A Comparative Anatomy of Two Cross-Border Acquisitions by Teva Pharmaceutical Industries

Abstract

Management researchers and practitioners point out that integration processes during the post-merger integration period are critical to synergistic effects and performance of the merged companies over time. However, the relation between the post-merger integration process, synergy potential exploitation, and its influence on M&A deal success, especially in the case of international M&A, is not clear. Moreover, the results of empirical studies are inconsistent and even contradictory. This chapter adds to the existing body of knowledge by developing a model, based on the analysis of the acquisition by Teva Pharmaceuticals of the Hungarian Biogal and of the Dutch Pharmachemie. The model addresses the key factors such as the effect of corporate culture differences, and synergy potential between the acquiring and acquired firms on the international M&A performance.

Citation

Yedidia Tarba, S., Almor, T. and Benyamini, H. (2012), "A Comparative Anatomy of Two Cross-Border Acquisitions by Teva Pharmaceutical Industries", Cooper, C.L. and Finkelstein, S. (Ed.) Advances in Mergers and Acquisitions (Advances in Mergers and Acquisitions, Vol. 10), Emerald Group Publishing Limited, Leeds, pp. 75-102. https://doi.org/10.1108/S1479-361X(2012)0000010008