<![CDATA[This research studies synergy management of holding company, that is a management model of creating synergy through support of strategy, structure, values, competence, mechanism of close cooperation and interdependencies among corporations and their business units and the government policies as shareholders and as the regulator in order to meet the expectation of stakeholders. This research uses a case study design on fertilizer state-owned holding company, namely PT. Pupuk Indonesia with its subsidiary companies and cement state-owned company, namely     PT. Semen Indonesia also with its subsidiary companies. The data used for the analysis in the range of 1995-2015, the data collected from numerous sources (the triangulation of data sources/data triangulation), namely : documents, archival records, and interviews. The theory and concept used in this research are: strategy, organization, stakeholders, and agency.The result of this research indicates that synergy creating by operating holding of the fertilizer state-owned company has not given good result, but after restructured from Operating Holding to Strategic Holding  it showed good synergy result. It is indicated that in general synergy creating achieved on the cement holding company showed the good result both in the form of Operating Holding and also after restructured in to Strategic and Investment Holding. With the result of this research, a strategic recommendation and the concept of synergy management can be formulated which should be implemented on both fertilizer and cement state-owned holding companies which in turn will result in creating better synergy, and which will be beneficial for the development of sciences, in the future especially in the field of strategic management and useful for further researches. Key word: World Class Company, Restructuring, Synergy, Synergy Approach]]>
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