The analysis of the integration strategies in M&A Processes and the role of the cultural differences : the case of two financial companies

The post-acquisition integration process is now extensively acknowledged by the M&A literature as an important source of value creation. To moderate the dilemma between high integration level and loss of autonomy, few researchers have come up with explanatory frameworks. In this paper, we first give empirical support to the framework of Angwin and Meadows (2014) by analysing the integration approach adopted in the merger of two financial companies. These results suggest a more robust, fine-grained post-acquisition integration framework and allow managers to broaden the possibilities to find an adequate integration strategy. Secondly, we try to link integration strategies with national and corporate cultures by analysing the case through the framework of Weber et al. (2009). These results did not allow to give empirical support to the framework of Weber et al. (2009). However, it underlines key limitations and suggests propositions for further research.