When The South Takes Over The North: Dynamics Of Up-Market Integrations By Emerging Multinationals

Morgan Marchand, M@n@gement18(1), 2015. 31-53.

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This   article   deals   with   emerging   multinationals   post-acquisition integration   approaches   in   developed   countries.   It   confronts   theoretical hypotheses  and  anecdotal  evidence  with  unpublished  empirical  data.  Analyzing four  cases  of  French  entities  acquired  by  EMNE,  it  confirms  that  EMNE  often adopt a partnering approach after these up-market acquisitions. Yet this approach is likely to develop  in a dynamic  way over time, and  the path of this inflection may run  in  opposite  directions,  depending  on  the  result  of  the  first  coordination  of activities.  It  also   seems  that  EMNE  that  are  already  experienced  in  up-market acquisitions  may  directly  adopt  a  more  interventionist  approach.

From  these  results   we   discuss   several   theoretical   and   practical   consequences:   the complexity of the  antecedents of integration  choice, for  which  we recommend an integrated approach, the reliability and definition  of the “emerging multinationals” category, and  the role of the target in the deployment of the relationships with then acquirer in a partnering integration.

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