Abstract This article contributes to the literature on mergers and acquisitions that hitherto has neglected the demerger of previously merged/acquired firms by offering a process description. To provide structure and deliver insights into such a process, we apply the metaphor of a divorce process and use insights from a case study—namely, the demerger between Ford Motor Company and Volvo Cars Corporation. Our findings suggest that a demerger process of previously merged/acquired firms can be divided into six phases: disillusionment, erosion, detachment, physical separation, mourning, and second adolescence/hard work. The motives for the initial merger or acquisition and the degree of integration are possible factors argued to play a major role in the identified phases during the demerger.

中文翻译：

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理解分拆过程：离婚隐喻

摘要 本文通过提供过程描述，对迄今为止忽略了先前合并/收购公司的分拆的并购文献做出了贡献。为了提供这种过程的结构和洞察力，我们应用离婚过程的比喻，并使用案例研究中的洞察力——即福特汽车公司和沃尔沃汽车公司之间的分拆。我们的研究结果表明，先前合并/收购公司的分拆过程可以分为六个阶段：幻灭、侵蚀、脱离、物理分离、哀悼和第二个青春期/努力工作。最初合并或收购的动机和整合程度是可能的因素，在分拆期间的确定阶段中发挥主要作用。