The Reality of M&A Governance

Conceptual Part.- Research Methodology.- Empirical Part.- Analysis of Results.- Best Practice Recommendations for Boards.- Outlook and Conclusion.

Dr. Farsam Farschtschian is an Investment Advisor at Morgan Stanley in London. He studied at the Universities of Geneva and Berkeley and has a PhD in Business Administration from the University of St.Gallen, Switzerland. He is also a Research Associate at its IFPM Centre for Corporate Governance. He first published his empirical findings in his book "The Secret of Successful Acquisitions: Abandoning the Myth of Board Influence".

 "Farsam Farschtschian's analysis of M&A and the board of directors' evolving responsibilities addresses the subject in a way that has never been done before (...). I believe that this analysis is, in many ways, highly original. His work is greatly enriched by the detailed depiction of the reality of top management's work in the context of M&A and by the exploration of how experienced business leaders think about these matters and have dealt with them. Dr. h.c. Helmut Maucher, Honorary Chairman of Nestlé"Farsam Farschtschian does a magnificent job in analysing and sharing with us his insights on how to bring companies together. Farsam proves there is a common theme of clear decision making, clarity of purpose, and the ability to focus on the right things as the key to successful M&A. If you're a board member of a small, medium or large company, or have the ambition to be one, this book is a must read."Rene Schuster, CEO Telefonica Germany "The key conclusion of this important book, that the role of the board in M&A transactions is over-estimated, allows firms to structure the co-operation between board and management in a manner which will be beneficial not only for future transactions, but also for the success of a firm in general: the board should concentrate on having the right team in place, guide it where necessary, make sure there is proper monitoring and a 'lessons learned' culture for both the process and even more importantly the integration phase."Prof. Dr. Rolf Watter, Partner Bär & Karrer AG    "The author treats one of the most important subjects in M&A: the decision making process of the acquirer and the influence of governance structures on the success of an acquisition. This work can be recommended to all M&A practitioners and to all board member and managers who take part in an acquisition." PD Dr. Urs Schenker, Managing Partner, Baker & McKenzie Zurich  "Ultimately, in M&As, human factors and the ability to interact effectively with decision-makers

"Farsam Farschtschian's analysis of M&A and the board of directors' evolving responsibilities addresses the subject in a way that has never been done before (...). I believe that this analysis is, in many ways, highly original. His work is greatly enriched by the detailed depiction of the reality of top management's work in the context of M&A and by the exploration of how experienced business leaders think about these matters and have dealt with them.

Dr. h.c. Helmut Maucher, Honorary Chairman of Nestlé

"Farsam Farschtschian does a magnificent job in analysing and sharing with us his insights on how to bring companies together. Farsam proves there is a common theme of clear decision making, clarity of purpose, and the ability to focus on the right things as the key to successful M&A. If you're a board member of a small, medium or large company, or have the ambition to be one, this book is a must read."

Rene Schuster, CEO Telefonica Germany



"The key conclusion of this important book, that the role of the board in M&A transactions is over-estimated, allows firms to structure the co-operation between board and management in a manner which will be beneficial not only for future transactions, but also for the success of a firm in general: the board should concentrate on having the right team in place, guide it where necessary, make sure there is proper monitoring and a 'lessons learned' culture for both the process and even more importantly the integration phase."

Prof. Dr. Rolf Watter, Partner Bär & Karrer AG