Succeeding at mergers and acquisitions has never been easy. Several well-structured studies prove that more than half of acquisitions actually destroy shareholder value instead of achieving cost or revenue benefits. Causes of failure abound: overpayment for overestimated value, inadequate integration planning, lack of communication, cultural mismatch, to name a few. But topping the list is poor strategic rationale. And getting the strategic rationale right when merging or acquiring is crucial, both for pre- and post-merger activities.