The 'Mergers and Acquisitions' had a negative image because it was recognized as a means of the seizure of a management right. Recently, however, the M&A has been made efficient use of for the growth of a company. In Korea which has undergone the so-called 'IMF-Crisis' since the last of 1997, the M&A has been spotlighted as a strategy for the survival of a company.
As is generally known, the 'Restructuring' has swept the Korean business world for these years, mainly focused on the reduction of business scale or scope and the rationali-zation of management. The 'S' conglomerate also accomplished an internal M&A between 'C' and 'S' companies in order to integrate the overlapped apparel business.
From the point of view of the 'S' conglomerate, the internal M&A had two obvious motivations; the rational resource-allocation and the external show-off for the efforts to restructuring. However, from the standpoint of the two individual companies, it was obscure whether the internal M&A would bring positive effects.
In case of the 'S' group's internal M&A, in fact, they put emphasis on the urgent integration of the overlapped business and were, on the contrary, negligent in creating new vision, objectives and synergy-effects.
Therefore, first of all, this thesis made a search for the detail elements creating the synergy-effects in the following five aspects; economies of scale, restructuring opportuni-ties, competence sharing, economies of scope and combination of complementary capabilities.
And together it looked for the efficient M&A process, and the integrated practical strategy for the successful M&A in the four dimentions; strategy-establishment, operating-process, organization and information technology.
