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Published by:
University of St Gallen (2017)
Version 1.0
19 pages
Data source:
Field research
This is part of a case series. The case study 'ZF Friedrichshafen's Acquisition of TRW Automotive' describes the German automotive supplier ZF Friedrichshafen AG's strategic takeover of the USA-based automotive supplier TRW Automotive Holdings Corp. This acquisition was one of the largest transactions both within the industry and in the stock market year 2015 in general. Also, the acquisition indicates the tremendous structural change within an industry that is mainly driven by market consolidation and a focus on innovation, with the concept of 'autonomous driving' at its core. The objective of this case study is to illustrate the dynamics of a megamerger. In order to illustrate the time sequence of processes and the complex structure of the parties involved, the texts are arranged chronologically as in a play, and together they take the form of a sequence of acts. Our information sources include press articles and the websites of the companies involved, as well as internal materials from ZF TRW and interviews with key actors within ZF. This way we try to create a simulation-like atmosphere by inviting students to connect more closely with the events depicted. The case is suitable for Master, MBA or Executive Education classes. 'The case offers a comprehensive example of a large multi billion dollar acquisition. In order to facilitate a differentiated view of the M&A process and its specific tactical and strategic requirements, the case is structured into three different phases. The three parts can be combined or used separately. Part A spans the period of time from the first rumours until the signing of the deal. The goal of this part is, first, to understand the industry dynamics and the deal rationale, and second, to consider important decisions regarding the time after the signing. Part B part describes what happened between the signing and the closing of the deal. The goal of this part is to understand, first, which topics are allowed to be addressed in this phase and what the related challenges are, and second, the phase of post-merger integration (PMI) that has to be prepared in greater detail. Part C focuses on the integration process. The main issues here involve the integration's planning and implementation in detail. Furthermore, Part C covers future challenges and the next steps that the new 'big player' has to take in order to meet customer demands, industrial developments, and its own strategic goals.'
Learning objectives:
1. Understand the dynamics of a 'megamerger'. 2. Learn about the time sequence and processes in a transaction. 3. Know how, when and what topics to address in an acquisition. 4. Understand the industry dynamics and the deal rationale. 5. Get detailed insights in integration planning and implementation.
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