Documente Academic
Documente Profesional
Documente Cultură
Ashley Daniels
Kate Daisher
Tim Lothamer
Chapter 9
Corporate Strategy:
Mergers and Acquisitions, Strategic Alliances
Copyright 2015 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of McGraw-Hill Education.
9-2
Chapter Outline
9.1Mergers
Mergersand
andAcquisitions
Acquisitions
9.1
9.2Strategic
StrategicAlliances
Alliances
9.2
9.3Implications
Implicationsfor
forthe
theStrategist
Strategist
9.3
9-3
9-4
1989
2013
9-5
Our partnership with Disney has probably been the most successful
partnership in Hollywood history, and its been the best thing that ever
happened for Pixar. We wouldnt be here today without it
-Steve Jobs
9-7
9-8
Benefits:
Kraftacquired
acquiredCadbury
CadburyininUK.
UK.
Kraft
2012Kraft
Kraftrestructured
restructuredtotoMondelez
Mondelez
2012
WithHersheys
Hersheysattention
attentionononChina
China(2013
(2013entry),
entry),Kraft
Kraft
With
hasananopportunity
opportunityfor
forgaining
gainingU.S.
U.S.market
marketshare.
share.
has
9-10
STRATEGIC
CRITERIA
STRATEGIC CRITERIA
RATIONALVIEW
VIEWOF
OFCOMPETITIVE
COMPETITIVEADVANTAGE
ADVANTAGE
RATIONAL
9-12
AmazonsKindle
Kindle
Amazons
ApplesiPad
iPad
Apples
ChallengeAmazons
Amazonsearly
earlylead
leadininthe
thedelivery
deliveryofofe-content
e-content
Challenge
Amazon share dropped from 90 to 60% in e-books.
Amazon share dropped from 90 to 60% in e-books.
2013 a afederal
federaljudge
judgeruled
ruledthat
thatApple
Applecolluded
colludedwith
with
2013
publisherstotodrive
driveupupprices
pricesofofe-books
e-books
publishers
9-14
9-15
NON-EQUITY ALLIANCES
EQUITY ALLIANCES
JOINT VENTURES
Long-term commitment
Exchange both tacit and explicit knowledge
Frequent interaction of personnel
9-19
9-22
Build-Borrow-or-Buy Framework
How does the strategist know whether the firms resources are
relevant in addressing the new challenge or opportunity?
A firms internal resources are relevant if they are
Similar to those you need to develop
Superior to those of competitors in the targeted area
9-23
Cont.
Internal resources insufficient to build?
Resources cannot be borrowed through alliance?
Closeness to the resource partner needed?
Will an M & A be successful?
9-24
ChapterCase 9
Disney, Todd Anderson/AP Images
Disneyearns
earnsover
over$45
$45billion
billionininrevenues
revenuesmajor
major
Disney
purchases:
purchases:
2006 acquired Pixar for $7.4 billion
2006
acquired Pixar for $7.4 billion
Disneyuses
usesalliances
alliancesand
andacquisitions
acquisitionsfor
forcomplementary
complementary
Disney
assets.
assets.
Related-linked diversification (see Ch. 8)
Related-linked
diversification (see Ch. 8)
9-25
ChapterCase 9
Disney, Todd Anderson/AP Images
Consider
This
Consider This
CEO Bob Igers acquisition-led growth strategy
CEO
Bob Igers acquisition-led growth strategy
Disney has become increasingly diversified
Disney
has become increasingly diversified
Business revenue streams are more predictable.
Business
revenue streams are more predictable.
Box office, home entertainment, theme parks, cable TV,
Box
office, home entertainment, theme parks, cable TV,
toys, licensing, etc.
toys, licensing, etc.
Media industry is being disrupted:
Media
industry is being disrupted:
People spend less time watching movies in theaters.
People
spend less time watching movies in theaters.
More time-consuming content is available online.
More
time-consuming content is available online.
9-26
Resources
A Timeline of our history. (2016, April 14). Retrieved from http://www.ey.com/GL/en/About-us/Ourpeople-and-culture/Our-history/About-EY---Key-Facts-and-Figures---History---Timeline
Karnitschnig, M. (2009, Janary 26). Pfizer to pay $68 billion for Wyeth. Retrieved from
http://www.wsj.com/articles/SB123293456420414421
Nga, A. (2015, July 12) Why was Pixar acquired by Disney? Retrieved from
https://www.quora.com/Why-was-Pixar-acquired-by-Disney
Vodafone seals Mannesmann deal. (2016, April 14). Retrieved from
http://news.bbc.co.uk/2/hi/business/630293.stm
9-27
9-28