“Kicked by the same kangaroo”?

Metaphor’s effects in tragic tales of acquisition

Cindy Liu Victoria University of Wellington

Sally Riad* Victoria University of Wellington P O Box 600 Tel. +64 4 463 5079 Fax. +64 4 463 5253 [email protected] z

*Present ing author “Kicked by the same kangaroo”?

Metaphor’s effects in tragic tales of acquisition

Abstract

In this paper we identify salient metaphors in tragic acquisition tales with the purpose of reflecting on their effects, on what they do . The paper is premised on interrelated theoretical strands: narrative, tragedy and metaphor; these form the foundation for content analysis of New Zealand and Australian media representations of three acquisitions. Across the three tales, ‘war’ is the most entrenched business metaphor. When viewed with the second most dominant metaphor, biology (evolution and life cycle), we have language replete with notions of social Darwinism wherein struggle is essential to survival – blended with nationalist sentiments . In closing, the call is for us to envision a “pacific century” wherein we explore ‘new’ language and alternative ways of framing business life.

1 Introduction

The Warehouse is getting kicked by the same kangaroo that has sent other New Zealand firms to their sick beds (Chapple, 2003 ).

This statement appeared in an article titled “True Blues hit the ‘Red Shed’” in The New Zealand Herald . The “kangaroo” , a n animal symbolic of Australia , relentlessly “kicked” The Warehouse, the largest and one of the most popular retailers in New Zealand. The article reproduces a precarious notion, not uncommon in the media , that New Zealand firms generally “have a sad history of unravelling ac ross the Tasman” (Chapple, 2003 ). This paper examines media representations of th ree New Zealand acquisitions in Australia; one thing these acquisitions have in common is a tragic tale of a well -regarded, almost iconic, New Zealand firm, whose acquisition of an Australian firm does not end with ‘happily -ever -after’. In the paper, we fo cus on identifying the salient metaphors deployed in such media accounts, and exploring the effects they hold in tragic acquisition tales. In doing so, we take also into account the role of such metaphors within the long -standing historic and economic rela tionship between New Zealand and Australia. Mergers and acquisitions (M&As) are change phenomena that are increasingly relevant to organizations and everyday life, particularly as organizations seek to establish and maintain competitiveness in an increasi ngly globalized economy (Fitzgibbon & Seeger, 2002). Why failed acquisitions? Whereas the high probability of failure is one of the most common statements reproduced i n the literature on acquisition, t here is a paucity of studies that examine failed acquis itions more broadly, and their representation specifically. Moreover, the reproduction of stories of failure can shape a nation ’s business identity ; i n the case of New Zealand, this can be compounded by its close relationship to Australia – wherein account s of failur e are not mere representations of business problems, but may also involve nationalistic sentiments. Hence, understanding of the dynamics of framing failure matters just as much as understanding the dynamics of representing success. This is where we turn to the media, a central player in today’s business world. Specifically, in shaping perceptions of organizations’ activities and performance, it affects investors’ decision -making and hence share price (Chatterjee et al. , 1992) . More broadly, the m edia creates realities through its broad reader base, and can also serve to stir up the public with nationalistic sentiments in cross -border acquisitions ( Tienari et al. , 2003 ; Vaara et al. , 2003 ). Here we get to metaphor. In tragic narratives of acquisiti on, metaphor contributes to the cohesion of the text, the tightness and consistency of the argumentation, and the construction of a particular view of reality (Koller, 2003); in this paper, we emphasise the last of these effects through an analysis of thre e acquisition cases: T he Warehouse ’s acquisition of Clint ’s Crazy Bargains and Silly Solly ’s, Telecom’ s takeover of AAPT to Air New Zealand’ s purchase of Ansett .

2 Narrative, Tragedy and Metaphor in Organizational Change

In examining acquisitions as a form of organizational change, this paper is premised on three interrelated theoretical strands; we discuss each in turn.

On narrative…

We live immersed in narrative, some of which we create ourselves in our conversations and in the texts we author (Gabriel, 20 04). However, its relevance once easily went unnoticed because of its ubiquity. Over the past twenty years, interest in narrative has rapidly risen in organization studies, predominantly on the premise that individuals often make sense of the world and the ir place with in it through narrative fo rm (e.g. Bruner, 1990; Feldman et al. , 2004). Weick (1995) notes that many organization theorists have shifted their attention to the analysis of such interaction processes through which organizations are constituted , maintained or change over time. The word “narrative” derives from the Latin “ narre ”, which means “to make known”. What distinguishes narrative from other forms of communicating information, such as a flight timetable , is that it presents information as a connected sequence of events (Lacey, 2000). To Bruner, there are five characteristics to a narrative: it is an account of events occurring over time , it poses a retrospective interpretation of sequential events from a certain point of view , it focus on hum an action , it is an ongoing part of identity construction processes , and it is co -authored by the audience or readers . We organize our experience and our memory of what has happened mainly in the form of narrative, including stories, excuses, myths, reason s for doing and not doing (Gergen, 2001) . We engage in narrative in order to understand our own lives as well as the lives of other people (Polkinghorne, 1988). And specific to the topic at hand, the broadcast and print media also efficiently engage with n arrative, having achieved a logical contrivance : that of “fishing for the story even as they proclaim themselves to be tracking down the fact” (Gabriel, 2004: 2). Organizational research into change has been increasingly shaped by t he ‘linguistic turn’ th at has spread across the social sciences, leading to a focus on ‘stories’, ‘narratives’, ‘myths’, ‘legend’, ‘fantasies’, ‘fables’, ‘tales’ and ‘sagas’ ( Alvesson & Karreman, 2000 ; Brown, 2005; Czariawska, 1998). The focus of research is on language and its role in constructing, rather than simply mirroring reality (Alvesson & Karreman, 2000) through an emphasis on how stories, embedded in what is called ‘narrative knowledge’, come to provide guidance or ‘recipes’ for action (Czarniawska -Joerges, 1995; Gabrie l, 2002 ). Specifically, Czarniawska (1997) claims that narrating is organizing, a process of social construction that is interactionally both relevant and constraining.

On tragedy…

In his highly influential Poetics , Aristotle introduced the earliest formal definition of tragedy, and all subsequent discussions of tragic form have been influenced by his concepts ( Bernays, 2004;

3 Downey, 1999; Kelly, 1993 ). To Aristot le, tragedy is an imitation of action concerning the fall of a person whose character is good ( though not pre -eminently just or virtuous), whose misfortune is brought about not by vice or depravity but by some error or frailty, with incidents arousing pity and fear, and thereby accomplish the catharsis of these emotions (Kelly, 1993). In organizatio nal texts, tragedies are narratives of fatal loss – along the lines of Aristotle’s “change of fortune from good to bad” – that are linked to a quest ( Kelly , 199 3). In discussing narrative forms in organizational interpretation Jeffcut (1994: 231) defines t he ‘tragic’ form thus: “obstacles triumph, opponents gain their revenge, and any reconciliation or reintegration occurs in a sacrificial mode or in another world”. Taking this to an analytical level, Gergen (1999; 2001) classifies some rudimentary forms of narrative that include the progressive and regressive narrative. The progressive narrative poses optimistic accounts of life, in which the endpoint is positive (a success, victory, etc.). Conversely, the regressive narrative depicts a continued downward s lide of events, in which the endpoint is negative (a failure, loss, etc.). These narratives also imply “directionality” (p. 254), the former foreseeing further increments and the latter further decrements. The tragic narrative usually tells the story of a downfall from a high position; so, i n general , it features a regressive narrative following from a previous progressive narrative . Seen through the Aristotelian lens, a basic narrative of an unsuccessful acquisition goes along the following lines. A compan y with a vision of growth acquires another company, claiming this would enable more profit . However, after a troubled period of time, it confronts failure in meeting the goals set prior to the deal. The critical decision becomes whether to continue the str uggle or give up . As illustrated in Brown and Humphreys ’ (2003) study, the ‘heroic’ is not the only story that can be told in organizations. A n acquisition can be constructed as a tragedy if the members of the organization, the researchers or the media rep resent and interpret the events in tragic terms. Yet, whereas Aristotle introduced the stylistic elements of tragedy, he is particularly interested in metaphors: “ but the greatest thing by far is to have a command of metaphor […] it is the mark of genius, for to make good metaphors implies an eye for resemblances” ( Aristotle , trans. 1968).

On metaphor…

Derived from Greek words “ meta ”, meaning “over”, and “ pherein ”, meaning “to carry”, metaphor is an implied comparison between two dissimilar objects, such th at the comparison results in aspects that normally apply to one object being transferred or carried over to the second (Sopory & Dillard, 2002). In other words, a metaphor allows an object to be perceived and understood from the viewpoint of another object ; this involves the mix of similarity and difference between the transferred word and the focal one (Alvesson, 1994). From the cognitive point of view, “metaphor does not record pre -existing similarities in things; rather, it is the linguistic means by whi ch we bring together and fuse into a unity of diverse thoughts and thereby reform our perceptions of the world” (Kittay, 1987: 6). The major advantage of metaphors is their generative power ; their ability to open up creativity and

4 new ins ights (Czarniawska -Joerges, 1995 ; Morgan, 1997). They also enable people to voice what were previously tacit perceptions, which makes them valuable for exploring organization (Oswick and Montgomery 1999). Since metaphors are not mere neutral or impartial literary devices, t hey seem to “express particular concerns and interests in ways that make claims on the nature of the target or those concerns and interests” (Broussine & Vince, 1996: 59). Over the past two decades, the role of metaphor has increasingly acquired sa lience i n organization studies ; the literature has included debat es on the dynamics of metaphor as well as metaphor -based analyses of organization. Rather than ‘ornaments’ (Vaara et al., 2003), metaphors have been cast as the cognitive lenses through which we make sense of various situations, including organizations and organizing (Palmer & Lundberg, 1995). As a central constitutive element of language, “metaphors often play an important part in determining how we think and act in the world”; they do not only “name a state”, they also “communicate an attitude to that state” (Palmer & Dunford, 1996b: 7 -8). As part of our cognitive structure (Lakoff & Johnson, 2003; Morgan, 1997), they are “so deeply embedded in our daily language that we become blind to the important ways in which they shape our thought and influence our behaviour” (Kendall & Kendall, 1993, p. 149). Thus the analysis of metaphors is also a powerful way of gleaning knowledge on attitudes to organizational change events (Oswick & Montgomery, 1999).

Mer gers and Acquisitions: Metaphor and Media

Merger s and acquisition s, although legally different, combine firms to allow them to compete in ways that each would not have been able to do on its own . Acquisitions , specifically, offer a means for organizations to access resources, capabilities or markets which can be critical to improv ing their competitiveness (Pablo & Javidan, 2002). Yet, t he terms “merger ” and “acquisition ” are often used interchangeably , and in practice, they are hard to distinguish ; h owever, practitioners often use the term “merger ” to imply a marriage of equals, and the term “acquisition ” to refer to the purchase of one organization by another, “with the purchaser in the dominant role ” (Hogan & Overmyer -Day, 1994 : 248). Friendly and unfriend ly takeovers, mergers of equal and not -so -equal firms and speculation about who is next have become a consistent part of daily news (Pelzer, 2002). An increasingly central argument in the M&A literature is that such organizational change phenomena are pre sented, described and re -described in narrative form (Vaara, 2002). Hence, examining narrative is useful for studying sense -making and sense -giving in the radical change instigated by acquisitions (Soderberg, 2003). Within the context of M&A narratives, me taphor has attracted the attention of researchers for several decades. In 1970, Levinson (1970) made the now famous analogy between merger and marriage. Then, in a study of language of corporate takeovers as early as the 1980s, Hirsch and Andrew s (1983) id entified various metaphors , classified by genres including ‘the western’, ‘the love affair and/or marriage’, ‘warfare’ and ‘sport’ among others. The authors also argued that the metaphors deployed often depended ton the perceived “friendliness” of the

5 part ies involved. Whereas courtship and marriage metaphors dominate in friendly mergers (Anonymous, 2003; Cartwright & Cooper, 1995; Demers et al., 2003; Dooley & Zimmerman, 2003; Haper & Cormeraie, 1995), the war metaphor is not only salient in hostile takove rs, but also in M&As more broadly (e.g. “Air wars,” 2001; Boyd, 2003; Cummings & Riad, 2006; Dunford & Palmer, 1996; Hirsch, 1986; Koller, 2005; Schneider & Dunbar, 1992). Metaphor analysis in M&As has also been relevant to understanding identity -building processes, particularly in cross -border acquisitions wherein images of ‘us’ and ‘them’ become salient (Vaara et al., 2003). Media texts have been a key resource for analysing narrative and metaphor in M&As (Fursich, 2002; Hellgren et al., 2002; Kuronen e t al., 2005; Vaara & Tienari, 2002). Whereas reporters generally draw on the power of metaphor in their ongoing search for “fresh and dramatic ways to keep their audience or readership attentive” (Malszecki, 1995: 199), in M&A accounts this becomes more sa lient since the combined organizations’ share price as well as decisions on controversial topics can be shaped by the media’s portrayal of the event and the respective public engagement. This is particularly relevant in cross -border acquisitions since, in simplifying complex issues and resorting to evocative metaphors, the media can also stir up nationalist sentiments that can both enable and constrain the acquisition’s management. Indeed, the analysis of media representations of nationalism in M&As is acqu iring increasing attention (e.g. Risberg et al., 2003; Tienari et al., 2003) due to the role that such accounts play in reproducing and fuelling the circulation of nationalistic dynamics.

Setting the Scene: The Australia -and -New -Zealand context

All people think that New Zealand is close to Australia, or Asia, or somewhere, and that you cross to it on a bridge. But that is not so. It is not close to anything, but lies by itself, out in the water. It is nearest to Australia, but still not near. The gap betwe en is very wide (Twain, 1989: 251 -252) .

The Australia -New Zealand story is about two adjacent peoples – of the same kind, and mostly from the same place on the other side of the world – who have g rown apart rather than together (McLean, 2003: 13) .

Austra lia and New Zealand have a bilateral relationship seemingly as close as can be between any two countries. The basic attributes of culture, history, institutions and beliefs intertwine and overlap (McLean, 2003). A common market is discussed based on the Au stralia New Zealand Closer Economic Relations Trade Agreement (CER) formed in 1983. The two countries allow free movement of goods, services, and labo ur – and the citizens of either country can live and work freely in the other. In the construction of thei r separate national identities, New Zealanders and Australians influence each other to a great er degree, through common stories, than has been historically conceded (Rolfe, 2004). Such stories include the ANZAC legend, sporting contests, migration experien ces, and intermarriage. Australian and New Zealand national identities were formed in interaction, with each side clearly marking off its identity from the other. In The Prickly Pair , Denis McLean (2003 : 21)

6 compares the trans -Tasman relationship to magnet ism , in that like poles repel and unlike poles attract. Australia and New Zealand are alike in many ways and accordingly “the more effort is devoted to pretending otherwise ”. New Zealanders pretend to look down upon their Australian cousins. In turn, to mo st Australians, New Zealand is simply out of sight and out of mind, only “a butt for bizarre jokes about sheep, a backward and unkempt pr ovincial place ”. This is echoed by New Zealand historian Keith Sinclair: the relationship between the two has been “a f eeling of comradeship and a friendly rivalry in which the Australians regarded the ‘Kiwis’ as genteel country cousins, while the latter profess ed to see the ‘Aussies’ as coarse fellows” ( Sinclair, 2000 : 240 ). Yet, the rivalry is not always friendly. Due to the inherent historical and geographical connection and the similarities in their economic structure, the competition between the two countries can be strong underneath the seemingly close relationship (McLean, 2003; Rolfe, 2004; Smith & Hempenstall, 2005 ). For example, the two countries are fierce sporting rivals, and the ‘battles’ – whether in sports or in markets – between the two countries are like “a war of siblings in their own backyard, fought without regard to differences of size and strength” (Mac Lean, 2003: 27) . Within this context of the close relationship and rivalry between the two countries , cross - border m ergers and acquisitions have also become increasingly common phenomena (Anonymous, 2005; Hawser, 2005; Hargreaves, 2006; Rebstock, 2006; Va ughan, 2006) . Currently, Australian investment in New Zealand is increasing to its highest level in history. Both the flow of capital and the number of Australian managers sent to New Zealand on behalf of Australian companies’ interests are higher than eve r before. However, in such joint business contexts, “New Zealanders hate Australians telling them what to do” (McKay, 2004) and worry about the possible “Australianization” of New Zealand business (Simon, 2005). So whereas Australians and New Zealanders ma y bond over rugby and beer, the similarities may not always extend to business acquisition . For New Zealand firms : “It’s like being a tourist – you’re always paying a higher price for things and don’t know what you’re getting” (Chapple, 2003). Whereas Aust ralia is often regarded as the first step in internationalization by New Zealand firms, in practice this step is often tenuous and arguably more difficult than expansion into other countries ( Campell -Hunt et al., 2001 ).

The Three Tragic Tales

The three ac quisition cases included in this study share several characteristics: they are each an acquisition by a New Zealand firm of an Australian one; in each, the acquirer is a relatively large, publicly owned and well -regarded firm in New Zealand; and central to this study, they each pose a tragic narrative. We discuss the acquisitions in turn.

The Warehouse’s acquisition of Clint’s Crazy Bargains and Silly Solly’s

Since Stephen Tindall founded the company from scratch in 1982 , The Warehouse has been a company sy nonymous with growth and success in New Zealand (Bowden, 2003), and is one of New

7 Zealand’s largest general merchandise and apparel retailers. Tindall had been known as a cautious investor, and the first major strategic move came two decades after The Ware house was established (Scherer, 2000b). The Warehouse’s expansion across the Tasman was premised on the potential saturation of the New Zealand market some time in 2004, with Australia was perceived as easier for expansion than Asia (Scherer, 2000b). On 1 August 2000, The Warehouse took possession of their first Australian outlets: it acquired a 115 -store Australian discount retail chain for $A118 million, which, having had a long -standing relationship with The Warehouse, traded as Clint’s Crazy Bargains in New South Wales, ACT, and Victoria, and as Silly Solly’s in Queensland (“History”, 2005b). In due course, the Australian stores were rebranded to “Clint’s Warehouse” and “Solly’s Warehouse” as an interim measure so that The Warehouse brand would replace C lint’s and Silly Solly’s after two years (Todd, 2000 ; Howie, 2001). Media reports at the time suggested that The Warehouse was expanding to Australia with caution, “buying itself an adolescent and confident it c an lead it to adulthood” (Morrison, 2000). Although it would need significant investment, the acquisition was expected to boost profits from day one, with steady growth thereafter (Scherer, 2000b). Yet things did not proceed accordingly. By the end of October 2000, sales of the acquired companies we re below plan, and by April 2001, The Warehouse Group shares suffered their biggest one -day drop in three years after the retailer announced publicly that full -year profit would be 15% below analysts’ forecasts (“Clint’s crazy losses”, 2001). Two years lat er, and after changes in CEOs, media representations focused on The Warehouse’s failure to repeat its New Zealand success in Australia (“Silly to stay,” 2003). In November 2005, The Warehouse confirmed that it would sell its Australian business to private equity funds Catalyst Investment Managers and Castle Harlan for $A92 million. According to ASB Securities head of advisory Stephen Wright, it was “buy on the rumour, sell on the fact”. Although the new CEO Ian Morrice did not rule out returning to Australi a or expanding elsewhere overseas, he thought The Warehouse had learnt a lot from the experience of the previous five years ( Vaughan , 2005 b).

Telecom’s acquisition of AAPT

Telecom Corporation of New Zealand Limited (Telecom) was formed in 1987 and became one of the first tel ecommunication co mpanie s in the world to be fully privatized in 1990 . Since then, its business has changed from simple telephony in New Zealand to complex communications throughout Australasia ( “History ”, 2005 a). Like The Warehouse, Tele com is large and one of the well regarded companies in New Zealand. With a market capitalization of around $US4.1 billion, it was once the nation ’s largest listed company. However, public claims were that its takeover of AAPT in 1999 brought it tremendous trouble and affected its profit for a couple of years. Telecom expanded into the Australian market with the expectation of expectation of “buying into a winner ” ( “Telecom planned, ” 1999) , raising its shareholding in AAPT to 100% in 2000. For Telecom, the acquisition was the fundamental transformation towards the goal “to become the best

8 performing, customer focused, online and communications company in Australasia ” (Annual Report, 200 1: 3). However, matters did not proceed along this positive track, and by 2002 Telecom’s profits and share price had declined. This was attributed to a range of factors including decline in customer number because of price rises (Griffin, 2002a), an inflated purchase price for AAPT and worldwide disillusionment with telecommunic ations companies (Steeman, 2002 ). From there on, analysts began to consider the potential sale of AAPT, some blaming poor New Zealand management as the cause for the firm’s downturn (Griffin 2002b; Colquhoun, 2005). Throughout 2005 and 2006, as AAPT’s poor performance and Telecom’s write -offs of its value continued (from 2.1 billion in 2001 to 270 million in 2006) , speculation was rife and Telecom would sell it ( e.g. Steeman, 2005 b; Hunter, 2 005 ). Instead, Telecom restructured, downsized, and integrated it in 2007 with PowerTel, another Australian acquisition (closing down AAPT’s network and relying on PowerTel’s) with the aim of continuing its presence in the Australian market.

Air New Zealand’s acquisition of Ansett

Air New Zealand has always been consider ed a national icon by New Zealanders (“How two men,” 2002) . It is an international and domestic airline group provid ing air passenger and cargo transport services within New Zealand and internationally ( “About us ”, 2006). In 1978, Air New Zealand bec ame a national flag carrier , then in 1989, the New Zealand Government completed the privati zation of Air New Zealand through an outright sale of the company (“Company history ”, 2006) . Since then , it had been expanding its international network, including its exp ansion into Australia, by acquiring Ansett Holdings Limited. This final case in the analysis of tragic media accounts represent ed “the largest corporate collapses on each side of the Tasman ” (Lockhart, 2004 : 11). In September 1996, Air New Zealand entered into an agreement to acquire 50 percent of Ansett for a total investment of NZ$540 million, which provided Air New Zealand with a stake in the Australasian aviation market ( “Company history, ” 2006) . T he acquisition formed a partnership between Air New Zea land and the remaining sh areholder, News Corporation, wh ich kept control of Ansett ’s management team. The first half of Ansett was a “good buy” because along with Qantas it operated a duopoly within Australia, with almost 90 percent of all passe nger air tr affic (Espiner, 2001b ). During the period from 1996 to 2000, the Australian economy was strong and Ansett ’s problems such as its high cost s, old aircraft s and inadequate information systems were well concealed (Rankin, 2001 ; Oram, 2001 ). Air New Zealand then bought the remaining half of Ansett from The News Corporation in 2000 ; it won the bidding competition against Singapore Airlines, the Australian government ’s preferred bidder , pa ying NZ$744 million for the remaining 50 percent shareholding with capital debt which was well above what the airline ’s aging fleet and declining market share were worth (Lockhart, 2004). Commentators then quickly pointed to problems including maintenance (Braddock, 2001), 10 - year high fuel prices and increasing competition (Pax inos, 2001).

9 By June 2001, the losses by Ansett reached $1.3 million per day ( “Company history, ” 2006). Prepared to save Ansett and Air New Zealand, Singapore Airlines proposed raising its shareholding in Air New Zealand from 25 to 49 percent and investin g $650 million in the company. However, this proposal was rejected by the New Zealand government due to restrictions on foreign ownership. In September 2001, the tragic ending of the Ansett acquisition set in. Air New Zealand placed its wholly owned subsid iary Ansett Australia into voluntary administration . This meant that Air New Zealand could then only continue when rescued (Braddock, 2001). To save Air New Zealand from collapse, the New Zealand government injected $855 million to keep it operating, which gave the government an 83 % shareholding (Lockhart, 2004). The demise of Ansett under the control of Air New Zealand is considered by some the biggest corporate failure in New Zealand history (Espine r, 2001a ).

Data and Analysis The metaphor analysis is ba sed on a text corpus constituted of 136 magazine and newspaper articles sourced through two databases : NewztextPlus and Australian/New Zealand Reference Centre , using the names of the firms involved as keywords. New Zealand publications included National Business Review, The Independent, New Zealand Management Magazine, The Sunday Star Times , The Dominion Post , The N ew Zealand Herald , and The Press . Australian publications included Daily Telegraph , Herald Sun , The Sydney Morning Herald, The Age, The Austra lian, The Courier Mail and The Daily Telegraph . For details of publications across the three cases, see Tables 1 -3. The data was analysed using qualitative content analysis (Bryman, 2004; Titscher et al. 2000). The approach emphasises the role of the r esearcher in constructing the meaning of and in texts, and the significance of context in such analysis (Bryman, 2004). The three -tiered process involves summarizing, explicating and structuring the textual content into coherent dimensions (Titscher et al. , 2000). Content analysis has been applied to media texts more broadly (Mazza and Alvarez, 2000) and to media accounts of mergers and acquisitions more specifically (e.g. Hellgren et al., 200 2; Vaara and Tienari, 2002 ); it has also been deployed by Koller (2005) in analyzing metaphors in business media discourse. In analyzing the data, we excluded ‘dead metaphors’, expressions of metaphoric origin now opaque to users, and which have been stabilized into language (e.g. network, highlight). Some metaphor cat egories were identified through the literature, a priori, e.g. love and marriage, sports and war/violence. Other categories were iteratively developed such as biology, pathology or mobility. In some cases, the article title introduces the main metaphor (e. g. fairytale or sport) that the topic is structured around (Koller, 2005). However, the metaphor c ategories identified are not mutually exclusive; there is relevant overlap to which we return in our discussion. Altogether, there were ten metaphor categorie s: biology, farming/manufacturing, love affair, mobility/navigation, natural sciences, pathology, sport/game, theatre and war/violence. For details of these metaphors across the three cases, see Tables 4 -6. We now turn to a discussion of these categories i n more detail.

10 Metaphors in the Three Tragic Tales

Many New Zealand companies are unwilling to take the slow, innings -building approach. They make little attempt to familiarize themselves with foreign conditions or to build a long innings from scratch. In stead, they adopt the high -risk approach and start swinging for the boundary before they have had the opportunity to assess the state of the wicket […]. (Gaynor, 2003 )

Across the three tragic narratives, metaphors were deployed to varying effects. Two met aphors appeared early to mid -narrative: fairy tale and love affair ; t he latter’s inclusion was minor, unlike the prominent space it is accorded in the literature on M&As. In all three narratives, the war/violence metaphor was the most extensive and diverse category, followed by the biology metaphor. These two categories appeared across the narrative, but always in the context of threat, struggle or tension in an ordeal. Other metaphors with both progressive and regressive effect include sports/games metapho rs, mobility/navigation metaphors , farming/manufacturing and the atre .

Fairy Tale

Metaphors adapted from fairy tale genres or literary masterpieces (e.g. Oliver Twist , A Tale of Two Cities ) were deployed in the progressive phase of two cases, The Ware house and Telecom. An example of the former is a New Zealand article titled “Kiwi magic arrives in Oz” (Morrison, 2000) that discusses The Warehouse’s prospects in Australia in a tone of optimism. Since “Oz” is a common substitute for the word “Aussie” across th e three cases, at times it also enables the pun on the fairy tale, “The Wizard of Oz”. This pun was also deployed in an Australian account of the Telecom case, wherein an article was titled “NZ telco spins Oz Wizardry” (Elliot, 2003); here, however, the “w izardry” is cast in its negative light since it is associated with “severe cost -cutting”. Another example in Telecom’s case, is its description as a “white knight” (Sainsbury, 2005 ), a term commonly used in business literature for an acquirer that prevents a hostile takeover by a “black knight”.

Love and Marriage

Unlike broader M&A narratives, metaphors in this category made minor appearances early in two of the cases, The Warehouse and Air New Zealand. In the former, the terms “love affair” and “honeymo on” are also non -specific to the acquisition case; rather, the describe New Zealanders’ attitude to The Warehouse, and the early phase for the new CEO. In the second case, Air New Zealand’s “marriage” with Ansett was cast both positively (to make the airli ne more competitive; McNabb, 1995, 1997 ) and negatively in that “mergers don’t necessarily make for happy marriages” (“Can the Air NZ”, 1996). Further metaphors are deployed in the latter article such as “flirting”, “courtship”, “altar”, “wedded bliss” and “divorce”.

11 Biology

The metaphors in this category are grounded in life cycle models, evolution, body parts (arms, branches) and non -human living creatures (e.g. animals, worms, etc.). Whereas it is common to conceptualize business and organization through corporate parenting and life cycle models such as the BCG matrix, it is particularly common in M&As (Lubatkin and Lane, 1996). Whereas the BCG matrix has four categories (star, cash cow, question mark and dog), the “dog” was the one deployed by New Zealan d articles on The Warehouse and Air New Zealand cases. In the former, articles described the Australian discount chains as “Aussie dogs” (McMillan et al., 2003’ “Why doesn’t,” 2003). In the Air New Zealand case, the terms “dog”, and the Australian “dingo”, are u sed scathingly by Espiner (2001b ). In discussing “the dingo that brought down our airline”, he poses: “Why isn’t Ansett back up and flying again? Because it is a dog and dogs don’t fly.” A commonly used life -cycle metaphor across all three cases is “ growth”, but also “nurture”, “new blood”, “ageing”, and specifically in relation to the tragic ending we find “demise” or “death”. Another group of biological metaphors are grounded in notions of evolution, struggle and survival. Whereas these were ide ntified across all three cases, they were more salient in the Telecom and Air New Zealand cases. Specifically, the notion of “struggle” is repeated in relation to AAPT (Hay nes, 2005; Kruger, 2005 ; Steem an, 2005a), whereas Telecom had been transformed “from a lumbering dinosaur into a much more hig hly evolved beast (Hunter, 2005 ). With Air New Zealand and Ansett, unlike “the dinosaur age” of aviation (Bell , 1996 ), “the world airline industry has become a highly volatile, cut -through business where only the m ighty survive” (Espiner, 2001a ).

War/violence

This category of metaphors is the most easily identified and most pervasive across all three cases (134, 204, 322 ) appearances in The Warehouse, Telecom and Air New Zealand respectively). Whereas war metaphors are common in business language more broadly and in M&As more specifically (Cummings & Riad, 2006; Koller, 2005), they were particularly salient in these tragic narratives. Where they appeared early in the tale, it was either to describe the acquisition as a “foray” into Australia wherein a “beachhead” is established, or in a context of negation; for example, The Warehouse did not want to go into Australia “with guns blazing” (Scherer, 200 0a). However, as stated by a commentator: “Analysts and the media l ove a big tricky corporate control battle” (“Telecom Optus,” 1999). As circumstances become more challenging and competition “fierce”, firms “fight” and “battle”, and are “hit”. In the case of The Warehouse, warnings that it will “be hamstrung” (“Aust like ly to drag,” 2002), are followed by metaphors of the tragic consequence: “The Warehouse Group has rolled up the drawbridge to stay in fortress New Zealand” (Vaughan , 2005a ). In the Telecom case, it is ironic that even though Telecom was AAPT’s “white knigh t”, war/violence metaphors were pervasive: “Telecom targets AAPT in takeover” (Braddell, 1999). In this case, competition is mostly

12 discussed in terms of ‘rivals’ and ‘rivalry’. When the “struggle” continues with Telecom’s AAPT “raid” (“AAPT positive,”1999 ; “Telecom Optus,” 1999), it, too, is inclined “to retreat to fortress New Zealand” (Griffin, 2002a). Finally, the Air New Zealand case featured more than twice the metaphors in the first case and 50% more than the second. In some situations, occasional t erms such as “captive” and “bombshell” strengthen the hostile tone of the story. Indeed, in this case, there is no fairy tale at the outset, only foreshadowing that the step was the “first punch of a double whammy” (Ries, 1995) what would create a powerful Australasian airline. The airline market is depicted as a place to be “dominated” because of “cutthroat” competition (“Can the Air NZ,” 1996), so Air New Zealand is “fo rced” into various positions and decisions. Both the acquisition and its industry dynam ics are depicted in aggressive terminology wherein firms are dealt “hits” and “blows” and are “outflanked”, “beaten”, “crippled” and “bleeding”; thereafter the New Zealand Government comes to “rescue” or “salvage” Air New Zealand.

Sport/G ames

This categor y s upplement s the war/violence metaphor – although in a socially palatable way – in emphasising competition and notions of winning/losing across all three cases. Sometimes a specific sport is deliberately used as a theme such as the article title d “Go in f or a quick slog, go out for a duck” in which (Gaynor, 2003 ) uses the cricket analogy both for The Warehouse and other New Zealand firms. More broadly, “playing” is the theme, su ch as “play ball” (McNabb, 1999 ) or “play with the big boys” (Van den Bergh, 20 01). It is also often deployed to r egressive effect (e.g. “the company had taken its eye off the ball operationally while i t concentrated on integration”, St ride, 2001) or to depict situations were competitors were “playing harder ball” (“Telecom rings,” 2 005).

Pathology

Although not a major category, terms in this metaphor group convey a picture of “suffering” particularly as the tragic tale unfolds ; this can be caused by disease (e.g. “plague”) or, more commonly, from battlefield or sports -ground afflicti on s (e.g. “trauma”) .

Mobility/Navigation

The metaphoric deployment of ‘up’ for positive improvement, and ‘down’ for negative decline, is common more broadly and especially in business ( Feyaerts and Brône, 2005 ) – one that is also entwined with elation and deflation (as in a share prices “boosting” and “plummeting”). (Indeed, Gergen’s 1999 depiction of progressive and regressive dimensions to the tragic that we deploy in this paper is metaphorical.) Consistent with the narrative, the early acquisition stage could involve a “big step” whereas later regressive stage could involve a “slide” or a “pl unge ”.

13 Chemistry, Physics and Natural Environmental Phenomena

Metaphors in this category spanned chemistry (such as “saturation” and “dilution”) and physics (“press ure” and “pump”) – and also natural environmental phenomena. Terms deployed in the last enabled reflections on a “gloomy season” and “economic headwinds”; but where they came to most tragic effect was through terms such as “disaster” and “collapse”.

Theatr e

The few metaphors in this category were mainly deployed to emphasise the attention accorded to the acquiring firms which were in the “spotlight”.

Farming , Manufacturing and Building

Metaphors in this category serve to link business concepts with every -da y vernacular familiar to the readers . At times, the acquisition deal was “forged” or “cemented”; but mostly terms in this category were non -specific to the acquisition, offering colourful forms of narrating ongoing business activities through “sowing seeds ”, anticipating “fruition” or “rebuilding”.

Discussion

While we identify salient metaphors in tragic acquisition tales, our core concern in this paper is to reflect on these metaphors’ effects, what they do . In what follows, we discuss dynamics across the three cases as well as some consequences of the metaphors deployed. The three cases pose a master narrative o f “attack” and likely “retreat”; more broadly , the word ‘target’ , which is core to military and sports language, is now commonly deployed to discu ss acquisition (e.g. ‘target firm’). We had indicated earlier that the metaphor s are not mutually exclusive; rather, the reinforce each other. The war metaphor is interrelated to both the sports metaphor and to the biology metaphor. For example, “win” and “lose” can be part of war or sports; and, as Monin and Monin (1997) indicate, sports and business can be analogous to warfare through competitive elements of aggression, strategy and committed group action. Both metaphors also reproduce gendered perspectiv es on organization that favour ‘blokeishness’ over ‘ femininity ’ (Cummings and Riad, 2007; Malszecki, 1995; Wilson, 1992). Further, t he effects of both metaphors are compounded by the suffering depicted through the pathology metaphor. Further, “transformati on” is a concept related to evolution, but when it is used with “heroes ”, it is also linked to the war /violence category. Biology metaphors of feeding/eating can be implicated in war/violence , as in “The Aussies will eat us alive” (McManus, 2001) . Cruciall y, “struggle” is relevant both to war and to evolutionary survival (Byrne, 1999; Koller, 2005 ; White and Herrera, 2003 ); s o, to adopt a cinematic metaphor, when we ‘zoom out’, we find that the big picture created by the master narrative is that of social D arwinism – entwined with nationalism across Kiwis/Aussies , the theme to which we now turn.

14 Whereas dominant claims are that media stories pose ‘objective’ news, there are several instances where the article’s judgment is influenced by the national affiliat ion of the publication , whether New Zealand or Australia , and fuels ‘us’ and ‘them’ sentiments through “here” and “there” conceptions . On the Australian side, the tales bring out “poor kiwi management” (Griffin, 2002b) as part of constrained business acume n on a national scale ; for example: “New Zealand has a reputation as a cowboy market on the outer fringes of global acceptance” (Westfield, 2001). On the New Zealand side, the stories pose problems with the Australian firm acquired wherein all three were a “dog” ; for example: “It’s abunda ntly clear… that Air NZ didn’t just buy a pup… it bought a fully fledged, 100 percent A ustralian dingo” (Espiner, 2001b ). Indeed, such nationalism is not uncommon in media accounts of M&As (Tienari et al, 2005; Risberg et al., 2003) wherein national identity constitutes a symbolic resource that is actively deployed in the social struggles instigated by globalization (Ailon -Souday and Kunda, 2003) ; however, nationalist sentiments can also constrain business relations, partic ularly within the tradition of discussing New Zealand’s “inferior” position in NZ/AUS bilateral relations . Entwining nationalism with business failure, therefore, can symbolize to New Zealanders an imbalanced relationship with Australia : “Those Aussies kee p underarm bowling us. And we just ke ep on taking it” (Espiner, 2001b ) – a nationalist sports metaphor used to negative effect in reflecting on business interactions. A term that is increasingly circulating in both countries’ media in relation to business is “fortress New Zealand” – an ironic term considering that New Zealand is one of the most deregulated countries in the world, and that popular local narratives harbour exploration, ingenuity and a ‘global’ worldview (Campbell -Hunt et al., 2001 ) – the anti thesis to the insularity in ‘fortress’ . Another precarious effect is that authors often tend to ext end the specific experience being discussed to a discussion of New Zealand firms more broadly in the generalizing tone of a cautionary tale . In finalizing o ur discussion of metaphors’ effects, we return to the overarching theme of social Darwinism, specifically in relation to the n aturalization of ability – as if it were in the organization’s ‘genes’. Examples can be gleaned from the animal metaphors used at both national level and organizational level. In discussing Australia and New Zealand, the metaphors deployed were the kangaroo and the kiwi, respectively. The former is strong and hopping; the latter is flightless and endangered . Yet, the metaphors are d eployed to double effect: to nation, and by extension, to organization . For example, in contrast to t he kicking Kangaroo (e.g. Chapple, 2003 ), The Warehouse is presented as “an iconic but faltering Kiwi” (Storey, 2005). Naturalizing metaphors at the organi zation al level include cash cow and dog ( indigenized into dingo). Life -cycle frames can be detrimental to organizations in M&As (Lubatkin and Lane, 1996 ) since they result in judgement based on ‘natural’ abilities that limits potential ( e.g. “dogs don’t fl y”) . So i f organizational and national abilities come to appear ‘natural’, t hey become contained in a deterministic narrative that is constraining rather than productive .

15 Afterword : Toward a ‘pacific century’?

A picture held us captive. And we could not get outside it, for it lay in our language and language seemed to repeat itsel f inexorably (Wittgenstein, 1953 ).

Aptly, Wittgenstein uses the metaphor ‘captive’ to discuss the dynamics of imagery in language. It is ironic that as we talk of a ‘pacific’ ce ntury, ‘war’ is the mo st entrenched business metaphor. Victory has become the standard for value and all participants must fight for it. Whereas Australia and New Zealand share legends of war and camaraderie in commemorating ANZAC, they enact their own war against each other in business, with the media posing a fertile arena. While one can argue that this is only a version of reality as forwarded through the media, people can , and often do, approach it as the main version. Further, the wider implications of reproducing the language of war in business is that it normalizes war as part of everyday life, expected and accepted. Yet, “struggle” can be particularly problematic in M&As since it challenges the constructive relational dimensions wherein the metaphors needed during integration are those that enable a “common future” (Vaara et al. , 2003 ). Genuine organizational change , therefore, needs to start through a change in our language and our attitudes . What we have is language replete with notions of social Da rwinism wherein struggle is essential to survival . W hat we need is language that enables us to respond to Byrne’s (1999: 27) call to “give peace a chance”. If we only focus on a “Pacific century” (capital P), we promote a ‘region’, and regionalism includes and excludes, creates ‘us’ and ‘them’. So as we envision a “pacific century ” (small p) , we will need to craft our way towards ‘new’ language and explore alternative ways of living it .

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21 Table 1 Data: The Warehous/Clint’s Crazy Bargains and Silly Solly’s

Name of publication Type of publication Date range Number of articles The Dominion Post (formerly Daily newspaper 24 Jun 2000 – 26 Nov 2005 15 The Dominion and The Even ing Post ) The New Zealand Herald Daily newspaper 10 Mar 2000 – 25 Nov 200 5 15 The Press Daily newspaper 28 Apr 2001 - 25 Nov 2005 5 Z

N The Independent Business newspaper 21 Jun 200 1 - 22 Jun 2005 10 The Nat ional Business Review Business newspaper 30 Jun 2000 - 28 Jun 2002 3 Sunday Star Times Weekend newspaper 25 Jun 2000 – 13 Feb 2005 2 New Zealand Management Business magazine Feb 2005 1 Magazine 51 Sub -total

Daily Telegraph Daily newspaper 24 Nov 2000 - 11 Sep 2004 10 Herald Sun Daily newspaper 25 Nov 2000 - 11 Sep 2004 4 Sydney Morning Herald Daily newspaper 22 May 2000 - 3 Jul 2000 2 AUS The Age Daily newspaper 18 Mar 2004 1 The Courier Mail Daily newspaper 18 May 2001 - 11 Sep 2004 2 19 Sub -to tal

TOTAL 70

22 Name of publication Type of publication Date range Number of articles The Dominion Post (formerly Daily newspaper 21 May 1999 - 13 Feb 2006 24 The Domi ni on and The Evening Post ) The New Zealand Herald Daily newspaper 22 May 1999 –16 Dec 2005 9

NZ The Press Daily newspaper 16 Sep 1999 - 16 Dec 2005 10 The Independent Business newspaper 13 Oct 1999 1 The National Business Review Business newspaper 28 May 1999 - 8 July 2005 4 Sunday Star Times Weekend newspaper 27 Mar 2005 - 1 Sub -total 49

Daily Telegraph Daily newspaper 24 Nov 2000 - 11 Sep 2004 10 Herald Sun Daily newspaper 13 Oct 2005 - 21 Jan 2006 3 Sydney Morning Herald Daily newspaper 13 Oct 2005 - 3 Feb 2006 4 The Age Daily newspaper 18 Mar 2004 - 9 Feb 2006 2 AUS The Australian (incl. Weekend Daily newspaper 20 Mar 2003 - 3 Feb 2006 12 Australian ) The Courier Mail Daily newspaper 6 Aug 2005 - 14 Jan 2006 4 Sub -total 35

TOTAL 84

Table 2 Data: Telecom /AAPT

Table 3 Data: Air New Zealand /Ansett

Name of publi cation Type of publication Date range Number of articles The Dominion Post (formerly Daily newspaper 18 Nov 1995 - 4 Feb 2002 23 The Domi ni on and The Evening Post ) The New Zealand Herald Daily newspaper 24 Apr 1999 - 4 Mar 2002 6 NZ The Press Daily ne wspaper 24 Mar 1999 - 6 Oct 2001 6 The Independent Business newspaper 5 July 1996 - 2 Aug 2000 10 The National Business Review Business newspaper 13 Apr 1995 1 Sub -total 46

Herald Sun Daily newspaper 4 Nov 2001 - 6 Mar 2002 3 Sunday Star Times Weekend newspaper 15 Sept 1996 - 29 Sept 2002 9 Sydney Morning Herald Daily newspaper 12 Feb 2000 - 8 Mar 2002 9 The Age Daily newspaper 14 Jun 2000 - 8 Mar 2002 9 AUS The Australian + Weekend Daily newspaper 15 Sept 2001 - 2 Mar 2002 5 Australian The Courier Mail Daily newspaper 5 Mar 2002 1 Sub -total 36

TOTAL 82

23 Table 4 Glossary of metaphors – The Warehouse /Clint’s Crazy Bargains and Silly Solly’s

Category Metaphors Biology adolescent, adulthood, aging, arm, dog , evolutionary pathway, fortune, grow, growth, kangaroo, kiwi, new kid at school, nurture, organically, shape up, struggle, worms Fairy tale Kiwi magic arrives in Oz, Oliver Twist Farming/manufacturing carve, rev up, revamp, seeds to be sown Love affair honeymoon , love affair Mobili ty/ across Tasman, big step, cross the ditch, helm , head backwards, head for, make navigation its entry Chemistry formula, erode, reach saturation point, saturated Physics heighten the pressure, magnet, trickle up, under pressure Natural sciences Natu ral headwinds, lightening speed , red wave , season to be gloomy, under cloud, wane environmental phenomena Pathology crazy , headache, hiccup, ill, malaise , plague, plaguing, silly, suffer, teething problem, weaker Sport/game batsman, bowler, cartwheel, d ive, inning, knuckle down, playing cricket, score, take eye off, wicket, wrestle Theatre debut, in the spotlight War /violence add string to the bow, battleground, beachhead, bumped off, combat, commando, cut -throat, dominated, double -edged sword, fierce, fight, firing line, foray, force, fortress, front, hamstrung, hit, impact, kick, kill, knock, launch, retaliate, roll up the drawbridge, shaken up, slash, struggle, subdued, threaten, tough, target, war, whip, win, walking wounded, wipe off

Table 5 Glos sary of metaphors – Telecom /AAPT

Category Metaphors Biology digest, foster, grow, growth, kiwi, languish, revitalizing , parent, prosper, resuscitate, struggle, survive, thrive, transform Fairy tale white knight, spin Oz wizardry Farming/Manufacturing ch errypicking, greener grass, offload, overhaul, prune, revamp, tough row to hoe, wring Mobility/ boost, boom, declined, downhill , dropped, expand, missed the boat , plummet, navigation plunge, rollercoaster ride , shrink, slumped, soar, stride , swelling, tai lspin, Chemistry erode, dilute, exposure , volatile, Physics accelerate, pull back, pump, pressure, speed up, Natural sciences Natural cloud, collapse, debacle, disaster, disastrous, echo, water to flow under the environmental bridge phenomena Pathol ogy ailing, handicaps, medicine, recover , suffer Sport/game ball, contender, hurdles, race, player, punter, sprinter, turf, winner, Theatre backdrop, in the spotlight, sing from the same hymn sheet, sit back and enjoy the show War/violence aggressive, a ssault, attack, axe, bash, battle, bite, bleed, campaign, capture, casualty, conflict, damage, defence , destructive, explode, fierce, fight, flak, foray, force, formidable, fortress, frontline, grab, hammer, hit, hostile, impact, inroad, intrusion, jab, ki ll, knife, launch, outgun, raid, retreat, rival, savage, shield, shock, slap, slash, squash, stifle, strike, stronghold, struggle, swing, sword, target, threat, torpedo, tough, turbulent, undermine, victim, war, withdraw

24 Table 6 Glossary of metaphors – Air New Zealand /Ansett

Category Metaphors Biology ageing, alive, breathe, dead, destined, demise, dingo, dog, feed, fertile, grow, growth, kiwi, parent, pup, reincarnation, resuscitate, revitaliz e, roo, starve, struggle, survive, survival Farming/manu facturing cement, fruition, fruitless, forge, knit, pave, rebuild, reconstruct, refurbish, repair, ring -fencing, stitch Love affairs at the altar, attractive, courtship, flirt, marriage, wed, wedded bliss Mobility/ adrift, afloat, boost, climb , decline, descent, dive, downfall, downturn, freefall, navigation head, hike, jump, leap, move, nose -diving, pace, plumb, plummet, plunge, propel, push up, slide, slip, slump, soar, stretch, tumble, wade Chemistry erode , exposure , rot, volatile Physics accelerate, friction, inject, pressure, pump, siphon, slow -down, suck Natural sciences Natural bonanza, black hole, blow, catastrophe, clouded, collapse, dawn, disaster, echo, environmental fiasco, ripples, tidal waves, vacuum phenomena Pathology basket case, h eartburn, impotent, quarantine, recover, suffer , trauma, weakened, weakness Sport/game ball, bat, bowling, gambit, gamble, heavyweight, hurdles, player, play, race, streak, toys Theatre behind the scene, drama, spotlight

Warfare /violence aggressive, amm unition, attack, axe, bash, battle, beat, beleaguer, bite, bleed, blow, bombshell, breakthrough, buffet, bust, campaign, capture, catapult, clash, clinch, conflict, coup, crash, cripple, cut, damage, defence , deploy, dominance, eat, entrench, fight, under fire, foray, force, front, gulp, hammer, hit, impact, jettison, knife, knock, offend, outflank, paralyze, punch, razor, rescue, rival, in ruins, salvage, savage, save, shield, shock, slash, strife , strike, strip, struggle, swallow, target, threat, throw, t orpedo, tough, turbulent, undermine, victim, war, whittle, wield, win, withdraw, wreckage, wrest

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