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企業合併に関する本では、財務面・法務面での本は多いが、このように定性的要件をまとめようとした本は、他にはないのではないか。その意味で、チャレンジングな試みは評価したい。
しかし、本書で展開されている分析には、正直、物足りなさを感じた。「ビジョンがあって成功した」「ビジョンがなくて失敗した」という実例は豊富だが、帰納法的アプローチに終始しており、例えば、なぜそのM&Aにはビジョンがなかったのか、他に失敗の原因となったことはなかったのか、というさらに一歩踏み込んだ分析は見られない。
M&Aは、多くの利害関係者の様々な思いが錯綜するものであり、「分かっているけど思い通りにならない」というのが現実的であり、「ここはゆずれないけど、ここはゆずる」という妥協の産物である面があるのもまた事実であろう。画一的な論理展開で説明しきれるものではないのではないか。
和訳のこなれなさもあり、冗長に感じられるのも残念だ。しかし、M&A自体は今後も増えていくだろうし、この本が提示しているテーマは重要なわりに議論が避けられてきたテーマだと思うので、この本が試金石となって今後の発展に期待したい。
But, being such an important move, why are only 42% of the mergers successful? Why are they so focused on "fit" and "synergy" instead of vision and growth? Why have 86% of the companies failed in communicating their new alliance sufficiently? Why do only 32% of merging companies actively pursue risk management?
Having so many questions in mind, we should ask at least another one: What about the future?
The 3 authors, all top executives of A.T.Kearney with extensive experience in Mergers and Acquisitions (M&A), will not give the reader all the answers but at least show the way. They develop that subject focusing on 7 simple, but effective, rules that should help you steer through a merger a successful integration: Vision, Leadership, Growth, Early Wins, Cultural Differences, Communication and Risk Management. After placing the reader in a hypothetical situation related to each rule, the authors briefly explain it, point some facts they confronted in the A.T.Kearney Global PMI (Post-Merger Integration) Survey and give many examples (more than 40) involving well-known companies which had both successful and unsuccessful attempts in mergers, such as Novartis, Aventis and Exxon Mobil. These examples bring the subject into focus and help the reader understand how the particular rule being explored impacts the post-merger integration. At the end of each chapter, the authors state the rule and give the reader some practical suggestions on how to apply each rule to their own situation.
This book presents a powerful blueprint on how post-merger integration should be done. The seven rules presented confirmed how critical the so called Triangle of Merger Success (Get Buy-in, Provide Orientation and Manage Expectation) is during the post-merger integration process.
I strongly recommend this book to all professionals, especially those who are facing a merger, and top managers, who are/would be responsible for a present/future post-merger integration. It is an easy-to-read book, interesting and the case studies are clear and do not detract from the main thrust of the book.