But rocky unions like DaimlerChrysler have also demonstrated that a
strong cultural fit - tricky at the best of times - is the one factor
most suitors, bedazzled by revenue numbers, overlook in the rush for the
altar. The latest alliance will have to juggle the idiosyncrasies of the
French, American and Japanese culture. That each could bring a very
different business and management style to the table is not a
disadvantage in itself since diversity can only enrich an alliance. But
a poor cultural fit could just as easily break a merger if top
management fails to ensure corporate harmony across cultural
boundaries.
Publicis is hardly a stranger to cultural mis-matches - years ago, its
joint-venture with America's True North was plagued by arguments so much
so that the latter completely rebuffed Publicis' takeover attempt.
Though that takeover proved abortive, let's hope the factors that
contributed to its failure have been well absorbed and learnt by
Publicis as it prepares to drive the new partnership.
Beyond that, the Publicis-led merger leaves just a small handful of agencies unattached today - Bates of the financially-ailing Cordiant group, the resolutely-independent Grey Global Group, Britain's Aegis and France's Havas Advertising. It's unclear - given a host of issues, ranging from financial health, asking price and regulatory concerns - whether any of them is on anyone's shopping list. What is certain though is that life as an independent will only become more perilous in a world where the big continue to get bigger.
