Lessons In Mergers & Acquisitions From Charlemagne

Edward K. Chung, Elizabethtown College
Joy M. Pahl, St. Norbert College
Norman C. Chung, University of Toronto

ABSTRACT
Business history is replete with examples of failed M&As. Yet despite the high failure rate, M&A activities not only persist but have accelerated. Successful integration and post-merger management remain the sticking points for those seeking to design, lead, and manage M&A such that they result in enhanced shareholder wealth. Interestingly, many of the lessons learned over the past 30 years regarding successful M&A integration and management were being practiced as early as A.D. 774 by Charlemagne. In this paper, we draw on Charlemagne's strategies in creating, unifying, and managing his vast empire to apply to modern M&A activities. While military campaigns and business building may not be identical, enough similarities exist to allow us to learn from one of history's greatest empire-builders.

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Updated 03/19/2014