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THE ASSOCIATES Summary 1. The Associates completed a major acquisition of Avco Trust in January 1999. Both companies operated in the ̃nancial services market. 2. As a result of this acquisition, a number of jobs were lost, which had the potential to create a sense of uncertainty among remaining staff. 3. In Britain the combined company aimed to incorporate the best of both styles of management and retain the best employees from both companies. 4. Although they were successful in many respects, staff turnover in branches was higher than desired. 5. The Associates was itself acquired by Citigroup in November 2000. When it comes to communicating the issues involved in a major acquisition, Andrew Wiggins, European communications manager at The Associates, a worldwide ̃nancial services group, can claim to have had more experience than most. In January 1999, he was at the centre of a $4 billion takeover of Avco Trust by The Associates. At the end of the following year, he found himself caught up in the acquisition of The Associates, valued at around $31 billion, by Citigroup, a global ̃nancial services giant with a market capitalization of over $200 billion. If you are a subscriber, click here to read the full case study. Click here to find out how to subscribe. |
