Acquisition Strategies in European Emerging Markets

Cover......Page 1
Contents......Page 6
List of Tables, Figures and Appendix......Page 11
Acknowledgements......Page 13
Notes on the Editors and Contributors......Page 14
List of Abbreviations......Page 15
PART I: FDI IN EUROPEAN EMERGING ECONOMIES......Page 18
Introduction......Page 20
Context......Page 21
Acquisitions as a strategy of entry and growth......Page 23
Acquisitions and public policy......Page 24
The design of the study......Page 25
Structure of this book......Page 26
Introduction......Page 28
The re-emergence of market institutions......Page 29
Location advantages......Page 33
Trends in FDI inflows......Page 37
Conclusion......Page 41
Survey methodology......Page 44
The foreign investors......Page 45
Entry strategies......Page 48
Performance......Page 53
Conclusion......Page 55
PART II: ACQUISITIONS: BUSINESS STRATEGY AND ECONOMIC POLICY......Page 58
Introduction......Page 60
Entry strategies......Page 62
Acquisitions as an entry strategy......Page 66
Acquisition targets......Page 71
Conclusion......Page 74
Theoretical perspectives......Page 75
Comparative case analysis: synergy management......Page 77
Case conclusions......Page 80
Acquisition experience......Page 82
Introduction......Page 89
Challenging the vertically integrated European MNOs......Page 90
Fixed-mobile convergence......Page 92
Emerging industry, emerging markets, mergers and acquisitions......Page 95
The European MNO organizational challenge......Page 97
Conclusion......Page 100
Privatization policies......Page 101
Administrative barriers......Page 104
Administrative burdens on greenfield entries......Page 108
Conclusion......Page 110
Introduction......Page 111
Evaluation of the local business environment......Page 113
Institutions moderating acquisition strategies......Page 119
Enterprise restructuring......Page 124
The impact of foreign investments on the local environment......Page 127
Conclusion......Page 129
PART III: CASE STUDIES......Page 132
Introduction......Page 134
The emergence of the mobile communications market: 1990–93......Page 135
Growing in duopoly: 1994–99......Page 136
Three-player competition: 2000–05......Page 142
Conclusion......Page 148
The firms......Page 150
Entry......Page 154
Integration and restructuring of the acquired firm......Page 156
Performance......Page 161
Conclusion and interpretation......Page 162
Introduction......Page 164
The two firms......Page 165
Industry: Polish banking sector......Page 167
BCP’s entry......Page 168
Restructuring of Bank Millennium S.A.......Page 171
Subsidiaries......Page 176
Conclusion......Page 177
The firms......Page 178
Fit between the merging firms......Page 182
Acquisition strategy and negotiations......Page 185
Integration......Page 186
Evaluation of the merger......Page 190
Banking crisis of 1995–96: Lithuania......Page 193
The firms......Page 195
Integration and restructuring of the acquired firm......Page 202
Performance......Page 204
Post-entry developments......Page 205
Conclusion......Page 206
Introduction......Page 207
Central Eastern European oil industry......Page 208
The firms......Page 209
Fit between the merging firms......Page 212
Acquisition negotiations......Page 214
Integration and restructuring......Page 216
Evaluation of the acquisition......Page 219
Introduction......Page 220
Local environment: the Polish beer market......Page 221
Acquired firms......Page 222
Investment in modernization......Page 225
Carlsberg’s strategy in Poland......Page 226
Human resource development......Page 230
Cost reduction......Page 231
Conclusion......Page 232
Introduction......Page 234
The firms......Page 235
Entry......Page 240
The environment......Page 241
Integration and restructuring of the firm......Page 242
Conclusion and questions for future research......Page 247
The firms......Page 249
Fit between the merging firms......Page 251
Acquisition strategy and negotiations......Page 253
Integration......Page 255
Post-entry development......Page 257
Conclusion......Page 258
Case Sources and Notes......Page 259
References......Page 264
Index......Page 271