Why did the perfect marriage end : case Cloetta Fazer

Mergers are often used purposeful strategic tool. Previous research has mainly concentrated on actu-al M&A process and to elements leading to that decision. Purpose of this study is to approach de-merger of Cloetta Fazer and research what were the reasons that lead to demerger. Problem is ap-proached by first evaluating was the merger an success in the first place, as described in earlier stud-ies, media and academic research. From this information the motives for demerger are approached. Research material for study is collected from second hand sources. Research data-sample was di-vided into two categories: Timeline Sample & Additional Information Sample. Timeline sample was collected by systematically collecting news from Sanoma News database and Alma News database. This data was indexed and a timeline was constructed. From this timeline key dates, themes and elements were identified and further data gathering was concentrated based on those themes. Results of the study suggest that Merger was not as great success as it was described in earlier years. Explanations why merger ended up into demerger vary greatly. From material key factor, lack of, or error in, long term strategic planning was identified. This was due to death in family during strategy creation and mistakes made in pre-merger phase.

Osuuskauppojen fuusion toteutus

Tämän tutkimuksen tarkoituksena oli tarkastella osuuskauppafuusioiden käytännön toteutusta kulttuurimuutoksen ja organisaatiomuutoksen näkökulmasta, sekä kuvata myös fuusion herättämiä tuntemuksia. Tutkimukseen osallistui kaksi case-osuuskauppaa, Osuuskauppa Varuboden-Osla Handelslag sekä Suur-Seudun Osuuskauppa. Tutkimuksen näkökulma keskittyy osuuskaupan johdon sekä yksiköiden esimiesten näkemyksiin fuusion kulusta. Tutkimus on laadullinen, ja sen aineistonhankinta toteutettiin teemahaastattelun ja kyselyn avulla. Tutkimusta varten haastateltiin molempien case-osuuskauppojen fuusion aikaista johtoa, yhteensä 12 henkilöä, sekä fuusiossa mukana toiminutta konsulttia. Fuusion aikaan yksikön esimiehinä työskennelleille henkilöille puolestaan toteutettiin lomakekysely verkkokyselynä. Vastauksia verkkokyselyyn saatiin yhteensä 21 henkilöltä vastausprosentin ollessa 23,9. Tutkimustulokset osoittavat, että kulttuurimuutos jää fuusiossa helposti organisaatiomuutoksen jalkoihin. Kun kulttuurin olemassaoloa ei nähdä, keskitytään liittämään kaksi osuuskauppaa organisatorisesti ja toimintatavoiltaan yhteen. Toisessa case-osuuskaupassa saatiin hyviä tuloksia aloittamalla organisaatiomuutoksen rinnalla kulttuurimuutoshanke jo fuusion suunnitteluvaiheessa. Organisaatiomuutoksessa oleellista on tasapuolisuus kombinaatiofuusion toteuttavien osuuskauppojen kesken sekä johdon ja esimiesten osallistaminen muutosprosessiin. Kulttuurin lisäksi erityisesti johto-organisaation tapa organisoitua sekä viestinnän onnistuminen vaikuttavat paljon fuusion aikaisten positiivisten tuntemuksien määrään.

Yritysfuusio henkilöstön työtyytyväisyyden näkökulmasta

Tässä kandidaatintutkielmassa tarkastellaan yritysfuusiota henkilöstön työtyytyväisyyden näkökulmasta. Tutkimuksessa käytettiin kvalitatiivista tutmimusmenetelmää ja tutkimus on toteutettu case- eli tapaustutkimuksena. Aineistonkeruumenetelmänä käytettiin teemahaastattelua ja aineisto kerättiin haastattelemalla fuusioituneen finanssialan yrityksen henkilöstöä. Työtyytyväisyysteorioista tutkimukseen valittiin Herzbergin kaksifaktoriteoria ja Locken päämääräteoria. Fuusioiden on osoitettu vaikuttavan negatiivisesti henkilöstön työtyytyväisyyteen ja työtyytyväisyyden lasku voi johtaa muihin negatiivisiin seurauksiin. Tämä tutkimus kuitenkin osoittaa, että kaikki fuusiot eivät vaikuta negatiivisesti työtyytyväisyyteen.

Utilization of multi-branding in business to business markets

Case company utilizes multi-branding strategy (or house of brands strategy) in its product portfolio. In practice the company has multiple brands – one main brand and four acquired brands – which all utilize one single product platform. The objective of this research is to analyze case company’s multi-branding strategy and its benefits and challenges. Moreover, the purpose is to clarify that how could a company in B2B markets utilize multi-branding strategy more efficiently and profitably. The theoretical part of this thesis consists of aspects of branding strategies; different brand name architectures, benefits and challenges of different strategies and different ways of utilize branding strategies in mergers and acquisitions. The empirical part, on the other hand, includes the description of the case company’s branding strategy and the employees’ perspective on the benefits and challenges of multi-branding strategy, and how to utilize it more efficiently and profitably. This study shows, that the major benefits of utilizing multi-branding are lower production costs, ability to reach wider market coverage, possibility to utilize common sales tools, synergies in R&D and shared resources. On the other hand, the major challenges are lack of product differentiation, internal competition, branding issues in production and deliveries, pricing issues and conflicts, and compromises in product compatibility and suitability. Based on the results, several ways to utilize multi-branding strategy more efficiently and profitably were found; by putting more effort on brand image and product differentiation, by having more co-operation among the brands and by focusing on more precise customer and market segmentation.

Co-operative acquisitions – the contextual factors and challenges for co-operatives when acquiring an investorowned firm

Mergers and acquisitions (M&As) have been seen as an important strategy in helping organizations to grow, gain access to new markets and resources, increase efficiency, and enable competitiveness in order to fulfil the purpose of the organization. These aspects have made M&As of central interest to academic literature. In co-operative studies mergers especially have been widely studied. The common focus of these studies is that M&As have taken place between organizations of the same form. It is noteworthy that there is a scarcity of literature concerning acquisitions between different organizational types. Moreover, M&As have not been evaluated concerning the organization’s ownership and purpose, which may be significant integration factors. The overall objective of this study is to describe and understand why co-operative organizations use acquisition as a strategic alternative. In more detail – and in order to develop understanding of the background ideals affecting the acquisition decision and the differences of organization ideals in the integration process – this study is based on a qualitative case study approach. By combining interview data gathered from the OPPohjola Group and associating the observations from various streams of research on acquisitions and management with the purpose of co-operation, and examining these issues further, the thesis contributes to the elaboration of theory in the field of the strategic management of co-operatives. The dissertation consists of two parts. The first part introduces the research topic, methods and publications, as well as discussing the overall outcomes. The second part consists of four publications that address the research questions from different viewpoints. The analyses of this dissertation indicate that, from the strategic point of view, the acquisition of an investor-owned firm by a co-operative organization may create competitive advantage for the co-operative. On the other hand, there are differences in and following from the purpose of acquirer and the acquiree that may, in such case, pose several challenges to the integration process.

Competitive Effects of Non-Controlling Minority Acquisitions – Sufficient to merit further EU merger regulation?

Partial ownership interests are a widespread phenomenon in modern corporate environment. Unless minority shareholding affords the target to exercise control over the target, they do currently not have to be notified to the European Commission under EU merger regime. However, economic research has long suggested that when linking competing or non-horizontally positioned undertakings particularly in industries with few competitors, minority shareholdings even far below the majority of shares or voting rights could lead to higher prices or lower output volumes to the detriment of consumers. The Commission has recognized this issue and proceeded to suggest an extension of the merger regime to catch also certain non-controlling minority acquisitions. Horizontal non-controlling minority shareholdings create a positive correlation between the sales revenues of the partial acquirer and target. Through the equity interest the acquirer will internalise a fraction, proportional to the financial rights attached to the shareholding, of the profit of the target. This will incentivise the acquirer to contribute to increasing the target’s business profits by increasing its own sales price (horizontal unilateral effects). When a minority stake is held in a vertically related or a conglomerate company, the minority acquirer could be allowed to hamper or eliminate the target’s rivals’ access either to inputs (input foreclosure) or customers (customer foreclosure), depending on which level of the supply chain the parties are (vertical unilateral effects). Under certain circumstances minority share acquisitions could also lessen competition because they facilitate collusion between companies active in the market (coordinated effects). Economic theory confirms that non-controlling minority shareholdings may under certain circumstances create anti-competitive effects that are unlikely to be remedies by pro-competitive effects. However, they are likely to be of less significant nature than anticompetitive effects created by full mergers. This derives fore mostly from the fact that a minority share acquirer carries all the costs associated with its unilateral action but will internalise only a fraction of the lost profits. This is likely to limit the acquirer’s incentive to raise price and the profitability of such behavior. Having in mind that the number of potentially problematic cases is expected to be next to negligible, the limited potential competitive effects of non-controlling minority share acquisitions cannot be seen to clearly merit extension of the scope of the EUMR. The system suggested by the Commission is particularly ill-fitted for such purpose given the clear lack of legal certainty and considerable administrative burden associated with it.

Avaliando os impactos microeconômicos das fusões e aquisições nas indústrias de energia no mundo: uma análise para a década de 90

Microeconomic impacts of the mergers and acquisitions of energy industries in the World: an analysis for the 1990's. The energy industries have witnessed a significant growth of global mergers and acquisitions (M&A´s) process in the 1990´s. According to Unctad statistics, the total amount of global M&A deals (domestic and cross borders) on the electric, oil and gas sectors has recorded US$ 329 billions on the 1990-1999 period. The present paper sheds light on M&A process occurred on the energy industries during this period and, based on a sample of 248 transactions carried out by 18 big energy enterprises, develops an empirical microeconomic analysis about the impacts of these transactions over the performance of the firms involved. Overall, the results show significant improvements on the firms' performance after M&A operations, regarding the following variables: sales, net profits, assets, dividends, and, to a less extent, the ratio (net profits/sales).

Os fluxos de IDE no Brasil nos anos 1990: uma revisão de literatura à luz das transformações em curso

The flows of foreign investments in Brazil starting from the 1990s have called attention due to the magnitude of the invested value, the prevalence of properties acquisitions as a preferential way of carrying out these investments, and for the primacy of the operations involving rivals companies. This article searches for an explanation for the cycle of foreign direct investment flows, which is happening in Brazil. Arguments were reconsidered on the existence of sole assets and the advantages of property and control as a basis for carrying out overseas investments, and to explicit their link with the M&As.

Acquisition Failure: The case of a multinational enterprise from an emerging market failing in Indonesia.

The escalation in the number of mergers and acquisition transactions involving emerging market firms is a relatively recent phenomenon; as a consequence academic research in such topic is rather limited. The purpose of this research study was to discuss the possible reasons that led the acquisition failure of an emerging multinational firm and an Indonesian player. Extensive theoretical research was performed and it had been achieved, based on this, the finding of a framework that facilitated to understand the way in which the concepts of cultural distances and relate liabilities of foreignness in the process of acquisitions of foreign companies in emerging markets. The theoretical background collects literature related to acquisitions, models of cultural studies between nations and liabilities of foreignness. It has been generated a variety of frameworks that aid to understand the way that the institutional distance and cultural factors together with the concept of liabilities of foreignness can affect the process of market entry of an emerging multinational company to the extent that the best way to stop losing money is to abandon the project. The empirical research consisted of selective semi-structured interviews and an extensive research in available public data on the chosen study case of this research. There were several factors that were identified as the cause of the failure in the market entry of a Mexican multinational firm in Indonesia. The weakness shown by the local government authorities was used by the local community leaders who rioted because of discomfort. These groups were the ones who made the government submit to the extent that the agreements reached at the beginning of the deal were either canceled or modified in a way that favored always the local community. The contributions of this study fall into the knowledge field of emerging multinational firms and market entry process.

Iceland's meltdown: the rise and fall of international banking in the North Atlantic

This paper shows how rapid privatization and liberalization of Iceland's small local banks around 2000, combined with well-developed crony relations among the elite, enabled a small group of financiers to leverage government-guaranteed deposits into a vast wave of mergers and acquisitions abroad, and redistribute enough of the profits back home to make the economy boom. Negative policy feedback loops were systematically undermined. The incoming left-wing government, with IMF support, has managed to protect the bulk of the population from the worst of the effects.

Foreign Divestment Decisions in Banking − Case Nordea in Poland

In the 21st century, the realignment of multinational companies’ business scope has become a major issue globally. A very prominent part of the global realignment process, alongside with mergers, acquisitions and alliances, are foreign divestments. Foreign divestments have become an integral aspect of international business since they are now widely practiced by MNCs from a growing and diverse range of home countries and host economies. The objective of this thesis is to identify the factors that contribute to foreign divestment decisions in the banking sector. This thesis is a qualitative research with a single case study approach. The chosen case of this thesis is the divestment made by the internationally operating Nordic financial service group, Nordea, in Poland in 2013. The empirical findings were obtained by interviewing experts from the case company and the interviews were conducted as theme interviews using the four themes that according to the theoretical framework of this thesis are the contributing factors in foreign divestment decisions: (1) environmental stability, (2) attractiveness of current operations, (3) strategic fit, and (4) governance issues. The empirical findings of this thesis suggest that there were four dominant contributors to the foreign divestment decision of the case company: (1) host government regulations, (2) strategic considerations, (3) economic outlook, and (4) interested buyer. The empirical findings mostly support the accuracy of the selected framework as the first three theme groups were found to be major contributors also in the case company’s foreign divestment. However, the importance of the fourth theme group, ‘governance issues’, is not supported by the findings of this thesis. Furthermore the findings suggest that in addition to the groups presented in the framework, also timing can be an import factor in divestment decisions. Three managerial recommendations can be drawn from the findings of this thesis: (1) If a foreign divestment decision is the best course of action due to strategic reasons, it should not be avoided; (2) The pre-investment due diligence processes should not be ignored since it can help to avoid unwanted divestments; and (3) Companies should concentrate on building good relationships with the host government since it can facilitate business activities in the host country.

La prise de contrôle inversée en droit canadien

"Mémoire présenté à la Faculté des études supérieures en vue de l'obtention du grade de LLM en droit"

Le traitement des porteurs minoritaires de titres de sociétés par actions publiques dans un contexte transactionnel : où en sommes-nous?

"Mémoire présenté à la Faculté des études supérieures en vue de l'obtention du grade de Maître en Droit (LL.M) Option Droit des Affaires"

Le contrôle des pratiques anticoncurrentielles au sein des marchés de l'Union Européenne, des États-Unis et du Canada : perspectives d'un droit antitrust international

"Mémoire présenté à la Faculté des études supérieures en vue de l'obtention du grade de Maîtrise en droit des affaires"

Investir en République Populaire de Chine : l'environnement légal et les formes juridiques d'entreprises

L'économie de la Chine a connu au cours des trois dernières décennies une effervescence sans précédent. Dorénavant ouvert sur le monde, ce nouveau marché de près de 1,3 milliard d'individus possède un potentiel commercial et des perspectives de croissance n'ayant aucun équivalent en Occident. Toutefois, partir à la conquête de l'Empire du Milieu peut s'avérer être une aventure périlleuse pour celui qui ne maîtrise pas le cadre contextuel et légal dans lequel les affaires s'opèrent en ces lieux. Le présent mémoire se veut une étude en deux parties des considérations afin de mener à terme avec succès un projet d'investissement en sol chinois. Dans un premier temps, la présente étude tente de démystifier le climat économique, social et légal entourant le monde des affaires en Chine. L'investisseur étranger a tout intérêt à comprendre cet environnement dans lequel nos repères occidentaux sont parfois inexistants. Il s'agit donc, initialement, de comprendre l'évolution récente de ce pays et les transformations profondes que la Chine a connues dans les dernières décennies. Du socialisme à l'économie de marché, le plus grand marché potentiel sur terre s'est ouvert progressivement sur le monde. Sans délai, l'investissement étranger a alors afflué massivement en ces lieux. Fort de l'évolution de son environnement légal, qui se poursuit d'ailleurs toujours à l'heure actuelle, quels sont les principaux enjeux et défis pour un investisseur étranger en Chine? Parmi différentes considérations, l'investisseur étranger doit s'intéresser particulièrement à la place qu'occupent les autorités gouvernementales dans les transactions privées, à la force obligatoire des ententes commerciales et à la résolution de conflits éventuels. Dans un second temps, la présente étude couvre les principales formes juridiques d'investissement accessibles aux investisseurs étrangers afin d'exploiter ou de participer à l'exploitation d'une entreprise en sol chinois. Il s'agit, pour chacune d'entre elles, d'analyser le droit positif posé par le législateur ainsi que de le compléter avec certains éléments pratiques soulevés par des observateurs en la matière. Il s'ensuivra une analyse des différents mécanismes d'acquisition d'entreprise par les investisseurs étrangers. Ultimement, l'étude de cette seconde partie mènera à une analyse comparative des incidences pratiques relativement aux différentes formes d'établissement ou d'acquisition d'entreprise.