商務(wù)英語(yǔ)(BEC)高級(jí)：極速閱讀輔導(dǎo)

1998 was undoubtedly the year of the merger. More companies than ever before joined together in deals that toatalled $2.25 trillion and created the world's biggest oil company. Faced with plummeting oil prices,oil giants Exxon and Mobil sought to achieve economies of scale through a $250bn merger there are several factors behind increase in mergers and acquisitions. Firstly, the accelerated rate of globalisation has left companies desperately seeking overseas acquisitions in order to remain competitive. Deutsche Bank bought its way into the US with its takerover of the Bankers Trust,whilst Siemens hopes that its acquisition of Matra,the French defense group,will allow it to gain access to France's railway business,which is dominated by Alstom,the Anglo-French consortium.

Another factor behind the increase in merger activity is the record performance of the stock markets,which has enabled companies to finance major acquisitions on the strength of their inflated shareprices. Earlier this year Vodafone,the UK mobile telephone operator,acquired its US counterpart AirTorch by by making Airtorch shareholders a cash and stock swap offer worth a total $62bn. The deal created Vodafone AirTorch,the world's largest mobile telecoms group with over 29m customers.the European banking sector is also seeing a trend towards consolidation,a process accelerated by deregulation, over-capacity and the arrival of the single European currency.

New technology is also making it easier for companies to diversify as different industries come to rely on common technologies. Microsoft, for instance, is busily diversified into cable and telecommunications as well as WebTV. The US software giant has a $5bn equity stake in AT&T, which recently bought Media One for $57bn. Under the deal, Microsoft will succeed in introducing its recently-launched cable television software into millions of homes in the US and UK.

Not all mergers,however,are the result of global economy trends,polical chage or technological innovation. BMW's takeover of the Rover Group injected much needed investment into the struggling UK car manufacturer whilst extending BMW's product range. and when the UK pharmaceutical firm Zeneca merged with Swedish drug company Astra,the new companies started with strong R&D capabilities,further by the world's best selling drug Losec in its portfolio of products.

Despite of these potential benefits and their promise of competive advantage,mergers and acquisitions are not risk-free ventures.

Such alliances are more than just financial agreements;they also involve the coming together of different corporate and, in many cases,national cultures. This can have a destabilising effect on a workforce and may mean projected efficiencies are not delivered. Daimler and Chrysler, for example, face the challenge of integrating two very different corporate and national cultures.

A further destabilising effect is the prospect of redundancies as companies look to reduce their payroll by restructuring duplicated functions such as marketing and administration. Although shareholders are lured by such short-term savings,there is little evidence to show that mergers and acquisitions actually add long-term value to company performance.

中文譯稿:

企業(yè)檔案：兼并的魔力

1998年無(wú)疑是個(gè)兼并年。歷史上從來(lái)沒(méi)有這么多的公司進(jìn)行兼并，交易總值達(dá)到22500億美元，從而產(chǎn)生了全球最大的銀行和石油公司。在石油價(jià)格暴跌的情況下，石油巨擘埃克森和美孚為尋求規(guī)模經(jīng)濟(jì)的效應(yīng)而達(dá)成了2500億美元的并購(gòu)交易。

許多因素決定了并購(gòu)的增加。首先，全球化速度的加快使很多公司拼命在海外收購(gòu)公司，以此來(lái)保持競(jìng)爭(zhēng)力。德意志銀行通過(guò)收購(gòu)銀行家信托公司引入了美國(guó)市場(chǎng)，而西門(mén)子則希望通過(guò)收購(gòu)法國(guó)的軍工企業(yè)馬特拉取得進(jìn)入法國(guó)鐵路行業(yè)的通行證，該行業(yè)一直被英法合資企業(yè)阿爾斯通所掌控。

兼并增加的另外一個(gè)因素是股票市場(chǎng)取得了歷史佳績(jī)，飛漲的股票是許多公司有資金來(lái)進(jìn)行大規(guī)模的并購(gòu)活動(dòng)。今年年初，英國(guó)移動(dòng)電話營(yíng)運(yùn)商沃達(dá)豐向空中通訊的股東提出了總值達(dá)620億美元的現(xiàn)金換股票交易，從而收購(gòu)了美國(guó)移動(dòng)通訊巨商：空中通訊。這筆交易產(chǎn)生了全球最大，擁有2900萬(wàn)客戶的移動(dòng)通訊公司：沃達(dá)豐空中通訊集團(tuán)公司。

歐洲銀行業(yè)也呈現(xiàn)合并的趨勢(shì)。隨著管制的解除，生產(chǎn)能力過(guò)剩以及單一歐洲貨幣的實(shí)行，這種趨勢(shì)更是加速發(fā)展。

由于不同 開(kāi)始運(yùn)用相同的技術(shù)，所以新技術(shù)也有助于公司實(shí)現(xiàn)市場(chǎng)多元化。比如，微軟就忙于向電纜通訊、移動(dòng)通訊及網(wǎng)絡(luò)電視行業(yè)拓展。這家網(wǎng)絡(luò)巨擘在美國(guó)電信電話公司擁有50億美元的股權(quán)，而美國(guó)電信電話公司最近又以570億美元的價(jià)格收購(gòu)了有線網(wǎng)絡(luò)運(yùn)營(yíng)公司。在這筆交易中，微軟公司成功地將其新發(fā)布的有線電視軟件推向數(shù)以百萬(wàn)計(jì)的美國(guó)和英國(guó)家庭。

然而并不是所有的并購(gòu)都是全球經(jīng)濟(jì)發(fā)展趨勢(shì)、政治變革或技術(shù)創(chuàng)新的結(jié)果。寶馬收購(gòu)羅夫汽車(chē)集團(tuán)以后給這家奄奄一息的英國(guó)汽車(chē)制造公司注入了急需的投資，同時(shí)也拓展了寶馬的生產(chǎn)線。當(dāng)英國(guó)的英捷利康醫(yī)藥公司和瑞典的阿斯特拉醫(yī)藥公司合并后，新的公司由于強(qiáng)大的聯(lián)合研發(fā)能力而起死回生，不僅如此，新公司由于其各類(lèi)產(chǎn)品中擁有全世界最暢銷(xiāo)的羅塞克爾進(jìn)一步增強(qiáng)實(shí)力。

盡管并購(gòu)有著如此之多的潛在利益以及未來(lái)優(yōu)勢(shì)，但并不是毫無(wú)風(fēng)險(xiǎn)可言。

這種聯(lián)合并不只是經(jīng)濟(jì)合同，他們也需要把不同的公司文化和國(guó)家文化融合在一起。這可能會(huì)造成雇員隊(duì)伍人心渙散，也可能預(yù)示著預(yù)定的效益無(wú)法達(dá)到。例如：戴姆斯-克萊斯勒就要面對(duì)如何將兩種不同的公司文化和民族文化融合在一起的挑戰(zhàn)。

當(dāng)公司希望通過(guò)重組市場(chǎng)部和行政部這樣的重復(fù)部門(mén)來(lái)減少薪酬開(kāi)支時(shí)，進(jìn)一步實(shí)行的裁員會(huì)進(jìn)步造成人心惶惶的局面。雖然股東都經(jīng)不起這種短期節(jié)省開(kāi)支的誘惑，但是沒(méi)有證據(jù)表明并購(gòu)實(shí)際上能提升公司長(zhǎng)期的業(yè)績(jī)。

練習(xí):

1、Exxon and Mobil merged in order to (　 )

A、enter new overseas markets.

B、reduce costs and improve margins.

C、create the world's largest company.

D、undercut competitors' prices.

2、Vodafone was able to accquire Air Touch by (　 )

A、selling highly-valued shares to customers.

B、obtaining a loan based on its share value.

C、exchanging shares as part of the deal.

D、buying under-valued Air Touch shares.

3、Merged companies can usually increase short-term profits by ( 　)

A、cutting their combined labour costs.

B、boosting the company's productivity.

C、using a single marketing campaign.

D、selling their shares at a high price.

答案:

1、B

答案信息在第一段最后一句"sought to achieve economies of scale"。規(guī)模效益是指隨著經(jīng)營(yíng)規(guī)模的擴(kuò)大，單位成本下降從而獲得經(jīng)濟(jì)效益。

2、C

答案信息位于第三段中“cash and stock swap”。該方法意味著AirTouch公司的股東除了能拿現(xiàn)金之外，還能拿到沃達(dá)豐公司的股票。

3、A

答案信息在最后一段“ reduce their payroll by restructuring duplicated functions such as marketing and administration”在職能重疊的市場(chǎng)和行政部門(mén)進(jìn)行裁員

練習(xí):

1、There are rumors of a merger involving several major railroad companies.

2、Emotions can drive market behavior in a few short-lived situations. But fundamentals still rule.

3、After a four-consecutive-week rise, the weekly average oil price of the Organization of Petroleum Exporting Countries (OPEC) dropped to 90.83 U.S. dollars per barrel last week.

答案:

1、有傳言幾家主要鐵道公司將進(jìn)行合并。

2、在短期情況下情緒會(huì)引發(fā)市場(chǎng)行為，但基本面仍然發(fā)揮根本作用。

3、經(jīng)過(guò)連續(xù)四周的上漲，石油出口國(guó)組織(歐佩克)上周石油均價(jià)下降至90.83美元每桶。

1、We may disclose all of the information that we collect, which relates to our transactions or experiences with you among our affiliated companies.

2、Of course, IBM will continue to play a significant role in creating innovations for individuals -- and not only through the broad PC alliance we are announcing today.

3、Terrorist attacks on senior officials were threatening to destabilize the government.

翻譯:

1、與我分公司的商務(wù)活動(dòng)所有相關(guān)的交易細(xì)節(jié)和經(jīng)驗(yàn)，但凡能夠搜集到的信息都會(huì)全部反饋于貴公司。

2、當(dāng)然IBM為個(gè)人用戶進(jìn)行創(chuàng)新，并將繼續(xù)扮演重要的角色，今天宣告的廣泛PC聯(lián)盟不會(huì)是唯一平臺(tái)。

3、對(duì)高級(jí)官員的恐怖襲擊威脅到政府的安全與穩(wěn)定。