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2. Impacts of Foreign Takeovers in the Nordic Countries - What Do the Company Case Studies Tell Us?

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2. Impacts of Foreign Takeovers in the Nordic Countries - What Do the Company Case Studies Tell Us? Foreign Takeovers in the Nordic Countries 2. Impacts of foreign takeovers in the Nordic countries - what do the company case studies tell us? A report produced by NIFU STEP, ITPS, VTT, DTU and RANNIS Published by NIFU STEP, Oslo, January 2005 Financed by Impacts of Foreign Takeovers in the Nordic Countries - what do the company case studies tell us? Juha Oksanen & Nina Rilla (eds.), VTT Technology Studies ii Published by NIFU STEP Studies in Innovation, Research and Education Hammersborg torg 3 0179 Oslo January 2005 www.nifustep.no © NIFU STEP and its FOTON partners 2005 Cover photo © Photos.com The main objectives of FOTON are to study how foreign takeovers of firms in the Nordic countries affect local innovation capabilities and how this issue is approached by policy makers. FOTON is made up of three modules: The first module is a statistical exercise providing an overall picture of foreign industrial ownership in the Nordic countries. A quantitative analysis of the effects of foreign ownership on firms’ innovation performance is presented in FOTON report No. 3: Corporate Innovation Activities - Does Ownership Matter? Report No. 1 has a short overview of available statistics. The second module consists of case studies of Nordic firms that have been taken over by foreign companies. To allow for inter-Nordic comparisons, takeovers within two specific industries have been selected: Pharmaceuticals and ICT. The main focus of the case studies is on how the takeovers have affected innovation capabilities, not only in the acquired firms but also – through these firms’ linkages to local actors – in the surrounding innovation systems. Module 2 is presented in FOTON report No. 2: Impacts of Foreign Takeovers in the Nordic Countries - what do the company case studies tell us? Module 3 studies policy developments of importance for foreign direct investments in general. The policy analysis is included in FOTON report No. 1: Summary and Policy Recommendations. The reports can be downloaded for free from www.step.no/foton. The FOTON team would like to thank the Nordic Innovation Centre for its support to this study. More information about NICe can be found at www.nordicinnovation.net. The following researchers have contributed to FOTON: NIFU STEP Studies in Innovation, RANNIS, Iceland Research and Education, Norway Thorvald Finnbjörnsson (Team Leader) Per M. Koch (Project Leader) Elva Brá Aðalsteinsdóttir Siri Aanstad (Assistant Project Leader) Sverre Johan Herstad Swedish Institute for Growth Policy Amir Piric Studies, ITPS, Sweden Svein Olav Nås Anne-Christine Strandell (Team Leader) Johan Hauknes Hans Lööf (KTH) Marianne Broch Magnus Frostenson (SSE) Nils Henrik Solum Tommy Borglund (SSE) Katarina Arbin (SSE) VTT Technical Research Centre of Hans de Geer (SSE) Finland, Finland Juha Oksanen (Team Leader) DTU Technical University of Denmark, Nina Rilla Department of Manufacturing Bernd Ebersberger Engineering and Management, IPL, Denmark Jørgen Lindgaard Pedersen (Team Leader) Martin Tølle ii Table of Contents Introduction..................................................................................................................... 1 Impacts of foreign takeovers - some findings from the literature.............................. 5 Methodology.................................................................................................................. 12 The pharmaceutical and software industries in the Nordic countries..................... 16 Case findings - Overview.............................................................................................. 19 National company cases................................................................................................ 38 Company cases Denmark............................................................................................. 39 The Danish software case: CSC’s acquisition of Datacentralen............................. 39 The Danish pharmaceutical case: Nycomed’s acquisitions of DAK-Laboratoriet . 52 References ............................................................................................................... 62 Company cases Finland.................................................................................................. 1 The Finnish software case: Iobox.............................................................................. 1 The Finnish pharmaceutical case: Santen Oy ......................................................... 12 References ............................................................................................................... 20 Company cases Iceland ................................................................................................ 23 The main features of the Icelandic economy .......................................................... 23 The ICT industry in Iceland .................................................................................... 25 The Icelandic software case: The Eastman Kodak takeover of Computer Knowledge Inc. ....................................................................................................... 27 The Icelandic pharmaceutical case: deCODE genetics, Inc.................................... 38 References ............................................................................................................... 49 Company cases Norway................................................................................................ 51 The Norwegian software case: The takeover of Zoomit by Kelkoo ....................... 51 The Norwegian pharmaceutical case: The Axis Shield Plc takeover of Nycomed Diagnostics.............................................................................................................. 60 References ............................................................................................................... 71 Company cases Sweden................................................................................................ 74 The Swedish software case: Internet AB ................................................................ 74 The Swedish pharmaceutical case: The merger between Astra and Zeneca. Impacts on R&D activities in Sweden.................................................................................. 86 References ............................................................................................................... 98 Appendix 1 FOTON Module 2: Interview guideline ................................................. 99 Appendix 2: Theoretical perspectives on MNE organisation, strategy and subsidiary implications............................................................................................... 101 Introduction In FOTON module 2 the national research teams conducted case studies of the local innovation capabilities of firms which have been subjected to foreign takeovers. Two case studies of selected firms and their surrounding innovation systems have been carried out in each country, one within the pharmaceutical industry and one within the software industry. For practical reasons, the software industry is taken to include ICT companies producing software as part of a wider service or product range. The main aim of the case studies has been to assess whether there has been a competence drain or competence gain as a consequence of the takeovers. In this context we have studied whether and how the foreign takeovers have affected R&D activities, the knowledge base and the general learning and innovation processes in the firms acquired and whether these in-firm processes have had an impact upon the knowledge base and innovation activities of the actors surrounding the acquired firm. There are several reasons why the pharmaceutical and software industries were selected as case study industries. One reason is that they are both so- called high-tech industries with a high level of R&D and innovation in general, and thereby represent dynamic forces for innovation in the innovation systems in which they function. The pharmaceutical and software industries are furthermore growth industries and adequately represented in the various Nordic countries, which allow for comparisons across the region. The pharmaceutical industry is characterized by many rather large companies, and the selected case studies reflect this fact. As regards the software industry, the cases selected tend to represent small and medium sized companies rather than large firms. Firstly, the project aimed at uncovering what happens with existing R&D and other innovation activities in firms acquired by multinational enterprises (MNEs). Important questions in relation to the case companies were: Is there a tendency for R&D functions (and innovation capabilities more generally) to be relocated or centralized to the MNE headquarters, or do such activities remain in the acquired firm? What are the reasons for the strategic choices of the MNE? Are innovation capabilities regarded an embedded part of the local firm? What innovation enhancing knowledge and resources may be transferred from the MNE to the firm in question? Is this dissemination a result of technology transfer or the transfer of other resources from the MNE to the host economy? How are the MNE’s knowledge and resources taken up and utilized by the acquired firm to enhance innovation? Secondly, the case studies were to give an understanding of positive and negative effects outside the specific firm acquired by a foreign based company. Central questions in this respect were:
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