A Moody's Investors Service report, Moody's Assesses Risk in Utility Combinations and Spin-Offs, finds that mergers and acquisitions (M&A) do not mitigate the higher business risk posed by...
try to make do with 5 percent less travel and entertainment, 5 percent less supplies, and 5 percent less office space. I refer, instead, to radically re-conceiving your company's missionthrowing out old encrusted processes and creating new processes to shorten cycle time and drive down costs.
As the restructuring movement pauses to catch its breath and recalibrate its path, utility managers have been given more time to find ways to increase shareholder wealth. Use M&As when they make sense, and when benefits are clear. But remember, there are other, less risky tools in the shed.
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