MBA研究生英語(yǔ)綜合教程（第二版）課件：Merger and Acquisition

MERGERANDACQUISITION12LEAD-INRELATEDEXPRESSIONSmergersandacquisitionscorporatestrategytakeovershareholderbrandingpurchase3LEAD-INQUESTIONS1.

Whichoptionsareopentobusinesswhentheyarecompetingwitheachotherinthesamemarket,iftheywanttoavoidapricewar?2.Whatisoneofthemostexpensiveareasofinvestment(aftersalaries)in,forexample,theautomobileorthepharmaceuticalindustries?3.CanyousuggestawaytoreducethehighcostofResearch&Development?4.Whatshouldabigsuccessfulcompanydoifasmalleroneproducescheaperand/orbetterqualityproducts?5.Whatadvantagescanbegainedbyco-operatingwithanotherfirmwhenpurchasingrawmaterialsorcomponents?4ANSWERTHEFOLLOWINGQUESTIONSBRIEFLY.1.Whichoptionsareopentobusinesswhentheyarecompetingwitheachotherinthesamemarket,iftheywanttoavoidapricewar?Co-operateonpricingpolicies./Formamerger.5ANSWERTHEFOLLOWINGQUESTIONSBRIEFLY.

2.Whatisoneofthemostexpensiveareasofinvestment(aftersalaries)in,forexample,theautomobileorthepharmaceuticalindustries?

ResearchandDevelopment.6ANSWERTHEFOLLOWINGQUESTIONSBRIEFLY.3.CanyousuggestawaytoreducethehighcostofResearch&Development?FromamergerwithanothercompanyinthesamelineofbusinessandshareR&Dcosts.Or:SetupajointventureprojecttodotheR&Dforthetwocompanies.7ANSWERTHEFOLLOWINGQUESTIONSBRIEFLY.4.Whatshouldabigsuccessfulcompanydoifasmalleroneproducescheaperand/orbetterqualityproducts?

Buythemout,inotherwordsmakeandacquisition.8ANSWERTHEFOLLOWINGQUESTIONSBRIEFLY.5.Whatadvantagescanbegainedbyco-operatingwithanotherfirmwhenpurchasingrawmaterialsorcomponents?

Bulkbuyingmeanseconomiesofscale.910

ANEXAMPLEOFTAKEOVER/ACQUISITIONORMERGER11RankYearPurchaserPurchasedTransactionValue(inmil.USD)12000Fusion:AmericaOnlineInc.(AOL)TimeWarner164,74722000GlaxoWellcomePlc.SmithKlineBeechamPlc.75,96132004RoyalDutchPetroleumCo.ShellTransport&TradingCo.74,55942006AT&TInc.BellSouthCorporation72,67152001ComcastCorporationAT&TBroadband&InternetSvcs72,04162009PfizerInc.Wyeth68,00072000Spin-off:NortelNetworksCorporation59,97482002PfizerInc.PharmaciaCorporation59,51592004JPMorganChase&Co.BankOneCorp58,761102008InbevInc.Anheuser-BuschCompanies,Inc.52,00012READINGSTARTINGUPQUESTIONStudiesshowthat65%ofmergersdonotachievetheirexpectedresults.Whatdoyouthinkarethereasonsforthis?13USEFULEXPRESSIONScalamitousoverseepreferencespringboardintrusiontransitionfiscalinfringeambitious14USEFULEXPRESSIONScalamitous

災(zāi)難的，悲慘的；不幸的Itwasaninvestigationhenevergottocomplete.Becauseononecalamitousnight,Raley’sworldwasshattered.那是一個(gè)他永遠(yuǎn)無(wú)法完成的調(diào)查工作，因?yàn)樵谝粋€(gè)不幸的晚上，雷利的世界坍塌了。Thisneednotbecalamitous.這并不一定是災(zāi)難。15USEFULEXPRESSIONStransition

過(guò)渡；轉(zhuǎn)變Thetransitionfromadictatorshiptoamulti-partydemocracyisprovingtobedifficult.從專(zhuān)政國(guó)家到多黨民主國(guó)家的轉(zhuǎn)型證明是很艱難的。Mostofthediscussionwasonwhatneededtobedonenowaswetransitionedfromthesecurityissuestothechallengingeconomicissues.大多數(shù)討論都集中在目前需要做什么，因?yàn)槲覀円褟陌踩珕?wèn)題逐漸轉(zhuǎn)到具有挑戰(zhàn)性的經(jīng)濟(jì)問(wèn)題上。16USEFULEXPRESSIONSoversee

監(jiān)督；審查；俯瞰；偷看到，無(wú)意中看到Goodgovernanceprinciplesareneededtooverseetheseorganizationalchangeefforts--toensurethattheyachievetheirexpectedresultsovertime.需要良好的治理原則來(lái)監(jiān)督這些組織變更工作——從而確保它們隨時(shí)間達(dá)到其預(yù)期的結(jié)果。Moreover,theTreasuryisanExecutivedepartment,andthereforeCongressandthepubliccanmoredirectlyoverseehowitusesanyaddedauthority.不僅如此，美國(guó)財(cái)政部還是一個(gè)行政部門(mén)，因此如其行

使的權(quán)力增加，也會(huì)受到國(guó)會(huì)和公眾更為直接的監(jiān)督。17USEFULEXPRESSIONSfiscal

會(huì)計(jì)的，財(cái)政的；國(guó)庫(kù)的Theaccountantsauditedthecompany’sbooksattheendofthefiscalyear.財(cái)政年度結(jié)束時(shí)，會(huì)計(jì)師們審查公司的賬冊(cè)。Butnotallofthefiscallesionswillhealthemselves.但并非所有的財(cái)政損傷將自行恢復(fù)。18USEFULEXPRESSIONSpreference

偏愛(ài)，傾向；優(yōu)先權(quán)ThePentagonhassaiditwillgivepreferencetocompanieswithwhichitcandobusinesselectronically.五角大樓已經(jīng)宣布它將優(yōu)先考慮能與之進(jìn)行電子交易的公司。Whateachpersonlikesisanindividualpreferencesotheinitialconsultationisveryimportant.每個(gè)人喜愛(ài)的都是一種個(gè)人偏愛(ài)，因此初期的會(huì)診是很重要的。19USEFULEXPRESSIONSinfringe

侵犯；違反；破壞Thefilmexploitedhisimageandinfringedhiscopyright.該影片利用了他的肖像，侵犯了他的肖像權(quán)。Theynowhavetopayroyaltiesforpartsthatusedtobefree;or,iftheydecidetoinfringeapatent,theycannolongerbereasonablyconfidentofgettingawaywithit.他們需要為曾經(jīng)免費(fèi)的零部件支付專(zhuān)利稅；或者，如果他們決定侵犯專(zhuān)利權(quán)，他們將不能像以前一樣自信地認(rèn)為能夠僥幸成功并逃脫處罰了。20USEFULEXPRESSIONSambitious

野心勃勃的；有雄心的；熱望的；炫耀的Theambitiousprojectwascompletedinonlyninemonths.這個(gè)宏大的項(xiàng)目在僅僅9個(gè)月之內(nèi)就完成了。Theambitiousyoungmanusedhisfriendstofurtherhiscareer.這位野心勃勃的年輕人利用朋友來(lái)推動(dòng)他的事業(yè)的發(fā)展。21USEFULEXPRESSIONSspringboard

跳板；出發(fā)點(diǎn)The1981budgetwasthespringboardforaneconomicmiracle.1981年的預(yù)算造就了一場(chǎng)經(jīng)濟(jì)奇跡。Somecountrieshaveusedtheirnaturalresourcesasaspringboardtodevelopment,butforothersthistreasurecanbecomeacurse.有些國(guó)家利用其自然資源作為發(fā)展的跳板，而對(duì)于另一些國(guó)家，這種財(cái)富可能會(huì)變成詛咒。22USEFULEXPRESSIONSintrusion侵入；闖入Ifeltitwasagrotesqueintrusionintoourlives.

我覺(jué)得它對(duì)我們的生活是一種莫名其妙的侵?jǐn)_。Theproblemwiththisapproachisthatsomeusersseesuchexaminationasanintrusion,andothersfeelthathowtheyorganizeandarchivetheire-mailisuptothem.

這種方法的問(wèn)題在于，某些用戶(hù)將這種分析活動(dòng)視為一種侵入，而其他用戶(hù)則認(rèn)為他們有權(quán)利決定如何組織和歸檔他們的電子郵件。2324Reading

ANSWERTHEFOLLOWINGQUESTIONSBRIEFLY.1.Accordingtothesecondparagraph,whatcontributionhasSanjayJhamadetoMotorola?SanjayJhabuiltMotorola’shandsetbusinessback-upfromacalamitouspositionlessthanfiveyearsagobyadoptingtheAndroidmobileoperatingsystemforitssmartphones.JhaalsoforcedGoogletopushupthepriceitpaidforthecompanyby40%fromitsoriginalbidlastJuly.25Answerthefollowingquestionsbriefly.2.HowprominentisWoodsideasasuccessfulseniorexecutiveinGoogle?WoodsideoversawGoogle’sacquisitionofMotorolaMobility,andisformerpresidentofGoogle’sAmericasregion.Googlesayshehas“workedwithpartners,governmentsandadvertisersinmorethan30countries.”Mostrecently,WoodsidewasresponsibleforGoogle’ssalesandoperationsintheAmericas,wherethecompanysayshisteamdroverevenuefrom$10.8billionto$17.5billioninunderthreeyears.26Answerthefollowingquestionsbriefly.3.WhydoesWoodsideneedtoimplementthepainfuljob-cutplan?Becausewith20,500staffMMIgeneratesaboutone-thirdtherevenuesofGooglewith33,000.27Answerthefollowingquestionsbriefly.4.WhatareWoodside’sthreeobjectives?HisthreeobjectivearetomakeMMIprofitable,useGoogle’stechnicalskillstomakeimprovementsinareassuchasbatterylife,andgetthoseimprovementsintoMMIdevicesasquicklyaspossible.

28Answerthefollowingquestionsbriefly.5.DoesMMI’slosshavelittleinfluenceonGoogle’soperatingprofit?No,itslosseswilleffectivelydragdownGoogle’soperatingprofits,thoughtaxallowancesfromMMI’sspinoffinJanuary2011fromitsformerMotorolaparentcouldeaseanylosses.29COMPLETETHEFOLLOWINGSENTENCESBYCHOOSINGWORDSANDEXPRESSIONSFROMTHETEXT.30

Thekeyreasonwas1._________:MMIownsaround17,000,many2._________mobile,andPageperceivedthem3._________essentialtoprotectAndroidfromcourtroomattacksfromMicrosoftandApple,whichwere4.

________differentstrategiesagainstAndroidhandsetmakers—Applesuingthemtopreventsalesofwhatitsawasproductsthat5._________itspatents,andMicrosoftsuingthemtoextractaper-handsetlevy.Microsoft’sstrategyhassofarbeenmoresuccessful,withHTC,Samsungandotherssigningpaymentdeals.Applehasmanagedto6._________someshipmentsofHTCphonesintotheUS,andhadlimitedsuccessindelayingsomeSamsungphonesalesinEurope.Butithaslostnearlyasmany7.

________asithaswon,withlittleclear8._________.patentsasrelatingcasesbenefit

delayinfringed

pursingTranslatethefollowingsentencesintoEnglish.1.根據(jù)《彭博商業(yè)周刊》（BloombergBusinessWeek），去年蘋(píng)果公司的首席執(zhí)行官蒂姆·庫(kù)克曾試圖招聘伍德賽德，讓他負(fù)責(zé)公司的銷(xiāo)售部門(mén)，但谷歌的總裁拉瑞·佩吉卻試圖用摩托羅拉公司的職位來(lái)挽留他。

AccordingtoBloombergBusinessWeek,ApplechiefexecutiveTimCooktriedlastyeartorecruitWoodsidetoheadthecompany’ssalesside-butGoogleCEOLarryPagetemptedhimtostaybyofferinghimtheMotorolaposition.31TranslatethefollowingsentencesintoEnglish.2.盡管摩托羅拉較早在智能手機(jī)中采用了安卓系統(tǒng)，但是與更為廣泛的市場(chǎng)相比，摩托羅拉的智能手機(jī)業(yè)務(wù)增長(zhǎng)緩慢。因此，2012年第一季度的報(bào)告顯示，摩托羅拉的智能手機(jī)只賣(mài)出510萬(wàn)部，在全球1.44億部智能手機(jī)的市場(chǎng)中，僅占3.5%的市場(chǎng)份額。MMI’ssmartphonebusinesshasbeenslowtogrowcomparedtothewidermarket,despiteitsearlyadoptionofAndroid,sothatinthefirstquarterof2012itshippedjust5.1millionsmartphones-comparedtoaworldmarketof144million,givingitjusta3.5%share.32TranslatethefollowingsentencesintoEnglish.3.安迪·魯賓的工作職責(zé)在于最大限度地運(yùn)行安卓系統(tǒng)的設(shè)備。我的職責(zé)是讓摩托羅拉取得最大的成功，同時(shí)作為安卓系統(tǒng)的被許可方提供創(chuàng)新性硬件。AndyRubin’sjobistomaximizethenumberofdevicesrunningAndroid.MyjobistomakeMotorolaassuccessfulaspossibleanddeliverinnovativehardwareasalicenseeofAndroid.33TranslatethefollowingsentencesintoEnglish.4.安卓軟件現(xiàn)在已經(jīng)支撐了世界范圍銷(xiāo)售的半數(shù)以上智能手機(jī)，但迄今為止，谷歌還未涉足手機(jī)行業(yè)。TheAndroidsoftwarealreadypowersmorethanhalfthesmartphonesbeingsoldaroundtheworld,butuntilnowGooglehaskeptoutofthehandsetbusiness.34TranslatethefollowingsentencesintoEnglish.5.除生產(chǎn)智能手機(jī)和平板電腦外，摩托羅拉移動(dòng)公司也擁有盈利的有線(xiàn)電視盒業(yè)務(wù)，該業(yè)務(wù)可以為谷歌提供跳板來(lái)拓展更多的服務(wù)。但是，有線(xiàn)電視公司控制著機(jī)頂盒市場(chǎng)，不會(huì)喜歡別人侵入他們的領(lǐng)地。Besidesproducingsmartphonesandtabletcomputers,MMIalsohasaprofitablelinemakingcableTVboxesthatcouldprovideGooglewithaspringboardfordeliveringmoreofitsservices.However,cablecompaniescontrolthemarketforsettopboxes,andmightnotliketheintrusionintotheirrealm.3536LISTENINGA.

Matchthefollowingwordswiththeirmeanings.371.j

2.d3.l4.n5.h6.e7.m8.i9.a10.g11.b12.k13.f14.cB.

Writedownyouranswersinthespaces

provided38TheFirstStepEnsurethatyouhaveastrategy.Thiswillhelpyouunderstandwhichcompaniesarethemostsuitabletargetsforacquisition.TheSecondStepIfthereisasuitablecandidate,analyzeitsproducts,customers,salesandcoststructure.Thinkabouthowyouwillinvestinthecompanyifyoubuyit,andwhatthefinancialconsequenceswillbe.TheThirdStepWorkouthowmuchthecompanyisworthtoyouandtoitscurrentowners.Workouthowmuchmoreitwillbeworthtoyoubecauseofthesynergiesyousee(thebenefits,notavailabletoitscurrentowners,thatwillresultwhenitiscombinedwithyourowncompany).TheFourthStepWorkoutthetacticsofhowtobuythecompany,includinghowtoapproachtheownersandwhatpriceyouwilloffer.C.

Writedownyouranswersinthespaces

provided39TheFirstThingPlanwhatyouaregoingtodowhenyouactuallytakeownershipoftheacquiredcompany:howyouaregoingtocombineitwithyourowncompanyinrelationtoitspeople(=managersandemployers),facilities,its(other)assetsanditscustomers,payinggreatattentiontodetail.TheSecondThingKeepthemostimportantmanagersandstaffintheacquiredcompanyonyourside.TheThirdThingMovequicklyandcan’tlosemomentum.D.

Writedownyouranswersinthespaces

provided

40TheFirstKeyQuestionDidthethingsthatyouexpectedtohappenactuallyhappen?TheSecondKeyQuestionDoyouhaveastrongercompetitivepositionasaresultoftheacquisition?TheThirdKeyQuestionDidyougetthecostsavingsthatyouexpected?TheFourthKeyQuestionDidthesalesofthecompanycontinueasyouhadprojected?TheFifthKeyQuestionDidyoupayasensibleprice?41Speaking

A.Groupdiscussion42Discusswhatwasplanned(theintention)andwhatactuallyhappened(theoutcome).

B.Roleplay

.Thisisarole-playfortwospeakers.Thetwospeakersareexpertson