M&A and Privatisations in Poland: Key success factors of cross-border acquisitions into the Polish market

1. Introduction.- 1.1. The Polish Challenge: Acquisitions Into Poland‘s Privatising Industries.- 1.2. Definition of Terms.- 1.3. Structure of the Dissertation.- 2. Methodology.- 2.1. Research Background and Rationale for the Selected Topic.- 2.2. Research Objectives.- 2.3. Data Gathering Method.- 3. Framework Conditions for Acquisitions in Poland.- 3.1. Political and Economic Background of Poland.- 3.2. LEGAL PRIVATISATION ENVIRONMENT IN POLAND.- 4. Acquisition Strategies in Poland.- 4.1. Market ENTRY Strategies.- 4.2. Strategic Acquisition Process.- 4.3. Value Creation Potentials — Sources of Acquisition Success.- 4.4. Pre-Acquisition Phase.- 4.5. The Deal — The Right Execution.- 4.6. Post Acquisition Integration — The Right Implementation.- 5. Primary Research Results: Key Success Factors.- 5.1. General Results.- 5.2. Strategic Objective: THE Right Reason.- 5.3. Search and Screening Process: The Right Information.- 5.4. Valuation: The “Right” Price.- 5.5. The Deal — The Right Execution.- 5.6. Post-Acquisition Integration: The Right Implementation.- 5.7. Use of Advisors.- 6. Conclusions and Recommendations.- 7. Prospects.

Christiane Tewes graduierte im Rahmen eines berufsbegleitenden Aufbaustudiums an der Brunel University London. Sie ist Vice President für Mergers & Acquisitions/Privatisierungsberatung in Mittel- und Osteuropa bei der Commerzbank AG in Frankfurt am Main

Poland, with its 40m inhabitants and the privatisation of fundamental
sectors of the economy, has become a very attractive market especially for Western investors. With increasingly complex and sensitive M&A/privatisation transactions, there is a need for up-to-date research which provides an in-depth view of the country. This is necessary for appropriate market entry and for making investment decisions.

Christiane Tewes analyses the key success factors of cross-border acquisitions into Poland's privatising industries within a 5-phase-acquisition-model. The author emphasises the overall complexity of cross-border M&A transactions into Poland, linking the proper M&A transaction with the sensitive privatisation process and the specific political, economic and cultural background of Poland.