Is mega-merger a good Is mega-merger a good idea ?idea ?

I/ Focus on the market

II/ Focus on the company

III/ Focus on employees

The market The company Employees

Focus on the marketFocus on the marketExample of the pharmaceutical industry

The marketThe market The company Employees

Consumer’s choice has declined

The marketThe market The company Employees

Number of M&A in the USA in the 20st century

The marketThe market The company Employees

M&A’s real values from 1969 to 1994

The marketThe market The company Employees

Focus on the companyExample of HP-Compaq

The market The companyThe company Employees

Focus on employeesExample of Procter & Gamble

The market The company EmployeesEmployees