11. Exemplars of Failure

In preparation for the final chapter, which outlines a series of reforms designed to secure a higher success rate in M&A, Chapter 11 brings together the strands of the argument so far via two case studies, one from the UK, one from the US. These illustrate most elements of the solution to the mystery which has been developed in earlier chapters. The first case is of the major UK construction company Carillion, whose growth and collapse were analysed by a parliamentary committee that had access to revealing internal documents and participants’ testimony. The second is the (formerly) giant US conglomerate GE, which was constructed with vast numbers of acquisitions - some 1700 over 37 years - only then to be dismantled.