科尔尼知识库收藏-并购整合咨询框架

Mergers and acquisitions are key growth drivers
•40% of Growth Is From Acquisitions
Value Growers Manage
Both Well
•Sources of Growth
•What really matters in “acquisition for growth” strategies is execution
synergies • Manage risks
•Human component
• High number of people potentially involved (operational, functional and executive people)
• Risk of cultural mismatch • Scarce resources to bridge
Top performers across most industries can create significant shareholder value
•Industry Specific Ranges of Value Creation(1)
•64.5% •62.5%
•Creation of •Shareholder
•Only 29% of Companies Realize an Increase in Aggregate Profitability
•100% = 230 companies
•Higher
•No change
•Lower
•Note: (1) Shareholder returns from buyer divided by shareholder returns (industry average) after the merger •Sources : A.T. Kearney analysis, Global PMI Survey, 1998 ; Datastream
best practices
•Communication
• Define external communication strategy
• Define internal communication strategy
• Select communication rules and procedures
• 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
• Share best practices •…
•Support functions
• Rationalise shared supports ( • Align and select Information
Systems for the integration • Align processes and share
• Choose media (intranet, documents, speeches…)
•Integration mgnt
• Integrate overall planning and milestones
• Detail planning by topic and country…
• Manage transition phase • Track and execute financial
•-9.7%
•Erosion of
•Shareholder
•Returns •-31.5%
•-25.9%
•-17.6% •-20.6%
•-18.0%
•-28.8%
•-17.4%
•-22.7%
•-20.3%
•-24.9%
•-24.1% •-26.7%
•-35.0%
•-35.3%
•-38.9%
•-39.6%
between merged companies
•Scope
• High number of decisions to be made in all operational and functional areas
• Dozens of projects/initiatives and risks to be managed
This 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
• Short term and strategic decisions may seem incompatible
•"Usual" Management decisions
•Strategy & IPO •Organisation
• Ine the scope of combined entity
•Top Performing Mergers
•Industry average
•23%
•17% •18%
•-25% •-15%
•Under performance
•21%
•11% •10%
•+15% •+25%
•Outperformance
•Performance relative to industry average
科尔尼知识库收藏-并购 整合咨询框架
2020年7月22日星期三
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
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,…)
•Growth Matrix (CAGR 1988-2000)
•Simple Growers
•Value Growers
•Revenue •Growth
•
Source:
•Under performers
•Profit Seekers •Value Growth
A.T. Kearney Monograph on Value-Building Growth 2001
Executive Summary
This section is tailored to the client situation and summarizes the approach proposed in the document
Our Understanding your
Situation
A.T. Kearney’s Perspective on Merger Integration
The best value-builders combine organic growth with mergers and acquisitions
•Value Growers Follow Conscious, Constant Process To Growth
•49.5%
• •50.5%
•16%
•Top-Performing •Mergers
•3%
•8%
•12% •27% •21%
•10%
•3%
•-100%
•-60%
•-30% •-15% •0% •15% •30%
•60%
•Underperformance compared to industry average
… explaining why only few mergers and acquisitions succeed fully
•Only 42% of Companies Outperform Their Peers in Shareholder Value(1)
•58%
•Number of companies •42%
•Returns
•49.9%
•44.2%
•43.3%
•40.4%
•32.3%
•26.6%
•34.2%
•36.1%
•26.6%
•25.1%
•27.5% •26.0%
•31.9% •22.4%
•16.0%
•17.2%•17.4%
•18.0%
•17.4% •14.8%
•4.0%•-6.5%
•-10.8% •-11.0%
•Overperformance compared to industry average
•Value growth •150%
•Top performing mergers create significant shareholder value
•Source: A.T. Kearney Analysis 2001, SDC database, Global Worldscope
• Prepare the IPO
• Choose the best organisational model at the European management level
• Identify the central/local functions evolution schedule
• Define organisational charts and management nomination
•
Source:
A.T. Kearney Monograph on Value-Building Growth 2001
Few mergers actually create shareholder value
•Acquirer's Value Growth Following a Merger
•Average: 2.8%
•-19.4% •-26.5%
•-27.2% •-24.1%
•-46.8%
•Retailers •Recreation •Chemicals •Metal Producers
•Paper •Transportation
•Diversified •Drugs, Cosmetics & Health Care
• Define key decision processes (committees, procedures, …)
• Reduce total cost of external purchases through best price evaluation volume concentration, competitive bidding
• Decisions need to be made without delay
•Simultaneity
• Co-existence of strategic, tactic and operational decisions
• Strong inter-dependence of the decisions