Can Accelerate Mergers and Acquisitions （可以加速并购）.pdf

How “Clean Teams” Can Accelerate Mergers and Acquisitions August 2010 Aon Hewitt port Document Title © 2010 – Aon Corporation This paper explores the growing popularity of clean teams and how HR Sub-Title of Report Document can leverage them to accelerate integration planning and capture synergies during mergers and acquisitions. Date | 1 Consulting Corporate Transactions How “Clean Teams” Can Accelerate Mergers and Acquisitions In large mergers or acquisitions, companies often face a vexing dilemma—how to quickly realize projected synergies soon after the transaction closes when the two organizations are prohibited from fully sharing information until then. To address this challenge, many organizations have begun using “clean teams” to conduct integration planning during the announcement-to-close period. This paper provides a high-level overview of clean teams and how HR can leverage them to accelerate integration planning and capture synergies . Why Clean Teams Are Growing in Popularity Once a large transaction is announced and until it closes, regulators (the Federal Trade Commission, European Union, etc.) mandate that the two merger partners operate as independent entities while the agencies evaluate how the combination impacts the competitive market. Although integration planning is permitted, the two organizations must act as separate entities. They are prohibited from sharing competitively sensitive information such as customer lists, pricing data, and certain vendor contracts until regulatory approval is granted. This creates a challenge in that some of the information that is critical to post-close decision making is off-limits. To enable comprehensive integration planning, many organizations have begun using clean teams to gather information, analyze scenarios, and make preliminary integration decisions prior to deal consummation. Th