International audience ; This research in progress aims to understand the governance of managerial intercultural relations in the context of a merger of two SMEs in Luxembourg financed by a British Private Equity firm. An analysis of the intercultural environment of the company and of the structure of the forces at play exposes the influence of the multicultural factor on the implementation of the merger. The literature review, focused on intercultural management and approaches in terms of varieties of capitalism, highlights the cultural behavioral variables of the relationship between the decision-makers of the merged company. These perspectives allow us to build a framework explaining the relationship between intercultural strength and governance mechanisms in a company merger process. The qualitative methodology used is based on four interviews and a study of contextual elements in order to provide material for a content analysis. The results highlight the tensions exacerbated by the SME merger context in the exercise of governance by its actors and show the influence of the intercultural forces on the implementation mechanism of the merger project. We conclude by underlining the limits of the study and related other research opportunities. ; Cette recherche en cours vise à comprendre la gouvernance des relations interculturelles managériales dans le cadre d'une fusion de deux PME luxembourgeoises financée par une société britannique de Private Equity. L'analyse de l'environnement interculturel de l'entreprise et de la structure des forces en présence met en évidence l'influence du facteur multiculturel sur la mise en œuvre de la fusion. La revue de la littérature, centrée sur le management et les approches interculturelles en termes de variétés de capitalisme, met en évidence les variables comportementales culturelles de la relation entre les décideurs de l'entreprise fusionnée. Ces perspectives nous permettent de construire un cadre expliquant la relation entre la force interculturelle et les mécanismes de ...