Värdeskapande i samband med förvärv: - om nyckelfaktorer i en förvärvsprocess

Detta är en D-uppsats från Handelshögskolan i Stockholm/Institutionen för redovisning och finansiering

Sammanfattning: The acquisition process as an object for research and empirical studies have increased in importance during the past decade. The purpose of this thesis is to investigate this process further. This was done by reviewing previous research covering the area of mergers and acquisitions. Seven key factors that should be considered in an acquisition process emerged; acquisition project management, planning, communication between the acquirer and the potential target, goal alignment within management, company-cultures, a trade-off between a certain speed in integrating the companies and consideration of the employees, and finally the follow-up. These factors have been shown to increase the likelihood of value creation in acquisitions. In the thesis we conclude how a company’s official acquisition process relates to these key factors and more specifically if and in what way they were taken into consideration in an actual acquisition. The study reviews the acquisition process of Atlas Copco AB, a Swedish multinational enterprise producing tools and machinery for several industrial sectors. Atlas Copco is frequently acquiring companies and has therefore developed guidelines and instructions concerning their acquisition process. The study further examines the acquisition of Ingersoll-Rand Drilling Solution which was closed on the 1st of July 2004. The findings of the study show that the acquisition process of Atlas Copco considers six out of the seven key factors. The strengths of the process lies in the pre-acquisition phase, where detailed planning and preparation before the acquisition is found to be a success factor, while there is room for improvement in the cultural as well as the follow-up key areas. Furthermore, the study’s results confirm earlier research in that it is important for a company to consider the key factors in order to increase the likelihood of a value-creating acquisition.

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