FEDERAL UNIVERSITY OF RIO DE JANEIRO THIAGO BRANDÃO DA CUNHA

Transcrição

1 FEDERAL UNIVERSITY OF RIO DE JANEIRO THIAGO BRANDÃO DA CUNHA THE INTEGRATION PROCESS AFTER INTERNATIONAL ACQUISITION OF A COMPANY INSIDE THE CACHAÇA SECTOR IN BRAZIL: A CASE STUDY RIO DE JANEIRO 2018

2 THIAGO BRANDÃO DA CUNHA THE INTEGRATION PROCESS AFTER INTERNATIONAL ACQUISITION OF A COMPANY INSIDE THE CACHAÇA SECTOR IN BRAZIL: A CASE STUDY Master s dissertation presented to the Coppead Graduate School of Business, Federal University of Rio de Janeiro, as part of the mandatory requirements in order to obtain the degree of Master of Business Administration (M.Sc.). RIO DE JANEIRO 2018

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4 THIAGO BRANDÃO DA CUNHA THE INTEGRATION PROCESS AFTER INTERNATIONAL ACQUISITION OF A COMPANY INSIDE THE CACHAÇA SECTOR IN BRAZIL: A CASE STUDY Master s dissertation presented to the Coppead Graduate School of Business, Federal University of Rio de Janeiro, as part of the mandatory requirements in order to obtain the degree of Master of Business Administration (M.Sc.). Renato Dourado Cotta de Mello, D.Sc. (COPPEAD/UFRJ) Luís Antônio da Rocha Dib, D.Sc. (COPPEAD/UFRJ) Angela Maria Cavalcanti da Rocha. D.Sc. (IAG/PUC-RJ)

5 ABSTRACT Cross-border merger and acquisition (M&A) has gained popularity over the recent decades. Most of the attention given to the theme has focused on the reasons that lead to the decision of companies joining. Despite the high importance of these reasons for the success of the operation, the present study aims to explore the post-acquisition integration period of cross-border M&As in order to understand how it can influence the success of the operation. To that end, the present study is based on a qualitative research based on the understanding of the concepts present in literature regarding post-acquisition integration between companies involved in cross-border acquisitions. After that, it explores the particularities of a specific sector, the Brazilian cachaça sector, through the lens of an integration process of cross-border acquisition. And finally, the study tries to verify how those concepts were applied in a real situation of a cross-border acquisition of a company belonging to the cachaça sector in Brazil. For that purpose, the case study method was applied and its findings showed the way the company studied dealt simultaneously with different nuances integration risk, cultural differences, and information system integration of post cross-border acquisition integration. Keywords: Cross-border M&A, Post-acquisition/Post-merger Integration, Internationalization, Cachaça.

6 RESUMO As fusões e aquisições internacionais têm ganhado popularidade nas últimas décadas. Contudo, a atenção dada ao assunto tem recaído, na maioria das vezes, sobre as razões que levaram à decisão de unir empresas. Apesar da alta importância desses motivos para o sucesso da operação, o presente estudo tem como objetivo explorar o período de integração após a aquisição internacional com a finalidade de entender como este pode influenciar o sucesso da operação. Para este fim, o atual trabalho baseia-se numa pesquisa qualitativa, partindo do entendimento dos conceitos trazidos pela literatura referente à integração pós-aquisição entre empresas transfronteiriças. Assim, serão exploradas as particularidades de um dado setor, o setor Brasileiro de cachaça, através das lentes do processo de integração pós-aquisição internacional. Finalmente, o estudo tenta verificar como estes conceitos foram aplicados num caso real de aquisição internacional de uma empresa pertencente ao setor de cachaça no Brasil. Para este propósito foi aplicado o método de estudo de caso, onde foi possível observar como a empresa aludida lidou simultaneamente com diferentes âmbitos risco de integração, diferenças culturais, e integração de sistemas de informação da integração pós-aquisição internacional. Palavras-chave: Aquisições internacionais, Integração pós-aquisição, Internacionalização, Cachaça.

7 SUMMARY 1 INTRODUCTION LITERATURE REVIEW CROSS-BORDER M&As, ONE AMONG THE OTHER INTERNATIONALIZATION ALTERNATIVES CROSS-BORDER M&A Cross-Border Advantages Access to knowledge, resources and technologies New markets entry Legitimacy gains Post Merger and Acquisition Risks and Challenges Integration Risk Cross-border M&A internal integration risk Cross-border M&A external integration risk Acquisition Cultural Risk Information System Integration SECTOR OVERVIEW METHOD CASE STUDY CACHAÇA LEBLON, RAISING A COMPANY BACARDI, THE ACQUIRER GROUP ACQUISITION PURPOSE THE POST-ACQUISITION INTEGRATION The new structure Reorganizing the team Strategy, production and selling/distribution Knowledge flow Stakeholders response to the acquisition Companies culture similarities Interaction between people from both companies Dealing with cultural differences Informational systems... 39

8 6 CASE ANALYSIS PRE-ACQUISITION MOTIVATIONS AND POST-ACQUISITION ADVANTAGES DEALING WITH INTEGRATION RISK DEALING WITH CULTURAL DIFFERENCES DEALING WITH INFORMATION SYSTEM INTEGRATION CONCLUSION CONCLUSIONS... Erro! Indicador não definido. 7.2 FUTURE RESEARCHES SUGGESTIONS BIBLIOGRAPHY APPENDIX... 51

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