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- All HBS Web
(1,031)
- People (1)
- News (44)
- Research (905)
- Events (2)
- Multimedia (1)
- Faculty Publications (835)
- November 2019 (Revised January 2020)
- Case
Bayer Crop Science
By: David E. Bell, Damien McLoughlin, Natalie Kindred and James Barnett
In mid-2019, a year after German conglomerate Bayer Group closed its acquisition of U.S.-based seeds giant Monsanto, the leadership of Bayer’s Crop Science division (which absorbed Monsanto) is reflecting on the opportunities ahead. Some observers have questioned... View Details
Keywords: Agribusiness; Research and Development; Innovation and Invention; Innovation Strategy; Mergers and Acquisitions; Consolidation; Customer Value and Value Chain; Change Management; Agriculture and Agribusiness Industry; Technology Industry; United States; Germany
Bell, David E., Damien McLoughlin, Natalie Kindred, and James Barnett. "Bayer Crop Science." Harvard Business School Case 520-055, November 2019. (Revised January 2020.)
- November 2003 (Revised March 2004)
- Case
Drilling South: Petrobras Evaluates Pecom
By: Mihir A. Desai and Ricardo Reisen de Pinho
The Brazilian oil company, Petrobras, is evaluating the acquisition of an Argentine oil company, the Perez Companc Group (Pecom). The acquisition would increase Petrobras' oil reserves and expand its interests outside Brazil, a significant step for the largest company... View Details
Keywords: Mergers and Acquisitions; Forecasting and Prediction; Financial Crisis; Non-Renewable Energy; Cross-Cultural and Cross-Border Issues; Corporate Governance; Risk Management; Emerging Markets; State Ownership; Performance Evaluation; Risk and Uncertainty; Valuation; Energy Industry; Argentina; Brazil
Desai, Mihir A., and Ricardo Reisen de Pinho. "Drilling South: Petrobras Evaluates Pecom." Harvard Business School Case 204-043, November 2003. (Revised March 2004.)
- February 2004 (Revised April 2007)
- Case
Random House
By: Bharat N. Anand, Kyle F. Barnett and Elizabeth Lea Carpenter
On June 12, 2003, the proposed merger of Random House and Time Warner Book Group was called off by the CEO of Random House's parent company, Bertelsmann. The announcement was welcomed by several critics who had questioned the logic of further consolidation in the book... View Details
Keywords: Mergers and Acquisitions; Business Conglomerates; Information Publishing; Problems and Challenges; Relationships; Business Strategy; Commercialization; Competition; Vertical Integration; Internet; Media and Broadcasting Industry; Publishing Industry
Anand, Bharat N., Kyle F. Barnett, and Elizabeth Lea Carpenter. "Random House." Harvard Business School Case 704-438, February 2004. (Revised April 2007.)
- February 2019
- Case
Lisa Thomas at LaMont Engineering
By: Boris Groysberg and Carrie A. Blair
The case details the challenges faced by Lisa Thomas of LaMont Engineering after the company is acquired by Munday Consultants, Inc. Thomas, who supported the acquisition, was asked to chair a team charged with implementing the changes necessary to make the acquisition... View Details
Groysberg, Boris, and Carrie A. Blair. "Lisa Thomas at LaMont Engineering." Harvard Business School Brief Case 919-507, February 2019.
- January 2017
- Case
T. Rowe Price and the Dell Inc. MBO (A)
By: Lena G. Goldberg
T. Rowe Price’s mutual funds, separate accounts, institutional investors, and retirement accounts were, in the aggregate, Dell Inc.’s third largest shareholder in 2013 when Dell announced a management-led buyout, or MBO, structured as a merger. In considering whether... View Details
Keywords: Fiduciary Duties; Management Buy-out; Mergers and Acquisitions; Valuation; Business and Shareholder Relations; Financial Services Industry; Computer Industry; Delaware
Goldberg, Lena G. "T. Rowe Price and the Dell Inc. MBO (A)." Harvard Business School Case 317-088, January 2017.
- December 2011
- Article
Egalitarianism and International Investment
By: Jordan I. Siegel, Amir N. Licht and Shalom H. Schwartz
This study identifies the effect of a key cultural dimension—egalitarianism—on a set of international investment outcomes. Egalitarianism expresses a society's cultural orientation with respect to intolerance for abuses of market and political power. We show... View Details
Keywords: Egalitarianism; International Investment; Culture; Cultural Distance; Foreign Direct Investment; Informal Institutions; Social Institutions; Cross-listing; Investment; Equality and Inequality; Mergers and Acquisitions
Siegel, Jordan I., Amir N. Licht, and Shalom H. Schwartz. "Egalitarianism and International Investment." Journal of Financial Economics 102, no. 3 (December 2011). (This study identifies the effect of a key cultural dimension - egalitarianism - on a set of international investment outcomes. Egalitarianism expresses a society's cultural orientation with respect to intolerance for abuses of market and political power. We show egalitarianism to be based on exogenous factors including social fractionalization, religion, and war experience. Controlling for a large set of competing explanations, we find a robust influence of egalitarianism distance on cross-border investment flows of equity, debt, and mergers and acquisitions. An informal cultural institution largely determined a century or more ago, egalitarianism influences international investment via an associated set of consistent policy choices made in recent years. But even after controlling for these associated policy choices, egalitarianism continues to exercise a direct effect on cross-border investment flows, likely through its direct influence on managers' daily business conduct.)
- January 2008 (Revised March 2009)
- Case
Framedia (A) Abridged
By: Li Jin, Carliss Y. Baldwin, Li Liao, Huabing Li and Jielun Zhu
Examines an acquisition in the highly competitive outdoor media advertising industry in China in late 2005. The transaction leads to eventual consolidation of the whole industry and positive stock reactions. Discusses equity consideration in the context of an M&A... View Details
Keywords: Mergers and Acquisitions; Venture Capital; Equity; Private Equity; Corporate Governance; Emerging Markets; Organizations; Consolidation; Valuation; Advertising Industry; China
Jin, Li, Carliss Y. Baldwin, Li Liao, Huabing Li, and Jielun Zhu. "Framedia (A) Abridged." Harvard Business School Case 208-048, January 2008. (Revised March 2009.)
- March 1988 (Revised July 1990)
- Case
Walt Disney Productions: Greenmail
Considers a firm whose investment strategies have essentially run out. Walt Disney's original visions and goals have all been fulfilled and after his death no new ones are forthcoming. Disney faces repeated takeover attacks and is forced to either set new corporate... View Details
Keywords: Corporate Strategy; Crisis Management; Acquisition; Financial Strategy; Entertainment and Recreation Industry; United States
Asquith, K. Paul. "Walt Disney Productions: Greenmail." Harvard Business School Case 288-045, March 1988. (Revised July 1990.)
- January 2017
- Case
Danaher Corporation, 2007–2017
By: John R. Wells and Gabriel Ellsworth
On July 2, 2016, Danaher Corporation completed the spinoff of Fortive Corporation. The previous day, Danaher’s stock price had reached an all-time high. In 2015, Danaher had decided to split off its test and measurement, fuel and fleet management, and automation... View Details
Keywords: Danaher; Fortive; Larry Culp; Beckman Coulter; Pall; Life Sciences; Diagnostics; Environmental Operations; Water Management; Dental; Testing; Measurement; Fuel; Fleet Management; Automation; Toolmaking; Tools; Disease Management; Continuous Improvement; Toyota Production System; Divestiture; Spinoffs; Spin-off; Networks; Acquisition; Mergers and Acquisitions; Business Conglomerates; Business Divisions; Business Subsidiaries; Business Units; Business Growth and Maturation; Business Model; For-Profit Firms; Joint Ventures; Restructuring; Engineering; Chemicals; Construction; Machinery and Machining; Profit; Revenue; Globalized Firms and Management; Multinational Firms and Management; Health; Health Care and Treatment; Health Disorders; Medical Specialties; Business History; Job Cuts and Outsourcing; Business or Company Management; Growth and Development Strategy; Management Analysis, Tools, and Techniques; Management Practices and Processes; Management Succession; Management Systems; Resource Allocation; Market Entry and Exit; Measurement and Metrics; Logistics; Business Processes; Organizational Change and Adaptation; Public Ownership; Problems and Challenges; Science; Genetics; Natural Environment; Wastes and Waste Processing; Science-Based Business; Opportunities; Strategy; Adaptation; Business Strategy; Competition; Competitive Strategy; Competitive Advantage; Consolidation; Corporate Strategy; Diversification; Expansion; Technology; Software; Technology Networks; Technology Platform; Value; Valuation; Aerospace Industry; Auto Industry; Biotechnology Industry; Chemical Industry; Computer Industry; Construction Industry; Consumer Products Industry; Distribution Industry; Electronics Industry; Food and Beverage Industry; Health Industry; Industrial Products Industry; Information Technology Industry; Manufacturing Industry; Medical Devices and Supplies Industry; Pharmaceutical Industry; Retail Industry; Rubber Industry; Semiconductor Industry; Shipping Industry; Technology Industry; Telecommunications Industry; Utilities Industry; United States; District of Columbia
Wells, John R., and Gabriel Ellsworth. "Danaher Corporation, 2007–2017." Harvard Business School Case 717-464, January 2017.
- November 2023
- Case
Tata Group in 2021: Pursuing Profits through Purpose
By: Tarun Khanna, Krishna G. Palepu and Vidhya Muthuram
October 8, 2021: Tata Sons won a bid to acquire India’s national carrier Air India, marking the airline's return to its original owners after 68 long years. The winning bid of $2.4 billion gave Tata Sons full ownership of the airline and its coveted network of 6,200... View Details
Keywords: Corporate Strategy; Mission and Purpose; Corporate Social Responsibility and Impact; Emerging Markets; Mergers and Acquisitions; Ownership; Air Transportation; Air Transportation Industry; India
Khanna, Tarun, Krishna G. Palepu, and Vidhya Muthuram. "Tata Group in 2021: Pursuing Profits through Purpose." Harvard Business School Case 124-047, November 2023.
- October 2010
- Article
Culture Clash: The Costs and Benefits of Homogeneity
This paper develops an economic theory of the costs and benefits of corporate culture-in the sense of shared beliefs and values in order to study the effects of "culture clash" in mergers and acquisitions. I first use a simple analytical framework to show that shared... View Details
Keywords: Cost vs Benefits; Organizational Culture; Economics; Information Management; Forecasting and Prediction; Values and Beliefs; Mergers and Acquisitions; Framework; Satisfaction; Motivation and Incentives; Power and Influence; Communication
Van den Steen, Eric. "Culture Clash: The Costs and Benefits of Homogeneity." Management Science 56, no. 10 (October 2010): 1718–1738.
- 2009
- Working Paper
Culture Clash: The Costs and Benefits of Homogeneity
This paper develops an economic theory of the costs and benefits of corporate culture—in the sense of shared beliefs and values—in order to study the effects of "culture clash" in mergers and acquisitions. I first use a simple analytical framework to show that shared... View Details
Keywords: Mergers and Acquisitions; Cost vs Benefits; Values and Beliefs; Organizational Change and Adaptation; Organizational Culture; Motivation and Incentives; Theory
Van den Steen, Eric J. "Culture Clash: The Costs and Benefits of Homogeneity." Harvard Business School Working Paper, No. 10-003, July 2009.
- November 2002 (Revised August 2003)
- Case
MedSource Technologies
Considers the issues facing Richard Effress, MedSource's chairman and CEO, as the firm approaches the Precision Cut project--the first test of MedSource's capabilities as an integrated, contract manufacturer in the medical device industry. MedSource Technologies was... View Details
Keywords: Product Development; Production; Mergers and Acquisitions; Product Design; Supply Chain Management; Management Teams; Medical Devices and Supplies Industry; United States
Huckman, Robert S. "MedSource Technologies." Harvard Business School Case 603-081, November 2002. (Revised August 2003.)
- February 2004
- Case
The Making of Verizon
By: Rosabeth M. Kanter, Douglas A Raymond and Ryan Raffaelli
Through a series of mergers, Ivan Seidenberg, Verizon chairman and CEO, successfully shared the co-CEO title twice while building the largest telecom company in the United States. The strong and complementary cultures of the companies that Seidenberg and a key group of... View Details
Keywords: Mergers and Acquisitions; Change Management; Transition; Leading Change; Organizational Culture; Risk Management; Telecommunications Industry; United States
Kanter, Rosabeth M., Douglas A Raymond, and Ryan Raffaelli. "The Making of Verizon." Harvard Business School Case 303-131, February 2004.
- January 2001 (Revised May 2010)
- Case
BP Amoco (B): Financing Development of the Caspian Oil Fields
By: Benjamin C. Esty and Michael Kane
British Petroleum and Amoco were the two largest members of the Azerbaijan International Oil Consortium (AIOC), an 11-firm consortium that was spending $10 billion to develop oil fields in the Caspian Sea. As of March 1999, AIOC had completed a $1.9 billion development... View Details
Keywords: Investment; Policy; Capital Budgeting; Project Finance; Emerging Markets; Mergers and Acquisitions; Financing and Loans; Financial Strategy; Mining Industry; Energy Industry; United Kingdom; Europe
Esty, Benjamin C., and Michael Kane. "BP Amoco (B): Financing Development of the Caspian Oil Fields." Harvard Business School Case 201-067, January 2001. (Revised May 2010.)
- June 2008 (Revised April 2013)
- Case
Bernd Beetz: Creating the New Coty
By: Geoffrey Jones and David Kiron
Considers the creation of the world's largest fragrance company by Bernd Beetz, appointed chief executive of Coty Inc. in 2001. In 1990 the German consumer goods company Benkiser began acquiring fragrance and cosmetics brands with the intent of developing a beauty... View Details
Keywords: Mergers and Acquisitions; Entrepreneurship; Globalized Firms and Management; Growth and Development Strategy; Corporate Strategy; Beauty and Cosmetics Industry; Germany; United States
Jones, Geoffrey, and David Kiron. "Bernd Beetz: Creating the New Coty." Harvard Business School Case 808-133, June 2008. (Revised April 2013.)
- April 1993 (Revised June 1998)
- Case
Time Inc.'s Entry into the Entertainment Industry (A)
Richard Munro, Time Inc.'s chairman and CEO, must respond to a hostile tender offer from Paramount Communications. Paramount conditioned its bid on cancellation of Time's plans to merge with Warner Communications. Several months before the hostile Paramount bid, Time... View Details
Keywords: Business or Company Management; Market Entry and Exit; Mergers and Acquisitions; Global Strategy; Entertainment and Recreation Industry; United States
Meulbroek, Lisa K. "Time Inc.'s Entry into the Entertainment Industry (A)." Harvard Business School Case 293-117, April 1993. (Revised June 1998.)
- April 2024
- Supplement
RHI Magnesita (B): Brick by Brick—Diversification?
By: Ramon Casadesus-Masanell, David M Wagner, Oliver Gassmann and Jordan Mitchell
In Part A, as of April 2017, Austria’s RHI, a backward integrated refractory company is still within the midst of merging with the next biggest competitor, Brazil’s Magnesita, while weighing options for future growth. Should the company pursue organic growth options... View Details
Casadesus-Masanell, Ramon, David M Wagner, Oliver Gassmann, and Jordan Mitchell. "RHI Magnesita (B): Brick by Brick—Diversification?" Harvard Business School Supplement 724-438, April 2024.
- January 2001 (Revised May 2010)
- Case
BP Amoco (A): Policy Statement on the Use of Project Finance
By: Benjamin C. Esty and Michael Kane
Following the BP/Amoco merger in December 1998, CFO David Watson asked Bill Young to recommend when and under what circumstances the firm should use external project finance instead of internal corporate funds to finance new capital investments. As part of this... View Details
Esty, Benjamin C., and Michael Kane. "BP Amoco (A): Policy Statement on the Use of Project Finance." Harvard Business School Case 201-054, January 2001. (Revised May 2010.)
- August 2009
- Case
Nomura's Global Growth: Picking Up Pieces of Lehman
By: C. Fritz Foley and Linnea Meyer
What issues commonly arise in international financial management? Kenichi Watanabe and Takumi Shibata, CEO and COO of Nomura Holdings Inc., one of the leading investment banks in Asia, have the opportunity to expand their firm internationally through the acquisition of... View Details
Keywords: Mergers and Acquisitions; Insolvency and Bankruptcy; Investment Banking; International Finance; Cross-Cultural and Cross-Border Issues; Expansion; Financial Services Industry; Japan
Foley, C. Fritz, and Linnea Meyer. "Nomura's Global Growth: Picking Up Pieces of Lehman." Harvard Business School Case 210-017, August 2009.