Abstract
The Swiss have a reputation for doing things quietly and efficiently. Swiss trains run on time—nearly always. Swiss organization runs smoothly—nearly always. So one almost gets the feeling of patriotic pique in Zurich, the financial heart of Switzerland, over Clariant and Ciba Specialty Chemicals' mid-December decision to call off the merger they had announced with great fanfare on Nov. 9, 1998. As much as the firms see it as a courageous decision to call off something they decided wouldn't suit either party, financial observers see it as plain and simple bungling. One Zurich financial observer says, Everyone was astonished when the merger was canceled. mucked things up royally. They didn't seem really to have done their homework. For example, when the deal was canceled it was still unclear whether it could have gone through in the U.S., where the Hoechst ownership of a significant block of Clariant complicated the antitrust picture. The two companies ...
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