May 2008
The chief purchasing officer of Lenovo explains how he helped to create the operational basis for its continuing evolution from a Chinese powerhouse into a global one.
Abstract
March 2008
Picking up the pace of M&A requires big changes in a company’s processes and organization—even if the deals are smaller.
Abstract
December 2007
Reports of the demise of the M&A boom may be greatly exaggerated. But to keep
it going, companies must work even harder to ensure that deals create value.
Abstract
May 2007
Although investors have been more disciplined in their current deals, rising acquisition costs and increased competition will test their mettle.
Abstract
April 2007
CFO Ma describes the unique challenges awaiting Chinese companies that seek growth through international acquisitions.
Abstract
December 2006
The latest boom in merger activity appears to be creating more value for the shareholders of the acquiring companies.
Abstract
November 2006
Few things are more important in M&A than an experienced executive team.
Abstract
November 2006
A cohesive top-management team is essential for integrating
acquisitions successfully.
Abstract
November 2006
Mergers that appear to be successful in the short term often destroy value later on. By concentrating on five issues, CEOs and top teams can increase the odds of a genuinely happy ending.
Abstract
August 2006
As they go global, their hardest challenge is to integrate the management of their domestic and foreign businesses.
Abstract
July 2006
M&A executives at the most successful US companies understand not only how acquisitions create value but also how to enlist the support of the organization.
Abstract
January 2006
The conditions are right for China's nascent M&A market to
flourish. Companies should try a new approach to deal making.
Abstract
September 2005
Used early in negotiations, a third-party clean team can help companies assess a deal and protect sensitive data.
Abstract
September 2005
It takes less time than you think for a clean team to make valuable contributions to the integration of businesses.
Abstract
March 2005
Assessing the value of an acquisition by estimating its likely impact on earnings per share has always been a flawed approach. Now it’s likely to be flat-out wrong.
Abstract
February 2005
Many outsourcing deals are tantamount to strategic divestitures and joint ventures. Executives should start treating them that way.
Abstract
October 2004
Lessons from the IT-heavy banking sector can bring balance to this critical task.
Abstract
October 2004
In the next round of consolidation, scale should be a result of strategy—not a strategy in its own right.
Abstract
May 2004
Most buyers routinely overvalue the synergies to be had from acquisitions. They should learn from experience.
Abstract
February 2004
US banks will need to look beyond mergers for growth. Better earnings will have to be won from improved value propositions and productivity.
Abstract
February 2004
Economic pressures to restructure high-tech industries will eventually become irresistible. Executives should prepare themselves for more—and more hostile—acquisitions.
Abstract
February 2004
Sometimes alliances make more sense than mergers or acquisitions.
Abstract
June 2003
An integration manager can help make a merger more successful, but only if the top team knows how to choose and install one.
Abstract
May 2003
Stock markets didn’t look kindly on M&A deals in the insurance industry during the 1990s, but a few fared better than most.
Abstract
May 2003
With high demand replaced by an overhang of capacity, the industry needs a catharsis.
Abstract
January 2003
Operational improvements alone won’t fulfill market expectations. Mergers, acquisitions, and divestitures will have to play a supporting role.
Abstract
November 2002
Merging companies should look to their revenues, not just their costs.
Abstract
June 2002
Most companies wait too long to divest. They should sell off businesses long before they become a burden.
Abstract
June 2002
Most companies battened down the hatches during the recession of the early ‘90s. But the more successful competitors pressed their advantages.
Abstract
May 2002
Most carve-outs destroy shareholder value during the two years after the transaction. Yet there is one important exception.
Abstract
February 2002
M&A deals are more likely to destroy value than to create it. But when they are executed strategically and often, as part of the routine of running a business, the odds favor success.
Abstract
November 2001
Is the belief that mergers drive revenue growth a delusion?
Abstract
October 2001
Beleaguered dot-coms can represent real bargains for savvy acquirers—and real lemons for buyers who don’t scope out the territory.
Abstract
October 2001
A systematic approach to buying and selling assets can deliver superior shareholder returns.
Abstract
June 2001
Mergers seldom live up to expectations. Research from a recent McKinsey study suggests why: companies too often neglect revenue growth to focus almost exclusively on cost synergies.
Abstract
February 2001
No doubt the market is skeptical about M&A, but it is a lot more receptive to some kinds of deals than to others. Inquire before you acquire.
Abstract
December 2000
Although mergers and acquisitions are on the rise in Japan, they are still fraught with complications. Even so, multinationals that master the local business culture can succeed in crafting deals.
Abstract
November 2000
Mergers do create value—but only the right mergers, managed the right way.
Abstract
November 2000
McKinsey research shows that Internet-related transactions account for a fifth of global M&A activity. Find out what the market thinks of them.
Abstract
November 2000
Postmerger pricing can contribute as much as 30 percent of the value of all synergies realized by merger deals. Why is it usually neglected?
Abstract
November 2000
If key employees don’t feel that they have been kept in the loop after a merger, they will probably start honing their resumes.
Abstract
November 2000
In some circumstances, the market seems to reward alliances more richly than mergers and acquisitions. Maybe it knows something that many managers don’t.
Abstract
August 2000
Pooling destroys value. Why are so many companies fighting to keep it?
Abstract
May 2000
Many Asian insurers now realize that they need Western investment and know-how, and pressure is building because Asian regulators, sobered by huge overall portfolio losses, are relaxing restrictions on foreign ownership.
Abstract
February 2000
There are three ways to spin out a company—and many ways to get it wrong. A parent company must decide not just which method of reorganization suits it best but also how to execute its chosen plan for its own and the shareholders’ benefit.
Abstract
February 1999
Restructuring through spin-offs, equity carve-outs, and tracking stocks can create shareholder value.
Abstract
May 1998
It was booming even before the current crisis. But bargain hunting could mislead you. Three strategies to pursue.
Abstract
February 1997
Many companies have chosen to spin off a single subsidiary by means of an equity carve-out. Others are going further and using the carve-out as a basic organizing principle, repeatedly selling stakes in business units. They are achieving striking results.
Abstract
May 1996
LBOs outbid corporate buyers and then produce extraordinary returns. How do they do it? A study of over 800 acquisitions shatters some myths about the value of timing and leverage. Don’t do the deal if you can’t find the leader.
Abstract