Megamergers en 5 lecciones: Morir o sobrevivencia...

Andrew Jack publica en Financial Times un interesante análisis en que, partiendo del pasado de los "mergers", analiza, con los protagonistas de las "ocurridas"(y otros de afuera...), los errores y aciertos y establece 5 lecciones hacia el futuro.

" After a decade of big deals up to the mid-1990s in which many of the world's biggest medicine manufacturers were created - such as GlaxoSmithKline (GSK), AstraZeneca and Sanofi-Aventis" dice.

Incurre en error (querría decir "up to the mid-2000s") pues AZ se conforma en 1999, GSK en el 2000 y Sanofi-Aventis en el 2004.

Viene un período de tregua (cuatro tranquilos años) hasta el "amanecer" (en 2009) de una nueva oleada de consolidaciones.



Unos las defienden otros llevan la contraria...

Los primeros dicen que fueron/serán exitosas siempre que:

"...the target is chosen effectively and the combination is well handled"

Los detractores como Steve Arlington, Jefe de I&D en PwC, que sostiene:

"I have not seen value creation through pharmaceutical mergers in the past 10 years,"


Y las 5 lecciones:

1ª) "need to move quickly" in putting in place a new organisational structure in order to avoid protracted demoralisation
"You have to be aggressive, demanding and fast, or people start to retract and you lose a lot of energy and value-creating activities," Daniel Vasella.(Novartis)

2ª) "You can never communicate enough,"

3ª) “need to be radical”
"The most important lesson when you do a merger is to be really bold in creating change. Otherwise you will create an organisation that is twice as big, and just as unsuccessful. " Tachi Yamada (GSK)

4ª) “need to embrace change” in both the combined businesses, in spite of an im-balance in power
"Even if you say it's a pure acquisition, the acquirer and acquired are not the same any more. It's a big mistake if you don't use a large transaction to build a new entity." Daniel Vasella (Novartis)

5ª) “Cost-cutting isn't enough”
"A merger of equals would be significantly distracting for R&D. We have been building sustainable revenue by buying good businesses, but we will not buy companies just to take out costs. That distracts people." Andrew Witty(GSK)


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