EM Acquisitions To Take Centre Stage In Corporate Strategies

The world's centre of gravity has shifted to emerging markets and European companies are mirroring this shift in their corporate strategies. Philips, Renault and MAN are aiming to draw more than half of their sales from emerging markets (EM) by 2015, up from a current third. That is interesting in itself but the real question is what this rise in EM sales is going to require. In our view, the main strategy which will be used towards this aim is integration with a local company, as opposed to greenfield investment, where the company opens a fully-owned subsidiary in a host

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