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Failures in Mergers and Acquisitions: the Daimler Chrysler case

Starting from the 90's, cross-border mergers and acquisitions (M&A) have dramatically increased their frequency and they started to have an impressive impact on the global economy. Some research studies suggests that with the right strategy and the right approach to post-merger integration, cross-border acquisitions can create enormous value for all the players involved (Hopkins 2008) and that's the reason why they have become more and more popular. However, cross-border M&A are affected by a high rate of failure: differences in culture may create many difficulties for members of the merged organization to see things in the same way and to cooperate for the same goal. One of the most active industry in this kind of deals is surely the automotive industry.
There are several drivers that can push an auto company to pursue strategic transactions like M&A deals. Proven that, we decided to analyze and discuss the biggest and most controversial cross-border merger happened in that industry: the merger between Daimler-Benz (Germany) and Chrysler Corporation (US) in 1998, which had a pervasive influence in the auto market equilibrium.

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5 1. Introduction Starting from the 90's, cross-border mergers and acquisitions (M&A) have dramatically increased their frequency and they started to have an impressive impact on the global economy. When we talk about cross-border M&A we refer to these deals that take place between two companies from different countries. When we talk about mergers and acquisitions we basically refer to the consolidation of two organizations into a single one (merger) or the purchase of one organization from another when the acquirer maintains control (acquisition). Some research studies suggests that with the right strategy and the right approach to post-merger integration, cross-border acquisitions can create enormous value for all the players involved (Hopkins 2008) and that's the reason why they have become more and more popular. However, cross-border M&A are affected by a high rate of failure: differences in culture may create many difficulties for members of the merged organization to see things in the same way and to cooperate for the same goal. One of the most active industry in this kind of deals is surely the automotive industry. There are several drivers that can push an auto company to pursue strategic transactions like M&A deals. These include: broadening geographic footprint, increasing market share, diversifying the customer base, bolstering technology capabilities; that's why M&A activity is so important, specially in the automotive industry, where the high concentration is the peculiar characteristic (PwC report, 2010). Proven that, we decided to analyze and discuss the biggest and most controversial cross-border merger happened in that industry: the merger between Daimler-Benz (Germany) and Chrysler Corporation (US) in 1998, which had a pervasive influence in the auto market equilibrium. Despite all the good premises,

Laurea liv.II (specialistica)

Facoltà: Economia

Autore: Chiara Citro Contatta »

Composta da 93 pagine.

 

Questa tesi ha raggiunto 1148 click dal 31/05/2013.

Disponibile in PDF, la consultazione è esclusivamente in formato digitale.