This book addresses two important areas of concern for managers and management researchers. What are the management challenges involved in the acquisition of a foreign subsidiary? Why do companies pursue a strategy of growth through acquisition when the evidence shows performance isdisappointing?In addition to addressing these questions, the authors examine both the acquisitions of foreign companies in the UK and the 'acquirers' themselves. They discuss the theoretical background to the debate over the significance of national management practices as opposed to international norms ofpractice shaped by global forces transcending national boundaries. They then compare and contrast the management practices of the five countries from which the acquirers covered in this book originate: the UK, the USA, Japan, France, and Germany. The authors' research indicates that while considerable convergence is taking place on many dimensions of management practice, distinct national management styles still exist among acquiring companies. The findings also show that although some policies are generally associated with betterpost-acquisition performance across the board, no one national approach is more successful than another, so long as it is implemented with confidence, determination, and consistency. Failure tends to follow from a lack of these qualities, rather than from having the 'wrong' management style.

David Faulkner is University Lecturer in Strategic Management at the Said Business School and Tutorial Fellow at Christ Church, University of Oxford.