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1、March2002 MergerIntegration IntellectualCapitalCollectionGenericProposal Tableofcontents ExecutiveSummaryOurUnderstandingofYourSituationA T Kearney sPerspectiveonMergerIntegrationProposedOverallApproachRealizingIntegrationSynergiesIntegrationManagementA T KearneyQualifications ExecutiveSummaryThisse
2、ctionistailoredtotheclientsituationandsummarizestheapproachproposedinthedocument OurUnderstandingyourSituationThissectionistailoredtotheclientsituationandsummarizesthekeydriversofthemerger Itshouldhighlightrelevantquantitativeandqualitativeanalysisthatdemonstrateourinsightintotheclient sparticularch
3、allengesanddriversofsuccessfortheintegration A T Kearney sPerspectiveonMergerIntegration Thebestvalue builderscombineorganicgrowthwithmergersandacquisitions Source A T KearneyMonographonValue BuildingGrowth2001 RevenueGrowth ValueGrowth Underperformers ProfitSeekers SimpleGrowers ValueGrowers Growth
4、Matrix CAGR1988 2000 ValueGrowersFollowConscious ConstantProcessToGrowth Mergersandacquisitionsarekeygrowthdrivers Whatreallymattersin acquisitionforgrowth strategiesisexecution Source A T KearneyMonographonValue BuildingGrowth2001 SourcesofGrowth 40 ofGrowthIsFromAcquisitions ValueGrowersManageBoth
5、Well Fewmergersactuallycreateshareholdervalue Source A T KearneyAnalysis2001 SDCdatabase GlobalWorldscope Acquirer sValueGrowthFollowingaMerger Topperformingmergerscreatesignificantshareholdervalue Valuegrowth 3 8 12 27 21 16 3 Underperformancecomparedtoindustryaverage Overperformancecomparedtoindus
6、tryaverage 100 60 30 30 60 150 15 15 0 Average 2 8 49 5 50 5 Top PerformingMergers 10 BusinessIntegrationissuesrequire usual managementdecisionswhilefourmainfactorsaddanotherlevelofconsiderablecomplexity Scope HighnumberofdecisionstobemadeinalloperationalandfunctionalareasDozensofprojects initiative
7、sandriskstobemanaged Timepressure Allstakeholdersexpectrapidexecution shareholders employees management regulationcommittees government Decisionsneedtobemadewithoutdelay Simultaneity Co existenceofstrategic tacticandoperationaldecisionsStronginter dependenceofthedecisionsShorttermandstrategicdecisio
8、nsmayseemincompatible Humancomponent Highnumberofpeoplepotentiallyinvolved operational functionalandexecutivepeople RiskofculturalmismatchScarceresourcestobridgebetweenmergedcompanies explainingwhyonlyfewmergersandacquisitionssucceedfully Note 1 Shareholderreturnsfrombuyerdividedbyshareholderreturns
9、 industryaverage afterthemergerSources A T Kearneyanalysis GlobalPMISurvey 1998 Datastream Higher Nochange Lower 100 230companies Only29 ofCompaniesRealizeanIncreaseinAggregateProfitability Topperformersacrossmostindustriescancreatesignificantshareholdervalue Note 1 Totalshareholderreturnspercentage
10、over underperformancerelativetoindustryindexinthetimeframebetween3monthsbeforeand24monthsaftermergerannouncement totalshareholderreturnsdefinedasthetangiblereturnsinvestorsreceivethroughdividendsandstockpriceappreciationsSources Datastream A T KearneyAnalysis2001 Retailers 62 5 64 5 32 3 44 2 26 6 4
11、9 9 34 2 26 6 36 1 25 1 16 0 43 3 26 0 27 5 17 2 17 4 31 9 22 4 18 0 40 4 17 4 14 8 4 0 6 5 31 5 38 9 10 8 25 9 11 0 35 0 20 6 17 6 28 8 18 0 9 7 39 6 22 7 24 9 17 4 20 3 35 3 26 7 24 1 46 8 26 5 27 2 19 4 24 1 Recreation Chemicals MetalProducers Paper Transportation Diversified Drugs Cosmetics Heal
12、thCare Utilities Automotive PrintingandPublishing Electronics Financial Beverages MetalProductsManufacture Food Tobacco Machinery Equipment Electrical Miscellaneous Oil Gas Coal RelatedServices Construction Textiles Aerospace IndustrySpecificRangesofValueCreation 1 Oncethedealisclosed theprincipalpr
13、oblemsrelatealmostentirelytofailuresinmergermanagement ratherthantotheunderlyingstrategicrationale ProblemsIdentifiedinMergerIntegration Under communication Financial synergyExpectationsUnrealistic Unclear NewOrg StructureWithTooManyCompromises MasterPlan Missing MissingMomentum MissingTopManagement
14、Commitment UnclearStrategicConcept MissingPaceofProject ITIssuesAddressedTooLate Source A T Kearney sGlobalMergerIntegrationSurvey1998 PercentofRespondents Tomanageinherentrisks criticalsuccessfactors canbedistilledfromsuccessfullarge scalemergerstoguidevaluecreation CriticalSuccessFactorsfromLarge
15、ScaleMergers Source A T KearneyMergerIntegration Source A T Kearney sglobalPMIsurvey 98 ValueCaptureofTopPerformersOverTime 15 Year1 Year2 CumulativeValueCaptureAfterTwoYears 85 Time ClosingtheDeal 1 2 3 4 5 6 7 8 9 10 10 8 6 4 2 0 2 4 6 ValueCapture Loss MM YearinWhichSynergiesAreRealized TimingofS
16、ynergyRealizationIsAlsoCritical Source MarlLSirower TheSynergyTrap Calculatedbasedona 10MMacquisitionpremium representing50 ofmarketvalue Inourexperience themostcriticalelementinachievingtargetedbenefitsisspeed ProposedOverallApproach A T Kearneyhasaflexiblemergerintegrationframeworkwithacomprehensivetoolkittosupportplanningandimplementationthroughoutthemergerprocesstoensurevaluecapture A T Kearney sMergerIntegrationFramework DevelopStrategy EstablishStructureandPlan Merger AcquisitionoptionsCre
