ATK并购整合咨询框架.ppt

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1、March2002MergerIntegrationIntellectualCapitalCollectionGenericProposalTableofcontentsExecutiveSummaryOurUnderstandingofYourSituationA.T.Kearney’sPerspectiveonMergerIntegrationProposedOverallApproachRealizingIntegrationSynergiesIntegrationManagementA.T.KearneyQualificationsExecu

2、tiveSummaryThissectionistailoredtotheclientsituationandsummarizestheapproachproposedinthedocumentOurUnderstandingyourSituationThissectionistailoredtotheclientsituationandsummarizesthekeydriversofthemerger.Itshouldhighlightrelevantquantitativeandqualitativeanalysisthatdemonstrat

3、eourinsightintotheclient’sparticularchallengesanddriversofsuccessfortheintegrationA.T.Kearney’sPerspectiveonMergerIntegrationThebestvalue-builderscombineorganicgrowthwithmergersandacquisitionsSource:A.T.KearneyMonographonValue-BuildingGrowth2001RevenueGrowthValueGrowthUnderperf

4、ormersProfitSeekersSimpleGrowersValueGrowersGrowthMatrix(CAGR1988-2000)ValueGrowersFollowConscious,ConstantProcessToGrowthMergersandacquisitionsarekeygrowthdriversWhatreallymattersin“acquisitionforgrowth”strategiesisexecutionSource:A.T.KearneyMonographonValue-BuildingGrowth2001

5、SourcesofGrowth40%ofGrowthIsFromAcquisitionsValueGrowersManageBothWellFewmergersactuallycreateshareholdervalueSource:A.T.KearneyAnalysis2001,SDCdatabase,GlobalWorldscopeAcquirer'sValueGrowthFollowingaMergerTopperformingmergerscreatesignificantshareholdervalueValuegrowth3%8%12%2

6、7%21%16%3%UnderperformancecomparedtoindustryaverageOverperformancecomparedtoindustryaverage-100%-60%-30%30%60%150%-15%15%0%Average:2.8%49.5%50.5%Top-PerformingMergers10%BusinessIntegrationissuesrequire“usual”managementdecisionswhilefourmainfactorsaddanotherlevelofconsiderabl

7、ecomplexity…ScopeHighnumberofdecisionstobemadeinalloperationalandfunctionalareasDozensofprojects/initiativesandriskstobemanagedTimepressureAllstakeholdersexpectrapidexecution(shareholders,employees,management,regulationcommittees,government,…)DecisionsneedtobemadewithoutdelaySi

8、multaneityCo-existenceofstrategic,tacticandoperational