Dealing with differences: Sinopec's acquisition of Addax Petroleum (A)
Sinopec Group, a state-owned Chinese oil and gas company, just acquired Addax Petroleum, a mid-sized Western European oil company with assets in Africa and the Middle East. Sinopec had embarked on an aggressive international expansion strategy as it sought to gain access to oil reserves outside of China. Based in Geneva, Switzerland, Addax Petroleum had grown rapidly via acquisitions and was considered a highly entrepreneurial international company. As a result of the financial crisis, however, Addax Petroleum was running out of cash and received a 49% premium from its sale to Sinopec. Zhang Yi, a long-time Sinopec employee, has been selected to join Addax Petroleum’s management team. As he prepares to move to Geneva, Zhang is contemplating what his priorities should be to help Sinopec achieve its goals and ensure a smooth integration.
To explore issues involved in managing the post-merger integration process, particularly in the context of an acquisition of a developed country company by a company from an emerging market. Provides an opportunity for students to wrestle with how to approach cultural integration and to ensure the transfer of knowledge.
2009 - 2013
Cranfield University
Wharley End Beds MK43 0JR, UK
Tel +44 (0)1234 750903
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Harvard Business School Publishing
60 Harvard Way, Boston MA 02163, USA
Tel (800) 545-7685 Tel (617)-783-7600
Fax (617) 783-7666
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NUCB Business School
1-3-1 Nishiki Naka
Nagoya Aichi, Japan 460-0003
Tel +81 52 20 38 111
Email [email protected]
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