商務(wù)英語視聽說（第 4 冊）（第二版） 課件 Unit 3 Takeovers and Mergers

Unit3

TakeoversandMergers商務(wù)英語視聽說（第4冊）（第二版）新視界商務(wù)英語系列教材PartILead-inPartIIBusinessConversationPartIIIBusinessNewsPartIVBusinessPassagePartVBusinessWorldEveryoneBenefitsfromManagementTakeover1.Watchthefollowingvideoclipandanswerthequestions.Unit3TakeoversandMergersconsolidation?/k?n?s?l?'de???n/n.theprocessinwhichbusinessesjointogethertomakeasingleorganization.合并；聯(lián)合(TEM-8)eg.Someexpertsbelievethatifthetrendcontinuesformuchlonger,furtherconsolidationintheautomotivesectorislikely.interchangeably/?nt?'t?e?nd??bli/adv.inawaythatcanbeexchangedwithoutmakinganydifferenceorwithoutbeingnoticed可交換地(TEM-8)eg.Thesetermsareoftenusedimpreciselyandinterchangeably.capitalize/'k?p?t?la?z/v.tosupplymoneytoabusinesssothatitcandeveloporoperateasitshould給企業(yè)提供資金(TEM-8)eg.Atthesametime,venturecapitalcapitalizesontechnologyandmanagement,whichmaybeafundamentalchangetotheorganicconstituentsofcapital.

PartILead-inPartIIBusinessConversationPartIIIBusinessNewsPartIVBusinessPassageEveryoneBenefitsfromManagementTakeover1.Watchthefollowingvideoclipandanswerthequestions.Unit3TakeoversandMergersconvergence/k?n'v??d??ns/n.thefactthattwoormorethings,ideas,etc.becomesimilarorcometogether利益趨同(TEM-8)eg.Thedifferenceinregularred-wineconsumptionhasbeennarrowing,butnosimilarconvergenceinheart-diseaserateshasoccurred.inherent/?n'her?nt/a.existingasanaturalorbasicpartofsomething內(nèi)在的，固有的(TEM-8)eg.Everyonehashisinherentability,whichiseasilyconcealedbyhabits.cash-heavya.Ifacompanyiscash-heavy,ithaslotsofcashreportedonitsbalancesheet.重現(xiàn)金流的eg.TiVoanditsbothersomepatentsmakeforcommontakeovergossip,andthereareplentyofcash-heavycompetitorsthatcouldeasilyaffordit.

PartVBusinessWorldPartILead-inPartIIBusinessConversationPartIIIBusinessNewsPartIVBusinessPassageEveryoneBenefitsfromManagementTakeover1.Watchthefollowingvideoclipandanswerthequestions.Unit3TakeoversandMergersdot-combubbleThedot-combubblewasarapidriseinUStechnologystockequityvaluationsfueledbyinvestmentsinInternet-basedcompaniesduringthebullmarketinthelate1990s.互聯(lián)網(wǎng)泡沫，是指1995年至2001年與信息技術(shù)及互聯(lián)網(wǎng)相關(guān)的投機泡沫事件。

acquiringcompanyAcompanythatobtainstherightstoacompanyorbusinessrelationshipthroughafriendlyorhostiletransaction.收購方公司。PartVBusinessWorldPartILead-inPartIIBusinessConversationPartIIIBusinessNewsPartIVBusinessPassagePartVBusinessWorldEveryoneBenefitsfromManagementTakeover1.Watchthefollowingvideoclipandanswerthequestions.Unit3TakeoversandMergers(1)Whatisthedifferencebetweenmergerandacquisition?(2)Accordingtothevideo,whatistherecipeforM&A?(3)WhatarethereasonsforcompaniestodoM&As?

PartILead-inPartIIBusinessConversationPartIIIBusinessNewsPartIVBusinessPassagePartVBusinessWorldSomethingaboutMergersandAcquisitions2.Listentothefollowingpassageandmatchthepictureswiththesentences.Unit3TakeoversandMergers

costsavingareductioninexpenses,especiallyinbusiness成本節(jié)約PartILead-inPartIIBusinessConversationPartIIIBusinessNewsPartIVBusinessPassagePartVBusinessWorldUnit3TakeoversandMergers

SomethingaboutMergersandAcquisitions2.Listentothefollowingpassageandmatchthepictureswiththesentences.Becausethewholeacquisitionprocessisverycomplexandinvolvesmanydifferentareas,companiesoftenbringinlotsofadviserswhenanewacquisitionisbeingconsidered.Productsandservicesarethingsthatlargercompaniescanoftenbuildorprovidemorecheaplyandmoreefficiently.PartILead-inPartIIBusinessConversationPartIIIBusinessNewsPartIVBusinessPassagePartVBusinessWorldUnit3TakeoversandMergers

SomethingaboutMergersandAcquisitions2.Listentothefollowingpassageandmatchthepictureswiththesentences.Youcancomparethecompanytoothersimilarcompanies,oryoucanestimatetheprofitsthecompanywillmakeinthefuture.Oncethepurchasehasbeencompleted,thecompaniesmayneedtobereorganizedandnewresponsibilitiesmayneedtobeassigned.Answers:2,1,3,4.PartILead-inPartIIBusinessConversationPartIIIBusinessNewsPartIVBusinessPassagePartVBusinessWorldConversationOneUnit3TakeoversandMergersConversationOneConversationTwoConversationThree

admirable?/'?dm?r?b(?)l/?a.deservingrespectorapproval令人欽佩的，極其出色的(TEM-4)eg.Loyaltywashermostadmirablequality.squelch/skwelt?/?v.toquicklyendsomethingthatiscausingyouproblems迅速制止，遏制(TEM-8,CET-6)eg.Nonetheless,policearecontinuingtheirprobe,asofficialstrytosquelchthegothic-chicmarket.conglomerate?/k?n'glom?r?t/?n.acompanythatownsseveralsmallerbusinesseswhoseproductsorservicesareusuallyverydifferent聯(lián)合大企業(yè)，企業(yè)集團(TEM-8,CET-6)eg.Thechemicalcompanieshadamalgamatedintoavastconglomerate.PartILead-inPartIIBusinessConversationPartIIIBusinessNewsPartIVBusinessPassagePartVBusinessWorldConversationOneUnit3TakeoversandMergersConversationOneConversationTwoConversationThree

gasolineengineAgasolineengineisatypeofheatengine,specificallyaninternalcombustion,thatispoweredbygasoline.汽油發(fā)動機electricengineAnelectricmotorisanelectricalmachinethatconvertselectricalenergyintomechanicalenergy.電動引擎PartILead-inPartIIBusinessConversationPartIIIBusinessNewsPartIVBusinessPassagePartVBusinessWorldConversationOneUnit3TakeoversandMergers(1)WhatisNOTthemotivebehindmergersandacquisitions?A.Tomaximizeshareholders’wealth.B.ToimprovetheprofitabilityofthedominantcompanyC.Toprotectaseatedboardofdirectors.D.Tofulfillstockholders’long-termgoal.

(2)Whyshouldaseatedboardofdirectorsbeprotectedfromadifferentmerger?A.Becauseitmightthreatentheirjobs.B.Becauseitmightdecreasethecompany’sprofits.C.Becauseitmightweakenthestrengthofthecompany.D.Becauseitmightharmthecompany’sreputation.(3)Whatmayaconglomeratefirmdoifithastoomuchofitsbusinessinvestedinoneparticularindustry?A.Cutdownonitsinvestment.B.Buyabusinessinanotherindustry.C.Chooseamixedportfolio.D.Shiftfromitsmajorbusiness.(4)WhywouldacompanywithastrongproductlineofCDburnersacquireanothercompany?A.Toreducerisk.B.Toputeggsinsimilarbaskets.C.Tostreamlineitsmanagementstructure.D.Toimproveitsmarketshare.ConversationOneConversationTwoConversationThree

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hospitality?/?h?sp?'t?l?ti/?

n.Hospitalityisthefood,drink,andotherprivilegeswhichsomecompaniesprovidefortheirvisitorsorclientsatmajorsportseventsorotherpublicevents.（在重大賽事或其他公共活動中，一些公司為客人提供的）食物、飲料和其他優(yōu)待。此處指酒店業(yè)。(TEM-4)eg.Hospitalitybusinessesarenowranked,analyzed,andcomparednotbyindustryprofessionals,butbytheverypeopleforwhomtheserviceisintended—thecustomer.provider?/pr?'va?d?/?n.someonewhosebusinessistosupplyaparticularserviceorcommodity供應(yīng)商(TEM-4,CET-6)eg.Usually,theserviceproviderwillreuseacancelednumberafterthreetosixmonths.PartILead-inPartIIBusinessConversationPartIIIBusinessNewsPartIVBusinessPassagePartVBusinessWorldConversationTwoUnit3TakeoversandMergersConversationOneConversationTwoConversationThree

MarriottInternational,Inc.isanAmericanmultinationalcompanythatoperates,franchises,andlicenseslodgingbrandsthatincludehotel,residential,andtimeshareproperties.萬豪國際酒店集團是一家從事直營、連鎖經(jīng)營和授權(quán)經(jīng)營住宿品牌的美國跨國公司，旗下包括酒店、住宅和分時度假房等業(yè)務(wù)。StarwoodHotelsandResortsWorldwide,Inc.wasoneofthelargestcompaniesthatowned,operated,franchisedandmanagedhotels,resorts,spas,residences,andvacationownershipproperties.ItwasacquiredbyMarriottInternationalin2016.喜達(dá)屋酒店及度假村國際集團是全球最大酒店集團之一，從事直營、連鎖經(jīng)營和酒店管理、度假村、水療中心、住宅和度假房等業(yè)務(wù)。2016年被萬豪國際集團收購。PartILead-inPartIIBusinessConversationPartIIIBusinessNewsPartIVBusinessPassagePartVBusinessWorldConversationTwoUnit3TakeoversandMergers

(1)Whyistherestillsuchaneedforthesemergersandacquisitions?A.Torisetheshareprice.B.Buyerswanttobecomeoverallserviceproviders.C.Sellersneedtoseekasafeharbor.D.BandC.(2)Howmanyhotelsdosmallerregionalbrandshave?A.100to200.B.500to200.C.50to250.D.150to250.(3)Whatdosomesmallerbrandsworryabout?A.Theexpansionofbiggerbrands.B.Possiblechangesintravelingindustry.C.Consumerloss.D.Deficit.ConversationOneConversationTwoConversationThree

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hurdle?/'h??d(?)l/?n.anobstaclethatyouareexpectedtoovercome障礙，困難(TEM-4)eg.Thenexthurdleistofindawayofpredictingearthquakes,sotheydon'tcatchpeoplebysurprise.hamper?/'h?mp?/?v.preventtheprogressorfreemovementofsth妨礙(TEM-4,CET-6)eg.Sincealltheprocessingplantsareinurbanareas,removingthetariffwouldseriouslyhamperthegovernment'sefforttoreduceurbanunemploymentoverthenextfiveyears.PartILead-inPartIIBusinessConversationPartIIIBusinessNewsPartIVBusinessPassagePartVBusinessWorldConversationThreeUnit3TakeoversandMergers

(1)Whatwillbethefirstdifficultythenewcompanymightbefacedwithintheprocessofmerger?A.Organizationalbehavior.B.Organizationalrestructuring.C.Organizationalintegration.D.Organizationalperformance.(2)WhatwillNOTbethedifficultyinthemergerprocess?A.Theintegrationofinformationsystem.B.Culturalclashes.C.Differentbusinessmodels.D.Technicalstaff.(3)Whatisusuallytheprimarymotiveforthemerger?A.Cost-cutting.B.Rebranding.C.Processoptimization.D.Profitearning.ConversationOneConversationTwoConversationThree

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mull?/m?l/?v.thinkaboutitforalongtimebeforedecidingwhattodo斟酌(TEM-4,CET-4)eg.Ineedsometimetomullitoverbeforemakingadecision.reshuffle?/'ri???fl/?v.tochangethepositionsofpeopleorthingswithinaparticulargroup重新洗牌(TEM-8)eg.Hehascarriedoutapartialcabinetreshuffle.unlisted/??n'l?st?d/adj.notincludedinalistofstockexchangecompanyprices未上市的(TEM-8)eg.ItssharesaretradedontheUnlistedSecuritiesMarket.benchmark/'ben(t)?mɑ?k/n.Abenchmarkissomethingwhosequalityorquantityisknownandwhichcanthereforebeusedasastandardwithwhichotherthingscanbecompared.基準(zhǔn)(TEM-8)eg.Theeconomicdownturnisdryingupdemandforoilandnaturalgas,droppingthebenchmarkpriceforabarrelofoiltobelow$50.

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powergeneratorAdevicethatconvertsmotion-basedpower(potentialandkineticenergy)orfuel-basedpower(chemicalenergy)intoelectricpowerforuseinanexternalcircuit.發(fā)電機。alistedcompanyApubliccompany.Ithasissuedsharesofitsstockthroughanexchange,witheachsharerepresentingasliverofownershipofthecompany.上市公司，即股票在證券交易所上市交易的股份有限公司，每股代表公司的一小部分所有權(quán)。

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aparentcompanyAcompanythathasacontrollingormajorityinterestinanothercompany,whichgivesittherighttocontrolthesubsidiary’soperations.總公司是指在另一家公司中擁有控股權(quán)或多數(shù)股權(quán)的公司，有權(quán)控制子公司的運營。

HangSengIndex(HSI)Afreefloat-adjustedmarket-capitalization-weightedstock-marketindexinHongKong.恒生指數(shù)（HSI），是以香港股票市場中的73家上市股票（截至2022年8月）為成份股樣本，以其發(fā)行量為權(quán)數(shù)的加權(quán)平均股價指數(shù)，是反映香港股市價幅趨勢最有影響的一種股價指數(shù)。PartILead-inPartIIBusinessConversationPartIIIBusinessNewsPartIVBusinessPassagePartVBusinessWorldChinaMulls3MegaPowerFirmsin$855BillionReshuffeUnit3TakeoversandMergersNewsOne

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Write“T”fortrueand“F”forfalse.(1)Chinaplanstocreatethreeenergygiantsthroughmergersofeightcompanieswith(2)In2013alone,about29,000relatedprojectsweredockedwithtalentsandcapital.(2)Chinesegovernmentseekstorestructuretheprivatepowersector.(3)Themergersareproposedforthelistedparentcompanies.(4)ChinaHuadianCorp.’slistedunit,HuadianPowerInternationalCorp.,roseasmuchas8.9percent.

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proxy?/'pr?ksi/?n.apowerofattorneydocumentgivenbyshareholdersofacorporationauthorizingaspecificvoteontheirbehalfatacorporatemeeting代理權(quán)(TEM-8)eg.Yourproxywillneedtosigntheformonyourbehalf.

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hostiletakeoverAhostiletakeoveroccurswhenanacquiringcompanyattemptstotakeoveratargetcompanyagainstthewishesofthetargetcompany’smanagement.敵意收購，是指收購公司在未經(jīng)目標(biāo)公司董事會允許，不管對方是否同意的情況下，所進行的收購活動。discountcarrierAnairlinethatisoperatedwithanemphasisonminimizingoperatingcosts.Itsacrificescertaintraditionalairlineluxuries,forcheaperfares.廉價航空。PartILead-inPartIIBusinessConversationPartIIIBusinessNewsPartIVBusinessPassagePartVBusinessWorldJetBlueLaunchesHostileTakeoverofSpiritAirlinesUnit3TakeoversandMergers

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tenderofferAtenderofferisabidtopurchasesomeoralloftheshareholders’stockinacorporation.要約收購，指收購人向被收購的公司發(fā)出收購的公告，待被收購上市公司確認(rèn)后，方可實行收購行為。

diligenceinformationDiligenceinformationistheinformationfoundinduediligence,whichistheinvestigation,audit,orreviewperformedtoconfirmfactsordetailsofamatterunderconsideration.盡職調(diào)查信息，盡職調(diào)查指在收購過程中收購者對目標(biāo)公司的資產(chǎn)和負(fù)債情況、經(jīng)營和財務(wù)情況、法律關(guān)系以及目標(biāo)企業(yè)所面臨的機會與潛在的風(fēng)險進行的一系列調(diào)查。PartILead-inPartIIBusinessConversationPartIIIBusinessNewsPartIVBusinessPassagePartVBusinessWorldJetBlueLaunchesHostileTakeoverofSpiritAirlinesUnit3TakeoversandMergers

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Listentothenewsandanswerthequestions.(1)WhathasJetBlueAirwayslaunchedforSpiritAirlines?(2)WhatdidJetBlueAirwaysacquire?(3)WhatwouldthecombinedcompanybeifshareholdersofSpiritAirlinesaccepttheJetBluedeal?Answers:(1)Ahostiletakeover.(2)AlltheoutstandingSpiritshares.(3)Thefifth-largestairlineintheUS.PartILead-inPartIIBusinessConversationPartIIIBusinessNewsPartIVBusinessPassagePassageOneUnit3TakeoversandMergers

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outright?/'a?tra?t/?adv.completelyorimmediately徹底，完全；立刻；當(dāng)場(TEM-8)eg.Shewastheoutrightwinner.full-on?/?f?l'?n/

a.verygreatortothegreatestdegree非常棒的；極度的(TEM-4)eg.Whattheywerereallygoodatwasfull-onrock'n'roll.

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PassageOnePassageTwocontrollinginterestAcontrollinginterestiswhenashareholder,oragroupactinginkind,holdsamajorityofacompany’svotingstock.控股權(quán)益是指股東或類似群體持有公司多數(shù)有表決權(quán)股份。outstandingsharesOutstandingsharesareallthesharesissuedandsoldbyacompanythatarenotheldbythecompanyitself.Outstandingsharesincludeacompanyscommonstockheldbyindividualinvestors,institutionalinvestorsandrestrictedsharesheldbycompanyofficersandinsiders.流通股是指由一家公司發(fā)行和出售的所有不屬于公司本身控股的股票。流通股包括由個人投資者、機構(gòu)投資者持有的普通股和公司高管以及內(nèi)部人員持有的限制性股票。

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PassageOnePassageTwoequitymethodTheequitymethodisanaccountingtechniqueusedbyacompanytorecordtheprofitsearnedthroughitsinvestmentinanothercompany.權(quán)益法，是指長期股權(quán)投資按投資企業(yè)在被投資企業(yè)權(quán)益資本中所占比例計價的方法。

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(1)Takeoverscanbedonebypurchasinga___stakeinthetargetfirm.A.majorityB.minorityC.majorD.minor(2)Inatakeover,thecompanymakingthebidisthe__andthecompanyitwishes___totakecontrolofiscalledthe__.A.target,acquireeB.target,acquirerC.acquirer,targetD.acquiree,target(3)Takeoversaretheresultofa___decisionbetweenthetwocompanies.A.commonB.bilateralC.multipleD.mutual(4)Ifacompanyownsmorethan50%ofthesharesofacompany,itisconsidered____.A.controllingcostB.controllinginterestC.controllingaccountD.controllingforceACDBPartILead-inPartIIBusinessConversationPartIIIBusinessNewsPartIVBusiness

PassagePartVBusinessWorldPassageTwoUnit3TakeoversandMergers

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liquidation?/?l?kw?'de??(?)n/?n.terminationofabusinessoperationbyusingitsassetstodischargeitsliabilities清算；償還(TEM-8)eg.Thecompanyranintocash-flowproblemsandfacedliquidation.antitrust?/??nti'tr?st/?a.oflawsandregulations;designedtoprotecttradeandcommercefromunfairbusinesspractices反壟斷的(TEM-4)eg.ItissurprisingthattheEuropeanCommissionisproposingtohandbacksomeofitsantitrustpowerstonationalgovernments.

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CorporateActionAnyeventthatbringsmaterialchangetoacompanyandaffectsitsshareholdersintermsofthenumberofsharestheyhold,theamountofcapitaltheyhaveinvested,orhowandwherethesharescanbetraded.任何給公司帶來重大變化并影響其股東所持有的股份數(shù)量、投資的資本金額以及股票的交易方式和地點的事件。

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Listentothepassageandanswerthequestions.(1)Whatistakeoverbid?(2)Whatdoestheacquiringcompanygenerallyoffer?(3)Whatiscorporateactionandwhatdocorporateactionsrequire?(4)Inwhatformsdoesthepotentialacquirerinatakeoverusuallypurchasethetarget?Answers:(1)Atakeoverbidisatypeofcorporateactioninwhichacompanymakesanoffertopurchaseanothercompany.(2)Theacquiringcompanygenerallyofferscash,stock,oracombinationofbothinanattempttoassumecontrolofitstarget.(3)Anyactivitythatisexpectedtohaveadirect,materialimpactonitsstakeholders(e.g.,shareholdersandcreditors)—iscalledacorporateaction.Corporateactionsrequiretheapprovalofthecompany’sboardofdirectors,and,insomecases,approvalfromcertainstakeholders.(4)Thepotentialacquirerinatakeoverusuallymakesabidtopurchasethetarget,normallyintheformofcash,stock,oramixtureofboth.PartILead-inPartIIBusinessConversationPartIIIBusinessNewsPartIVBusinessPassagePartVBusinessWorldMini-TalkUnit3TakeoversandMergers

A:Doyouthink(1)_______oftheneworganizationisofcriticalimportance?B:Yes,It