KPMG issued a report during 2001 called "Creating shareholder value through mergers and acquisitions." The company researched the success of merger and acquisitions (M&A) deals during 1999-2001. The findings were based on interviews with senior executives and market performance of companies pre-and post-M&A. The report concluded that, despite spending large sums in M&A activities, 31 percent of the deals destroyed shareholder value, 39 percent showed no difference and only 30 percent added value. KPMG's previous report (released in 1999) showed similar findings. It stated that "the people and the cultural differences" were the primary causes for M&A failure. And, in 2001, the report refers to the difficulty of obtaining a prescriptive approach due to the diverse cultures of organizations.
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