# With M&A activity, the market demands more emotional intelligence and better corporate communication

Mergers and acquisitions may be closed at the negotiating table, but their success is decided long after the contract is signed.

- Section: Culture & Management
- Published: October 28, 2026
- Address: https://ceoone.com.br/en/article/with-m-a-activity-the-market-demands-more-emotional-intelligence
- Em português: https://ceoone.com.br/artigo/com-as-movimentacoes-de-m-a-mercado-exige-mais-inteligencia-emocional-.md

![Ricardo Welikson in a dark blazer and light shirt, arms crossed, in front of a wall of grey and blue hexagons](https://pub-b80e49b2737940b3ab5d3f20d0578192.r2.dev/artigos/com-as-movimentacoes-de-m-a-mercado-exige-mais-inteligencia-emocional--foto.webp)

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## Key points

- The M&A market in Brazil moved US$32.557 billion in 593 transactions in the first half of 2026, according to a survey by Aon with TTR Data.
- Human capital still takes a back seat in due diligence, while financial, accounting and legal aspects get in-depth analysis, which can compromise synergies during integration.
- Waiting for 100% clarity before communicating changes leaves room for rumor; the message has to be reinforced in meetings, one-on-ones and through middle management.

*By Ricardo Welikson*

In Brazil, where the M&A market moved US$32.557 billion in 593 transactions in the first half of 2026, according to a survey by Aon in partnership with TTR Data, the integration of people and cultures is an increasingly important factor in turning a financial transaction into actual results.

It is still common for human capital to take a back seat in the due diligence stages, while financial, accounting and legal aspects receive in-depth analysis. This asymmetry can compromise the capture of synergies and increase risks precisely in the most critical phase of the process: the integration of the companies.

While the American market and part of the European one dive deep into behavioral aspects and their triggers, here in Brazil there is still a belief that instinct is enough. In an M&A scenario, the CEO stops being the executor of the operation and becomes the protagonist of a fund's thesis, validating or challenging value-creation assumptions while leading a transformation that goes far beyond the balance sheet.

The list of competencies most required of senior leadership in M&A processes spans many areas, from technical to emotional: attention to detail, integration skills, the ability to communicate under pressure, self-control, active listening, tolerance for frustration, emotional regulation, the ability to keep one's reasoning and the ability to prioritize. It should also be stressed that M&A processes rarely follow the planned script. Executives must, among other things, know how to deal with adverse circumstances, chaotic scenarios and incomplete information, having to make critical decisions that demand a high degree of emotional intelligence.

## The main challenge: people

A recurring mistake is for the CEO to try to lead as if the pre-merger culture still existed and to expect full acceptance from employees. To avoid this, a certain degree of flexibility is essential to ensure a gradual adaptation between the cultures. However, there are clear signs that two cultures will struggle to coexist, such as when the stated values do not match the behavior observed day to day. When collaboration is held up as a value but competition at any cost prevails in practice, actions will speak louder and the mismatch will show.

When communicating changes, there is a classic trap: waiting for 100% clarity before announcing them. In that interval of silence, people fill the gap with the worst possible scenario, and rumor travels faster than the official announcement. A single announcement by email is not communication, but a notice. Reinforcing the message in meetings, one-on-ones and through middle management ensures that it arrives and is absorbed.

Leadership development programs can make an important contribution by preparing executives not only to run the business but to deal with situations of greater complexity and ambiguity, in the specialist's view. To train CEOs who are better prepared for M&A operations, these initiatives should develop competencies such as decision-making, stakeholder management, negotiation and the ability to lead change.

## The difference between closing the deal and creating value

The difference between a CEO who merely carries out an acquisition and one who creates long-term value lies in the ability to see the operation beyond the transaction. This requires turning the strategic logic into a concrete agenda of integration, synergy capture and development of the new organization. It demands execution capacity, discipline, people management and, above all, leadership to integrate cultures, align teams and retain the talent that made the acquired company valuable.

The most effective CEOs tend to define the critical factors for the decision, surround themselves with specialists and set up structured risk-assessment processes. From there, they need to make decisions with conviction while staying flexible enough to adjust course as new information emerges. In environments of high uncertainty, agility does not mean taking unnecessary risks, but acting with discipline, strategic clarity and the ability to adapt.

*Ricardo Welikson is a partner at EXEC*

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