In December issue of Harvard Business Review (HBR) an article by Kale, Singh and Raman talks about a new M&A  management model mainly applied by newly emerging multinationals of India, Korea, Turkey...Here is a short  abstract from this article where also Ulker Group's management style for Godiva acquision has been extensively reviewed.

"Bucking conventional wisdom, some emerging multinationals are preserving the identity of companies they’ve taken over. By allowing them operational autonomy, they’re reaping rewards.Instead of rushing to integrate businesses they’ve bought overseas, they’ve allowed their acquisitions to continue operating independently, almost as if there had been no change of ownership. Big business groups from several developing countries—the AV Birla Group, the Mahindra Group, and the Tata Group in India; the Ülker Group in Turkey; Neusoft in China; and AmBev in Brazil, among others—are using this light-handed M&A style. Their approach was summed up in 2004 by the Tata Group’s chairman Ratan Tata when his group acquired South Korea’s Daewoo Commercial Vehicle Company. “Tata Motors will operate Daewoo as a Korean company in Korea, managed by Koreans,” he stated, “but it will work as part of a global alliance with its Indian counterpart.”

The partnering approach is becoming a hallmark of reverse takeovers, even helping emerging giants win takeover battles. For instance, Murat Ülker, the low-profile chairman of the Ülker Group, was asked by Godiva’s board why he wanted to buy the company during the auction in 2007. “I have enough businesses to run,” he said. “For me, Godiva is the Spoon-maker’s Diamond [the 86-carat stone hanging in Istanbul’s Topkapi Palace] of the chocolate market. I will polish it, make a pendant with it, and help promote it in different parts of the world.” His clear intention not to manage the Belgian-American company in a hands-on fashion helped him bag Godiva."

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