A substantive body of theory and research on the studies of culture in mergers and acquisitions (M&A) proposes that social differences can create obstacles to achieving integration benefits. In this paper we proposed a learning perspective to analyze the integration process in related acquisitions. The main objective of the paper is investigate the learning trajectories perceived by the social agents involved in three related acquisitions made by Vale, the first largest iron mining company in the world. The results indicate that learning not only requires the experience embodied in each organizations’ trajectories, but integration of the knowledge contained in each of them.Hay varios datos teóricos y empíricos de la literatura presentes en la cultura de las fusiones y adquisiciones de empresas que sugieren que las diferencias sociales pueden crear barreras para lograr beneficios en el proceso de integración. En este trabajo se propone una perspectiva de aprendizaje para analizar el proceso de integración relacionado con las adquisiciones. El objetivo de este trabajo es investigar las trayectorias del aprendizaje percibidas por los sujetos de la organización que participan en tres adquisiciones relacionadas. Uno de ellos es Vale, la mayor empresa del mundo en la extracción de minerales de hierro. Los resultados indican que el aprendizaje no son sólo experiencias asociadas incrustadas en las trayectorias de las organizaciones, sino que también son conocimientos obtenidos en los procesos de integración.A substantive body of theory and research on the studies of culture in mergers and acquisitions (M&A) proposes that social differences can create obstacles to achieving integration benefits. In this paper we proposed a learning perspective to analyze the integration process in related acquisitions. The main objective of the paper is investigate the learning trajectories perceived by the social agents involved in three related acquisitions made by Vale, the first largest iron mining company in the world. The results indicate that learning not only requires the experience embodied in each organizations’ trajectories, but integration of the knowledge contained in each of them
