贝恩：2018年并购回顾报告(英文 68 页)

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M&A in Disruption: 2018 in Review

--Using M&A to ride the tide of disruption.

Contents

Letter to readers . . . . . . . pg. 3

Section 1: 2018—the year of disruption . . . . . pg. 5

Section 2: Key M&A trends of 2018 . . . . . . . pg. 10

Beyond scale—scope M&A accelerates . . . . . . . . . pg. 11

Financial sponsors behave like strategics . . . . . . . . pg. 17

Activists play the M&A card to great effect . . . . . . . pg. 21

Governments intervene on grounds of national interest . . . . . pg. 24

Cross-regional deal making loses momentum . . . . . . pg. 26

Section 3: Implications for strategic deal makers . . . . . pg. 30

Due diligence—the bar is rising . . . . . . . . . pg. 31

Operating model in the spotlight . . . . . . . . pg. 36

Process and systems integration—

a new source of competitive advantage . . . . . . . . . pg. 41

Section 4: Industry focus—M&A in consumer products . . . . . . . pg. 46

Section 5: Bain’s bedrock beliefs on how to create value from M&A . . . . pg. 55

What mountain climbers do differently . . . . pg. 58

Methodology and approach . . . . . pg. 61