MBA研究生英语综合教程（第二版）课件：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

灾难的，悲惨的；不幸的Itwasaninvestigationhenevergottocomplete.Becauseononecalamitousnight,Raley’sworldwasshattered.那是一个他永远无法完成的调查工作，因为在一个不幸的晚上，雷利的世界坍塌了。Thisneednotbecalamitous.这并不一定是灾难。15USEFULEXPRESSIONStransition

过渡；转变Thetransitionfromadictatorshiptoamulti-partydemocracyisprovingtobedifficult.从专政国家到多党民主国家的转型证明是很艰难的。Mostofthediscussionwasonwhatneededtobedonenowaswetransitionedfromthesecurityissuestothechallengingeconomicissues.大多数讨论都集中在目前需要做什么，因为我们已从安全问题逐渐转到具有挑战性的经济问题上。16USEFULEXPRESSIONSoversee

监督；审查；俯瞰；偷看到，无意中看到Goodgovernanceprinciplesareneededtooverseetheseorganizationalchangeefforts--toensurethattheyachievetheirexpectedresultsovertime.需要良好的治理原则来监督这些组织变更工作——从而确保它们随时间达到其预期的结果。Moreover,theTreasuryisanExecutivedepartment,andthereforeCongressandthepubliccanmoredirectlyoverseehowitusesanyaddedauthority.不仅如此，美国财政部还是一个行政部门，因此如其行

使的权力增加，也会受到国会和公众更为直接的监督。17USEFULEXPRESSIONSfiscal

会计的，财政的；国库的Theaccountantsauditedthecompany’sbooksattheendofthefiscalyear.财政年度结束时，会计师们审查公司的账册。Butnotallofthefiscallesionswillhealthemselves.但并非所有的财政损伤将自行恢复。18USEFULEXPRESSIONSpreference

偏爱，倾向；优先权ThePentagonhassaiditwillgivepreferencetocompanieswithwhichitcandobusinesselectronically.五角大楼已经宣布它将优先考虑能与之进行电子交易的公司。Whateachpersonlikesisanindividualpreferencesotheinitialconsultationisveryimportant.每个人喜爱的都是一种个人偏爱，因此初期的会诊是很重要的。19USEFULEXPRESSIONSinfringe

侵犯；违反；破坏Thefilmexploitedhisimageandinfringedhiscopyright.该影片利用了他的肖像，侵犯了他的肖像权。Theynowhavetopayroyaltiesforpartsthatusedtobefree;or,iftheydecidetoinfringeapatent,theycannolongerbereasonablyconfidentofgettingawaywithit.他们需要为曾经免费的零部件支付专利税；或者，如果他们决定侵犯专利权，他们将不能像以前一样自信地认为能够侥幸成功并逃脱处罚了。20USEFULEXPRESSIONSambitious

野心勃勃的；有雄心的；热望的；炫耀的Theambitiousprojectwascompletedinonlyninemonths.这个宏大的项目在仅仅9个月之内就完成了。Theambitiousyoungmanusedhisfriendstofurtherhiscareer.这位野心勃勃的年轻人利用朋友来推动他的事业的发展。21USEFULEXPRESSIONSspringboard

跳板；出发点The1981budgetwasthespringboardforaneconomicmiracle.1981年的预算造就了一场经济奇迹。Somecountrieshaveusedtheirnaturalresourcesasaspringboardtodevelopment,butforothersthistreasurecanbecomeacurse.有些国家利用其自然资源作为发展的跳板，而对于另一些国家，这种财富可能会变成诅咒。22USEFULEXPRESSIONSintrusion侵入；闯入Ifeltitwasagrotesqueintrusionintoourlives.

我觉得它对我们的生活是一种莫名其妙的侵扰。Theproblemwiththisapproachisthatsomeusersseesuchexaminationasanintrusion,andothersfeelthathowtheyorganizeandarchivetheire-mailisuptothem.

这种方法的问题在于，某些用户将这种分析活动视为一种侵入，而其他用户则认为他们有权利决定如何组织和归档他们的电子邮件。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.根据《彭博商业周刊》（BloombergBusinessWeek），去年苹果公司的首席执行官蒂姆·库克曾试图招聘伍德赛德，让他负责公司的销售部门，但谷歌的总裁拉瑞·佩吉却试图用摩托罗拉公司的职位来挽留他。

AccordingtoBloombergBusinessWeek,ApplechiefexecutiveTimCooktriedlastyeartorecruitWoodsidetoheadthecompany’ssalesside-butGoogleCEOLarryPagetemptedhimtostaybyofferinghimtheMotorolaposition.31TranslatethefollowingsentencesintoEnglish.2.尽管摩托罗拉较早在智能手机中采用了安卓系统，但是与更为广泛的市场相比，摩托罗拉的智能手机业务增长缓慢。因此，2012年第一季度的报告显示，摩托罗拉的智能手机只卖出510万部，在全球1.44亿部智能手机的市场中，仅占3.5%的市场份额。MMI’ssmartphonebusinesshasbeenslowtogrowcomparedtothewidermarket,despiteitsearlyadoptionofAndroid,sothatinthefirstquarterof2012itshippedjust5.1millionsmartphones-comparedtoaworldmarketof144million,givingitjusta3.5%share.32TranslatethefollowingsentencesintoEnglish.3.安迪·鲁宾的工作职责在于最大限度地运行安卓系统的设备。我的职责是让摩托罗拉取得最大的成功，同时作为安卓系统的被许可方提供创新性硬件。AndyRubin’sjobistomaximizethenumberofdevicesrunningAndroid.MyjobistomakeMotorolaassuccessfulaspossibleanddeliverinnovativehardwareasalicenseeofAndroid.33TranslatethefollowingsentencesintoEnglish.4.安卓软件现在已经支撑了世界范围销售的半数以上智能手机，但迄今为止，谷歌还未涉足手机行业。TheAndroidsoftwarealreadypowersmorethanhalfthesmartphonesbeingsoldaroundtheworld,butuntilnowGooglehaskeptoutofthehandsetbusiness.34TranslatethefollowingsentencesintoEnglish.5.除生产智能手机和平板电脑外，摩托罗拉移动公司也拥有盈利的有线电视盒业务，该业务可以为谷歌提供跳板来拓展更多的服务。但是，有线电视公司控制着机顶盒市场，不会喜欢别人侵入他们的领地。Besidesproducingsmartphonesandtabletcomputers,MMIalsohasaprofitablelinemakingcableTVboxesthatcouldprovideGooglewithaspringboardfordeliveringmoreofitsservices.However,cablecompaniescontrolthemarketforsettopboxes,andmightnotliketheintrusionintotheirrealm.3536LISTENINGA.

Matchthefollowingwordswiththeirmeanings.371.j

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

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

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

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provided

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

A.Groupdiscussion42Discusswhatwasplanned(theintention)andwhatactuallyhappened(theoutcome).

B.Roleplay

.Thisisarole-playfortwospeakers.Thetwospeakersareexpertson