1. You can gain valuable benefits by participating in our unique
and extensive research study “M&A Capability”
Introduction
Research Project “M&A Capability” Your Benefits
Title • Corporate M&A –
• Learn about success factors of serial
Capability Maturity Model and Empirical Analysis acquirers
Objectives • What is an M&A capability? • Evaluate the fitness of your M&A
function based on sound diagnostics
• How does M&A capability influence M&A success?
• What are management recommendations? • Get tangible ideas for improvement
• Benchmark your company against
Methodology • Qualitative pre-study (May – August 2010) leading serial acquirers
- Expert interviews • Read an exclusive preview of the
- Development of M&A Capability Maturity Model study’s results
• Quantitative study (September – November 2010)
- Survey
- Empirical analysis (structural equation modelling)
Theoretical • Empirical grounding for theory of dynamic capabilities to
Relevance explain sustainable competitive advantage
• Application of capability maturity models in strategic
management
© 2010 Moritz Kübel. All rights reserved. Seite 1

2. Detailed, well-structured self-assessment to get comprehensive
benchmarking results and tangible ideas for improvement
Benchmarking & Self-Assessment Start the survey now!
Survey type • Online survey
• Offline questionnaire available on request
Participants • 900+ serial acquirers from Europe contacted
• Response rate of 10% targeted
• Experts for M&A, Corporate Development or PMI
Questions • 110 questions in total
 detailed , comprehensive survey to get tangible results
• Self-assessment of your M&A capability in the range between
basic and leading practice
- Exemplary descriptions as anchor phrases at both ends of
the scale
- Based on “M&A Capability Maturity Model”
• Additional questions to classify M&A history and M&A fitness
Duration • Approximately 60-90 minutes
• Participants can save and continue later with individual login
• Survey is open in October 2010
Results • Reports will be distributed in early 2011
© 2010 Moritz Kübel. All rights reserved. Seite 2

3. The self-assessment tool has been developed with a sound
methodology based on the input from 32 serial acquirers
M&A Capability Maturity Model PRE-STUDY RESULTS
M&A Capability Maturity Model M&A Capability Maturity Model
• Description of the typical behaviour of M&A (processes & process areas)
routines at four different maturity levels from
basic to leading practice M&A Governance M&A Performance M&A Knowledge
• Structure: 6 processes, 21 process areas, 56 Management Management
process domains
• High practical relevance for creation of high- • Organisation • Reporting • Knowledge Generation
performance M&A capability (e.g. identify • Committees • Audit • Knowledge Codification
areas for improvement, capture as-is and to-
• Roles • Reward Scheme • Knowledge Exchange
be, benchmarking, educational purposes)
• Process
Developmental approach
• 32 Semi-structured interviews with senior
M&A executives (each 1 – 3½h , total 50+h )
M&A Strategy M&A Transaction M&A Integration
• Participants: ABB, Augusta, BASF, Bayer, BayWa,
Beiersdorf, Bosch, Capiton, Cisco, Deutsche Post DHL, Management Management Management
E.ON, Freudenberg, GASAG, GE, Helios, Hilti, Knorr-
Bremse, Körber, Munich RE, Nokia Siemens Networks, • Positioning • Deal Origination • Integration Concept
Norma Group, Novartis, Oracle, Rieter, RWE Innogy,
Schott, Siemens, SMS Siemag, Süd Chemie, Syngenta, • Strategic Planning • Project Management • Integration
TNT Post, TÜV Süd, Voestalpine, Voith • Screening & • Due Diligence Programme
• Codification of pain points and best practices Evaluation • Valuation Management
• Focus group workshops for validation, • Justification • Negotiation
verification and refinement
© 2010 Moritz Kübel. All rights reserved. Page 3

4. Your survey data will be handled with utmost confidentiality and
analysed anonymously
Data Privacy Statement
• Anonymity: Your survey data will be analysed anonymously. Only aggregated results will be published, so that no one can draw
conclusions on individual companies or persons.
• E-Mail Address & Individual Login: With your individual login code you can save the survey at any time and continue later. Your
survey response is stored separately from your login data. Login data is only recorded to track response rates and to send
reminders. Your email address and login data will be deleted once the study is finalized.
• Login Code: You are responsible for maintaining the confidentiality of the login code you may receive and for all uses of your
password, whether or not authorized by you.
• Recommend the Survey: If you choose to use our referral service to inform a friend about our survey, you will be asked for your
friend's name and email address. We will store this information for the purpose of sending a one-time e-mail and tracking the
success of our referral program.
• Opt Out: Participants have the option for removing their information from our database or to not receive future communications, by
sending email to moritz.kuebel@acquisitioncapability.com
• Non-Disclosure Statement: Any information disclosed to me in connection with this survey will be considered proprietary and
confidential. I will hold all confidential and proprietary information in confidence and will not use such information except for the
purposes of this study and will prevent its unauthorized dissemination.
© 2010 Moritz Kübel. All rights reserved. Page 4

5. Researcher Profile
Moritz Kübel Prof. Dr. Kai-Ingo Voigt
Amalienstraße 21 Lange Gasse 20
80333 Munich 90403 Nuremberg
+49 175 5768139 +49 911 5302 244
moritz.kuebel@acquisitioncapability.com voigt@industriebetriebslehre.de
www.acquisitioncapability.com www.industriebetriebslehre.de
Academic Profile Academic Profile
since 2010 University of Nuremberg since 1998 University of Nuremberg
Chair of Industrial Management Chair of Industrial Management
PhD Candidate Full-Professor, Director
2000-2004 University of Bamberg, 1997-1998 University of Technology, Braunschweig
University of Granada (ES) Visiting Professor
Master in Business Administration 1996-1998 University of Applied Sciences Lüneburg
Visiting Professor
Professional Background 1991-1997 University of Hamburg
since 2004 Accenture (Strategy Consulting, M&A) Institute for Industrial Management &
Manager Organization
Research Assistant, Habilitation
2000-2002 CYKOM Internet GmbH
Managing Director 1986-1991 University of Hamburg
Research Associate, PhD
1998-2000 Siemens AG
Trainee 1981-1986 University of Hamburg
Master in Business Administration
© 2010 Moritz Kübel. All rights reserved. Page 5