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1 External Growth Strategies and Implementation Mergers, acquisitions, and alliances are among the principal ways that are used by companies or countries in their strategic objective. These are tools that firms use to achieve a positive outcome and increase their value. The merger combines two firms of similar size to form one company by even sharing their shares. The acquisition involves one company purchasing the stock of another company. An alliance is an agreement between two or more companies to perform a common set of goals together (Bhattacharyya,2019). In strategic alliances, there are no common links of ownership or equity participation. Most of the firms form a coalition to meet their goals quickly since the firms need each other in their operation by accessing their resources efficiently. In 2019 a Saudi Arabia company known as Saudi Basic Industries Corporation (SABIC) formed an alliance with a Japanese firm known as Yokogawa Electric Corporation. The main objective of the alliance was to promote collaboration between the two companies. SABIC

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