Merger and Acquisition Transactions–Important Aspects of the Newly Developed Holistic Process Model Using the Example of the TÜV NORD Group
针对服务业并购高失败率问题，提出了一个涵盖国家和国际并购流程的整体模型，重点包括国家分析和风险管理概念，并以TÜV NORD和TÜV SUD的案例验证其效果。
Empirical research studies and literature analyses show a high failure rate of implemented Merger and Acquisition (M&A) transactions in enterprises in the service sector. Against this background the aim of the paper is to show important success factors of a newly developed holistic model for national and international M&A processes (transactions), especially for enterprises in the testing service market (TICET market) and the service sector market in general. Until now such a detailed holistic model for national and international M&A processes is missing in the literature, which considers the special features of M&A transactions in thetesting service market and the service sector market in general. Within this new holistic model important success factors are especially the developed and implemented country analysis concept and the risk management concept. Furthermore the results of M&A transactions on the basis of the developed holistic M&A process model will be analysed, measured and objectivised with the help of a case study. As part of the case study the results of M&A transactions carried out by TUV NORD and by its main competitor TUV SUD were used. The presented success factors and individual measures can especially be used by enterprises from the testing service market and service market in general. This is of great importance because of the increasing worldwide consolidation rate of marketsand consequently of enterprises especially in light of the technology development in connection with increasing of complexity. Therefore it can be expected that in the future the demand for sustainable M&A transactions will further increase.