The state of the art in strategic planning today has changed from self-contained integration to linking up with a suitable partner, in order to be at the forefront of a market and/or a technology with minimal investment and risk. Partnerships range from simple cooperations or formal joint ventures, covering small-scale R&D to world-scale manufacturing. Is the recent surge in the formation of large corporate combinations evidence of an important trend or is it merely a passing fashion? What are the risks and rewards?