Buchveröffentlichung: Transatlantic Mergers & Acquisitions

Transatlantic
Mergers &
Acquisitions
Opportunities and Pitfalls in
German-American Partnerships
Kai Lucks (Editor)
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WILEY

Contents
1 Introduction 9
2 Markets and Structures
Jiirgen Weber
2.1 Going Where the Markets Are - M&A in Germany 16
Daniel S. Hamilton and Joseph P. Quintan
2.2 U.S.-German Relations: Will the Ties that Bind Grow Stronger or Weaker? ... 20
Marcus Schenck, Frank Richter, Karoline Jung-Senssfelder
2.3 Capital Market - Hurdle or Help in Transatlantic M&A 32
Stefan Griesser and Thomas Schwingeler
2.4 Transatlantic M&A Market - Volumes and Dynamics 44
Fritz Kroger
2.5 Success and Success Factors of US-German Mergers 51
3 Experiences from Industries
3.1 Automotive 58
Rudiger Grube
3.1.1 The Post-Merger Integration Process of DaimlerChrysler AG 58
Heinz Hermann Thiele
3.1.2 Transatlantic Mergers and Acquisitions: "Follow our customers" 74
3.2 Banking & Finance 85
Axel Wieandt and Rafael Moral y Santiago
2>2.1 Growing in the U.S. - Review of Deutsche Bank's M&A Strategy in
North America 85
3.3 Consumer & Health 97
Lothar Steinebach, Steve Blum, Helmut B. Nuhn
3.3.1 Henkel's Acquisition of The Dial Corporation, Scottsdale, USA 97
Michael Kaschke and Udo Philipp
3.3.2 Carl Zeiss Vision - A Merger of the Carl Zeiss Eyeglass Division with
Sola International, Inc 110

Contents
Wolfgang Reim, Rudolf-Henning Lohse, Carsten Kratz
3.3.3 Air-Shields Integration into Drager Medical: Experiences in
the Medical-Equipment Industry 124
3.4 Electro & Electronics 135
George Nolen
3.4.1 Investing Locally to Grow Globally: Siemens M&A Strategy in the
U.S. Market 135
Kai Lucks
3.4.2 Siemens Power Generation - Transatlantic M&A in a Consolidating
Industry 144
Randy H. Zwirn
3.4.3 The Siemens-Westinghouse Case: Integration in the Eyes of the
US Management 154
3.5 Information Technology 162
Werner Kreuz and Jtirgen Rothenbiicher
3.5.1 Acquisition of Systematics by EDS - the First 100 Days 162
Ingo H. Moller
3.5.2 German Roots, American "Drive": The Ingram Micro & Macrotron Case .. 166
3.6 Logistics & Transportation 170
Klaus Zumwinkel
3.6.1 Integration at its Best-The Takeover ofAEI by Deutsche Post World Net . 170
Ravin Jesuthasan and Helmuth L. Uder
3.6.2 How HR Contributes to Merger Success 178
3.7 Materials & Chemicals 191
Barbara S. Jeremiah and Konrad J. von Szczepanski
3.7.1 Divestitures at Alcoa - How to Create Value from Shrinking the Portfolio . 191
Joerg Sellmann and Oliver Maier
3.7.2 Degussa's Execution Experience with Transatlantic M&A Projects 196
3.8 Media 209
Dirk Hoffmann
3.8.1 The Jamba! Case: US Investors in Germany - What They Bring, How
They Do It (US/German M&A Experience from a German Perspective)... 209
3.9 Private Equity Investments 214
Gernot Wunderle
3.9.1 US Private Equity in the German Property Market 214
Volker Schmidt
3.9.2 Is Small Cap Private Equity an International Business? - Differences in
the U.S. versus Continental Europe 222

Contents
4 Professional Contributions
4.1 Strategy 233
Jens Schadler and Reto Isenegger
4.1.1 Strategic Alliances: Smart Alternatives to Mergers and Acquisitions? 233
Kai Lucks
4.1.2 Management of Complex M&A Projects: Challenges in Transatlantic
Deals 246
Gerhard Plaschka, Rohit Verma, Douglas Squeo
4.1.3 "Seen, but not Heard!" Predicting M&A Outcomes from the Customer
Perspective 260
4.2 Leadership & Corporate Governance 274
Joerg G. Matthiessen, Allison S. Bailey, Jeanie Daniel Duck
4.2.1 The Impact of Management and Leadership Behaviors on German-
American M&A 274
Lutz Angerer and Christopher Winckler
4.2.2 US and German Corporate Governance Issues and Their Implications on
M&A Transactions 284
4.3 Stock Markets 294
Stephan Oppenhoffand Dirk Horcher
4.3.1 Application and Impact of U.S. Capital Markets Law on Public Tender
Offers Under the Security Purchase and Take-over Act 294
Robert Ripin and Volker Geyrhalter
4.3.2 Delisting - the US and the German Perspective 301
4.4 Financing & Controlling 310
Raymond J. Fisher and Fabian Ehlers
4.4.1 High Yield Bonds: A U.S. Product for German Financing Purposes 310
Kirsten Girnth
4.4.2 Tracking Stock - A Smart Concept for Acquisitions in Diversified
Businesses 323
Ruth Zehetmeier-Miiller and Ingmar Doerr
4.4.3 Thin Capitalization Rules in Germany and the United States 330
Russell J. DaSilva
4.4.4 Share Pledges in German/US Mergers and Acquisitions 340
4.5 Valuation & Due Diligence 346
Manfred Bogle and Rainer Ba'tz
4.5.1 Differences in Valuation Methods - A Comparison of Income Approach
Valuation 346
Georg Christopher Schweiger
4.5.2 Cross Border Due Diligence and Beyond 357

Contents
4.6 Tax 364
Susanne Schreiber, Julianne Reynolds, and Carolina Perez-Lopez
4.6.1 German and US Tax Aspects of Private Equity Funds 364
Rainer Stadler and Thomas Elser
4.6.2 Investments in US Opportunity Funds from the German Tax Perspective .. 372
4.7 Merger Control 381
Thomas W. Wessely
4.7.1 Pre-Nuptial Puritanism for Corporate Marriages - Antitrust Limits on the
Pre-consummation Relationship Between Merging Parties 381
Martin Sura
4.7.2 The Role of Third Party Intervenes in Merger Investigations before the
Competition Authorities and in Judicial Review Proceedings 388
4.8 HR & Pensions 394
UlfM. Tworeck
4.8.1 Effective People Management in US-German Mergers 394
Marianne Waldenmaier, Isabella Bach-Alexander, Thomas Bader and Markus Ebert
4.8.2 Outsourcing of Pension Obligations by German Corporations through
Implementation of a Contractual Trust Arrangement (CTA) 402
4.9 Communications & Culture 411
Alexander Geiser and Nikolai Juchem
4.9.1 Key Factors for Successful M&A Communications in Germany 411
Christoph Walther and Roland Klein
4.9.2 Due Diligence for M&A Communications 425
Patrick Schmidt
4.9.3 Bridging the Intercultural Gap: Non-conventional Truths about American-
German Business 429
Bettina Palazzo, Craig DeForest and Bemhard K.F. Pelzer
4.9 .4 How to Merge German and American Talents to Achieve a Cross-Atlantic
Culture of Understanding and Shared Success? 438
5 Appendix
Large transatlantic M&A transactions from 1998 until 2005 448
Contributors 454
Index of Mentioned Companies 478