4 Human Resource Management in
Cross-Border Mergers and Acquisitions
Günter K. Stahl, Vladimir Pucik, Paul Evans,
Mark E. Mendenhall1 Introduction 89
2 Cultural differences and cross-border merger and acquisition 90
performance
3 What does integration mean? 92
4 Managing Cross-border integration: the HRM implications 97
5 Conclusion and implications for merger and acquisiton practice 107
6 Discussion questions 109
7 Further reading 110
References 110
1 INTRODUCTION
Mergers and acquisitions (M&A) have become an increasingly popular strategy for
achieving corporate growth and diversification. The total value of worldwide deals
involving US firms increased more than tenfold between 1991 and 2000, from
about US$140 billion to over US$1,700 billion. A similar growth of M&A could be
observed in Europe and other parts of the world (M&A Almanac, 2001). Even if this
unprecedented wave of M&A is subsiding as the global economy cools off, more
deals can be expected in the long run (Evans, Pucik and Barsoux, 2002).
In spite of their popularity and strategic importance, the performance of
most M&A has been disappointing. Research findings indicate that, irrespective