from the EDITOR.
Position | Brief Article - Editorial |
Most of you have probably been involved with at least one merger or aquisition in your career, and many of you have been key architects of that one and perhaps a number of deals. What kind of report card would you give your own handiwork?
The premise for the cover story may strike some as unduly negative, but the facts are clear: an awful lot of mergers have been disappointing, and some have been abject failures. In a business world populated by savvy, experienced managers who think clearly and act deliberately, this doesn't seem right. On the evidence, too many deals become mired in non-financial issues like ego, control and survival of one party's name.
Our story examines mergers from a number of vantage points -- from consultants and academics with both practical and theoretical views, as well as from investment bankers and CFOs who have been involved in deals. There are common threads in their thoughts about what has gone wrong and what companies need to focus on when they undertake a merger. We've also incorporated recent regulatory developments and an interview with Edmund Jenkins, chairman of the Financial Accounting Standards Board.
This issue also offers a mix of pieces on topical subjects. Freelance writer Ramona Dzinkowski's interview with McDonald's corporate controller Chris Pieszko on Financial Accounting Statement No. 133 -- the new rule on valuing derivatives -- reveals a high level of concern from a company with vast overseas operations and lots of hedges. Pieszko says McDonald's has significantly altered its portfolio in efforts to comply with the new standard. On the e-commerce front, writer Daniel Glover assesses the impact of the new...
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