Conflits de normes de justice distributive dans les fusions entre égaux. Le cas de BioMérieux-Pierre Fabre

Philippe Monin, Ouafa Ben Fathallah and Eero Vaara

Revue française de gestion, 2005, vol. 158, issue 5, 145-162

Abstract: Mergers of two equal partners, in its strict meaning are very rare phenomena. However many rulers convey information over the levelled aspect of the mergers and acquisitions they design. In this present article the authors explain the reasons why the rulers ?fiddle? their M&A as ?mergers between equal parts?; they show the way in which the initial levelled assumption increases the probability of eventual conflicts between two standards of distributive fairness which are nevertheless complementary: equality and equity; they explain their point of view through a spectacular case: the levelled merger, followed by the separation of the enterprises Biomerieux and Pierre Fabre. Paradoxically, the mere wording in terms of levelled rights of the M&A favours the spreading over of distributive unfairness feelings which in fine prejudices the performance of the operation.

Date: 2005
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