ABSTRACT
Acquisitions are often regarded as a means for increasing the competitiveness and performance of the participating firms (Porter 1987). One of the most often cited motives for acquisitions is synergy (Trautwein 1990). When realized through organizational integration, synergies can improve performance of the involved firms in several ways. Common examples include economies of scale and scope in operations, logistics, or administration (Häkkinen 2005), reaching new customers (Lee and Lieberman 2010), or improved innovative capability (Al-Laham, Schweizer, and Amburgey 2010). In all, these and similar synergies can make acquisitions an attractive strategic option for the firms involved.
