Oddly, the first step was a case study over the phone. Initially the interviewer went over her resume, and then asked me to do the same. Then we proceeded with the case study, which was an M&A case. Another odd fact was that there was no specific data for the companies in question. I asked for market shares, internal structures, financial reports etc, but was told there is no such data, and to proceed with a more general approach. In the end I was asked if I had any questions, but when I asked for feedback I was told they cannot give me feedback at this point. They told me they would contact me the next week regardless of result, but never heard back from them again.
The main problem for me was the lack of structure in the interview process, as well as the fact that they called-in late but rushed to end the interview on the predetermined time.