Inte alltid lätt att ta det rätta: En fallstudie av en misslyckad fusion av jämbördiga parter

Sammanfattning: This thesis examines the established theories on the phenomena of merger of equals. In contrast to an acquisition, a merger of equals is complex since the very nature of it entails that none of the involved parties are in control. Merger of equals are therefore viewed as one of the most difficult types of partnership and data show that over fourty percent of all mergers fail to achieve their targets. Still, research on the phenomena is limited. The main purpose of this thesis is to analyse the implicit factors to why a merger of equals fail. The study is based upon a comprehensive case study of the failed merger between the two companies, Cloetta AB and Fazer Konfektyr. These Nordic chocolate and confectionary companies merged in 2000 but decided to part ways eight years later, in 2008. This study aims to explain and understand why the merger failed and how the merger process can clarify the failure. The normative theoretical framework consists of existing theories regarding merger of equals, as well as a self-developed model. Furthermore, in-depth interviews have been conducted with representatives from the two merging companies, journalists and other experts in order to develop a broad empirical section. It has been supplemented with written material such as annual reports, internal documents and articles. The results from the study suggest that the problems that lead to the break-up of Cloetta Fazer AB originated from the owners’ impact on the merger process. Firstly, the owners disputed over the ownership agreement and secondly, the owners could not agree on the long-term strategy for the joint company. Finally, the break-up of the merger was the definite solution.