Merger paradox : the strategic role of minority in integration process

This article examines the link between the integration processes at work in acquired companies and the results of acquisition. New questions are raised concerning the underlying mechanisms of the integration process, in which it is essential to identify those factors that lend value to the operation. Thus, the success of a given operation must not be judged solely in terms of differences or incompatibilities, whether cultural or organisational. The present research sheds new light upon the post-purchase phase, identifying a close relationship between the integration process and the creation of value. In particular, it underlines the attention given to emerging phenomena and initiatives in integration policy. The study carried out addresses the question of post-acquisition integration from a process-oriented point of view through the examination of a specific merger-acquisition case. It shows how, in spite of conditions considered favourable (such as similar institutional environment, and complementary resources) and the prescriptions formulated by the major schools of thought, once begun, the integration process tends to follow its own dynamics and failure to appreciate these dynamics can result in serious errors harming the ultimate success of such operations. The aim of this article is to suggest new factors that could possibly account for failed mergers. In particular, our research has identified a number of errors frequently committed by members of the purchasing company, that are nevertheless rarely discussed in the literature, such as failure to recognise the active role of minority groups, inadequate attention to modes of influence and erroneous pursuit of stability.