Unilever analysts should expect an unusually full goody bag on Thursday when they leave the consumer giant’s annual investor meeting at its newly expanded US headquarters in leafy Englewood Cliffs,...

Unilever analysts should expect an unusually full goody bag on Thursday when they leave the consumer giant’s annual investor meeting at its newly expanded US headquarters in leafy Englewood Cliffs, New Jersey. The mergers and acquisitions department of the Anglo-Dutch company that produces Dove soap and Magnum ice cream has been so busy in the past three years that if it wanted to give away samples from all these deals, it would need suitcases to stuff them in. This week’s acquisition of Sundial Brands, a US skincare company whose core customers are mainly African-Americans, brings to 18 the number of deals since the beginning of 2015. Unilever has run up a bill of €8.8bn for this basket of M&A, according to analysts’ estimates — an average of €500m a purchase and tiny in comparison to some of the industry’s big deals. Bolt-on deals are not unusual in consumer industries but Unilever’s sustained spree — accompanied by a lack of big M&A — has developed into a plan under chief executive Paul Polman. “We’ve had a very good strategy of steady and consistent acquisitions — the strategy is clearly working for us and we’re pretty happy with it,” Mr Polman said in July. Other acquisitions since article above was published: 2019: Garancia - Unilever announced that, further to the announcement made on 27 March 2019, it has completed the acquisition of Garancia, the French derma-cosmetic brand. Graze, which was founded in the UK in 2008 as a "healthy" snack-box delivery service, has been bought by FMCG giant Unilever for a reported £150m from private-equity group Carlyle 2018: Equilibra- Unilever announced that, further to the announcement made on 25 June 2018, it has completed the acquisition of a 75% stake in Equilibra, the Italian personal care and wellbeing brand. Quala - Unilever announced today that, further to the announcement made on 15th May 2017, it has completed the acquisition of Quala's beauty & personal care and home care brands. Schmidt's Naturals - Unilever announced today that, further to the announcement made on 14th December 2017, it has completed the acquisition of Schmidt’s Naturals. QUESTIONS: Does Unilever’s strategy of bolt-on acquisitions make sense? Why (or why not)? Which approach should they follow for the post-merger integration of those companies? What should be Unilever’s priorities in the next 3 to 5 years? v