Here both companies undergo fundamental change following their combination. This endstate is desired when an industry is radically evolving or emerging. Synergies come not simply from reorganizing the businesses, but from reinventing the company. This
is the trickiest of all the combination types and requires a significant investment
and inventive management. Transformation po ses a sharp break from the past. Existing practices and routines must be abandoned and new ones discovered and developed. In the integration of P fizer Incorporated’s Animal Health Group and SmithKline Beecham’s animal pharmaceutical business in Europe, two orthodox country-centric operations
were transformed into a new organization