In this episode of the Strategy Thinkers Podcast, I speak with Giovanni Ghisetti, Head of Global Business Development at Diageo and formerly Global SVP M&A at Ferrero. Giovanni led more than €9bn of acquisitions, taking Ferrero from a European chocolate leader to a global player in sweet snacking.We spoke about what it takes to build M&A as a capability and how to make it work in practice. Giovanni is open about failure, about culture, and about the scale effects that only appear with patience.Key lessons from our discussion:✅ A $100m acquisition was initially chosen to embed learning. It led to market leadership and the following $10Bn of acquisitions ✅ Growth synergies create lasting value; cost savings do not✅ Scale economics matter — profitability shifts only once revenue passes ~$2bn in the food and beverage market in US✅ Culture and trust decide whether integration succeedsFor senior leaders thinking about scale, acquisitions or growth, this conversation offers lessons that go beyond theory.