From Classroom Theory to Boardroom Decisions

Upon invitation of Prof. Dr. Andreas Fries, these questions were at the centre of a guest lecture delivered by Dr. Marcus Kuhnert, former Chief Financial Officer of Merck and current Supervisory Board Member at Fresenius Medical Care. Drawing on more than two decades of leadership experience in global corporations, Dr. Kuhnert focused on the principles of value-based management, a management philosophy that emphasizes long-term value creation for stakeholders through disciplined capital allocation, sustainable competitive advantage, and strategic growth. Students learned how key financial indicators such as ROIC, IRR, WACC, and EVA are used to evaluate business performance and guide investment decisions.

Dr. Kuhnert shared insights into the strategic rationale behind one of Merck's acquisition, the challenges of negotiating and integrating a major deal, and the importance of ensuring that acquisitions generate value beyond their purchase price. Students gained a rare behind-the-scenes perspective on the full M&A process - from target identification and due diligence to synergy realization and post-merger integration. Especially interesting was to learn about M&A approach used by Merck family to strengthen the existing business units. This approach anticipates looking into new markets with strong growth potential and high technological relevance. Through practical examples from Merck’s transformation, students were able to see how companies balance innovation, risk management, shareholder expectations, and long-term growth objectives.

We would like to thank Dr. Marcus Kuhnert for sharing his expertise, experiences, and valuable insights with our students. His lecture provided an inspiring illustration of how rigorous analysis, strategic thinking, and leadership come together to create sustainable value in global business.