CHAPTER 9Global Industry Restructuring

We are going to wake up one day and discover that we are no longer in control of our affairs.

—Dominic D’Alessandro,CEO of Manulife Financial, 20081

Global industry restructuring is a significant business trend, driving a dramatic increase in cross-border acquisitions. While such restructuring is a natural outcome of the globalizing economy, it changes the game in two ways. First, the playing field for many industries is global. This means that the markets are much larger. It also means there are more competitors, and many of those competitors are unfamiliar. The implications for M&A strategy are a greater need to consider international business combinations in order to maintain competitive scale and scope, ...

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