Mergers and Acquisitions: The Critical Role of Stakeholders

293 Pages·2012·3.13 MB·English

by  Helén Anderson

Mergers and Acquisitions
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Mergers and Acquisitions
The Critical Role of Stakeholders
Edited by Helén Anderson,Virpi Havila,
and Fredrik Nilsson
NEW YORK LONDON
First published 2013
by Routledge
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Simultaneously published in the UK
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© 2013 Taylor & Francis
The right of Helén Anderson,Virpi Havila, and Fredrik Nilsson to be
identified as the authors of the editorial material, and of the authors for
their individual chapters, has been asserted in accordance with sections 77
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Library of Congress Cataloging-in-Publication Data
Mergers and acquisitions : the critical role of stakeholders / edited by
Helen Anderson, Virpi Havila, and Fredrik Nilsson
p. cm. — (Routledge advances in management and business studies ; 52
Includes bibliographical references and index.
1. Consolidation and merger of corporations. 2. Social responsibility of
business. I. Anderson, Helen. II. Havila, Virpi. III. Nilsson, Fredrik.
HD2746.5.M433 2012
338.8'3—dc23
2012013085
ISBN13: 978-0-415-53652-3 (hbk)
ISBN13: 978-0-203-11137-6 (ebk)
Typeset in Sabon
by IBT Global.
Printed and bound in the United States of America on sustainably sourced
paper by IBT Global.
Contents
List of Figures ix
List of Tables xi
Acknowledgments xiii
1 A Stakeholder Approach to Mergers and Acquisitions 1
HELÉN ANDERSON, VIRPI HAVILA, AND FREDRIK NILSSON
PART I
Shareholders and Top Managers
2 The Growing Importance of Corporate Social Responsibility
in Mergers and Acquisitions 17
TOMMY BORGLUND
3 Top Managers as Stakeholders: Their Motives and
Sense-Making in a ‘Hostile’ Merger and Acquisition Process 40
MONA ERICSON
PART II
Middle Managers and Employees
4 The Arranged Marriage Syndrome: Challenges to Subsidiary
Managers during the Integration Process between Two
Merging Multinational Companies 65
ROGER SCHWEIZER
5 Internal Legitimacy for Change in Mergers and Acquisitions 82
MAGNUS FROSTENSON
6 The Internal Auditor’s Involvement in Acquisitions 101
FREDRIK NILSSON, NILS-GÖRAN OLVE, AND OLOF ARWINGE
viii
7 When the Integration of Management Control Systems
Is at Stake: Experience from the Car Industry 123
PETER BEUSCH
PART III
Suppliers and Customers
8 Managing the Inflfl uence of External Competitive Change
during Integration 149
SVANTE SCHRIBER
9 Supplier Relationships at Stake in Mergers and Acquisitions 168
JOHAN HOLTSTRÖM
10 Why Do Customers Dissolve Their Business Relationships with
the Acquired Party Following an Acquisition? 185
CHRISTINA ÖBERG
PART IV
Public Bodies, Other Parties of Public Interest, and Scholars
11 Mergers in Central Government: Role Ambiguities and
Blame-Avoidance 205
LOUISE BRINGSELIUS
12 Bank Mergers in Sweden: The Interplay between Bank Owners,
Bank Management, and the State, 1910–2009 224
SVEN JUNGERHEM AND MATS LARSSON
13 The Stake of High Failure Rates in Mergers and Acquisitions 247
ANNETTE RISBERG
EPILOGUE
14 Reflflection on the Critical Role of Stakeholders in Mergers
and Acquisitions 269
HELÉN ANDERSON
List of Contributors 281
Index 287
Figures
1.1 A merger or an acquisition involves at least two companies. 2
1.2 A multi-stakeholder approach to mergers and acquisitions. 7
1.3 Stakeholders in focus in this book. 9
6.1 Expected generic types of internal auditor involvement in
acquisitions. 104
7.1 System portfolio including costs of product variety and
complexity at VOLVO. 129
12.1 Bank mergers in Sweden, 1910–2009. 231
12.2 Model of mergers during three fifi nancial regulatory regimes. 242
14.1 A model of an acquisition or a merger process. 270
Tables
5.1 Case Studies Included in the Sample 88
6.1 Basic Data of the Cases 106
9.1 Summary of Possible Supplier Stakes in Mergers
and Acquisitions 181
10.1 Customers Interviewed—Numbers of Interviews 189
10.2 Reasons for Dissolution and Continuity 197
12.1 Mergers 1986–2009 by Major Banks 239
13.1 Texts Selected for In-depth Analysis and Discussion 250