Cross Border Mergers And Acquisitions In India: Case Studies

Cross-border mergers and acquisitions (M&A) have become a popular strategy
for companies to expand their businesses globally, gain access to new markets,
and take advantage of economies of scale. With its growing economy, large
consumer market, and skilled workforce, For international investors wishing to
invest in the nation and benefit from its growth potential, India has grown to
be a desirable location.

The business sector is restructuring its operations using a variety of means to
address the issues presented by the new pattern of globalisation, which has
increased the integration of national and international markets. There are more
and more government operations as a result of deregulation. Businesses have
regularly employed consolidation strategies in the past, but one distinguishing
feature of the current wave of mergers and acquisitions is the presence of many
cross-border transactions.

Over the years, cross-border M&A has played a crucial role in the development of
the Indian economy, allowing foreign investors to enter the market, bring in new
technologies and expertise, and create new job opportunities for local workers.
However, cross-border M&A also presents several challenges, including regulatory
hurdles, cultural differences, and integration issues[1].

This paper will explore the phenomenon of cross-border M&A in India, examining
the key drivers, benefits, and challenges of such transactions. It will focus on
the factors that attract foreign investors to India, the impact of cross-border
M&A on the Indian economy and local businesses, and the regulatory framework
governing these transactions. Using case studies and empirical evidence, the
paper will provide insights into the strategies that companies can adopt to
succeed in cross-border M&A in India.

The paper is structured as follows: Chapter 1 provides an overview of
cross-border M&A in India, highlighting the trends, challenges, and
opportunities associated with such transactions. Chapter 2 examines the
regulatory framework governing cross-border M&A in India, including the key
regulations and approvals required for such transactions. Chapter 3 analyzes the
benefits and challenges of cross-border M&A for Indian businesses, including the
impact on employment, innovation, and competitiveness. Chapter 4 The Cultural
Integration in the Process of Cross-border Mergers and Acquisitions and finally
Chapter 5 case study.

Overview of cross-border M&A in India:

Cross-border mergers and acquisitions (M&A) have become an important tool for
companies seeking to expand their operations globally, increase their market
share, and gain access to new technologies, products, and markets. Over the past
few decades, India has emerged as a popular destination for cross-border M&A,
attracting investors from all over the world. In this article, we provide an
overview of cross-border M&A in India, examining the trends, drivers, benefits,
and challenges of such transactions.

Cross-border mergers and acquisitions (M&A) have increased significantly over
time. This is mainly due to the desire to avoid tariffs and other trade
barriers, obtain new financing options, access technology, and spread the cost
of research and development (R&D) over a larger base. Some countries have
implemented measures to control this growth, such as protecting key industries,
limiting foreign ownership, and restricting the remittance of profits and
dividends.

However, it is important to focus on the macroeconomic and microeconomic factors
that influence the scope and pace of cross-border M&A. In the case of a
cross-border merger and acquisition involving foreign investors, a firm (another
corporation) from a different nation will be merged or acquired.

In a merger, the assets and liabilities of two organisations from different
countries are combined to form a new legal entity; in an acquisition, the local
firm’s assets and liabilities are transferred to a foreign organisation (foreign
investor), and the local firm is afterwards affiliated. According to the
applicable legal language, as cross-border M&As include two countries, the host
country is the country where the target firm is located, while the home country
refers to the nation where the acquiring company, or corporation making the
acquisition, is based.

There are several drivers of cross-border M&A in India, including the country’s
large and growing consumer market, its skilled workforce, its diverse economy,
and its business-friendly environment. India’s population of over 1.3 billion
represents a large and growing consumer market, offering significant growth
opportunities for companies seeking to expand their operations. India is also
home to a highly skilled workforce, with a large pool of engineers, scientists,
and other technical professionals. India’s diverse economy, with a mix of
traditional and modern industries, also presents opportunities for companies
seeking to invest in the country.

The government’s focus on promoting economic growth and development has led to
the creation of several business-friendly policies and initiatives, including
the Make in India campaign, which aims to promote manufacturing and job creation
in the country[2].

In accordance with Section 234 of the Companies Act, 2013, as published by the
Ministry of Corporate Affairs, cross-border mergers are legally permitted in
India. The concept of a cross-border merger has now been put into practise as of
April 13, 2017.

A “cross border merger” is defined as any merger, amalgamation, or arrangement
between an Indian business and a foreign company under the Companies
(Compromises, Arrangements, and Amalgamations) Rules, 2016 established under the
Companies Act of 2013. There are two types of cross-border mergers: inbound
mergers and outbound mergers. An inward merger is a cross-border merger in which
the new company is an Indian company.

Simply expressed, it means that an Indian company merges with a foreign
company.[3] A cross-border merger in which the resulting company is a foreign
company is referred to as an outbound merger. It simply indicates that an Indian
company combined with a foreign company, creating a new foreign corporation.

According to legal jargon, the purchasing firm in another nation is referred to
as the Home Country, and the country where the target company is located is
referred to as the Host Country, since cross-border mergers and acquisitions
include two countries[4]. Globalization is inextricably linked to the motivation
behind cross-border mergers and acquisitions. Globalization has resulted in an
unprecedented rise in cross-border M&A when combined with other developments
such increased deregulation, privatization, and corporate restructuring. It has
evolved into the simplest method of internationalization and a key component of
international corporate environments[5].

Regulatory framework governing cross-border M&A in India:

The regulatory framework governing cross-border mergers and acquisitions (M&A)
in India plays a critical role in shaping the landscape for such transactions.
India has a complex legal and regulatory environment, with several laws and
regulations governing foreign investment and M&A transactions. Understanding
these regulations is essential for companies seeking to invest in India through
cross-border M&A transactions.

The regulatory framework for cross-border M&A in India has undergone several
changes over the years, reflecting the government’s efforts to promote foreign
investment and simplify the regulatory environment. The Foreign Exchange
Management (Cross Border) Act and the Companies Act of 2013 brought about
substantial changes to the regulatory environment governing cross-border M&A in
India.

Companies merging must consider how challenging it will be to deal with the
numerous legal and regulatory issues they are likely to face. It is inevitable
that different corporate, securities, and competition laws will diverge from one
another. So, before analysing the agreement, it is essential to assess the
applicable employment regulations, antitrust laws, and other contractual
requirements.

These laws have a substantial impact during the contract negotiating process as
well as following its conclusion. When you evaluate these concerns, it can
become apparent that they are entirely irreconcilable. Deal with it.

The ground work regulating the cross border mergers and acquisition in India
is laid down by the following laws:

1. Companies act 2013:
   
   Before the 2017 amendment, only inbound mergers were allowed in India.
   However, after the amendment, both inbound and outbound mergers are allowed
   provided the concerned companies comply with the Companies Act and obtain
   RBI approval. For outbound mergers, companies must also comply with
   internationally accepted principles of accounting and valuations and merge
   with companies located in specific allowed jurisdictions[6].
   
    
2. FEMA Regulations:
   
   The Reserve Bank of India (RBI) has established the Foreign Exchange Management
   (Cross Border Merger) Regulations, 2018, which govern merger, acquisition, and
   amalgamation between Indian and foreign companies. Inbound mergers require
   compliance with FEMA regulations regarding inbound investments, outbound
   investments, guarantees, borrowings, and opening a bank account in foreign
   currency. The resultant company can hold any asset outside India to the extent
   permitted under FEMA guidelines.

   If an asset or security cannot be held, it must
   be sold within two years, and the proceeds can be used to pay any overseas
   liability not allowed under FEMA regulations. Outbound mergers allow Indian
   residents to acquire or hold securities of the resultant company. The resultant
   company cannot acquire any liability payable to local Indian lenders not in
   conformity with the Act or rules.

   The resultant company is allowed to open a
   Special Non-Resident Rupee Account for two years, and it can acquire and hold
   any asset in India that a foreign company is permitted to acquire. If an asset
   or security cannot be held, it must be sold within two years, and the sale
   proceeds can be used for the repayment of Indian liability within two years[7].
   
    

3. SEBI Regulations:
   
   These regulations discusses compliance requirements for companies undergoing an
   inbound merger. If the company is listed on a stock exchange, it must comply
   with SEBI regulations and obtain a No Objection Certificate from the stock
   exchange before filing the merger scheme with NCLT or any court. For outbound
   mergers, foreign companies may need to issue Indian Depository Receipts (IDRs)
   for Indian shareholders and comply with the relevant scheme.
   
    
4. Courts permission:
   
   The state court must provide its approval to any merger arrangements. According
   to the Companies Act, the high courts of any state where the transferor and the
   transferee have their registered offices have the necessary jurisdiction to
   issue a winding-up or control order on the merger of companies based inside or
   outside of India.

   After the scheme of mergers has been approved, the High Court
   may additionally oversee agreements or revisions to agreements in accordance
   with Section 392 of the Companies Act. If the court decides the proposed merger
   is “fair and impartial,” it then imposes the requisite financial sanctions on
   it. A large amount beyond their judgment, the jurisdiction of the courts
   exercising jurisdiction is likewise restricted.

The regulatory framework governing cross-border M&A in India is primarily
governed by the Foreign Exchange Management Act (FEMA), 1999, and the rules and
regulations made under it. In 2018, the Reserve Bank of India (RBI) also made
the Foreign Exchange Management (Cross Border Merger) Regulations, 2018, which
provides a comprehensive framework for cross-border mergers involving Indian
companies and foreign companies. The regulations apply to both inbound and
outbound mergers. Inbound mergers involve the merger of a foreign company with
an Indian company, while outbound mergers involve the merger of an Indian
company with a foreign company.

According to the rules, inward mergers must abide by all FEMA regulations,
including those pertaining to price restrictions, entrance routes, sectoral
caps, attendant conditions, and reporting requirements. The Resultant Company is
allowed to create a foreign currency bank account in the foreign country in
order to conduct merger-related operations.

Any obligation to local Indian
lenders in the case of outbound mergers must be in accordance with the Act or
rules. According to FEMA guidelines, the Resultant Company is allowed to open a
Special Non-Resident Rupee Account for a maximum of two years. A corporation
must abide by the SEBI (Listing Obligations and Disclosure Requirements)
Regulation, 2015 if it is listed on a stock exchange.

The scheme should be filed
with the concerned Stock Exchange as well as SEBI, and a No-Objection
Certificate (NOC) should be obtained from the concerned stock exchange. In
addition, if the foreign company issues Indian Depository Receipts (IDRs) for
Indian shareholders, it has to comply with the relevant scheme[8].

Benefits, driving factors and challenges of cross-border M&A for Indian
businesses:

There are several drivers of cross-border M&A in India, including the country’s
large and growing consumer market, its skilled workforce, its diverse economy,
and its business-friendly environment. India’s population of over 1.3 billion
represents a large and growing consumer market, offering significant growth
opportunities for companies seeking to expand their operations.

India is also
home to a highly skilled workforce, with a large pool of engineers, scientists,
and other technical professionals. India’s diverse economy, with a mix of
traditional and modern industries, also presents opportunities for companies
seeking to invest in the country.

The government’s focus on promoting economic
growth and development has led to the creation of several business-friendly
policies and initiatives, including the Make in India campaign, which aims to
promote manufacturing and job creation in the country[9]. In order for
businesses to successfully compete in any environment, they must generally
surpass specific asset requirements.

Certain asset thresholds are determined by
different types of complimentary assets, which must be grouped together. The
asset level reached by this “bundling” establishes the competitive advantage of
an organization. Additionally, after acquiring external strategic assets through
international M&A, businesses must integrate and combine those assets with their
own internal ones.

Certain business assets aren’t company-specific; rather,
they’re linked to specific places where an organisation only has “special access
rights.” Alternative asset thresholds are determined by “bundling” external
strategic assets and assets with various characteristics; in other words,
cross-border M&As will have differing effects on regional competitive advantages
(connected to particular locales) and non-regional competitive ones[10].

The benefits of cross border M&A are as follows:

Benefits of Cross-Border M&A:

1. Access to new markets: One of the key benefits of cross-border M&A is that it provides companies with access to new markets. This allows companies to expand their customer base and increase their revenue streams.
2. Diversification of product portfolio: Cross-border M&A allows companies to diversify their product portfolio. This helps in reducing dependence on a single product or service and spreading the risk across multiple products and services.
3. Cost savings: Cross-border M&A can result in cost savings by combining operations and eliminating redundant activities. This helps in improving operational efficiency and reducing costs.
4. Access to new technologies: Cross-border M&A allows companies to access new technologies that they may not have been able to develop in-house. This helps in improving the quality of products and services and enhancing operational efficiency.
5. Improved competitiveness: Cross-border M&A can result in improved competitiveness by creating a larger and more efficient organization. This helps in better utilization of resources and improved market share.
6. Synergy benefits: Cross-border M&A can result in synergy benefits where the combined entity is able to generate greater value than the sum of the individual companies. This helps in improving profitability and creating shareholder value.
7. Talent acquisition: Cross-border M&A can also result in talent acquisition by acquiring skilled employees of the target company. This helps in improving the overall human resource pool of the company.
8. Brand building: Cross-border M&A can help in building the brand of the company by expanding its reach and improving its visibility in new markets.
9. Access to financing: Cross-border M&A can also provide access to financing by leveraging the financial strength of the combined entity. This helps in reducing the cost of capital and improving the credit rating of the company.
10. Strategic positioning: Cross-border M&A can help in strategic positioning by acquiring companies that complement the core strengths of the acquiring company. This helps in improving the overall strategic position of the company[11].

All of these benfits come at a cost of undertaking huge risks,

Rewards come with some distinct risks, just like with every strategic choice.
Because each country has different tax laws, taxes are a big worry. At first
glance, getting tax security might seem tedious, but getting caught off guard by
the tax regulations could be very costly. In addition to tax regulations,
certain countries also have specific restrictions for goods, operational
management, human resources, etc.

Due to this risk, the regulatory environment
of the target must be carefully examined. A country’s political stability can
also deteriorate, especially if the ruling party is replaced; this is true for
both advanced and established regimes. Together with “actual” facts, cultural
and talent differences must also be taken into consideration. Cross-border
mergers and acquisitions (M&A) have become more common over time.

This is mainly
due to the desire to avoid tariffs and other trade barriers, obtain new
financing options, gain access to technology, and spread the cost of research
and development (R&D) over a wider base. Some countries have implemented
measures to limit this growth, such as protecting key industries, restricting
foreign ownership, and limiting the remittance of profits and dividends.
However, it is important to focus on the macroeconomic and microeconomic factors
that influence the scope and pace of cross-border M&A.

The Cultural Integration in the Process of Cross-border Mergers and
Acquisitions

The cultural integration is an essential aspect of the process of cross-border
mergers and acquisitions (M&A). Cultural differences can lead to
misunderstandings and conflicts among employees, which can result in reduced
productivity and hinder the success of the merger or acquisition. Therefore, it
is crucial for the organizations involved in cross-border M&A to focus on
cultural integration. Cultural integration involves the harmonization of
cultural differences, which involves the blending of the values, norms, beliefs,
and behaviors of the two organizations.

To ensure successful cultural integration, it is important for the organizations
to understand the cultural differences between them. They should conduct a
cultural analysis that identifies the cultural similarities and differences
between the two organizations. The cultural analysis should include an
examination of the organizational structure, communication patterns,
decision-making processes, and leadership styles of both organizations.

This
analysis will help identify areas of cultural differences that need to be
addressed during the integration process. By arranging and combining the values,
psychological emotions, and behavioral patterns of many cultures, cultural
integration avoids conflicts resulting from cultural differences.

In order to reduce the number of cultural disputes and create variety and unity
in multi-national firms, cross-border M&A cultural integration inherits and
corrects the psychological contract of the target organization. Cross-border M&A
cultural integration aims to minimize cultural disparities in the acquired
company as much as possible. Hence, the success or failure of a cross-border M&A
depends greatly on whether or not the cultural integration is successful.

One of the key factors in cultural integration is communication. Effective
communication is essential in cross-border M&A, as it facilitates the transfer
of knowledge, information, and skills between the two organizations.
Communication should be clear, concise, and culturally sensitive, and the
language used should be appropriate for the target audience. It is also
important to use a variety of communication channels, such as face-to-face
meetings, video conferencing, and email, to ensure that all employees are kept
informed and engaged.

Another important factor in cultural integration is
leadership. The leaders of the two organizations need to work together to create
a shared vision and goals for the merged organization. They should also work
together to develop a culture that is inclusive, supportive, and open to change.
This requires strong leadership skills and the ability to build trust and
respect among employees.

Training and development are also critical components
of cultural integration. Employees need to be trained on the new organizational
culture, values, and norms. This will help them adapt to the changes and be more
effective in their roles. Training should be ongoing, and employees should be
provided with the necessary resources and support to succeed in the new
organizational environment.

Employee involvement is another important factor in cultural integration.
Employees should be involved in the integration process and should have a say in
the new organizational culture. This can be achieved through the creation of
cross-functional teams that bring together employees from different departments
and locations. These teams can work together to develop new policies,
procedures, and practices that reflect the values and beliefs of the merged
organization.

Finally, it is important for the organizations to celebrate their
cultural differences and similarities. This can be achieved through cultural
events and activities that bring employees together and promote cross-cultural
understanding. Celebrating cultural diversity can help build a strong
organizational culture that is inclusive and welcoming to all employees.

In conclusion, cultural integration is a critical aspect of the process of
cross-border mergers and acquisitions. It requires a thorough understanding of
cultural differences, effective communication, strong leadership, training and
development, employee involvement, and celebration of cultural diversity. By
focusing on cultural integration, organizations can create a strong and cohesive
merged organization that is capable of achieving its strategic goals and
objectives.

Organizations can build a merged organisation that is capable of
attaining its strategic goals and objectives by putting a significant emphasis
on cultural integration. Corporate culture has now replaced the spiritual pillar
in today’s enterprises, and cultural integration of cross-border M&A becomes an
unavoidable hurdle to overcome throughout the process of cross-border M&A across
nations and businesses conflicts due to cultural differences.

If the manager
doesn’t have a thorough understanding of how the enterprise culture in their
company functions, they won’t be able to manage it effectively. Multinational
firms must comprehend cultural differences and conflicts in order to
successfully merge the varied cultures of merging organizations.

Cross-cultural
management is a methodological approach for the cultural fusion of international
mergers and acquisitions. Multinational businesses can avoid the negative
consequences of cultural conflicts and boost their competitiveness by adhering
to the fundamental principles of cross-cultural management and selecting an
appropriate cross-cultural management pattern[12].

Case study: Jet-Ethihad cross border deal:

The Etihad Airways and Jet Airways deal was a cross-border merger and
acquisition that took place in 2013. Etihad Airways, based in Abu Dhabi, United
Arab Emirates, acquired a 24% stake in Jet Airways, an Indian airline, for $379
million. This deal was significant because it marked the first time that a
foreign airline had invested in an Indian airline after India’s government
relaxed its foreign direct investment (FDI) rules in the aviation sector[13].

The deal was also seen as a major boost for Jet Airways, which was struggling
financially at the time, as it allowed the airline to access Etihad Airways’
global network and resources. The deal was structured as a strategic partnership
between the two airlines, rather than a full acquisition. This meant that Jet
Airways retained its brand, management team, and board of directors, while
Etihad Airways gained a seat on the board and certain governance rights.

However, the deal was not without controversy. Some Indian politicians and
industry experts criticized the deal, claiming that it would lead to job losses
in India and that it violated Indian aviation laws. The Indian government also
faced pressure to review its FDI policies in the aviation sector. Despite these
concerns, the Etihad Airways-Jet Airways deal was approved by Indian regulators
and went ahead. In the years following the deal, Jet Airways did see some
financial improvement, with Etihad Airways’ investment helping the airline to
expand its global reach and improve its services.

However, in 2019, Jet Airways was forced to ground all of its planes and suspend
its operations due to mounting financial problems, including unpaid debts and
rising fuel costs. The airline has since been going through insolvency
proceedings, and its future remains uncertain.

Overall, the Etihad Airways-Jet Airways deal serves as an example of the
opportunities and challenges that can arise in cross-border mergers and
acquisitions, particularly in the aviation sector. While such deals can provide
access to new markets and resources, they can also face regulatory and political
obstacles, as well as financial risks.

Conclusion:

In conclusion, cross-border mergers and acquisitions (M&A) have become an
increasingly popular strategy for Indian businesses seeking to expand their
global reach and access new markets and resources. However, this paper has
highlighted that there are also challenges and risks associated with such
transactions, including regulatory and political obstacles, cultural
differences, and financial risks.

Chapter 1 provided an overview of the trends, challenges, and opportunities
associated with cross-border M&A in India. The chapter emphasized that while
India is an attractive market for foreign investors due to its large and growing
economy, there are also significant challenges, including regulatory
restrictions, cultural differences, and the need to navigate complex business
environments. Chapter 2 examined the regulatory framework governing cross-border
M&A in India, highlighting the key regulations and approvals required for such
transactions.

The chapter emphasized that foreign investors must navigate a complex and
constantly evolving regulatory environment, which can create significant
uncertainty and delay in the M&A process. Chapter 3 analyzed the benefits and
challenges of cross-border M&A for Indian businesses, including the impact on
employment, innovation, and competitiveness.

The chapter highlighted that while M&A can provide significant benefits,
including access to new markets and resources, there are also risks, including
the potential for job losses and cultural clashes. Chapter 4 focused on the
cultural integration in the process of cross-border M&A, emphasizing the
importance of understanding cultural differences and creating a collaborative
and inclusive culture in the merged entity. The chapter highlighted that
cultural integration is critical to the success of cross-border M&A and requires
careful planning and execution.

Finally, Chapter 5 provided a case study of the Etihad Airways and Jet Airways
deal, highlighting the opportunities and challenges associated with cross-border
M&A in the aviation sector. The case study demonstrated that while M&A can
provide significant benefits, including access to new markets and resources,
there are also significant risks, including regulatory and financial risks.

Overall, this paper has provided a comprehensive overview of cross-border M&A in
India, highlighting the opportunities and challenges associated with such
transactions. The paper has emphasized that while M&A can provide significant
benefits, including access to new markets and resources, there are also
significant risks, including regulatory and financial risks, that must be
carefully managed to ensure the success of the transaction.

Bibliography:

1. Beena Saraswathy, Cross-border mergers and acquisitions in India: extent, nature and structure, 171.199 (2015), (last visited Apr 4, 2023).
2. Jyoti kohli, Cross Border Merger – Meaning, Types, Procedure & Main Rules & Regulation, TaxGuru (2020), (last visited Apr 5, 2023).
3. Cross Border Merger & Acquisition|M&A Trends & Infographic, EDUCBA (2014), (last visited Apr 5, 2023).
4. Reserve Bank of India – Notifications, Rbi.org.in (2018), (last visited Apr 5, 2023).
5. Law Corner, Cross Border Mergers And Acquisitions – Law Corner, Law Corner (2020), (last visited Apr 5, 2023).
6. THE COMPANIES ACT, 2013
7. Reserve Bank of India – Foreign Exchange Management Act, Rbi.org.in (2022), (last visited Apr 5, 2023).
8. www.juscorpus.com, (last visited Apr 5, 2023).
9. Vanita Tripathi Ashu Lamba , (2015),”What drives cross-border mergers and acquisitions?”, Journal of Strategy and Management, Vol. 8 Iss 4 pp. 384 – 414
10. Katina Hristova, Cross-border M&A: Rewards, Risks and Integrated Transaction Management, Finance Monthly | Monthly Finance News Magazine (2020), (last visited Apr 6, 2023).
11. Benchmark International, How Your Company Can Benefit From Cross-border M&A, Benchmarkcorporate.com (2021), (last visited Apr 6, 2023).
12. Zhanwen Zhu & Haifeng Huang, The Cultural Integration in the Process of Cross-border Mergers and Acquisitions, 3 International Management Review (2007).
13. Rajat Sethi et al., Defining Control: A Study of the Jet-Etihad Case DEFINING CONTROL: A STUDY OF THE JET-ETIHAD CASE, 27 National Law School of India Review.

End-Notes:

1. Beena Saraswathy, Cross-border mergers and acquisitions in India: extent, nature and structure, 171.199 (2015), (last visited Apr 4, 2023).
2. Jyoti kohli, Cross Border Merger – Meaning, Types, Procedure & Main Rules & Regulation, TaxGuru (2020), (last visited Apr 5, 2023).
3. Cross Border Merger & Acquisition|M&A Trends & Infographic, EDUCBA (2014), (last visited Apr 5, 2023).
4. Reserve Bank of India – Notifications, Rbi.org.in (2018), (last visited Apr 5, 2023).
5. Law Corner, Cross Border Mergers And Acquisitions – Law Corner, Law Corner (2020), (last visited Apr 5, 2023).
6. THE COMPANIES ACT, 2013
7. Reserve Bank of India – Foreign Exchange Management Act, Rbi.org.in (2022), (last visited Apr 5, 2023).
8. www.juscorpus.com, (last visited Apr 5, 2023).
9. Vanita Tripathi Ashu Lamba , (2015),”What drives cross-border mergers and acquisitions?”, Journal of Strategy and Management, Vol. 8 Iss 4 pp. 384 – 414
10. Katina Hristova, Cross-border M&A: Rewards, Risks and Integrated Transaction Management, Finance Monthly | Monthly Finance News Magazine (2020), (last visited Apr 6, 2023).
11. Benchmark International, How Your Company Can Benefit From Cross-border M&A, Benchmarkcorporate.com (2021), (last visited Apr 6, 2023).
12. Zhanwen Zhu & Haifeng Huang, The Cultural Integration in the Process of Cross-border Mergers and Acquisitions, 3 International Management Review (2007).
13. Rajat Sethi et al., Defining Control: A Study of the Jet-Etihad Case Defining Control: A Study of the Jet-Etihad Case DEFINING CONTROL: A STUDY OF THE JET-ETIHAD CASE, 27 National Law School of India Review.

Written By: Isaac Joseph