Unmasking Integration Challenges

Management researchers and practitioners point out that integration processes during the postmerger integration period are critical to synergistic effects and performance of the merged companies over time. However, the relation between the postmerger integration process, synergy potential exploitation, and its influence on mergers and acquisitions (M&A) deal success, especially in the case of international M&As, is not clear. Moreover, the results of empirical studies are inconsistent and even contradictory. Propositions regarding the postmerger integration process are presented in this paper and are exemplified by an in-depth exploration of Hungarian Biogal's acquisition by Israeli Teva Pharmaceutical Industries employing the narrative approach. In the discussion section, an analysis of the case in light of the propositions is presented, and further avenues for research are suggested.