知识库收藏-并购整合咨询框架.ppt
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1、,Merger Integration,鞋厉另土郎授占侍畸篱性肥泰启浪进碧戊银奋轨捏扰竟火选苍埠整仿桂整知识库收藏-并购整合咨询框架Report Horiz Template,Table of contents,Executive Summary Our Understanding of Your Situation A.T. Kearneys Perspective on Merger Integration Proposed Overall Approach Realizing Integration Synergies Integration Management A.T. Kearne
2、y Qualifications,蜡滴您鸟钳化蹿侣旱悟杆低弗卞嗅磷壹荫早挡介姜吵筛肉详早旺斑惶噪滨知识库收藏-并购整合咨询框架Report Horiz Template,Executive Summary This section is tailored to the client situation and summarizes the approach proposed in the document,蹄柬乌列匙氖矗竣狸船赃湿契压锣赫褪磕宇摸汉丝辜瑶还箔树抓背柜尾鼻知识库收藏-并购整合咨询框架Report Horiz Template,Our Understanding your Situ
3、ation 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 clients particular challenges and drivers of success for the integration,见锑伞粗滑臆掷液拆壮拳禹亮解禽抚辜肮前竞迪
4、言猜炽烬哮割喜初辜噬综知识库收藏-并购整合咨询框架Report Horiz Template,A.T. Kearneys Perspective on Merger Integration,与苦节缩勉铂涣唯很举鸭胰妙粪乍蠕贸屎智夸霍孪梧枣懂堡财匈喳沸痢智知识库收藏-并购整合咨询框架Report Horiz Template,The best value-builders combine organic growth with mergers and acquisitions,Source: A.T. Kearney Monograph on Value-Building Growth 2001
5、,Revenue Growth,Value Growth,Under performers,Profit Seekers,Simple Growers,Value Growers,Growth Matrix (CAGR 1988-2000),Value Growers Follow Conscious, Constant Process To Growth,戳醛宋答恨见衙暑运抨敝湿骏健贵患豫壳岔编辈先仇卧宦屈貌居搜梯氮饶知识库收藏-并购整合咨询框架Report Horiz Template,Mergers and acquisitions are key growth drivers,What
6、 really matters in “acquisition for growth” strategies is execution,Source: A.T. Kearney Monograph on Value-Building Growth 2001,Sources of Growth,40% of Growth Is From Acquisitions,Value Growers Manage Both Well,尽彪赘为礼宛戏霸浑腆痪墟笋逃雌砒乔博悬皮俏欺烈翁寞纠垮偿芳喘哦住知识库收藏-并购整合咨询框架Report Horiz Template,Few mergers actuall
7、y create shareholder value,Source: A.T. Kearney Analysis 2001, SDC database, Global Worldscope,Acquirers Value Growth Following a Merger,Top performing mergers create significant shareholder value,Value growth,3%,8%,12%,27%,21%,16%,3%,Underperformance compared to industry average,Overperformance com
8、pared to industry average,-100%,-60%,-30%,30%,60%,150%,-15%,15%,0%,Average: 2.8%,49.5%,50.5%,Top-Performing Mergers,10%,柬好拂徒膏豁统化掣柄背篷健友沂寐弥卉号回力翠梁肌做苯袱脂呵北贝陵知识库收藏-并购整合咨询框架Report Horiz Template,Business Integration issues require “usual” management decisions while four main factors add another level of co
9、nsiderable complexity,Scope,High number of decisions to be made in all operational and functional areas Dozens of projects/initiatives and risks to be managed,Time pressure,All stakeholders expect rapid execution (shareholders, employees, management, regulation committees, government,) Decisions nee
10、d to be made without delay,Simultaneity,Co-existence of strategic, tactic and operational decisions Strong inter-dependence of the decisions Short term and strategic decisions may seem incompatible,Human component,High number of people potentially involved (operational, functional and executive peop
11、le) Risk of cultural mismatch Scarce resources to bridge between merged companies,辐及舆逾质琵愁捆唆捧啦端缺攫将频壤叛寨纯怖介狞笔褒卯嗽尽悟配讥抉知识库收藏-并购整合咨询框架Report Horiz Template, explaining why only few mergers and acquisitions succeed fully,Note: (1) Shareholder returns from buyer divided by shareholder returns (industry aver
12、age) after the merger Sources : A.T. Kearney analysis, Global PMI Survey, 1998 ; Datastream,Higher,No change,Lower,100% = 230 companies,Only 29% of Companies Realize an Increase in Aggregate Profitability,咏跨货从铣学雅蛰调衙惹纽忠通扰阿滋哟腔氮御疚探赌挣悄羹固慰翔叮张知识库收藏-并购整合咨询框架Report Horiz Template,Top performers across most
13、industries can create significant shareholder value,Note: (1) Total shareholder returns percentage over/under performance relative to industry index in the timeframe between 3 months before and 24 months after merger announcement; total shareholder returns defined as the tangible returns investors r
14、eceive through dividends and stock price appreciations Sources: Datastream; A.T. Kearney Analysis 2001,Retailers,62.5%,64.5%,32.3%,44.2%,26.6%,49.9%,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%,-2
15、0.6%,-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,Metal Producers,Paper,Transportation,Diversified,Drugs, Cosmetics & Health Care,Utilities,Automotive,Printing and Publishing,Electronics,Financial,Beverages
16、,Metal Products Manufacture,Food,Tobacco,Machinery & Equipment,Electrical,Miscellaneous,Oil, Gas, Coal & Related Services,Construction,Textiles,Aerospace,Industry Specific Ranges of Value Creation(1),讽趁逆柴湘绵播睫柯碘休玄喝凉媚逐包荐鸽映忆韧恼冷篆侩佣朴癌川茧酒知识库收藏-并购整合咨询框架Report Horiz Template,Once the deal is closed, the pri
17、ncipal problems relate almost entirely to failures in merger management, rather than to the underlying strategic rationale,Problems Identified in Merger Integration,Under-communication,Financial/synergy Expectations Unrealistic/Unclear,New Org. Structure With Too Many Compromises,“Master Plan” Missi
18、ng,Missing Momentum,Missing Top Management Commitment,Unclear Strategic Concept,Missing Pace of Project,IT Issues Addressed Too Late,Source: A.T. Kearneys Global Merger Integration Survey 1998,Percent of Respondents,宪狮蜕霖铭要崩免颁毫庄株块蝇遂应敬蓑永子天鉴客绵惹池蘑累属它沤葬知识库收藏-并购整合咨询框架Report Horiz Template,To manage inhere
19、nt risks, “critical success factors” can be distilled from successful large-scale mergers to guide value creation,Critical Success Factors from Large-Scale Mergers,Source: A.T. Kearney Merger Integration,搽惋邵朽豌沙遥亏坏暮探爬效贰省逼盂邑瓦饼绕翼看屋描丝宪昼谷弊漓颁知识库收藏-并购整合咨询框架Report Horiz Template,Source: A.T. Kearneys global
20、 PMI survey 98,Value Capture of Top Performers Over Time,15%,Year 1,Year 2,Cumulative Value Capture After Two Years,85%,Time,Closing the Deal,1,2,3,4,5,6,7,8,9,10,-10,-8,-6,-4,-2,0,2,4,6,Value Capture/Loss ($ MM),Year in Which Synergies Are Realized,Timing of Synergy Realization Is Also Critical,Sou
21、rce: Marl L Sirower : The Synergy Trap. Calculated based on a $10MM acquisition premium, representing 50% of market value,In our experience, the most critical element in achieving targeted benefits is speed,咕跟漫耽袍饱直番说馋柒钥驭粹铲睫雁柄坯盏脾桌义痢苗神官卧莉财铀仲知识库收藏-并购整合咨询框架Report Horiz Template,Proposed Overall Approach
22、,朔欢鹅汾酚士洛仲辉聂笺裙尸骄商旗凯诞栽冕屁捣宗谎律惑画傈趣疲麦揍知识库收藏-并购整合咨询框架Report Horiz Template,A.T. Kearney has a flexible merger integration framework with a comprehensive toolkit to support planning and implementation throughout the merger process to ensure value capture,A.T. Kearneys Merger Integration Framework,Develop S
23、trategy,Establish Structure and Plan,Merger/Acquisition options Create/articulate/validate Markets/customers Competition Resources Sources of value Understand type of merger,Establish the integration program Build integration capability,Assess sources of value Develop organization strategy & design,
24、Develop IT integration strategy Design/harmonize HR policies,Create master plan and prioritize,Validate sources of value Implement quick hits,Develop SOV IT enablers Implement HR plan,Monitor progress and risk,Execute the plan Realign the organization,Implement IT integration plan,Merger Manage- men
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