企业并购整合咨询的术语英文版课件.ppt

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1、A.T.Kearney4/1375C/MergerIntegration108319_Macros1March2002Merger IntegrationIntellectual Capital CollectionGeneric ProposalA.T.Kearney4/1375C/MergerIntegration108319_Macros3Table of contentsnExecutiveSummarynOurUnderstandingofYourSituationnA.T.KearneysPerspectiveonMergerIntegrationnProposedOverallA

2、pproachnRealizingIntegrationSynergiesnIntegrationManagementnA.T.KearneyQualificationsA.T.Kearney4/1375C/MergerIntegration108319_Macros4Executive SummaryThis section is tailored to the client situation and summarizes the approach proposed in the documentA.T.Kearney4/1375C/MergerIntegration108319_Macr

3、os5Our Understanding your SituationThis section is tailored to the client situation and summarizes the key drivers of the merger.It should highlight relevant quantitative and qualitative analysis that demonstrate our insight into the clients particular challenges and drivers of success for the integ

4、rationA.T.Kearney4/1375C/MergerIntegration108319_Macros6A.T.Kearneys Perspective on Merger IntegrationA.T.Kearney4/1375C/MergerIntegration108319_Macros7The best value-builders combine organic growth with mergers and acquisitionsSource:A.T.KearneyMonographonValue-BuildingGrowth 2001RevenueGrowthValue

5、 GrowthUnder performersProfit SeekersSimple GrowersValue GrowersGrowth Matrix(CAGR 1988-2000)Value Growers Follow Conscious,Constant Process To Growth A.T.Kearney4/1375C/MergerIntegration108319_Macros8Mergers and acquisitions are key growth driversWhat really matters in“acquisition for growth”strate

6、gies is executionSource:A.T.KearneyMonographonValue-BuildingGrowth 2001Sources of Growth40%of Growth Is From Acquisitions Value Growers Manage Both WellA.T.Kearney4/1375C/MergerIntegration108319_Macros9Few mergers actually create shareholder valueSource:A.T.KearneyAnalysis2001,SDCdatabase,GlobalWorl

7、dscopeAcquirers Value Growth Following a MergerTop performing mergers create significant shareholder valueValuegrowth3%8%12%27%21%16%3%Underperformance compared to industry averageOverperformance compared to industry average-100%-60%-30%30%60%150%-15%15%0%Average:2.8%49.5%50.5%Top-PerformingMergers1

8、0%A.T.Kearney4/1375C/MergerIntegration108319_Macros10Business Integration issues require“usual”management decisions while four main factors add another level of considerable complexity ScopeHighnumberofdecisionstobemadeinalloperationalandfunctionalareasDozensofprojects/initiativesandriskstobemanaged

9、Time pressureAllstakeholdersexpectrapidexecution(shareholders,employees,management,regulationcommittees,government,)DecisionsneedtobemadewithoutdelaySimultaneityCo-existenceofstrategic,tacticandoperationaldecisionsStronginter-dependenceofthedecisionsShorttermandstrategicdecisionsmayseemincompatibleH

10、uman componentHighnumberofpeoplepotentiallyinvolved(operational,functionalandexecutivepeople)RiskofculturalmismatchScarceresourcestobridgebetweenmergedcompaniesUsual Management decisionsStrategy&IPODefinethescopeofcombinedentityConfirmeachcountrysscopeofactivityformobilesDesignstrategyleveragingonbr

11、oaderglobalpresenceDefinefinancialandoperationaltargetsaswellastimingofexpectedbenefitsPreparetheIPOOrganisationChoosethebestorganisationalmodelattheEuropeanmanagementlevelIdentifythecentral/localfunctionsevolutionscheduleDefineorganisationalchartsandmanagementnominationDefinekeydecisionprocesses(co

12、mmittees,procedures,)InfrastructureReducetotalcostofexternalpurchasesthroughbestpriceevaluationvolumeconcentration,competitivebiddingSharebestpracticesSupport functions Rationalisesharedsupports(AlignandselectInformationSystemsfortheintegrationAlignprocessesandsharebestpracticesCommunicationDefineex

13、ternalcommunicationstrategyDefineinternalcommunicationstrategySelectcommunicationrulesandproceduresChoosemedia(intranet,documents,speeches)Integration mgnt IntegrateoverallplanningandmilestonesDetailplanningbytopicandcountryManagetransitionphaseTrackandexecutefinancialsynergiesManagerisksA.T.Kearney

14、4/1375C/MergerIntegration108319_Macros11 explaining why only few mergers and acquisitions succeed fully Note:(1)Shareholderreturnsfrombuyerdividedbyshareholderreturns(industryaverage)afterthemergerSources:A.T.Kearneyanalysis,GlobalPMISurvey,1998;DatastreamHigherNochangeLower100%=230 companiesOnly 29

15、%of Companies Realize an Increase in Aggregate ProfitabilityPerformance relative to industry average10%11%21%18%17%23%-15%-25%+15%+25%Top PerformingMergersUnder performance Outperformance Number of companiesIndustry averageOnly 42%of Companies Outperform Their Peers in Shareholder Value(1)42%58%A.T.

16、Kearney4/1375C/MergerIntegration108319_Macros12Top performers across most industries can create significant shareholder valueCreation ofShareholderReturnsErosion ofShareholderReturnsNote:(1)Totalshareholderreturnspercentageover/underperformancerelativetoindustryindexinthetimeframebetween3monthsbefor

17、eand24monthsaftermergerannouncement;totalshareholderreturnsdefinedasthetangiblereturnsinvestorsreceivethroughdividendsandstockpriceappreciationsSources:Datastream;A.T.KearneyAnalysis2001Retailers62.5%64.5%32.3%44.2%26.6%49.9%34.2%26.6%36.1%25.1%16.0%43.3%26.0%27.5%17.2%17.4%31.9%22.4%18.0%40.4%17.4%

18、14.8%4.0%-6.5%-31.5%-38.9%-10.8%-25.9%-11.0%-35.0%-20.6%-17.6%-28.8%-18.0%-9.7%-39.6%-22.7%-24.9%-17.4%-20.3%-35.3%-26.7%-24.1%-46.8%-26.5%-27.2%-19.4%-24.1%RecreationChemicalsMetal ProducersPaperTransportationDiversifiedDrugs,Cosmetics&Health CareUtilitiesAutomotivePrinting and PublishingElectronic

19、sFinancialBeveragesMetal Products ManufactureFoodTobaccoMachinery&EquipmentElectricalMiscellaneousOil,Gas,Coal&Related ServicesConstructionTextilesAerospaceIndustry Specific Ranges of Value Creation(1)A.T.Kearney4/1375C/MergerIntegration108319_Macros13Once the deal is closed,the principal problems r

20、elate almost entirely to failures in merger management,rather than to the underlying strategic rationaleProblems Identified inMerger IntegrationUnder-communicationFinancial/synergy Expectations Unrealistic/UnclearNew Org.Structure With Too Many Compromises“Master Plan”MissingMissing MomentumMissing

21、Top Management CommitmentUnclear Strategic ConceptMissing Pace of ProjectIT Issues Addressed Too LateSource:A.T.KearneysGlobalMergerIntegrationSurvey1998Percent of RespondentsA.T.Kearney4/1375C/MergerIntegration108319_Macros14To manage inherent risks,“critical success factors”can be distilled from s

22、uccessful large-scale mergers to guide value creationCritical Success Factors from Large-Scale MergersSource:A.T.KearneyMergerIntegrationCreateasenseofurgencyandreduceuncertaintythroughcleareventmilestones,andmovequicklySelecttop-levelleadershipquicklyandfairly;avoid“two-in-the-box”leadershipforinte

23、grationplanningandexecutionunlessabsolutelynecessarySetoutsynergygoalsandobjectives,toprioritizeactivitiesandprovideabaselineforperformancetrackingManagemarketexpectationscarefully.SetconservativedollartargetswithatimeframethataccommodatesunforeseencircumstancesKeepstrong,explicitfocusonkeycustomerr

24、etentionandservicewithteeth(i.e.,measurementandtracking)MaintainopenandtimelycommunicationswithemployeestoensureunderstandingandretentionConductdecentralized merger IntegrationguidedforciblyviaClearguidingprinciplesOverallframeworkandtoolsforintegrationReportingstandardsEstablishastrongcentralIntegr

25、ationofficeanddecentralizedIntegrationteamswithcorporate-wideperspectivesonResultsProjectstatusRiskLeadroleoninternal/externalcommunicationsInstillrobust,well-definedprocessestoensureobjectiveandtimelyriskandinterdependencytrackingSense of UrgencyTop-Level Leadership Selected QuicklyClear Synergy Go

26、alsManage Market ExpectationsExplicit Focus on CustomersOpen,Timely and Consistent CommunicationsDecentralized Merger IntegrationStrong Central Integration OfficeWell-Defined ProcessesA.T.Kearney4/1375C/MergerIntegration108319_Macros15Source:A.T.KearneysglobalPMIsurvey98Value Capture of Top Performe

27、rs Over Time15%Year 1Year 2Cumulative ValueCapture After Two Years85%TimeClosingthe Deal12345678910-10-8-6-4-20246ValueCapture/Loss($MM)Year in Which Synergies Are RealizedTiming of Synergy Realization Is Also CriticalSource:MarlLSirower:TheSynergyTrap.Calculatedbasedona$10MMacquisitionpremium,repre

28、senting50%ofmarketvalueIn our experience,the most critical element in achieving targeted benefits is speedA.T.Kearney4/1375C/MergerIntegration108319_Macros16Proposed Overall ApproachA.T.Kearney4/1375C/MergerIntegration108319_Macros17A.T.Kearney has a flexible merger integration framework with a comp

29、rehensive toolkit to support planning and implementation throughout the merger process to ensure value captureA.T.Kearneys Merger Integration FrameworkDevelop StrategyEstablish Structure and PlanMerger/AcquisitionoptionsCreate/articulate/validateMarkets/customersCompetitionResourcesSourcesofvalueUnd

30、erstandtypeofmergerEstablishtheintegrationprogramBuildintegrationcapabilityAssesssourcesofvalueDeveloporganizationstrategy&designDevelopITintegrationstrategyDesign/harmonizeHRpoliciesCreatemasterplanandprioritizeValidatesourcesofvalueImplementquickhitsDevelopSOVITenablersImplementHRplanMonitorprogre

31、ssandriskExecutetheplanRealigntheorganizationImplementITintegrationplanMerger Manage-mentSourcesof ValueMergerEnablersChange of ControlShareholder ApprovalMOUIntegrated Planning and Initial RolloutFull-Scale RolloutDayOnePhase 0Phase IPhase IIPhase IIIMultiple ToolsExist for All CellsA.T.Kearney4/13

32、75C/MergerIntegration108319_Macros18This allows merging entities to rapidly capture available sources of value by focusing on operational synergies,as well as seamlessly merging the organizationsMerge the Organizations as Seamlessly as PossibleDevelopandcommunicateasharedstrategicagendaDefineOrganiz

33、ationstructures/leadershipKeybusinessprocessesTechnologyplatform/architectureChangeintegrationrequirementsDrivetoplinegrowthNewvaluepropositions/productsCrossselling/salespullthroughEnsurecustomerfocus/retentionIntegrate day-to-day operations Ensure sustainable changePosition for growthAchieve$XXmil

34、lion(annualrate)ofsynergysavingswithin1218monthsSalesOperationsProcurementCorporateoverlapandduplicationCostofdistributionTechnology/R&DOtherstobeidentifiedEliminate/minimizesourcesofriskDrive the short-term valueExceed the markets expectationsMI Sources of ValueAchieve Growth Synergy and Cost Syner

35、gy Targets as Quickly as PossibleA.T.Kearney4/1375C/MergerIntegration108319_Macros19The program structure supports focused value capture teams working across all SBU/Geographic teamsIllustrativeIntegration Office OthersSteering Committee Business Develop-ment TeamCorporate CenterTeamGlobal Operation

36、sTeamGlobal SourcingTeam Technology/R&DTeamHuman ResourcesTeamInformation TechnologyTeamSBU A or N.AmericaSBU B or Latin AmericaSBU C or EuropeSBU D or Asia PacificBU driven integration to set prioritiesFocused on value capture across the businessesMarketFacingTeamsValueCaptureTeamsEnablerTeamsSetov

37、eralldirectionMakecriticaldecisionsDevelopguidingprinciplesProvideintegrationmanagementleadershipandsupportA.T.Kearney4/1375C/MergerIntegration108319_Macros20Implementation Full-Scale Rollout Integrated Planning and Initial Rollout Establish Structure and PlanBy launching the integration effort prio

38、r to change of control,significant progress is made in identifying sources of value,while also developing the high-level organization models to capture that value Integration Management IT Requirements/Alignment High-Level OrganizationDataRepositoryComm.PlanningOversight/Visibility RmAnalysisOpportu

39、nitiesInitial PrioritizationInitial SequencingData Collection/AnalysesOperations/Asset ConsolidationDiagnostic PackPP 1PP 2PP 3PP 4HMLHMLInitQ1 Q2 Q3 Q4PP1PP2PP3PP4Data Collection/AnalysesBusiness Unit(e.g.,Services)Diagnostic PackCS 1CS 2CS 3CS 4HMLHMLInitQ1 Q2 Q3 Q4CS1CS2CS3CS4Phase I(“Clean Team”

40、)Hypotheses 1Hypothesis N Hypotheses 1Hypothesis N Master CalendarDay/Week/Month 1 PlansSources of Value IdentificationBaseline Dev./TrackingA.T.Kearney4/1375C/MergerIntegration108319_Macros21During the critical period prior to change of control,the engagement team assumes the role of a“clean team”t

41、o enable critical pre-merger integrationRole of Clean TeamQuantifysavingsgeneratedfromidentifiedopportunitiesfromteamsofmergedcompaniesActasathirdpartyconduitforproprietaryinformationofbothcompanies(protectionshouldmergerbeaborted)Validateandchallengeinitialassumptionsofopportunitiesmadebymergingcom

42、paniesHighlightbestpracticesinexistingcompaniesandexternalknowledgeandrecommendongoingmergedoperatingpracticesDetermineriskfactorsinmergerforongoingriskmanagementduringimplementationData CollectionOrganization assessmentHypotheses developmentPreliminary planningCompany ACompany BOpenJoint Client Tea

43、m MeetingsA.T.Kearney“Clean Team”Merger SynergyHypothesesPre-Change of Control Post-Change of ControlValidated InitiativesAcceleratedecisionmakingbyprovidingaccesstocomprehensivedatabasesanddetailedanalysisShareandvalidatefindingswithjointclientteamsFinalizeinitiativesbasedonvalidatedhypothesesDevel

44、opimplementationplansAssistinlaunchinginitiativesandprovidecontinuedimplementation,riskandfinancialtrackingsupportThe up-front work efforts of the“clean team”enables accelerated launch of implementation activities and value capture“Clean Team”Process LimitedJointClientTeamMeetingsA.T.Kearney4/1375C/

45、MergerIntegration108319_Macros22After change of control,the teams quickly finalize not identify synergy opportunities and gain consensus Results Tracking/Risk Assessment Begin ImplementationInitial Prioritization and SequenceMaster Plan SequencingFull Team MeetingsDiscloseandValidateModifyandRefineF

46、inalizeSavingsOpportunitiesandPrioritizationIdentifyInterdependenciesHMLHMLOverall Prioritization/Executive Committee Buy-InInitQ1 Q2 Q3 Q4MD1ST3SC6PP4SC6 WorkplanST3 WorkplanMD 1 WorkplanStep1234Investment RequirementsTiming of ResultsMaster Plan Detail Day/Week/Month 1 ExecutionPhase IIInitQ1 Q2 Q

47、3 Q4PP1HMLHMLInitQ1 Q2 Q3 Q4PP1HMLHML IT Requirements/EnablersMaster Plan Detail Communication Full-Scale Rollout Integrated Planning and Initial Rollout Establish Structure and PlanA.T.Kearney4/1375C/MergerIntegration108319_Macros23MD 1 WorkplanActivityTask 1Task 1Task 1Task 1Q1Q2Q3Q4The transition

48、 to full-scale rollout and implementation of initiatives is supported by a clear tracking process Program Risk ManagementTop 10 Program Risks as of 06/24Organization announcement timing still unclearIT requirements not fully understoodNo plans to address cultural misalignmentSuccess of communication

49、 not currently planned to be measuredIllustrativeInitiative Status ManagementSize=$Saved61218GreenYellowRedRiskTime to Complete ImplementationInitiativeCurrent QuarterCum.Qrtly.BreakdownJan.Feb.Mar.4Q97 1Q98 2Q98Cost Saves and Growth AchievementImplementation CommunicationPhase III Full-Scale Rollou

50、t Integrated Planning and Initial Rollout Establish Structure and PlanA.T.Kearney4/1375C/MergerIntegration108319_Macros24Source:A.T.KearneyMergerIntegrationThroughout the effort,managing risk is a formalized methodology;adherence facilitates a fair and robust decision making processProject Risk Prio