If you're referring to whether I favor it or not -- it is a complex issue, but given my corporate background and experience, I would look at mergers as an opportunity to bring an organization to an optimal structure and to an optimal level of business competitiveness.
Rationalizing a merger/acquisition is arguably easier than actually implementing one.
To merge or not to merge ( in some cases, to acquire or be acquired) --
*To optimize complementarity as to businesses and/or markets or even organizational skills.
*To move towards best practice in terms of revenue generation and keeping an organization in tip-top shape.
*In a changing market that impacts on traditional business compartmentalization ( such as the film business vis-à-vis media organizations), there may be new opportunities for integration. The current trend of merging heretofore unrelated businesses ( such as the creation of huge media companies which now own many film businesses) may have arisen because there is now a new opportunity to own businesses that produce content and businesses that distribute content. Technology may have played a large part in the new business complementation.
*In a shrinking market, it might be necessary for longterm survival ( such as the print news organizations)
*When looking at foreign partners/countries, to get a foothold in previously unknown markets or product lines.
*Other reasons.
Once the businesses and the ownership issues have been resolved and the legal requirements are met -- the issue of integration will have to be approached very well, in terms of markets/organizational structure/business policies/others.
*Rationalizing the new business templates ( products, markets, business policies, organizational changes to support business thrusts, etc.) must be well-thought out but maybe aggressively pushed forward so as to obtain the advantages from merged businesses as soon as it can be done.
*The issue that will likely take a long time to resolve and manage is the meshing of the organizational structures. How are the skills matched with the new organization? How are training programs redeveloped to meet the new requirements. How do you handle downsizing for some areas? How does one handle the human relations issues, which can be a sensitive matter and may cause negativity ? This could be partly due to the differences in corporate cultures. How is the remaining maybe leaner organization ( in terms of productivity ratios) motivated to move aggressively forward? Many other issues that needed to be tackled.
The remaining or meshed top management structure needs to exert strong leadership roles to get the merged institutions going!
Just my 2 cents worth