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

Author

Listed:
  • Akbar Zaheer
  • Xavier Castañer

    (GREGH - Groupement de Recherche et d'Etudes en Gestion à HEC - HEC Paris - Ecole des Hautes Etudes Commerciales - CNRS - Centre National de la Recherche Scientifique)

  • David Souder

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.

Suggested Citation

  • Akbar Zaheer & Xavier Castañer & David Souder, 2005. "To integrate or not to Integrate? Complementarity, similarity and acquisition value creation," Working Papers hal-00587209, HAL.
    • Handle: RePEc:hal:wpaper:hal-00587209
    as

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