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To integrate or not to Integrate? Complementarity, similarity and acquisition value creation

Abstract : In this paper, the authors explain that relatedness is often associated with acquisition value creation without distinguishing between three underlying sources of synergy: business similarity, product complementarity and geographic complementarity. The authors argue that realizing value in acquisitions requires maching the type of relatedness with the appropriate degree of integration; specifically high integration for business similarity, medium integration for product complementarity and low integration for geographic complementarity. Empirical validation, broadly supporting their hypotheses comes from 88 M&As.
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https://hal-hec.archives-ouvertes.fr/hal-00587209
Contributor : Antoine Haldemann <>
Submitted on : Tuesday, April 19, 2011 - 5:19:41 PM
Last modification on : Thursday, January 11, 2018 - 6:19:32 AM

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  • HAL Id : hal-00587209, version 1

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Akbar Zaheer, Xavier Castañer, David Souder. To integrate or not to Integrate? Complementarity, similarity and acquisition value creation. 2005. ⟨hal-00587209⟩

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