Mergers and acquisitions (M&A) in Europe are expected to accelerate again from 2026 onwards. Driven by market restructuring, competitive pressure and the search for critical size, they are often presented as obvious levers for value creation. Yet experience shows that this promise is far from being systematically fulfilled.
While financial, legal and social dimensions are generally well managed, one decisive factor is still too often overlooked: the psychological acceptance of the merger by the people who experience it on a daily basis.
An Excessively Technical and Social Focus
In most M&A projects, support efforts focus on what is visible, measurable and immediately actionable. Executive teams and their advisors prioritise HR and social aspects: alignment of collective agreements, harmonisation of employment contracts, redefinition of organisational charts, restructuring plans and synergy programmes.
These dimensions are, of course, necessary. But they are not sufficient. By limiting the scope to these aspects, organisations often confuse managing the framework with achieving genuine human and cultural integration.
The Major Blind Spot: Organisational Psychology
What is largely neglected is the collective imagination of each organisation. Every company carries its own history, symbols, founding narratives and sources of pride – but also its wounds. A merger inevitably disrupts these reference points.
Loss of identity, feelings of downgrading, fear of becoming invisible within the new entity, or the perception that adaptation efforts are neither recognised nor valued: these psychological experiences are rarely expressed openly, yet they profoundly shape behaviour. When left unaddressed, they fuel silent and long-lasting resistance.
A Managerial and Organisational Blind Spot
Why do these dimensions remain off the radar? Because there is rarely any structured diagnosis of collective organisational psychology. What is not diagnosed cannot be managed, nor can it be translated into an appropriate action plan.
As a result, leaders move forward blind to what matters most: the actual psychological state of the social body they are attempting to unite.
The True Core of Success – Too Often Forgotten
Numerous studies and field experiences converge on one point: nearly 80% of long-term M&A success factors are intangible – engagement, trust, sense of belonging, psychological safety and recognition.
When these levers are ignored, the new entity quickly becomes burdened by an invisible “ball and chain” that slows down collective momentum.
The High Cost of Psychological Neglect
The consequences of this oversight are severe and enduring:
the emergence of diffuse mistrust, sometimes even a low-level paranoid dynamic;
recurring psychosocial crises;
the gradual departure of key talents;
and above all, the rise of presenteeism: employees remain physically present but disengage mentally, leading to a decline in effectiveness, creativity and well-being.
These hidden costs directly erode the value that the merger was supposed to generate. Very often, executives observe deteriorating performance without understanding its root causes – precisely because those causes lie in these invisible dimensions they failed to address.
Three Levers to Secure Value Creation
This trap can be avoided, provided organisational psychology is treated as a genuine strategic issue:
Conduct a collective psychology diagnosis before the merger, to identify latent tensions, dominant representations, invisible vulnerabilities and unspoken fears.
Establish structured integration rituals: publicly acknowledge the history and culture of each entity, recognise adaptation efforts, and create shared symbols and narratives that embody the new identity.
Actively manage the psychological dimension over time, using appropriate tools, indicators and methods, so it does not remain a blind spot for management and M&A advisors.
Value Is Also Created in Collective Imaginaries
The value of a merger is not built solely in financial models or operational synergies. It is equally shaped by the encounter – or clash – of collective imaginaries.
Without taking organisational psychology into account, every merger eventually pays the price: declining engagement, loss of performance and, ultimately, value destruction.
Conversely, an approach that fully integrates this invisible dimension can transform a merger into a true opportunity for collective regeneration, ensuring sustainable success over time.
Matthieu Poirot
Psychologist and PhD in Management
Expert in Organizational Psychology
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