The Secret of Successful Acquisitions
Abandoning the Myth of Board Influence
For the first time ever, an acute observer is effectively investigating the role of the board and the governance structure necessary for successful acquisitions. This is enormously significant; despite the fact that M&A success factors are broadly known and researched, the conditions upon which they are based and allowed to flourish are not, resulting in the continuing failure of more than two-thirds of acquisitions. Indeed, because of this pioneering approach the book was praised by practitioners for its additions to strategic management understanding.
Farsam Farschtschian´s incisive analysis, enriched by discussions with some of the world’s most renowned CEOs and chairmen, reveals the gap between mainstream theory and the reality of the board room, going on to develop far-reaching recommendations for top management. The author’s conclusions sharply illustrate the limits and challenge the inadequacies of current corporate governance and the structural transformations resulting from new types of business practices and methods.
“Highly original! (…) This book deserves a broad readership and I hope that many managers dealing with such matters benefit from this research.” –
Dr. h.c. Helmut Maucher, Honory Chairman of Nestlé
“In every sense, this book is extraordinary, original in thought and brilliantly written, providing top management with effective management tools for acquisitions.” – Prof. Dr. Fredmund Malik, Founder and Chairman Malik, St. Gallen
“The author treats one of the most important subjects in M&A: the decision making process of the acquirer and the influence of governance structures on the success of an acquisition. This work can be recommended to all M&A practitioners and to all board members and managers who take part in an acquisition.” – PD Dr. Urs Schenker, Managing Partner, Baker & McKenzie Zurich
“Ultimately in M&A, human factors and the ability to interact effectively with decision-makers within the given corporate governance structure are the key. Farschtschian’s book is an illuminating scientific and empirical study which makes a valuable contribution to current M&A praxis.” – Dr. Dirk Notheis, Chairman Morgan Stanley Bank AG
Dr. Farsam Farschtschian is an Investment Advisor at Morgan Stanley in London, covering German speaking Europe. He holds a PhD degree in Business Administration from the University of St.Gallen and is a Research Associate at its IFPM Centre of Corporate Governance. Farsam Farschtschian first wrote about his empirical findings in his thesis “The Role of Boards in Directing and Controlling Acquisitions” in 2010. Previously, he studied at the Universities of Geneva and Berkeley and holds a master’s degree in Political Science with a focus on International Relations.