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March2002MergerIntegrationIntellectualCapitalCollectionGenericProposalA.T.Kearney4/1375C/MergerIntegration108319_Macros2TableofcontentsExecutiveSummaryOurUnderstandingofYourSituationA.T.Kearney’sPerspectiveonMergerIntegrationProposedOverallApproachRealizingIntegrationSynergiesIntegrationManagementA.T.KearneyQualificationsA.T.Kearney4/1375C/MergerIntegration108319_Macros3ExecutiveSummaryThissectionistailoredtotheclientsituationandsummarizestheapproachproposedinthedocumentA.T.Kearney4/1375C/MergerIntegration108319_Macros4OurUnderstandingyourSituationThissectionistailoredtotheclientsituationandsummarizesthekeydriversofthemerger.Itshouldhighlightrelevantquantitativeandqualitativeanalysisthatdemonstrateourinsightintotheclient’sparticularchallengesanddriversofsuccessfortheintegrationA.T.Kearney4/1375C/MergerIntegration108319_Macros5A.T.Kearney’sPerspectiveonMergerIntegrationA.T.Kearney4/1375C/MergerIntegration108319_Macros6Thebestvalue-builderscombineorganicgrowthwithmergersandacquisitionsSource:A.T.KearneyMonographonValue-BuildingGrowth2001RevenueGrowthValueGrowthUnderperformersProfitSeekersSimpleGrowersValueGrowersGrowthMatrix(CAGR1988-2000)13.8%-2.7%RevenueValue18.0%21.5%RevenueValue3.6%-3.6%RevenueValue4.1%12.8%RevenueValueValueGrowersFollowConscious,ConstantProcessToGrowthA.T.Kearney4/1375C/MergerIntegration108319_Macros7MergersandacquisitionsarekeygrowthdriversWhatreallymattersin“acquisitionforgrowth”strategiesisexecutionSource:A.T.KearneyMonographonValue-BuildingGrowth200140%100%60%ExternalInternalTotalGrowthSourcesofGrowth40%ofGrowthIsFromAcquisitionsValueGrowersManageBothWellA.T.Kearney4/1375C/MergerIntegration108319_Macros8FewmergersactuallycreateshareholdervalueSource:A.T.KearneyAnalysis2001,SDCdatabase,GlobalWorldscopeAcquirer'sValueGrowthFollowingaMergerTopperformingmergerscreatesignificantshareholdervalueValuegrowth3%8%12%27%21%16%3%UnderperformancecomparedtoindustryaverageOverperformancecomparedtoindustryaverage-100%-60%-30%30%60%150%-15%15%0%Average:2.8%49.5%50.5%Top-PerformingMergers10%A.T.Kearney4/1375C/MergerIntegration108319_Macros9BusinessIntegrationissuesrequire“usual”managementdecisionswhilefourmainfactorsaddanotherlevelofconsiderablecomplexity…Scope•Highnumberofdecisionstobemadeinalloperationalandfunctionalareas•Dozensofprojects/initiativesandriskstobemanagedTimepressure•Allstakeholdersexpectrapidexecution(shareholders,employees,management,regulationcommittees,government,…)•DecisionsneedtobemadewithoutdelaySimultaneity•Co-existenceofstrategic,tacticandoperationaldecisions•Stronginter-dependenceofthedecisions•ShorttermandstrategicdecisionsmayseemincompatibleHumancomponent•Highnumberofpeoplepotentiallyinvolved(operational,functionalandexecutivepeople)•Riskofculturalmismatch•ScarceresourcestobridgebetweenmergedcompaniesUsualManagementdecisionsStrategy&IPO•Definethescopeofcombinedentity•Confirmeachcountry’sscopeofactivityformobiles•Designstrategyleveragingonbroaderglobalpresence•Definefinancialandoperationaltargetsaswellastimingofexpectedbenefits•PreparetheIPOOrganisation•ChoosethebestorganisationalmodelattheEuropeanmanagementlevel•Identifythecentral/localfunctionsevolutionschedule•Defineorganisationalchartsandmanagementnomination•Definekeydecisionprocesses(committees,procedures,…)Infrastructure•Reducetotalcostofexternalpurchasesthroughbestpriceevaluationvolumeconcentration,competitivebidding•Sharebestpractices•…Supportfunctions•Rationalisesharedsupports(•AlignandselectInformationSystemsfortheintegration•AlignprocessesandsharebestpracticesCommunication•Defineexternalcommunicationstrategy•Defineinternalcommunicationstrategy•Selectcommunicationrulesandprocedures•Choosemedia(intranet,documents,speeches…)Integrationmgnt•Integrateoverallplanningandmilestones•Detailplanningbytopicandcountry…•Managetransitionphase•Trackandexecutefinancialsynergies•ManagerisksA.T.Kearney4/1375C/MergerIntegration108319_Macros10…explainingwhyonlyfewmergersandacquisitionssucceedfullyNote:(1)Shareholderreturnsfrombuyerdividedbyshareholderreturns(industryaverage)afterthemergerSources:A.T.Kearneyanalysis,GlobalPMISurvey,1998;Datastream29%14%57%HigherNochangeLower100%=230companiesOnly29%ofCompaniesRealizeanIncreaseinAggregateProfitabilityPerformancerelativetoindustryaverage10%11%21%18%17%23%-15%-25%+15%+25%TopPerformingMergersUnderperformanceOutperformanceNumberofcompaniesIndustryaverageOnly42%ofCompaniesOutperformTheirPeersinShareholderValue(1)42%58%A.T.Kearney4/1375C/MergerIntegration108319_Macros11TopperformersacrossmostindustriescancreatesignificantshareholdervalueCreationofShareholderReturnsErosionofShareholderReturnsNote:(1)Totalshareholderreturnspercentageover/underperformancerelativetoindustryindexinthetimeframebetween3monthsbeforeand24monthsaftermergerannouncement;totalshareholderreturnsdefinedasthetangiblereturnsinvestorsreceivethroughdividendsandstockpriceappreciationsSources:Datastream;A.T.KearneyAnalysis2001Retailers62.5%64.5%32.3%44.2%26.6%49.9%34.2%26.6%36.1%25.1%16.0%43.3%26.0%27.5%17.2%17.4%31.9%22.4