Introduction

This book is a collection of papers written by European and American scholars on the management of corporate acquisitions. The unification of Europe has brought with it a dramatic increase in acquisition activity. The book is a response to the need for a body of scientific knowledge on the management of acquisitions. The need to understand what it takes to create a successful merger or acquisition is strongly felt worldwide. The corporate acquisition, as a route to corporate renewal, is a double-edged sword. On the one hand, acquisitions are one of the most important mechanisms for achieving strategic goals. Corporate acquisitions, if managed appropriately, can augment the firm’s rent-generating assets to improve competitive advantage and increase profitability. These benefits can be realised by effective implementation of the post-acquisition strategy. On the other hand, acquisitions may require rapid and revolutionary administrative change. It is clear that a deeper understanding of the management process is crucial for success. Studies and decision frameworks in post-acquisition strategy and performance can contribute to this understanding.