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《考研英語閱讀理解100篇 基礎版》第1章 經濟類 Unit 11

所屬教程:考研英語閱讀

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2019年01月05日

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Hakan Samuelsson had been an exemplary boss of MAN,Europe's third-biggest truckmaker.After taking charge in 2005,he transformed it from a clunky conglomerate with interests from printing presses to spaceflight into a business focused on building trucks,turbines and the house-sized diesel engines that power more than three-quarters of the world's big ships.He also put in place a vigorous international expansion plan that included the purchase last year of Volkswagen's Brazilian heavy-truck business and this year of a 25% stake in Sinotruk,China's biggest maker of heavy trucks.Within five years,analysts expected MAN to be earning almost half its revenues in emerging markets.So when Mr Samuelsson abruptly stepped down on November 23rd it came as a shock to nearly everyone.Even his spokesman was on holiday. 
The firm mumbled that his departure would allow it to focus on its main business.Some saw this as a reference to allegations that a few of MAN's employees had paid bribes to win contracts,and that by leaving Mr Samuelsson would allow a clean break with the past.But prosecutors,who did not consider him a suspect,were equally surprised by his exit.His response to the allegations had been admirable,appointing independent lawyers and auditors to conduct a thorough investigation,while offering an amnesty to employees who agreed to help them. 
A likelier explanation is that he clashed,not for the first time,with the chairman of the Volkswagen Group,the wily Ferdinand Pi"ech.In 2006 the two sparred when Mr Samuelsson launched a hostile bid for Scania,a Swedish truck firm.VW,which at the time controlled 34% of Scania's stock,did not support the takeover.Instead Mr Pi"ech turned the tables on Mr Samuelsson when VW bought 20% of MAN(a stake subsequently increased to almost 30%).Mr Pi"ech is now chairman of MAN's supervisory board too,and so in a position to realise a long-held ambition to forge a three-way merger that would include VW's truck business—a combination that would leapfrog Volvo and Daimler AG to become Europe's biggest truckmaker. Analysts at HSBC reckon that a merger of just Scania and MAN would lead to annual savings of about 600m($900m)a year.Mr Pi"ech has said in the past that a full-blown combination of all three could cut costs by as much as 1 billion a year. 
Mr Samuelsson's departure clears the way for his former adversary,Leif Ostling,the head of Scania,to run the new entity.It also hints at how a deal may be structured.The simplest way would have been for MAN to buy Scania,as MAN and VW between them already control 88% of Scania's voting stock.That would,however,have forced VW to book a loss on its Scania stake(acquired at a higher share price than today’s),putting strain on a balance-sheet already stretched by VW's takeover of Porsche.A better option for VW might be for Scania to buy MAN and sell its non-truck operations—a ploy Mr Samuelsson would have resisted. 
注(1):本文選自Economist; 
注(2):本文習題命題模仿對象為2004年真題Text 1。 
1.Why did the departure of Hakan Samuelsson shock everyone? 
A) Because even his spokesman was not aware of the abrupt decision. 
B) Because his over-expansion strategy for MAN was a complete failure. 
C) Because his management of MAN yielded outstanding performance. 
D) Because he succeeded in adding international components to the company. 
2.Which of the following can be the main reason why the departure of Mr.Samuelsson is irrelevant to the bribery allegation? 
A) He demonstrated complete support of an independent investigation of the case. 
B) He was widely speculated to be involved in abetting bribery. 
C) Even the prosecutors were unaware of his exit. 
D) He pardoned the employees who were willing to cooperate. 
3.What kind of action will Mr.Pi"ech possibly take for his ambition? 
A) He will launch a hostile bid for the Swedish truck firm Scania. 
B) He will build the largest truck maker in Europe. 
C) He will merge Scania and MAN so as to achieve huge annual savings. 
D) He will build a conglomerate by combing Volkswagen,Man and Scania. 
4.Why is the departure of Mr.Samuelson a good piece of news to Mr.Pi"ech? 
A) Because it clears the way for Leif Ostling to control the company that merges Volkswagen,Man and Scania. 
B) Because Mr.Pi"ech was aware that Mr.Samuelson would not allow the sales of MAN's non-truck operations. 
C) Because it makes it much more convenient for VW and MAN to purchase Scania jointly. 
D) Because the news will help reduce VW's pressure in terms of loss on the balance sheet. 
5.Which of the following is NOT true according to the last two paragraphs? 
A) Volvo and Daimler AG are so far the two largest European truck makers. 
B) Scania is largely involved in the dispute between Samuelson and Pi"ech. 
C) Leif Ostling was Samuelson's major adversary who forced the latter's exit. 
D) Porsche was recently merged into the Volkswagen Group. 

一直以來,霍坎·薩穆埃爾松都是歐洲第三大卡車制造商曼公司的模范老板。曼公司以前是一家笨重雜亂的企業(yè)集團,生產從印刷機到宇宙飛船的各類產品。但自2005年霍坎·薩穆埃爾松掌管曼公司以來,他將公司轉型為一個專門生產卡車、渦輪機以及可給全世界四分之三以上的大型輪船提供動力的、體積堪比房屋的柴油機的公司。他還積極實施一項國際擴張計劃,包括去年收購大眾在巴西的重型卡車業(yè)務,以及今年收購中國最大的重型卡車制造商——中國重汽25%的股權。有分析家預測,五年之內曼集團將有近一半的收入來自發(fā)展中國家的新興市場。因此當今年11月23日薩穆埃爾松先生突然提出辭職時,所有人都非常吃驚。甚至連他的發(fā)言人都還在休假。 
對此,公司向外界含糊解釋道,薩穆埃爾松的離開可以使公司專注于其主要業(yè)務。有些人認為這是指之前的一些指控,即曼公司的一些雇員曾經通過行賄來獲取訂單合同,而薩穆埃爾松的離職可以使他與此事有個徹底的了結。但認為薩穆埃爾松沒有賄賂嫌疑的檢方也對其離職感到同樣的吃驚。薩穆埃爾松對這些指控的反應令人欽佩,他一方面指派獨立律師和審計師進行徹底的調查,另一方面則對那些配合調查的雇員給予寬大處理。 
另一種更為可信的解釋是,薩穆埃爾松與大眾汽車集團頗有心機的總裁費迪南德·皮希之間產生了矛盾,而這已經不是第一次了。早在2006年,兩個人就在薩穆埃爾松對瑞典卡車公司斯堪尼亞發(fā)起惡意收購時有過爭執(zhí),當時持有斯堪尼亞公司34%股票的大眾公司不支持這項收購。而當大眾公司購買了曼公司20%的股票時(隨后這個比例增加到30%),皮希最終占據(jù)了上風?,F(xiàn)在,皮希同時也是曼公司監(jiān)事會的主席,這個位置能進一步幫助他實現(xiàn)一個長期的雄心計劃,即發(fā)起包括大眾卡車業(yè)務在內的三方并購業(yè)務,從而超越沃爾沃和戴姆勒AG成為歐洲最大的卡車制造商。匯豐銀行的分析家認為,如果將斯堪尼亞公司和曼公司都并入大眾,那么這個集團每年可以節(jié)省約6億歐元(約合9億美元)的成本。皮希過去也曾經提到過,三家公司的全面合并將為每年削減多達10億歐元的成本。 
薩穆埃爾松的離開為他的老對手——斯堪尼亞公司的總裁萊夫·奧斯特林接管新公司掃清了障礙。他的離開也暗示了這樁交易的方式。最簡單的方式就是曼公司直買下斯堪尼亞公司,因為曼公司和大眾公司現(xiàn)在共持有斯堪尼亞公司88%有表決權的股票。但是,大眾公司持有的斯堪尼亞公司股票會出現(xiàn)虧損(大眾公司購買該公司股票時其股價比今天要高),這將給因收購保時捷已經壓力重重的大眾資產負債表又加上一個重擔。因此,對于大眾公司來說,更好的策略是讓斯堪尼亞公司收購曼公司,并且出售曼公司的非卡車業(yè)務,而薩穆埃爾松先生肯定會堅決反對這一策略。 
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