors add another level of considerable complexity…Time pressure All stakeholders expect rapid execution (shareholders, employees, management, regulation committees, government,…) Decisions need to be made without delay

"Usual" Management decisions

Strategy & IPO

Organisation Choose the best organisational model at the European management level Identify the central/local functions evolution schedule Defi

ne organisational charts and management nomination Define key decision processes (committees, procedures, …)

InfrastructureReduce total cost of external purchases through best price evaluation volume concentration, competitive bidding Share best practices …

Simultaneity Co-existence of strategic, tactic and operational decisions Strong inter-dependence of the decisions Short term and strategic decisions may seem incompatible

Define the scope of combined entity Confirm each country’s scope of activity for mobiles Design strategy leveraging on broader global presence Define financial and operational targets as well as timing of expected benefits Prepare the IPO

Human component High number of people potentially involved (operational, functional and executive people) Risk of cultural mismatch Scarce resources to bridge between merged companies

Support functions Rationalise shared supports ( Align and select Information Systems for the integration Align processes and share best practices

CommunicationDefine external communication strategy Define internal communication strategy Select communication rules and procedures Choose media (intranet, documents, speeches…)

Integration mgntIntegrate overall planning and milestones Detail planning by topic and country… Manage transition phase Track and execute financial synergies Manage risks

Scope High number of decisions to be made in all operational and functional areas Dozens of projects/initiatives and risks to be managedA.T. Kearney 4/1375C/Merger Integration 9

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… explaining why only few mergers and acquisitions succeed fully

Only 42% of Companies Outperform Their Peers in Shareholder Value(1)

Only 29% of Companies Realize an Increase in Aggregate Profitability100% = 23 …… 此处隐藏：14015字，全部文档内容请下载后查看。喜欢就下载吧 ……