Wonders whether the unrelentingly high failure rate of cross‐border mergers and acquisitions (M&A) means the strategic role of M&A in the emerging global economy has been exaggerated? Asks various questions such as: is culture a myth? can culture affect M&A? and why is culture so fuzzy? Uses a two‐page panel to examine in detail the Swiss/Swedish multinational Asea Brown Boveri. Sums up that there is also an intangible aspect to culture, requiring an experiential knowledge to get things done.
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