Link the Before and After
It is vital that companies establish a well-integrated process that links the pre-deal phase, deal period, and post-deal phase. Often, companies tap different personnel to lead the different phases. This eliminates accountability and can later hamper exec
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Nuno Fernandes
The Value Killers How Mergers and Acquisitions Cost Companies Billions—And How to Prevent It
Nuno Fernandes Lisbon, Portugal
ISBN 978-3-030-12215-7 ISBN 978-3-030-12216-4 (eBook) https://doi.org/10.1007/978-3-030-12216-4 Library of Congress Control Number: 2019931026 © The Editor(s) (if applicable) and The Author(s) 2019 This work is subject to copyright. All rights are solely and exclusively licensed by the Publisher, whether the whole or part of the material is concerned, specifically the rights of translation, reprinting, reuse of illustrations, recitation, broadcasting, reproduction on microfilms or in any other physical way, and transmission or information storage and retrieval, electronic adaptation, computer software, or by similar or dissimilar methodology now known or hereafter developed. The use of general descriptive names, registered names, trademarks, service marks, etc. in this publication does not imply, even in the absence of a specific statement, that such names are exempt from the relevant protective laws and regulations and therefore free for general use. The publisher, the authors and the editors are safe to assume that the advice and information in this book are believed to be true and accurate at the date of publication. Neither the publisher nor the authors or the editors give a warranty, express or implied, with respect to the material contained herein or for any errors or omissions that may have been made. The publisher remains neutral with regard to jurisdictional claims in published maps and institutional affiliations. Cover Design by eStudio Calamar Original concept by Kyryl Lakishyk This Palgrave Macmillan imprint is published by the registered company Springer Nature Switzerland AG. The registered company address is: Gewerbestrasse 11, 6330 Cham, Switzerland
To Isabel, Francisco, and Luísa
Acknowledgments
This book has been developed with the support of numerous individuals. I have greatly benefited from my regular interactions with hundreds of executives from all backgrounds, including CEOs, CFOs, and other senior executives of many companies around the world, teaching sessions, developing company-specific programs, as an adviser in consulting projects, or simply informal conversations. I am grateful to them for sharing their wisdom with me and inspiring many of the ideas in the book. Many business professionals were kind enough to read various chapters and share their observations with me. Among this group, a special word of thanks goes to all the executives who were super-generous with their time, through several rounds of interviews. They have helped me in many different ways, to understand better the details of some deals, the complexity and challenges of day-to-day running of successful M&As, and overall, generously shared their knowledge with me. These were the executives interviewed in this book: • • • • • • • • • • •
Anastasia Kovaleva Casper Kirketerp-Moeller Halbart Völker Harish Krishnaswamy Huibert Vigeveno Jordi Costa Karim Karoui Ken Sasaki
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