<![CDATA[Cross-border consolidation in emerging FMCG markets presents strategic issues not fully explained by conventional acquisition perspectives. This article develops and simulates a model explaining how transaction architecture and resource complementarity influence strategic performance through integration capabilities, with governance adaptability as a reinforcing factor. The analytical context retains the case of FrieslandCampina Ultrajaya, which in the source text is positioned as a transaction based on a non-cash asset injection through a share issuance. Unlike the source article, which uses a qualitative case study, this study employs a quantitative design based on synthetic data of 150 observations and Partial Least Squares Structural Equation Modeling (PLS-SEM). The results indicate that transaction architecture and resource complementarity are positively related to integration capabilities; integration capabilities, in turn, are positively related to strategic performance. The indirect effect of both predictors through integration capabilities is also positive, while the interaction of integration capabilities and governance adaptability strengthens strategic performance. The main conceptual contribution is shifting the discussion from the transaction ownership form alone to the value creation mechanism through resource configuration and integration capacity.]]>
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