Fusões e aquisições sob a perspectiva da visão baseada em recursos: o caso da Liquigaz Distribuidora S. A.

Abstract

Mergers and acquisitions have their origins between the end of the XVIII century and the beginning of XIX century, passing through cyclical period. They are markedly recognized as strategic ways used for the growth of companies. This paper was developed under the Resource-Based View theory and, from it, we analyzed how the phenomenon of mergers and acquisitions is used by the companies for improvement of process or increase of its resource base and generation of competitive advantages. The objective of this paper was to analyze, under the Resource-Based View, how a process of acquisition makes the creation of competitive advantages possible through the access to great amount of resources for the studied company. As specific objectives, this paper seeks to identify the company resource base gains to the acquired company from the acquisition process; it also describes if it occurs an increment of the competitive advantage from the acquisition and broadens the theory of mergers and acquisitions enlightening a successful case study and allowing other companies to be based on at least parts of it. In order to reach these objectives, a qualitative research was carried, as an exploratory experiment, having Liquigás Distribuidora S.A case study, company which was acquired by the Petrobras Distribuidora S. A., to confirm the generation of competitive advantage based on theories of mergers and acquisitions and the resource-based view. The study was based on primary and secondary data. The primary data was obtained from interviews realized with managers of the company, specially oriented to those who experienced the acquisition and post-acquisition period. These interviews were developed over a semi-structured script. The secondary data was got from many different publications like company’s web site, news from specialized media and public data as accounting balance e any other data that can be published by the force of the law 6.404/1976 or Lei das Sociedades por Ações. As results, this paper identified that the acquisition of Liquigás Distribuidora S.A. by Petrobras Distribuidora S.A. brought an increase of its resource base and, as consequence, the generation of sustained competitive advantages.