Professional Documents
Culture Documents
Contents
Foreword 02
Executive summary 03
Survey findings 05
Pre-deal challenges 16
Post-acquisition challenges 25
Survey methodology 30
About us 32
Contact us 36
End notes 39
page 1
Foreword
Economists the world over Asia’s growth will be driven primarily by Understanding national and organizational
agree that Asia will drive global its twin economic powerhouses, China cultural differences is also vital to
economic growth over the and India, and will be buoyed by both a ensuring a positive deal outcome. A
next ten years, if not longer. resurgence in domestic consumer demand solid appreciation of cultural differences
According to the IMF, the and shifting demographic trends. At the same can make the identification of potential
region’s economies will grow time, two new tigers, Vietnam and Indonesia, operational synergies much easier,
by 7.5% in 2010, and are likely are emerging as powerful economies in their ultimately impacting the success of a deal.
to continue to accelerate through own right. Both are expected to grow by 6% in
2011 and beyond. 2010, outstripping predictions for their peers Another key area of concern is HR-related
across South East Asia. financial risk, including pension/benefit
In stark contrast, growth in the liabilities, severance costs, and change-in-
advanced economies is expected As a result, cash-rich Asian businesses control employment contracts. Employee
to hit just 2.6% in 2010, just over are increasingly undertaking cross- communication and change management
one third of what is predicted border acquisitions as they look to expand are also important issues to consider.
for Asia. operations abroad, acquire brands and
technology and seek new revenue streams. Indeed, Asian cross-border M&A bidders
Between 2005 and 2006, the number of clearly have their work cut out.
overseas acquisitions undertaken by Asian
bidders accounted for 13% of global cross- With this in mind, Mercer, a leading global
border purchases. However, between 2009 provider of consulting, outsourcing and
and the first half of 2010, that number almost investment services, and Kroll, the world’s
doubled to 25%, demonstrating the buy-side leading risk consultancy, commissioned
clout of Asian firms. mergermarket to produce Asia on the
Buy Side: The Key to Success. This report
As Asian bidders make their way onto the highlights the importance of addressing both
global stage, the challenges and perils of the human capital and risk management
target selection, pricing, due diligence, and issues during the dealmaking process. It
integration await them. These companies includes survey findings and insights from
must be mindful of a host of potential Mercer and Kroll consultants that readers
pitfalls, from understanding local labor laws may find both interesting and useful.
and legislative requirements to assessing
the background, reputation and integrity of
the target business as well as intangible
assets such as patents, trademarks, brand
names, and human capital.
page 2
Asia on the Buyside: THE KEY TO Success
Executive summary
■■ Greater China is the likely target area ■■ The riskiest regions for Asian bidders
for 49% of the companies saying that are Eastern Europe & Russia, Africa,
they will acquire overseas in the next 18 and Greater China. Respondents are
months. Respondents also said that they particularly concerned about bribery and
are most likely to complete a cross-border corruption in Eastern Europe and Africa,
transaction in North America (29%), as well as political or social unrest in the
South East Asia (27%) and India (22%). Middle East.
Very few respondent organizations (1%)
are planning on targeting a Japanese The hidden risks
business in the near future. Only 40% of Asian buyers surveyed viewed
their most recent cross-border transaction as
■■ Expansion into specific high-growth very successful or a complete success. Why?
economies abroad is the main reason
why Asian bidders want to acquire The importance of addressing HR issues
overseas. This expansion seems to be during a transaction
very dependent on the country in which ■■ Asian cross-border acquirers
page 3
■■ Compensation is one of the most ■■ Investigative due diligence provides
common and challenging issues for investors with intelligence to support
Asian buyers as they cross borders. negotiations. Of the 35% of respondents
Even within Asia, compensation is a who have always conducted investigative
complex matter. In Korea, for example, due diligence when dealmaking, 51%
seniority-based pay systems are common. note that the exercise ultimately resulted
In Japan, some companies must adhere in a restructuring of financial terms. A
to a strict ratio between the highest and further 29% explain that it resulted in
lowest paid employee. In China, there are a change in the management team.
government-mandated compensation Interestingly, more than nine out of ten
limits for all state-owned enterprises. (92%) respondents who restructured
a deal after conducting investigative
■■ Cultural differences should be due diligence went on to state that the
considered at the pre-deal stage. Most outcome of their deal was successful.
respondents (84%) state that they would
consider the implications of national and ■■ Singapore and Hong Kong-based
organizational cultural differences prior respondents considered their recent
to any deal announcement. cross-border transaction as the
most successful. Interestingly these
■■ Many organizations are aware of two markets, together with Australia,
the critical HR-related risks that were ranked as the top three users of
can emerge from a cross-border investigative due diligence.
transaction. Hidden costs such as
pension liabilities can just as easily ■■ Asian bidders tend to overlook critical
derail a deal as cultural issues if they issues that can impact long-term
“Only 40% of Asian are not properly investigated before the deal success. Despite almost 75% of
buyers surveyed viewed deal is signed. Some 55% of respondents respondents noting that they always,
point to HR-related financial risks as or at least have considered, conducting
their most recent cross- one of the key areas they examine investigative due diligence in the past,
during due diligence. they have often overlooked critical
border transaction risk issues such as the integrity of key
as very successful or Investigative due diligence exposes employees (17%), management team’s
hidden risks and potential deal-breakers track record (4%) and exposure to
a complete success. ■■ Conducting investigative due diligence regulatory risks (1%).
has a positive impact on deal outcome.
Why?” Of those respondents who have ■■ Fraud, an impediment for Asian
undertaken investigative due diligence bidders. While identifying instances of
during their most recent cross-border fraud pre-deal is critical, it is equally
M&A, almost 82% report that their important to watch for signs of wrong
acquisition was ultimately either ‘very doing once a transaction has been
successful’ or a ‘complete success’. Of completed. In their most recent cross-
those respondents who noted their most border transaction, 47% of respondents
recent cross-border transaction was not uncovered fraud post-close, causing
very successful, 54% said that they would them to renegotiate or exit.
allocate more time to investigative due
diligence in the future.
page 4
Asia on the Buyside: THE KEY TO Success
Survey findings
Asia-Pacific’s M&A landscape
Asian cross-border M&A activity Greater China and North America are
is expected to rise over the next the most likely destinations of Asian
18 months cross-border acquirers…
What do you expect will happen to the level Which geographic region do you expect Asia-
of Asia-Pacific cross-border M&A activity over Pacific cross-border acquirers to aggressively
the next 18 months? target over the next 18 months?
3%
Greater China 47%
Increase significantly
38% North America 30%
Increase slightly
South East Asia 25%
Remain the same India
14% 23%
Decrease slightly Australasia 13%
Eastern Europe
& Russia
10%
Africa 8%
South America 6%
Middle East 6%
Western Europe 4%
Japan 3%
45%
0 10 20 30 40 50
Percentage of respondents
(Respondents may have selected multiple answers)
The general consensus (83%) amongst survey respondents is that Close to half (47%) of respondents believe that the bulk of Asia-
Asian outbound M&A activity will continue to rise over the next 18 Pacific cross-border acquirers will target assets located in Greater
months with more than a third anticipating a significant increase. China, owing, as one respondent put it, to “its great potential in
In contrast, just 3% think that cross-border deal flow from the terms of economic clout, rising domestic income, consumption
region will decrease. levels, and political stability”.
One bullish respondent explained, “Asian companies are now A further 30% of respondents believe the majority of Asian buyers will
stronger and bigger, and are looking to take their businesses to target North American businesses, due in part to a weakening US
the next level. Therefore they will now increasingly look to acquire dollar. According to another respondent, “Many US companies are ripe
companies, especially in the US and Europe, as they look to for acquisition primarily because they are so cheap at the moment”.
expand market share abroad”. Another commented that, “More
Asian businesses are striking cross-border deals to benefit from Less than 10% of respondents feel that Asian buyers will acquire in
synergies and efficiencies”. Africa, South America, the Middle East, Western Europe and Japan.
47%
of respondents said Greater China is the region where they
expect Asia-Pacific cross-border acquirers to aggressively target
over the next 18 months.
page 5
A case study of success –
a personal perspective
In June of 2007, Four Dimension, a Beijing- Mercer: What motivated you to undertake We also experienced many management
based, private Chinese manufacturer of this transaction? conflicts, at least initially. We sent Chinese
security vehicles acquired Johnson Security Wang Shan: The technology and brand equity managers to oversee the operation; however,
Ltd, a London-based manufacturer of of foreign cash-in-transit (CIT) vehicles far various decisions made by Four Dimension
specialized vehicles, to form FD-Johnson, outpaced that of our Chinese counterparts. managers resulted in several senior Johnson
with Four Dimension taking over Johnson’s However, unlike producing mass market managers submitting their resignations. We
customers and manufacturing facilities. passenger vehicles, building CIT vehicles is eventually made compromises, including
While Johnson at one time commanded an extremely labor-intensive process due bringing our management team back to
more than 85% of the armored vehicle to their customized nature. Therefore, the China and naming an original Johnson
industry in the UK, rising production cost of building CIT vehicles in developed executive as general manager.
costs had resulted in a drop in market countries such as the UK is extremely high.
share, which Four Dimension saw as a I believed that combining Johnson’s brand Mercer: Did you encounter any cultural
substantial opportunity. and technology with our cost advantages differences between the two businesses?
would create a strong opportunity to develop Wang Shan: One of the immediate
The deal got off to a poor start, with several vehicles for both the domestic Chinese and differences we noticed was that most
high-level Johnson managers resigning. European markets at a lower cost. employees at Johnson had more than 10
But with 2009 revenues more than double years of service at the company, compared
similar figures for 2006, the transaction is Mercer: What were the biggest challenges with only two to three years on our side.
now viewed as a major success. you encountered during the transaction or Recommendations from us were usually
in the integration? met with, “Why should we change, we’ve
Mercer spoke with FD-Johnson’s CEO, Wang Shan: We faced many challenges; always done it this way,” from our British
Wang Shan, to learn more about his the majority of which were related to employees, meaning that implementing
experience, the challenges he faced people. First, Four Dimension has a new processes and protocols was even
during the deal, as well as the post- relatively short history. We did not have the more difficult.
deal integration efforts that led to the talent pool or management capabilities
deal’s success. of a multinational company. As such, we Mercer: What advice do you have to give
experienced many difficulties building trust to potential Asian bidders looking to
between our Chinese managers and the acquire abroad?
Johnson employees from the very start. Wang Shan: In our next acquisition abroad,
Johnson’s staff thought we were there to I would not send a team to integrate or
steal their technology and that we would make changes to existing operations after
leave once that knowledge was transferred, the transaction. In this deal, we attempted
resulting in mass redundancies. Employee to change too many things and as a result
communication was very poor. created a great deal of chaos for everyone
in the months following the close of the
Also, it was difficult to make changes. As deal. Next time around, I will do nothing and
a private company in China, I can change allow things to go through a stable transition
corporate policies such as compensation, period to ensure that I gain the confidence
with relative ease. However, in the UK this of the staff, management, suppliers,
was difficult. For example, I attempted customers, and all the other stakeholders at
to change our factory employee’s salary the target company.
structure to incorporate a variable
performance-based portion. In doing so, I
proposed that we take away a portion of total
fixed pay and make it performance-driven
with a larger upside. This was resisted by
both employees and the management team.
page 6
Asia on the Buyside: THE KEY TO Success
page 7
Organizations from Greater China are investing
locally…
Percentage of Mainland Chinese respondents who are likely to CEO compensation across borders
undertake an acquisition in the following target regions over the
next 18 months
Hong Kong, Taiwan & Macau 68% Do any of your direct reports make more money than you do?
In a recent transaction, we negotiated a retention plan as well
North America 28%
as the target CEO’s compensation on behalf of a Chinese
India 24% acquirer. This target company was listed in Australia and its
South East Asia 24% CEO’s total pay was more than 10 times that of the acquirer’s
CEO – a very interesting but potentially difficult situation.
Africa 8%
Australasia 8% One of the most common and challenging issues for Asian
Eastern Europe & Russia 8% buyers during cross-border acquisitions is the issue of
Western Europe 4% compensation. Even within Asia, compensation is complex.
In Korea, it’s common to see a seniority-based pay system. In
Japan 0% Japan, companies are sometimes bound by a strict ratio between
South America 0% the highest and lowest paid employee. China has government-
mandated compensation limits at all state-owned enterprises.
…while 75% of Indian organizations are looking
to the Americas… In the US, 53% of a CEO’s total compensation is at risk, with the
majority of it tied to long-term measures. Contrast that with
Percentage of Indian respondents who are likely to undertake the typical CEO of a Chinese red chip (state-owned) company,
an acquisition in the following target regions over the next where the CEO has virtually zero percent of his/her salary in
18 months long-term incentives. This may not make much sense until you
North America 50% understand that CEOs at Chinese state-owned enterprises are
often political appointees, and are rotated when his or her term
South America 25%
is reached. Therefore, the concept of a long-term incentive plan
Pakistan & Sri Lanka 25% does not fit in most circumstances.
Africa 17%
So how do you harmonize these pay programs? More often
Australasia 17%
than not, the answer is you don’t. You need to rely on local
Eastern Europe & Russia 17% market benchmarks to obtain the most competitive talent,
Greater China 17% which often means working outside your comfort zone.
Middle East 17%
Garry Wang, Greater China M&A Leader,
Western Europe 8% Mercer’s Global M&A Consulting Business
Japan 0%
South East Asia 0%
...and Australian companies continue to build a Asia-Pacific CEO median total direct
presence in North America and South East Asia. remuneration in general industry companies
80
South East Asia 33% 30%
compared to the US
page 8
Asia on the Buyside: THE KEY TO Success
Eastern Europe and Russia are seen as the riskiest regions for cross-border
M&A, mainly due to bribery concerns
When asked to rate the various risks associated with cross-border At the same time, respondents rank financial market/economic
M&A in different regions, respondents score Eastern Europe & instability as the greatest concern to cross-border acquirers, giving
Russia at the top, giving it an average rating of 61 out of a possible it a total score of 77 out of a possible 110. Undisclosed liabilities and
70. Greater China and Africa came not far behind, both with a score political and social unrest also rank fairly high. On the other hand,
of 58. On the other hand, Australasia, Japan and Western Europe all respondents are less concerned with risk of labor unrest, which
emerge with scores of less than 35. scores less than 70.
*The map above indicates the level of risk Eastern Europe & Russia
perceived by respondents during their most
recent cross-border acquisition. The darker Greater China and Africa
the color, the riskier the market.
Middle East
India
South America
South East Asia
Noth America
Australasia
Japan
Western Europe
Each year, more Asian companies are expanding their horizons As Asian companies search and compete for the best deals around
and moving into new markets around the world – but that growth the world, they are facing new challenges, such as:
comes at a price.
■■ Making deals in unfamiliar jurisdictions
Many companies in Asia count among the world’s most successful ■■ Operating in different economic, political, business and
and fastest-growing because they are active globally. They are legal environments
increasingly looking overseas to secure more resources, customers, ■■ Complying with different regulations that have severe
efficiencies and greater diversification. consequences if violated
■■ Coping with an unstable global economic environment that can
Every region around the world is benefiting from their growth. make predictions almost impossible, even in the short term
For some, such as Africa, Asia is already the largest source
of investment.
page 9
Survey findings
Asia-Pacific’s M&A landscape
The challenges
page 10
Asia on the Buyside: THE KEY TO Success
Region Region
Eastern Africa
Europe &
Russia
Rank 1 Rank 1
• Bribery & corruption • Bribery & corruption
Rank 2= Rank 2
• Undisclosed liabilities • Political/social unrest
• Political/social unrest
Rank 3 Rank 3
• Financial market/economic instability • Financial market/economic instability
Region Region
Greater Middle East
China
Rank 1 Rank 1
• Protectionism • Political/social unrest
Rank 2 Rank 2
• Undisclosed liabilities • Ineffective IP regimes
Rank 3 Rank 3=
• Ineffective IP regimes • Financial market/economic instability
• Undisclosed liabilites
• Protectionism
Region Region
India South
America
Rank 1 Rank 1
• Bribery & corruption • Political/social unrest
Rank 2 Rank 2=
• Undisclosed liabilities • Undisclosed liabilities
• Bribery & corruption
Rank 3 Rank 3
• Financial market/economic instability • Financial market/economic instability
page 11
Survey findings
Asia-Pacific’s M&A landscape
2. Protectionism
In our survey, Russia and Greater China It is also important to note that Of course Asia Pacific is a region that has
received the highest scores for protectionism. protectionism does not only exist on had its own share of political and social
a country level, and that pre-deal due unrest, and companies here understand the
In Russia, protectionist measures have diligence also includes an analysis of economic consequences of this. They also do
certainly increased during economic crises. what is happening at a local level. In many not need to be told that perceptions gained
A recent controversial hike on tariffs for instances, local protectionism and local from a distance do not always match reality.
imported vehicles into Russia in order to corruption go hand in hand.
protect the local car industry was not at all Countries that are currently receiving
popular in Asia, especially in Japan. Protectionism may be something that publicity for political and social instability
currently benefits a potential acquisition include: Kenya for its community unrest;
South America also scored poorly in this target, yet equally may not continue for Venezuela for nationalizing its industries;
category. Some South American countries much longer, due to an upcoming political Thailand for its political turbulence and
have been involved in bitter disputes with or regulatory change. Protectionism may acts of civil disobedience; and Mexico for
China over trade-related protectionism. In also be something that will cause difficulties numerous cases of kidnapping and violent
2009, the Argentine authorities launched for a foreign company when it tries to make crime. However, there are Asian companies
18 anti-dumping investigations against an investment or acquisition. Forewarned is enjoying considerable success in each of
Chinese products, accounting for 64% of all certainly forearmed. these countries because they invested the
similar measures taken in the whole of Latin time to research and understand the risks.
America. Cases of commercial protection 3. Political/social unrest
filed in Argentina against Chinese products 4. Fraud
have doubled every year from 2007 to 2009. Many respondents identified political and
social unrest as a key risk when investing in A worrisome finding from the survey was that
Among the more developed economies, the Middle East, Eastern Europe, Russia and 47% of the Asian respondents who detected
Australia also scored poorly. Perhaps Africa. This was partly based on experience fraud within the company they acquired only
Australia’s score was influenced by such and partly on perception. discovered it after the deal was closed. Of
high-profile incidents as the failed Chinalco- the 53% who detected it pre-close, most took
Rio Tinto deal. However, Australia has First-hand experience provides the most redemptive measures and then proceeded
benefited enormously from China’s inward accurate but also the most painful lessons. with a much more favorable deal.
investment, and protectionism is not There is no doubt that Asian companies
considered endemic. have felt the consequences of social unrest When fraud is detected post-close, it is
caused by their investments. For example, for two reasons: a lack of due diligence
On a country level, it is important to the Financial Times recently reported pre-close, or it is a new fraud that occurred
understand the country’s existing policies, that a popular backlash against Chinese post-closure.
the facts behind recent incidents, and why investment in uranium-rich Niger led to
protectionist policies might change. the toppling of the government. As a result,
the deposed president Mamadou Tandia
“became the first African leader whose
downfall could be traced directly to his
embrace of Chinese suitors”.
page 12
Asia on the Buyside: THE KEY TO Success
Region Region
South North
East Asia America
Rank 1 Rank 1
• Bribery & corruption • Financial market/economic instability
Rank 2 Rank 2
• Protectionism • Undisclosed liabilities
Rank 3 Rank 3
• Political/social unrest • Labor unrest/risks
Region Region
Japan Australasia
Rank 1 Rank 1
• Undisclosed liabilities • Protectionism
Rank 2 Rank 2=
• Financial market/economic instability • Financial market/economic instability
• Undisclosed liabilities
• Bribery & corruption
Rank 3
• Protectionism Rank 3
• Labor unrest/risks
Region
Western
Europe
Rank 1
• Labor unrest/risks
Rank 2
• Financial market/economic instability
Rank 3
• Protectionism
page 13
Survey findings
Asia-Pacific’s M&A landscape
page 14
Asia on the Buyside: THE KEY TO Success
Survey findings
Why do companies acquire?
To expand into
specific high-growth 50% A substantial proportion of respondents were not convinced by
economies abroad
the eventual outcome of their most recent cross-border acquisition,
To acquire know-how/
technology
34% with 50% stating that the deal was ‘quite successful’. Meanwhile,
40% were confident that their most recent acquisition was either ‘a
To achieve economies of
scale & lower costs 33% complete success’ or ‘very successful’. One in ten respondents rated
the outcome of their most recent acquisition as unsuccessful.
To acquire brands 32%
To acquire a competitor/
counter a competitor's It is interesting to note that:
18%
M&A strategy ■■ Singapore and Hong Kong-based respondents considered
To diversify a portfolio
5%
their deals the most successful with 50% and 47% respectively
To benefit from low
rating their transactions as very successful. On the other hand,
corporate valuations/ 5% Korean and Japanese respondents were the least bullish, with
distressed opportunities
just 27% and 18% respectively rating their deals similarly.
■■ Companies undertaking larger (US$100m plus) transactions
0 10 20 30 40 50
Percentage of respondents tend to more effectively realize their M&A aims than those
(Respondents may have selected multiple answers)
conducting sub-US$100m acquisitions. 58% of respondents
who spent more than US$100m on a cross-border acquisition
Exactly half of respondents believe that Asian cross-border rated their deal as ultimately very successful. In contrast, just
acquisitions over the next 18 months will be driven by an interest 33% of those who invested less than US$100m rated their
in expanding into specific high-growth markets, while 34% think transaction similarly.
the main driver will be a desire to acquire technological expertise. ■■ Employing experienced M&A teams seems to have a small but
Conducting M&A in order to acquire brands and lower costs also discernible impact on deal outcomes, with 46% of respondents
featured prominently, with 32% and 33% of respondents mentioning who state that their deal origination and execution teams are
these factors respectively. very experienced, going on to say that their transaction was very
successful. This level of success falls to 36% when M&A teams
Conversely, portfolio diversification and benefiting from distressed are described as quite experienced.
opportunities featured poorly as reasons for cross-border M&A, with
just 5% of respondents each listing these two drivers as a primary
factor steering Asian cross-border M&A transactions. Capturing high-growth
opportunities, acquiring
technological know-how
and brands and lowering
costs are all important
50%
of respondents said expansion into specific high-growth
drivers of Asian cross-
economies abroad would drive the majority of deals. border M&A.
page 15
Survey findings Survey findings
What constitutes a successful Pre-deal challenges
transaction?
What were the most important measures of When undertaking a cross-border M&A
success in terms of your most recent cross- transaction, how important a consideration
border transaction? are intangible assets?
1%
2%
Retention Neutral
of customers 30%
Unimportant
Detailed understanding
of the target entity 27% Not important at all
Leadership retention
and transition 23%
Rapid integration
of operations 14%
50%
0 10 20 30 40 50
Percentage of respondents
(Respondents may have selected multiple answers)
Of survey respondents, 42% believe that the most important 89% of respondents view intangible assets such as human capital,
measure of a successful cross-border deal is paying the right patents, trademarks, and brand names as important considerations
price, while 30% suggest that the number of customers retained when conducting cross-border M&A, with 39% believing that they
is the most crucial success metric. are very important considerations. Only 3% of those polled thought
of them as unimportant.
One respondent suggested that the most important measure of
success was whether the bidder/target company’s reputation is A bidder’s view of the importance of intangible assets is that they
maintained over the deal process. Another respondent pointed to appear to impact final deal success. 41% of respondents who say
staff retention as the most crucial yardstick. that they believe intangibles are important go on to judge their
transactions as very successful.
investors miss?
page 16
Asia on the Buyside: THE KEY TO Success
When asked to list the three most important value creating factors in There are three key factors to help an organization achieve
a cross-border transaction, one word stood out: valuation. merger success, and people issues play an important part
in each:
Other factors that struck a chord with respondents include: having
a deep understanding of the target company; the underlying deal ■■ Business logic – Why are we doing this transaction and
rationale; the acquisition of technological know-how; transparent what needs to occur for it to be considered a success?
regulatory processes; and stable, affable governments in target ■■ Price paid – What is the economic baseline and what
countries. Here is a selection of some respondent comments: improvements in post-merger performance do we need to
see in order to pay any premium in price?
■■ “Not over-paying is the key. Also, having the right people in the ■■ Integration – How do we translate the strategy to merge or
integration team and spending enough time to actually resolve acquire into real value?
the problems.”
■■ “Understanding the market, and the culture of employees and Business logic
the company are the three most important factors that Before beginning work on a cross-border deal, it is critical
determine value-creation from a cross-border transaction.” to understand the strategic objective behind it. This will enable
■■ “Trust and understanding of the culture is the most the team to develop an appropriate approach for the deal
important factor.” (e.g. due diligence and the integration processes) and measure
■■ “Accessing better technology is the most important factor when their success.
determining value-creation from a cross-border transaction.”
Price paid
A business’s growth strategy determines how the organization
identifies targets. It also determines how an organization
approaches the financial side of a deal. Structuring acquisitions
will have people implications, which need to be reflected in the
approach to due diligence and integration planning.
Integration planning
Even before a deal is confirmed, begin thinking about how
to integrate the target into the acquiring organization.
Understanding early in the deal process the type of deal this will
be – asset vs stock – and the integration strategy for the deal –
full vs partial – will be important through the life-cycle phases of
the deal. Integration planning should include this understanding
and reflect key findings from due diligence. Planning the
integration of the two organizations, and then implementing
those decisions, are both critical steps in realizing deal success.
page 17
Culture matters in M&A: Driving
Survey findings greater value from your deal
The role of HR and risk
Organizational cultural differences and people integration
management pre-deal issues consistently top the list of significant challenges in
conducting successful transactions. Failure to accurately
assess and effectively manage these issues results in lost
time, missed synergies and diminished value. For many, this
means that national and organizational cultures must be
understood and managed in a thoughtful, structured, practical
and value-adding way; both before the transaction and
3. Bidders from Asia Pacific should throughout integration.
address cultural differences before
In any deal, the speed of integration and synergy realization rely
deals are announced heavily on the two organizations understanding each other’s
culture and how the companies operate: the similarities and
When looking to undertake a cross-border differences, the opportunities and risks; as well as identifying
acquisition, do you consider the implications of the actions required to align respective ‘ways of working’ toward
national and organizational cultural differences what is required for future business success.
at the pre-deal stage?
Mercer recently conducted cultural integration research
2% with a number of leading organizations (including Microsoft,
84%
Yes MillerCoors, and BAE Systems) that were actively leveraging
No
culture to accelerate value creation in their transactions.
Several themes consistently emerged:
14% Dependent upon
nature of deal ■■ Align leaders early. Claiming and demonstrating alignment are
two very different things. Identify the desired culture early (well
before close) to guide the path of change. Ensure adequate
time is provided for leaders (from both organizations) to debate,
confirm and clearly articulate the behavioral patterns required
to achieve the promise of the deal.
■■ Launch with clarity. Take an early stand on what the
assessed during the critical pre-deal stage. particular behaviors, select the drivers (factors that
influence behavior) that will have the greatest impact on the
Survey respondents strongly agree on the importance of understanding culture change that is needed.
cultural differences at the pre-deal stage, with 84% stating that they ■■ Choose words carefully. Time and again, it is the language
would consider the implications of national and organizational cultural used in a transaction that is key to ensuring alignment of
differences prior to any deal announcement. First-time buyers should effort. Be deliberate about choosing and reinforcing the
consider these comments stated by the survey respondents: ‘appropriate’ language and terminology. The same words
can have very different meanings across countries and their
■■ “A good understanding of cultural differences makes the organizations. It is important to take the time needed to
identification of potential operational synergies a lot easier, understand what is being referenced.
ultimately impacting the overall success of the deal.” ■■ Track and celebrate progress. Measurement is the best
■■ “It is very important to consider cultural differences. I’ve come understood (and least-leveraged) integration lever. Track
across many instances where, because of cultural mismatches, early signs that your organization is changing in the
an M&A transaction was unsuccessful – especially in China, ways intended. Identify digestible integration metrics and
where culture plays a very important role.” measure and reinforce them with vigilance. Recognize and
■■ “It is quite obvious that without considering the implications of visually celebrate achievements during integration and at
cultural differences, and without having the opportunity to mitigate the six-month and one-year anniversaries.
their negative effects, the chances of a successful deal completion
Ake Ayawongs, ASEAN M&A Leader
will fall dramatically. This is something that I’ve personally
Mercer’s Global M&A Consulting Business
witnessed on a number of occasions.”
page 18
Asia on the Buyside: THE KEY TO Success
70
60 2% 32%
phase, but only 47% of
Percentage of respondents
21%
54%
50
3% 42%
5%
7%
43%
companies say they felt
these issues were relevant
40
38% 2%
2% 35%
30 30% 30%
29%
0
Target Strategy Financial Due Sale & Announc- Do-by- Post-merger
Selection & Planning model/ Diligence Purchase ement close/ Integration
Valuation Agreement Integration
Negotiation Planning
page 19
Survey findings
The role of HR and risk management pre-deal
page 20
Asia on the Buyside: THE KEY TO Success
In your most recent cross-border acquisition, was The majority of respondents (67%) rated their risk management
there a dedicated M&A integration team in place? teams’ performance as either very good or excellent. HR teams also
got the thumbs up from a cumulative 52% of respondents. However,
while respondents are broadly positive on the performance of their
HR and risk management teams, a large majority acknowledges
70% Yes that improvements could have been made. From their comments,
No three broad themes emerged.
page 21
Survey findings
Due diligence: A critical factor
What key areas, if any, did you focus on when In M&A, due diligence forms the base upon which a number of
conducting due diligence? critical decisions – both strategic and operational – are made.
The process can uncover issues and risks that may justify
HR-related
financial risks 55% a change in the proposed purchase price, or even steer the
Cultural
considerations
35% buyer away from an organization entirely.
Restructuring 32%
opportunities
Retention issues 30% While few would argue with the necessity of robust financial
Indentification of potential due diligence, many buyers in Asia Pacific neglect to properly
synergies from HR operations 25%
investigate the human capital issues that can lead to costly
Integrity of key employees 17%
surprises and seriously hinder post-deal integration.
Reputation of target company 14%
HR infrastructure, systems
and processes 9% Our recent cross-border M&A engagements have encountered
Governance structure 8% numerous HR-related issues that are critical to pricing and/or
The background and reputation 6% the ultimate success of the deal. Examples include:
of other fund providers
Management team's ability 6%
Management team's ■■ Change-in-control provisions in executive contracts
track record 4%
Management team's
■■ Stock option plans in the US which form a significant part of
2%
government interests executives’ total compensation and which need replacing in
The exposure to FCPA or
other regulatory issues 1% a carve-out situation
0 10 20 30 40 50 60 ■■ Significant risk of critical employees leaving the company
Percentage of respondents due to compensation or other considerations
(Respondents may have selected multiple answers) ■■ Employee protections under the European Acquired Rights
Directive
The primary purpose of due diligence is to ensure that no material ■■ Lengthy notice period requirements and expensive
‘surprises’ emerge once the deal has been signed. In many respects it severance provisions in European situations, where cost
can be regarded as the most crucial part of any transaction. synergies are the key deal value driver
■■ Defined benefit pension liabilities and associated issues
Despite this, many organizations fail to hunt for key HR-related with trustees and regulators in the UK
risks that can emerge from a cross-border transaction. Hidden ■■ Statutory termination payments in Asia which are unfunded
costs, such as pension plan liabilities, can easily derail the deal. It is and need to be reserved in the target’s balance sheet
essential that companies investigate them before the deal is signed. ■■ Compliance-related issues with social security and
employment law in a number of developing countries
For 55% of respondents, HR-related financial risk is one of the key
areas examined during due diligence. HR-related financial risk HR representatives are appearing more frequently at the table
includes pension/benefit liabilities, severance costs, and change- with their colleagues from finance, legal, operations and other
in-control provisions in employment contracts. A further 35% testify functional areas during the early stages of discussion and
that they look into the cultural aspects of the takeover. However, less decisions. This is a welcome development, given the importance
than 20% say that they investigated the integrity of key employees or of the people-related issues in cross-border situations.
the reputation of the target company.
Phil Shirley, Hong Kong M&A Leader,
One respondent noted that the most important HR-related due Mercer’s Global M&A Consulting Business
diligence task is to look at HR-related financial issues in order to
extract maximum value from potential synergies. Another, who
highlighted cultural considerations, went on to say that, “It’s very
important to find out how much work needs to be done in order to
bring the two parties together post-deal in order to properly value
the target”.
page 22
Asia on the Buyside: THE KEY TO Success
Just under three quarters (74%) of respondents state that they Have you ever used or considered conducting
have conducted, or have considered conducting due diligence investigative due diligence in order to detect
during previous exercises, with 35% of those polled stating that hidden risks?
the process is a crucial component of dealmaking. However,
26% have never conducted due diligence, or have never
encountered it before. 35% Have always
used investigative
9%
due diligence
Have occasionally
considered/conducted
investigative due diligence
Never considered/
conducted investigative
17% due diligence
liabilities, imminent
litigation, loss of key staff
or intellectual property
Investigative due diligence has a positive effect on deal outcome:
to competitors, and other Almost 82% of respondents who have undertaken investigative due
diligence went on to state that the outcome of their transaction was
issues the target company very successful.
may not have disclosed Interestingly, respondents from Singapore, Hong Kong and Australia
were the top three users of investigative due diligence.
which will have a material
Of those respondents who have noted their most recent cross-
impact on how the border transaction was not very successful, 54% said that they
would allocate more time to conduct investigative due diligence in
company should be valued. the future.
page 23
Survey findings
Due diligence: A critical factor
What is investigative due diligence?
Case study:
A private equity fund considering investing in a Sri Lankan
… justifiably perhaps, considering tea plantation called Kroll to investigate the plantation and its
the amount of intelligence such due promoters to ensure that there was no history of fraud, and
that they operated in a compliant and ethical manner. Kroll
diligence yields identified that the tea plantation and the individuals associated
with it did not exist and concluded that the entire issue was an
If you have conducted investigative due diligence elaborate fraud.
in the past, has the intelligence ever resulted in
any of the following? In a typical M&A transaction, the investor will approach the
due diligence process from the following three different
perspectives: (1) legal; (2) financial; and (3) investigative.
Legal and financial due diligence have much in common. In
A restructuring
56% particular, they are both document-intensive and they both
of financial terms
rely on information provided by the target. Investigative due
diligence differs from legal and financial due diligence in two
A restructuring of a
25%
very important respects: content and methodology.
management team
Content
An understanding
of the strategy
24%
Combining public record research and human source
of other current
or past bidders
inquiries investigative due diligence aims to seek out
information on issues such as management background,
An exit from a competing bidders, company reputation, ethical track record,
proposed 21%
transaction regulatory compliance, market conditions, hidden interests,
environmental liabilities and non-disclosure of material facts.
0 10 20 30 40 50 60
92%
of respondents who restructured a deal after
and effort has been invested in the transaction.
page 24
Asia on the Buyside: THE KEY TO Success
Survey findings
Post-acquisition challenges
In your experience, what are the key What types of retention programs have you
HR/investigative issues to tackle when typically implemented for key employees?
integrating a new acquisition?
New position/broader
Employee retention 37% role in the company 31%
Alignment of compensation
and benefit programs 30% Career development 28%
Development of new
business strategy with joint 14% New position/broader role 26%
management team in acquirer's group
Alignment of governance
structure from group 11% Participation in key
managment perspective integration activities 17%
Development of new
IT infrastructure, 8% Participation in new
systems & processes business strategy 8%
development initiative
Existing issues of employee
wrong doing/fraud 3%
None 3%
Development of integration
PMO at early stage 2%
of the post-deal 0 5 10 15 20 25 30 35 40
Introduction of fraud and
compliance controls 1% Percentage of respondents
(Respondents may have selected multiple answers)
0 10 20 30 40 50 60
Percentage of respondents
(Respondents may have selected multiple answers)
Identifying and retaining key employees is a complex challenge that
is critical to sustaining profitability gains. Without these current and
future leaders, high performers, key contributors and those with
Aligning different organizational cultures with the acquirer’s scarce critical skills or knowledge, future success will be at risk.
business strategy is critical for success. 60% of respondents agree. Therefore, companies must develop strong retention strategies to
Most companies, however, find this alignment difficult to achieve. ensure that key employees remain motivated and engaged, and that
they remain with the enterprise.
Almost half (45%) believe that employee communication and change
management are fundamental issues to tackle. More than one third 39% of respondents stated that they implemented employee
of respondents also point to organizational culture as a key area for retention programs that paid cash to employees at certain
due diligence. This indicates that most companies understand that milestones. As one person quipped, “Money always works!”
failure to accurately assess and effectively manage this issue results
in lost time, missed synergies and diminished value. In addition, just under one third of respondents offered equity
participation programs, increased fixed or variable remuneration,
Effective communication during periods of change is another critical or offered new positions and/or broader roles to employees. At the
issue. Rumors, misinformation, and speculation can take root other end of the spectrum, less than 5% of respondents failed to
during periods of change, affecting both morale and productivity. offer any type of employee retention program.
Attention to communication over the deal life cycle can be an
effective antidote.
39%
of respondents stated that they implemented employee
retention programs that paid cash to employees at
certain milestones.
page 25
Survey findings
Post-acquisition challenges
If you have used employee retention programs, What are the biggest barriers to the successful
how successful have they been? engagement and integration of employees?
Career
development 61% 10%
Resistance
Cash amounts payable to change 39%
at certain milestones 49% 3%
Increased fixed/
variable compensation 46% 5%
Participation in Career
key integration activities uncertainty 38%
43% 5%
Participation in new business
strategy development initiative 40% 8%
New position/broader Remuneration
role in the company 37% 10% 28%
prospects
New position/broader
role in acquirer's group 36% 5%
Equity
participation 30% 8% Unclear deal
rationale 12%
None 2%
1%
0 10 20 30 40 50 60 70 80 0 5 10 15 20 25 30 35 40
Percentage of respondents Percentage of respondents
(Respondents may have selected multiple answers) (Respondents may have selected multiple answers)
Money isn’t the only tool for retaining and motivating key talent. The change and stress of a transaction can negatively impact
Many organizations find that a total rewards approach that includes employees creating anxiety, disappointed customers, delayed
career development opportunities serves equally well if not better. product launches and lower service levels. These problems are
exacerbated by the pace of the deal and the dynamics involved in
Some 71% of respondents rate career development initiatives the new distribution of power, control and resources. If managed
as either successful or very successful in retaining employees, poorly, such changes can damage productivity, erode employee
ahead of milestone cash payments (52%) and increased fixed engagement, and delay value creation. If managed well, however,
or variable compensation (51%). At the other end of the scale, change can do the opposite.
giving employees the chance to participate in business strategy
development, allowing equity participation, or simply doing nothing, Respondents believe that the biggest obstacles to employee
were cited as less successful in retaining employees. engagement are resistance to change (39%) and career uncertainty
(38%). Remuneration prospects trails at just 28%, while only 12% judge
that an unclear deal rationale is the largest obstacle to overcome.
71%
of respondents rate career development initiatives as either
successful or very successful in retaining employees.
page 26
Asia on the Buyside: THE KEY TO Success
Survey findings
Post-acquisition challenges:
Dealing with fraud
5. Face-to-face meetings are the most 6. Close to half of those respondents who
effective means of communicating uncovered fraud in their target company
with employees did so after the deal was completed
What channels are utilized for employee If you uncovered fraud at the target company
communications during a cross-border M&A during your most recent outbound acquisition, at
transaction and which are most effective? what stage of the investment cycle did this occur?
Email 64%
Telephone
35%
conferencing
Video
conferencing 30%
Print 17%
53%
0 20 40 60 80 100
Percentage of respondents
(Respondents may have selected multiple answers)
Effective communication is essential when managing people during Of those respondents who uncovered evidence of fraud taking place
periods of organizational change. Responsive people strategies at their target company, a sizable 47% of them mention that this
help employees to successfully navigate these periods. Effective fraud was only discovered after the transaction had completed.
communication can encourage employees to let go of the past and
embrace the way forward, allowing the organization to realize the Of those respondents who discovered fraud post-deal close, 38%
value of the deal sooner. of them go on to say that the bidder exited the transaction before
ultimate deal completion, with the remainder (62%) saying that the
Getting communication right also helps to mitigate other M&A risks discovery of fraud resulted in changes being made to the terms of
— the loss of key talent, diminished customer service and satisfaction, the transaction. This contrasts with respondents who uncovered
a lack of confidence in leadership, and increased resistance to fraud at the pre-deal stage, the majority (87%) of whom undertook
change. redemptive measures, such as altering deal terms, to mitigate its
effects. Only 13% of respondents who unearthed fraud pre-deal
More than four of every five respondents believe that face- close, ended up exiting the transaction.
to-face meetings are the most effective method of employee
communication during an M&A transaction; email communication What the respondents said:
and video-conferencing follow at 64% and 30% respectively. On the ■■ “Yes, we discovered fraud during the post-close stage and we
other hand, a mere 17% of respondents think that print is the most ended up exiting from the deal.”
effective manner of communicating. ■■ “Yes, we discovered fraud at the target company at the post-close
teams”. Another writes that, “In addition to regular meetings, we had to renegotiate the deal to mitigate its deleterious effects.”
communication sessions and team-building exercises should be
used to ensure buy-in from the target’s management”.
page 27
Survey findings
Lessons learned: Ensuring deal success
What would you do differently to ensure the In terms of time and effort expended pre-deal,
success of a future cross-border M&A acquisition? how would you change your time and resource
allocations across the different areas of due
diligence?
3% 4%
The most popular responses to this question tended to revolve 100 6% 8% 9% 15%
57%
around four main issues: (Respondents may have selected multiple answers)
54% 55%
63%
59%
61%
80
■■ Encouraging HR teams to focus on employee retention and
Percentage of respondents
communication issues
■■ Motivating both HR and risk management teams to complete 60
their respective tasks on time
■■ Hiring external advisors to aid both HR and risk management
40
teams in any future transaction 40% 40%
37%
■■ Formulating a suitable strategy to allow both teams to mutually 33% 32%
HR
0
■■ “HR should identify key staff at the target earlier on during the Financial Investigative HR Legal Environmental IT
(reputation/
process and ensure they will remain with the company post business intelligence)
acquisition.”
■■ “HR teams should try to understand and identify employee More time and effort
concerns as well as key talent.”
The same time and effort
■■ “We would try to get external resources for HR if required.”
Less time and effort
■■ “We would try to involve HR from the beginning of the deal.”
metrics pre and post-deal close.” More than one third of respondents stated that, if they had the
■■ “HR should come up with clear policies for leadership and chance, they would spend more time and effort conducting
employee retention.” investigative (40%) and HR-related (37%) due diligence.
■■ “HR should reduce the risk of people leaving by communicating
better and by getting involved at an earlier stage.” Furthermore, of respondents who noted that their most recent
cross-border transactions were not very successful, 54% state that
Risk management they would allocate more time to investigative due diligence.
■■ “Risk management teams should pay more attention to
page 28
More than one third of
respondents stated that,
if they had the chance,
they would spend more
time and effort conducting
investigative (40%) and HR-
related (37%) due diligence.
Survey methodology
■■ Between March and May 2010, Remark, Regional definitions are as follows:
the research and publications division
of mergermarket, canvassed 155 senior Greater China Western Europe
executives of Asian-based corporates Mainland China, Hong Kong, Andorra, Austria, Belgium, Channel
and private equity firms who had Taiwan, Macau Islands, France, Germany, Ireland
undertaken a cross-border acquisition (Republic), Isle of Man, Liechtenstein,
over the previous three years. The North America Luxembourg, Monaco, Netherlands,
goal was to uncover their views on the USA, Antigua, Aruba, Barbados, Bermuda, Switzerland, United Kingdom
risk management and human capital British Virgin Islands, Canada, Cayman
issues that impact the success of Asian Islands, Cuba, Grenada, Jamaica, Mexico, Japan
outbound cross-border acquisitions. Puerto Rico, Saint Lucia, Trinidad Japan
■■ Respondents were selected at and Tobago
random from a list of mergermarket- India
recorded M&A transactions for the South America Afghanistan, Bangladesh, Bhutan, India,
period 29 March 2007 to 29 March Argentina, Bolivia, Brazil, Chile, Colombia, Maldives, Nepal, Pakistan, Republic of
2010. Transactions with a deal value Ecuador, French Guyana, Guyana, Paraguay, Seychelles, Sri Lanka
of more than US$5m were included. Peru, Surinam, Uruguay, Venezuela
If the consideration was undisclosed, South East Asia
mergermarket included deals on the Middle East Brunei, Cambodia, Indonesia, Laos,
basis of a reported or estimated value Afghanistan, Bahrain, Iran, Iraq, Israel, Malaysia, Myanmar, Philippines, Singapore,
of over US$5m. If the value was not Jordan, Kuwait, Lebanon, Oman, Palestine, Thailand, Timor-Leste (East Timor),
disclosed, mergermarket recorded a Qatar, Saudi Arabia, Syrian Arab Republic, Vietnam
transaction if the target’s turnover was United Arab Emirates, Yemen
greater than US$10m. Australasia
■■ Only true merger and acquisition deals Africa Australia, Fiji, Guam, Marshall Islands,
were collated. Transactions included Algeria, Angola, Benin, Republic of, Micronesia, Federated States of New
usually involved a controlling stake in Botswana, Burkina Faso, Cameroon, Zealand, Papua New Guinea, Samoa,
a company being transferred between Cape Verde, Central African Republic, Solomon Islands, Tonga
two different parties. Where the stake Chad, Congo, Congo, the Democratic
acquired was less than 30% (10% in Asia Republic of, Egypt, Eritrea, Equatorial ■■ According to mergermarket and for the
Pacific), the deal was only included if its Guinea, Ethiopia, Gabon, Gambia, Ghana, purposes of this report, a cross-border
value was greater than US$100m. Guinea, Guinea-Bissau, Ivory Coast, Kenya, transaction is defined as a deal in which
■■ Transactions such as restructurings in Lesotho, Liberia, Libya, Madagascar, the bidder is predominantly located
which shareholders’ interests in total Malawi, Mali, Mauritania, Mauritius, in one geographical entity while the
remained the same were not collated Morocco, Mozambique, Namibia, Niger, target business is situated in any other
as were property deals, letters of intent, Nigeria, Rwanda, Sao Tome & Principe, geographical entity.
memorandums of understandings, Senegal, Sierra Leone, South Africa, ■■ All data quoted is proprietary
head of agreement and non-binding Sudan, Swaziland, Tanzania, Togo, Tunisia, mergermarket data unless otherwise
agreements. Uganda, Zambia, Zimbabwe stated.
■■ All US$ symbols refer to US dollars
unless otherwise stated. Eastern Europe & Russia
Armenia, Azerbaijan, Belarus, Bosnia-
Herzegovina, Bulgaria, Croatia, Czech
Republic, Estonia, Georgia, Hungary,
Latvia, Lithuania, Macedonia, Moldova,
Montenegro, Poland, Romania, Russia,
Serbia, Slovakia, Slovenia, Ukraine
page 30
Asia on the Buyside: THE KEY TO Success
In which country are the bulk of your What was the deal size of your most recent cross-
operations based? border M&A transaction?
1% 1%
1% 2% 1%
3%
3% China <US$15m
20% 5%
Japan 69% US$15m-US$50m
7% Australia US$50m-US$100m
Korea
Malaysia
11%
Indonesia
15% Taiwan
11%
Thailand
Are you a strategic or financial investor? Is your business likely to undertake a cross-border
M&A transaction in the next 18 months?
No
17%
30%
32%
page 31
About us
About Mercer
Mercer is a leading global provider of consulting, outsourcing and
investment services, with more than 25,000 clients worldwide.
Mercer consultants help clients design and manage health,
retirement and other benefits and optimize human capital.
The firm also provides customized administration, technology
and total benefit outsourcing solutions. Mercer’s investment
services include global leadership in investment consulting and
multimanager investment management.
page 32
Ensuring the success of an M&A
deal isn’t easy
Cross-border M&A transactions are extremely complex.
Companies are faced not only with different cultural
environments and legislative landscapes, they must also
address many HR challenges that retain key staff and
drive business success, all while keeping costs under
control. It's not easy, and many deals fail.
To succeed
Companies must address the critical HR issues at every
stage of the deal. From HR due diligence to talent
retention, compensation, employee benefits, retirement
plan design, investment strategies and global mobility,
Mercer can help. With our expertise gained from years of
experience in all HR aspects of mergers and acquisitions,
we will work with you to achieve your business goals.
page 34
The Global Leader in Business
Intelligence and Investigations
The success of a deal, transaction or business partnership depends on having the right intelligence
at hand to make an informed decision. For over 35 years, we’ve helped our clients make profitable
decisions by uncovering facts and activities past and present that are critical to the success of a
deal, and the management of a business post-transaction.
PRE-DEAL
COMPLETION
China Korea
Garry Wang Jin Seok Park
Greater China business leader Korea business leader
Mercer’s M&A consulting business Mercer’s M&A consulting business
page 36
Asia on the Buyside: THE KEY TO Success
Contact us
Greater China & South East Asia India & South Asia Latin America
Chris Leahy Richard Dailly David Robillard
Managing Director, Greater China & Managing Director Managing Director
South East Asia
+852 2884 7757 +81 3 3218 4558 +44 207 029 5313
jclode@kroll.com tsato@kroll.com mglapion@kroll.com
page 37
About The Mergermarket Group
Remark Mergermarket
Remark, the publishing, market research and events division of mergermarket is an unparalleled mergers and acquisitions
The Mergermarket Group, offers a range of services that give intelligence tool. In any market, the life blood of advisors is
clients the opportunity to enhance their brand profile, and to deal flow.
develop new business opportunities within their target audience.
Remark achieves this by leveraging off The Mergermarket Group’s mergermarket is unique in the provision of origination intelligence
core intelligence and connections within the financial services and to the investment banking, legal, private equity, acquisition finance,
corporate markets. Remark publishes over 50 thought leadership public relations and corporate markets.
reports and holds over 70 events across the globe each year which
enable its clients to demonstrate their expertise and underline With an unrivalled network of journalists and analysts covering
their credentials in a given market, sector or product. M&A in Europe and North America, mergermarket generates
proprietary intelligence and delivers it, together with daily
Visit www.mergermarket.com/remark/ or www.mergermarket. aggregated content, on its mergermarket.com platform and
com/events/ to find out more. by real-time email alerts to its subscribers. With the launch of
DealScope, a revolutionary analytical tool, mergermarket clients
can now gain a multi-dimensional snapshot on any potential M&A
situation at the click of a button.
page 38
Asia on the Buyside: THE KEY TO Success
End notes
Publisher:
Naveet McMahon
naveet.mcmahon@mergermarket.com
Analysts:
Douglas Robinson
Matthew Albert
Tom Coughlan
Editor:
Catherine Ford
Production:
Anna Henderson
anna.henderson@mergermarket.com
Joyce Wong
joyce.wong@mergermarket.com
Managing Director:
Erik Wickman
erik.wickman@mergermarket.com
page 39
www.mergermarket.com
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Disclaimer
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