Unit3

TakeoversandMergers商務英語視聽說（第4冊）（第二版）新視界商務英語系列教材PartILead-inPartIIBusinessConversationPartIIIBusinessNewsPartIVBusinessPassagePartVBusinessWorldEveryoneBenefitsfromManagementTakeover1.Watchthefollowingvideoclipandanswerthequestions.Unit3TakeoversandMergersconsolidation?/k?n?s?l?'de???n/n.theprocessinwhichbusinessesjointogethertomakeasingleorganization.合并；聯合(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內在的，固有的(TEM-8)eg.Everyonehashisinherentability,whichiseasilyconcealedbyhabits.cash-heavya.Ifacompanyiscash-heavy,ithaslotsofcashreportedonitsbalancesheet.重現金流的eg.TiVoanditsbothersomepatentsmakeforcommontakeovergossip,andthereareplentyofcash-heavycompetitorsthatcouldeasilyaffordit.

PartVBusinessWorldPartILead-inPartIIBusinessConversationPartIIIBusinessNewsPartIVBusinessPassageEveryoneBenefitsfromManagementTakeover1.Watchthefollowingvideoclipandanswerthequestions.Unit3TakeoversandMergersdot-combubbleThedot-combubblewasarapidriseinUStechnologystockequityvaluationsfueledbyinvestmentsinInternet-basedcompaniesduringthebullmarketinthelate1990s.互聯網泡沫，是指1995年至2001年與信息技術及互聯網相關的投機泡沫事件。

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聯合大企業，企業集團(TEM-8,CET-6)eg.Thechemicalcompanieshadamalgamatedintoavastconglomerate.PartILead-inPartIIBusinessConversationPartIIIBusinessNewsPartIVBusinessPassagePartVBusinessWorldConversationOneUnit3TakeoversandMergersConversationOneConversationTwoConversationThree

gasolineengineAgasolineengineisatypeofheatengine,specificallyaninternalcombustion,thatispoweredbygasoline.汽油發動機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、飲料和其他優待。此處指酒店業。(TEM-4)eg.Hospitalitybusinessesarenowranked,analyzed,andcomparednotbyindustryprofessionals,butbytheverypeopleforwhomtheserviceisintended—thecustomer.provider?/pr?'va?d?/?n.someonewhosebusinessistosupplyaparticularserviceorcommodity供應商(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、連鎖經營和授權經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務。StarwoodHotelsandResortsWorldwide,Inc.wasoneofthelargestcompaniesthatowned,operated,franchisedandmanagedhotels,resorts,spas,residences,andvacationownershipproperties.ItwasacquiredbyMarriottInternationalin2016.喜達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、連鎖經營和酒店管理、度假村、水療中心、住宅和度假房等業務。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(TEM-8)eg.Theeconomicdownturnisdryingupdemandforoilandnaturalgas,droppingthebenchmarkpriceforabarrelofoiltobelow$50.

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powergeneratorAdevicethatconvertsmotion-basedpower(potentialandkineticenergy)orfuel-basedpower(chemicalenergy)intoelectricpowerforuseinanexternalcircuit.發電機。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。

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

HangSengIndex(HSI)Afreefloat-adjustedmarket-capitalization-weightedstock-marketindexinHongKong.恒生指數（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，以其發行量為權數的加權平均股價指數，是反映香港股市價幅趨勢最有影響的一種股價指數。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(TEM-8)eg.Yourproxywillneedtosigntheformonyourbehalf.

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hostiletakeoverAhostiletakeoveroccurswhenanacquiringcompanyattemptstotakeoveratargetcompanyagainstthewishesofthetargetcompany’smanagement.敵意收購，是指收購公司在未經目標公司董事會允許，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出收購的公告，待被收購上市公司確認后，方可實行收購行為。

diligenceinformationDiligenceinformationistheinformationfoundinduediligence,whichistheinvestigation,audit,orreviewperformedtoconfirmfactsordetailsofamatterunderconsideration.盡職調查信息，盡職調查指在收購過程中收購者對目標公司的資產和負債情況、經營和財務情況、法律關系以及目標企業所面臨的機會與潛在的風險進行的一系列調查。PartILead-inPartIIBusinessConversationPartIIIBusinessNewsPartIVBusinessPassagePartVBusinessWorldJetBlueLaunchesHostileTakeoverofSpiritAirlinesUnit3TakeoversandMergers

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

PassageOnePassageTwo

outright?/'a?tra?t/?adv.completelyorimmediately徹底，完全；立刻；當場(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.控股權益是指股東或類似群體持有公司多數有表決權股份。outstandingsharesOutstandingsharesareallthesharesissuedandsoldbyacompanythatarenotheldbythecompanyitself.Outstandingsharesincludeacompanyscommonstockheldbyindividualinvestors,institutionalinvestorsandrestrictedsharesheldbycompanyofficersandinsiders.流通股是指由一家公司發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、機構投資者持有的普通股和公司高管以及內部人員持有的限制性股票。

PartILead-inPartIIBusinessConversationPartIIIBusinessNewsPartIVBusinessPassagePartVBusinessWorldPassageOneUnit3TakeoversandMergers

PassageOnePassageTwoequitymethodTheequitymethodisanaccountingtechniqueusedbyacompanytorecordtheprofitsearnedthroughitsinvestmentinanothercompany.權益法，是指長期股權投資按投資企業在被投資企業權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

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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