In the place of Darwinian direct competition with other companies, multinational corporations are learning that they must collaborate to compete. Multinationals can create the highest value for customers and stakeholders by selectively sharing and trading resources and costs with competitors and suppliers alike. The vehicles for this collaboration are cross-border alliances and acquisitions, which are necessary but challenging. In detailed case studies, two themes emerge: the concept of alliances as arbitrage and the importance of regional differences.