Preparing Mergers and Acquisitions in the European Union : The Asset of Cooperative Negotiation
Much evidence reinforces the thesis that a successful merger or acquisition may strongly rely on early cooperative negotiation at its preparation stage. Such cooperation will help both partners to strengthen qualities and to overcome weaknesses after the M&A. This may help choose between hostile takeovers, where contacts are minimal and often tense, and negotiated offer (1.). Whatever M&A strategy is chosen, this paper also focusses on the content of this required mutual knowledge. For a M&A in the European Union, there are many elements to learn about one's own company (2.), and even more to learn about oneself and the target when the M&A is cross-cultural (3.). There is also much to learn about the other company through audit (4.). Under many circumstances, this multi-faceted knowledge will condition the implementation of the M&A.
DE BEAUFORT, V. and LEMPEREUR, A. (1996). Preparing Mergers and Acquisitions in the European Union : The Asset of Cooperative Negotiation. ESSEC Business School.