European Business Schools Librarian's Group

HEC Research Papers Series,
HEC Paris

No 814: To integrate or not to integrate ? complementarity, similarity, and acquisition value creation

Akbar Zaheer, Xavier Castaner () and David Souder

Abstract: In this paper, the authors explain that relatedness is often associated with acquisition value creation without distinguishing between three underlying sources of synergy: business similarity, product complementarity and geographic complementarity. The authors argue that realizing value in acquisitions requires maching the type of relatedness with the appropriate degree of integration; specifically high integration for business similarity, medium integration for product complementarity and low integration for geographic complementarity. Empirical validation, broadly supporting their hypotheses comes from 88 M&As

Keywords: mergers and acquisitions; value creation; integration

JEL-codes: G34

40 pages, January 24, 2006

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