My first foray into the world of mergers and acquisitions (M&A) began years ago when I crafted a merger scenario between two major oil companies. It was a hypothetical scenario but one that nonetheless revealed tremendous potential. In my analysis, I assumed cost savings by eliminating certain operating expenses, bringing about regional diversification (one company had major holdings in Colorado, the other in Texas), and creating production efficiencies resulting from better supply chain management. Despite those foreseeable benefits, I concluded that the merger would not work because of inevitable management conflicts. The Ewings and the Carringtons would never get along.

M&A continues to be a driving force behind ...

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