Basel (Switzerland), March 2024. The acquisition of Syngenta by ChemChina in 2017 was a major event for the agricultural industry and, with a price tag of $43 billion, the largest ever foreign acquisition by a Chinese firm. A number of issues were flagged by analysts as key concerns, including governance, post deal integration, culture conflicts and a lack of synergies. With hindsight, were those concerns valid or had they failed to capture the overarching rationale for the Syngenta deal? Why did the Syngenta board support the transaction when so many other western firms rejected such approaches? More remarkable even was the fact that the CEO brought in to manage the complex acquisition, Eric Fyrwald, was still in place seven years after the transaction, an inordinately long tenure for a chief executive in any setting. What were the keys to this remarkable longevity? How did Eric manage to combine these two hugely different entities into an even more formidable giant? What did it take to balance the cultural sensitivities of Swiss and Chinese shareholders and managers? Could lessons be learned for other executives put in charge of complex, multicultural, transformational acquisitions? The success rate of M&A transactions was notoriously poor: What made this such a different animal?
Key themes of self-reliance, diversification, and technological leapfrogging are likely to emerge amidst a return to familiar policies against the backdrop of a changed world.
David Michels, CFO at Kinder Morgan, a leading US energy infrastructure company, explores how rapid AI and data center growth have quickly reshaped energy demand and what CFOs can do to navigate a new growth phase.
Facing mounting competition from Tesla and BYD, Honda and Nissan's big bet on a merger might not be enough to close the gap. Survival may depend on thinking beyond traditional boundaries.
Capitalism’s fixation on financial metrics blinds us to the true cost of prosperity, eroding the very foundations of wealth creation. At the opening night of the SDG Tent in Davos, panelists called for a broader definition of value – one that embr...
Fourth-generation family member Bruce Grossman tells IMD’s Peter Vogel about his successes and failures in establishing structures to unify the family enterprise and the lessons he hopes the next generations will take from the experience.
Research Information & Knowledge Hub for additional information on IMD publications
Research Information & Knowledge Hub for additional information on IMD publications
Research Information & Knowledge Hub for additional information on IMD publications
Research Information & Knowledge Hub for additional information on IMD publications
Research Information & Knowledge Hub for additional information on IMD publications
Research Information & Knowledge Hub for additional information on IMD publications
Research Information & Knowledge Hub for additional information on IMD publications
Research Information & Knowledge Hub for additional information on IMD publications
Research Information & Knowledge Hub for additional information on IMD publications
Research Information & Knowledge Hub for additional information on IMD publications