The Secret of Successful Acquisitions

by Farschtschian, Farsam

• ISBN13: 9783593394381
• ISBN10: 3593394383
• Format: Paperback
• Copyright: 2011-07-15
• Publisher: Campus Verlag Gmbh

Summary

Despite the fact that mergers and acquisitions are a crucial part of the modern business landscape, the factors that can make the difference between success and failure remain little understood-as evidenced by the disappointing outcomes of the majority of acquisitions. With The Secret of Successful Acquisitions, Farsam Farschtschian focuses on the role of corporate boards in mergers-and his surprising conclusions reveal the inadequacies of current corporate governance, while also highlighting the gap between mainstream management theory and actual board practices. The book concludes with a set of far-reaching recommendations for improvement, aimed at top management, which will make the volume of value to businessmen as well as to scholars.

Author Biography

Farsam Farschtschian's incisive analysis, enriched by discussions with some of the world's most renowned CEOs and chairmen, reveals the gap between mainstream theory and the reality of the board room, going on to develop far reaching recommendations for top management.

Table of Contents

German preface for edicionMalik	p. 9
Preface	p. 11
Acknowledgements	p. 13
From Abandoning the Myth to the Required ”Leadership Environment½	p. 15
Abandoning the Myth	p. 15
Required ”Leadership Environment½	p. 16
Two Polar Opposite Key Case Studies: an Introduction	p. 17
The Key Facts of Corporate Governance	p. 18
	p. 18
An Agency Perspective	p. 19
Whose Interests Are Served?	p. 20
A Third Approach	p. 22
Boards of Directors Come into Play	p. 24
The Key Facts of M&A	p. 32
Developments in M&A Analysis	p. 35
Approaches to Acquisition Success	p. 40
Normative Approach to M&A: Peter Drucker's Acquisition Success Factors	p. 43
Prime Examples of Good and Bad Acquisition Management	p. 51
Board Management Background of the Case Studies	p. 51
Important Background Information about the Case Studies	p. 53
Remarks about the Period of Focus in the Two Case Studies: the Era of Chairmen During the Period of Acquisitions	p. 54
Best Case Scenario: Nestlé	p. 54
Worst Case Scenario: Swissair	p. 86
Lessons Learned About an Optimal ”Leadership Environment½	p. 110
Comparing Nestlé and Swissair Acquisitions Using Drucker's Framework	p. 110
Creating an Environment that Enables the Acquisition Principles to be Successfully Implemented: A Comparative Analysis of the Case Study Boards	p. 128
Twelve Best Practice Recommendations for Boards	p. 135
Creation of a ”Leadership Environment½ Which Enables the Acquisitions Principles to be Fulfilled	p. 135
A Dynamic Board-Management Relationship	p. 146
Summary	p. 151
Conclusion	p. 153
Outlook: The Changing Nature of M & A	p. 153
Current Corporate Governance and Future Challenges	p. 157
Discussion Partners	p. 163
Bibliography	p. 165
Index	p. 177
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