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In September 2015, Groupe Fnac (Fnac), a large French retail chain, announced it had acquired long-time competitor Darty Limited (Darty) in an effort to counter competition from online retailers, particularly American e-commerce giant Amazon.com, Inc. Fnac’s first offer had been declined, but Fnac and Darty negotiated and agreed on a new offer in November 2015. Unexpectedly, in March 2016, a South African-based retail holding company, Steinhoff International Holdings N.V., made a bigger offer. After an intense bidding war, Fnac successfully acquired Darty in April 2016 for 60 per cent over its first offer. The new company, Groupe Fnac Darty, faced several challenges. It needed to convince its stakeholders that the two emblematic competitors could create better value for them, despite their different identities and corporate cultures. How should the combined entity achieve the announced €130 million in annual synergies by 2019? And would the new entity survive the aggressive competition of e-commerce?

In September 2016, German-based Bayer AG (Bayer) and U.S.-based Monsanto Company (Monsanto) agreed to merge entities to create a global leader in agriculture. The combined entity would benefit from Monsanto’s expertise in seeds and traits, and from Bayer’s wide range of crop protection products. Bayer would acquire Monsanto for $128 per share, a high 44 per cent premium in an all-cash transaction. There were issues with the deal, which included antitrust concerns, which could require subsequent divestments, and Monsanto’s brand image, owing to its involvement in controversial business operations. Given these issues, would Bayer’s diversification into agrochemicals by merging with Monsanto be able to create sufficient synergies and deliver economic benefits to shareholders, while meeting expectations from other stakeholders at different levels?

Spanx Inc., founded in 2000, was a U.S. intimate apparel company that sold body shaping undergarments known as shapewear. Through word-of-mouth marketing by celebrities and consumers, Spanx achieved 2016 sales of US$400 million globally. However, Spanx’s leadership position was being threatened by a shift in consumer preferences, medical concerns over the dangers of compression wear, and competitors launching more comfortable products in the active wear category. Would Spanx be able to sustain its growth or was it beginning its decline?

Intuit, was the market leader in tax-filing software. Its software program, TurboTax, assisted 29 million users versus just seven million each for the tax software programs of rival firms H&R Block and TaxAct. But Intuit’s total revenues had fallen in 2015, and in order to help the tech company boost its 2016 sales, it would need to decide on an effective advertising-testing technique. Should it look the relatively new phenomenon of applying neuroscience to marketing research—neuromarketing?

At the beginning of 2017, India was among the top 10 markets for Johnson Controls-Hitachi Air Conditioning India Limited, accounting for around 10 per cent of its revenue. The company was trying to increase its room air conditioner (RAC) market from 11 per cent to 20 per cent by 2020. It was positioned in the premium segment of the RAC market but wanted to enter the popular segment, which was crowded with established players. The company’s focus had been on the inverter air conditioner (AC) segment, which accounted for 40 per cent of its RAC revenue; however, because of this segment’s market potential and growth, competition from key competitors was stiff. Under these circumstances, the company faced the dual challenge of finding the right strategy to establish itself in the popular RAC market and deciding how to defend its position in the inverter AC segment.

On November 8, 2016, the Indian prime minister announced that in an effort to counter corruption, black money, and counterfeiting, high-value currency notes of ?500 and ?1,000 denominations would be withdrawn from circulation. The currency to be removed in the demonetization exercise was worth ?15.4 trillion, or 86.9 per cent of the total value of currency in circulation. The old currency would be replaced with new ?500 and ?2,000 notes, but the transition would limit cash liquidity for 50 days in the Indian economy, which was heavily dependent on cash to facilitate both consumption and production. How would this process affect India, which had been identified as the world’s fastest-growing economy? Would demonetization have the desired effect of purging the economy of black money and moving India toward a cashless economy with increased growth? Or would it simply bring India’s remarkable growth story to a grinding halt and discourage investments?

A principal at the hedge fund GBR Capital needed to determine how best to vote her fund’s shares in the upcoming annual shareholders' meeting for Canadian Pacific (CP). For the previous decade, CP’s shares had underperformed compared to its key Canadian rival, Canadian National Railway (CN). The key difference appeared to be CN’s chief operating officer, who later became CN’s chief executive officer. He was able to cut costs, which boosted CN’s profits. In October 2011, Pershing Square, a hedge fund, acquired a 12.2 per cent stake in CP, investing a total of CA$1.1 billion, and proposed appointing CN’s chief executive officer as CP’s new chief executive officer. The principal at GBR Capital needed to investigate and quantify the extent to which an activist investor could unlock value in an under-performing firm.

Netflix Inc. (Netflix) had surpassed Blockbuster, the previous movie rental leader, before making the successful transition to digital delivery of video content. But despite Netflix's success, in 2017, numerous competitors, including both established, mainstream content producers and digital upstarts, were making it difficult for Netflix to recreate its earlier dominance. Critics pointed to Netflix’s slowing acquisition of subscribers and accelerating debt levels. Netflix's chief executive officer was confronted with disruption from a variety of digital rivals. How should he respond? Should Netflix continue to try to be a content producer, competing with Hollywood’s industry leaders? Should it form a partnership with other media companies to align everyone’s incentives? Perhaps it could move into other media content areas outside of traditional entertainment. Further, there remained the question of how to treat its legacy DVD-by-mail business. As the incumbent firm, Netflix needed to respond to competitors and avoid a fate similar to that of Blockbuster.

Fastenal was one of the largest U.S. industrial supply companies, with the highest operating margin among its competitors. It was known and awarded for its innovative industrial vending solutions. With the launch of Amazon Business in the industrial distribution space in 2012, Fastenal’s performance began to decline. In 2017, Amazon Business obtained patents for a drone-based delivery system. This, combined with Amazon’s power of low cost, raised critical challenges for leading players like Fastenal. How should Fastenal respond to this competition: should it focus on low price or pursue a differentiation strategy?

In response to its shrinking domestic market, Japanese liquor company Suntory Holdings Limited acquired American liquor conglomerate Beam Inc. in 2014 to expand into the promising U.S. market. Although the acquisition price was high, executives of both companies were confident in the deal. However, as the new combined entity, Beam Suntory Inc., began the integration process, it encountered significant friction, particularly from its separate corporate cultures. By 2016, the new entity had not integrated to a satisfactory level. The high acquisition price had left the parent company with monumental debt, while the consolidated operations struggled to establish trust and efficiency. Had Suntory Holdings Limited made a wise decision in acquiring Beam Inc.? How should it cope with the monumental debt? How should the combined entity resolve conflicts and integrate to realize potential synergies?

<p style="color: rgb(197, 183, 131);"><strong> AWARD WINNER - Emerging Chinese Global Competitors Award, European Foundation for Management Development (EFMD) Case Writing Competition</strong></p><br>In 2012, the Chinese state-owned oil corporation China National Offshore Oil Corporation (CNOOC) acquired Nexen, a Canadian oil exploration company, in what was the largest-ever acquisition abroad by a Chinese company. The Chinese economy had become increasingly dependent on imported energy and the aim of this acquisition was to secure access to natural resources around the world. The deal received intense media attention and its merits for Canada were widely discussed in the media. Eventually, it was approved by the Canadian government after CNOOC made substantial commitments regarding Nexen’s future operations. However, after the acquisition, Nexen experienced considerable challenges regarding its financial performance and its health, safety, and environment processes. Financial performance was undermined by a sharp drop in the price of oil from 2014 onward. Moreover, Nexen’s operations were disrupted by a pipeline leak, a closure of pipelines by the regulator, and a plant explosion. Each event challenged the Chinese and Canadian leadership of Nexen to face the media and minimize reputational damage and safeguard its health and safety record. How could the company cut its losses and downscale its engagement in Canada? Did it need to refocus its Canadian operations to use its assets in a different way?

In 2017, the next generation of consumers that were poised to become engaged to be married—millennials—showed different preferences and consumption patterns than previous generations had shown. In response, the De Beers Group of Companies (De Beers), a leading company within the global diamond industry, was making moves to capture this important market. In partnership with the world’s six other leading diamond companies, known collectively as the Diamond Producers Association, De Beers launched a campaign titled “Real is Rare” with the goal of persuading millennials into believing that diamonds were an important symbol of romantic commitment, even in 2017. Would these marketing endeavours be successful in changing the millennial mindset, or would the campaign fall flat? Would diamond engagement rings continue to be the ultimate symbol of commitment? What could De Beers do to encourage sales of diamonds in a changing world?

In early September 2016, Samsung Electronics Co. Ltd. (Samsung), a leading manufacturer of smartphones headquartered in South Korea, released the new generation of its flagship smartphone, the Galaxy Note 7. Despite initial positive reviews and a strong market reception, just eight days later, Samsung voluntarily recalled 2.5 million of the smartphones, after receiving reports of the devices overheating and catching on fire. The problems persisted even with the replacement device, and the company decided to cease all production and sales of the Galaxy Note 7 in October 2016. Samsung faced a highly commoditized market, decreasing global demand, and increasing competition, but the company now also needed to deal with one of the biggest recalls in the history of the industry. What had gone wrong, and how could the company move forward?

In 2017, PSA Peugeot Citroën (PSA), the French-based automaker known for its famous Peugeot and Citroën brands, announced its plans to re-enter the U.S. market after having exited North America in 1991. This was not the first time the company tried to re-enter the U.S. market. In an effort to reduce its reliance on declining European markets, PSA had attempted to re-enter the United States in 2003, again in 2014 with its premium automobile range, and most recently in 2016 in a partnership with a French-based ride-sharing operator. What are PSA’s strategic options for its international growth by focusing particularly on U.S. re-entry? Would re-entering the U.S. market help PSA respond to growing competitive pressures in the global automotive industry?

In October 2010, Ira Pittelman, lead producer of the Broadway musical American Idiot, had to evaluate one week's grosses from when star musician, Billie Joe Armstrong, was put into the show in New York City. The rock star had been enthusiastic about filling in for an actor in the musical based on an album by his band, Green Day. Audiences had also been enthusiastic, and revenues for the play were up. The producer had to determine whether Armstrong was the source of the increased revenue and, if so, how much his performance had contributed. He needed to determine how to respond should Armstrong offer to act in the musical again. Should he accept such an offer? How much compensation should he offer the star?

In 2017, Volkswagen Group was not satisfied with its performance in India. Tata Motors Limited, on the other hand, had been dealing with increased competition from new automobile players. In March 2017, both players made the announcement of a potential strategic alliance with one another. However, the alliance talks soon stalled over the potential use of a platform and the practicality of the business model. The question facing both companies was whether to work out their differences and move the alliance forward, or to terminate the negotiation talks and operate independently.

By 2017, Wal-Mart Stores, Inc. (Wal-Mart) had shaped purchasing power for more than a million U.S. workers. Wal-Mart’s economic muscle was so profound that one could assume that the corporation’s wage policies had had a significant impact on the struggle for a living wage in the United States—but did this assumption have any merit? Wal-Mart had set the benchmark for low-cost retail labour practices. Understanding how Wal-Mart set the agenda with wages invited the investigation of a few pertinent questions: What socio-economic forces were in play and what was the environmental context that shaped Wal-Mart’s approach to managing its labour force? What were Wal-Mart’s wage-related practices, and how did the hourly rate paid to workers by the corporation affect prevailing wage rates? Finally, what were the benefits for Wal-Mart if it pursued a progressive wage rate agenda related to a living wage, and what were the disadvantages if it did not?

In 2014, mobile payment company Square, Inc., based in San Francisco, California, was one of an increasing number of venture capital financed firms with valuations above US$1 billion, which had become known as unicorns. By September 2014, the company had raised $371 million over five rounds of venture capital financing. Since the first funding round had been almost five years previous, it was possible that venture funding investors would be pushing for an exit. The firm considered an acquisition offer and an initial public offering, but it was apparent that neither option would yield its desired $6 billion exit value. With $139 million in cash on hand, Square, Inc., was on track to use $138 million of cash in 2014. It approached venture capital investors for a sixth round of financing. It was then up to the investors to determine if they could agree to suitable terms.

In June 2012, the Reserve Bank of India (RBI) sought to further financial inclusion in India by permitting non-bank corporate bodies to roll out “white-label” automated teller machine (WLA) networks. Unfortunately, most licensed operators soon found that the number of customers using the white-label machines was lower than anticipated, while the costs of installation, operation, and maintenance were higher than projected, and the revenues received from card-issuing agencies (i.e., banks) were inadequate to ensure viability of the business proposition. However, one operator, Tata Communications Payment Solutions Limited (TCPSL), rolled out its “Indicash” network very quickly, installing over 7,000 units in about 33 months, accounting for close to 60 per cent of all WLA installations by March 2016. Yet by June 2016, in what seemed like a reversal, TCPSL was put up for sale at an estimated valuation of between INR10–13.5 billion. In attracting potential buyers of the Indicash network, how could TCPSL leverage its accomplishments with the WLAs to make a sale? What would attract a strategic buyer to the WLAs?

For 30 years, Mazda Motor Corporation (Mazda) partnered with Ford Motor Company (Ford), helping Ford in small-car engineering and lean manufacturing in exchange for finance and marketing know-how; however, this alliance was terminated due to the global financial crisis in 2008. In 2015, Mazda entered into another long-term partnership to share technologies and cope with cost pressures—this time with Toyota Motor Corporation (Toyota). According to its 2016 Structural Reform Plan, Mazda aimed to achieve a global sales volume of 1.65 million units, an operating income ratio of at least 7 per cent, an equity ratio of at least 45 per cent, and a dividend payout ratio of at least 20 per cent by 2019. Given the highly competitive domestic and global automotive markets, to what extent could the partnership with Toyota and the Structural Reform Plan allow Mazda to achieve these goals? Would Mazda need to make any changes to its competitive strategies to keep the company driving forward?