Abstract

Corporate strategic Mergers and Acquisitions (M&A) mean focus on growth (e.g. revenue growth) and aim to enhance the firm's competitive position. The academic literature reports however, an extremely high failure rate of strategic M&A – their outcomes are very difficult to forecast and they are extremely risky. Complexity increases even further, if we add the international perspective. At the same time, the empirical evidence states that M&A contribute to one third of the average corporate growth rate. So, how can we make them value-creating? The present study focuses on the analysis of exogenous determinants and their impact on value-creation in strategic acquisitions for growth and explains which factors are relevant for the evaluation of acquirers’ performance. Furthermore, it provides real examples of the value-creating and value-destroying transactions, explaining the strategy behind its success or failure.

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