商务英语企业兼并收购案例分析
收购和并购英语作文初中
收购和并购英语作文初中收购和并购（Mergers and Acquisitions，简称M&A）是商业领域中常见的战略行为，通常用于企业扩大规模、增强竞争力或实现战略转型。
以下是一篇参考范文，旨在介绍收购和并购的概念、原因、影响以及相关的风险和挑战。
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The Dynamics of Mergers and Acquisitions。
In the dynamic realm of business, mergers and acquisitions (M&A) serve as pivotal strategies employed by companies to expand their footprint, fortify their market position, or navigate strategic transformations. M&A involves the consolidation of two or more entities, often resulting in a synergistic alliance that can catalyze growth and innovation. This essay delves into the intricacies of M&A, exploring its rationales, impacts, as well as the attendant risks and challenges.Rationales for M&A:Companies embark on M&A endeavors for multifarious reasons, chief among them being the quest for market dominance and the pursuit of operational efficiencies. Through mergers or acquisitions, firms can harness complementary resources, technologies, or distribution channels, thereby augmenting their competitive advantage. Additionally, M&A enables organizations to diversify their product portfolios, penetrate new markets, or capitalize on emerging trends, fostering sustainable growth in an ever-evolving business landscape.Impacts of M&A:The ramifications of M&A reverberate across diverse stakeholders, ranging from shareholders and employees to consumers and regulators. Shareholders often anticipate enhanced shareholder value post-M&A, driven by synergies, economies of scale, or strategic alignments. Conversely, employees may grapple with uncertainties stemming from organizational restructuring, cultural integration, orworkforce redundancies. Furthermore, consumers may witness changes in product offerings, service standards, or pricing dynamics, prompting apprehensions or opportunities contingent upon the acquirer’s post-merger strategies. From a regulatory perspective, M&A transactions are subject to stringent antitrust laws and regulatory scrutiny aimed at safeguarding market competition and consumer interests.Risks and Challenges:Despite the tantalizing prospects, M&A ventures are fraught with inherent risks and challenges that demand meticulous due diligence and strategic foresight. Integration complexities, cultural clashes, and post-merger dissonance often pose formidable hurdles impeding the seamless assimilation of disparate entities. Moreover, overvaluation, synergistic overestimation, or unforeseen market fluctuations can precipitate financial setbacks or shareholder disillusionment. Legal entanglements, regulatory impediments, and geopolitical uncertainties further exacerbate the risk landscape, necessitating adept risk mitigation strategies and contingency planning.Case Studies:Illustratively, the landmark acquisition of WhatsApp by Facebook exemplifies the strategic imperatives underpinning M&A transactions in the digital age. Facebook’sacquisition of WhatsApp, a leading messaging platform, not only fortified its user base but also facilitated synergistic cross-platform integrations, propelling Facebook’s foray into the burgeoning realm of mobile messaging. Similarly, the merger between Exxon and Mobil in the oil and gas sector epitomizes the consolidation trend aimed at enhancing operational efficiencies, optimizing resource utilization, and bolstering market competitiveness amidst fluctuating commodity prices and geopolitical uncertainties.Conclusion:In summation, M&A represents a quintessential strategic tool wielded by businesses to navigate the complexities of a globalized marketplace, catalyze growth, and unleashsynergies that transcend organizational boundaries. However, the efficacy of M&A hinges on astute strategic planning, meticulous due diligence, and adept integration managementto mitigate risks and maximize stakeholder value. By discerning the underlying rationales, understanding the intricate dynamics, and learning from historical precedents, businesses can navigate the M&A landscape with sagacity and resilience, charting a course towards sustainable growthand competitive advantage in an increasingly interconnected world.--。
Unit 18 Mergers and Acquisitions兼并与收购
Unit 18 Mergers and Acquisitions兼并与收购BackgroundA Typical Leveraged Buyout—一个典型的杠杆收购案例背景介绍兼并与收购(M&A)无疑是资本市场上最惊心动魄、最易引发人的成就感的活动之一，每一次较大的兼并与收购活动都会引起市场各方的震动。
特别是近十年来更是兼并与收购业务大行其道的时期。
随着市场竞争的加剧，兼并与收购或被兼并与收购对公司来说都是可能的，有时它的成功并不完全取决于对等双方或各方的真正实力，技术因素往往起着关键的作用。
在当今市场上，投资银行已经成为兼并与收购活动的主要参与者之一。
兼并与收购业务是投资银行收入的主要来源之一，也是投资银行提高自身竞争能力的主要途径，而投资银行参与兼并与收购活动的方式也日益多样化。
本章主要内容包括两部分：第一部分是对兼并与收购业务的具体介绍与论述，包括：兼并与收购的基本业务类型，如：横向收购、纵向收购、混合收购、管理层收购(MBO)和杠杆收购(LBO)等；反收购措施(如“白衣骑士”、“毒丸”防御等)在敌意收购中的应用；并购融资来源以及各种可能情况下的利弊：投资银行在兼并与收购业务中的作用、费用结构和收入来源。
l 第二部分是一个典型的杠杆收购案例。
正如文中所言“研究一个典型的杠杆收购的全过程是有指导意义的。
我们所使用的例子是建立在假设基础上的，它并不说明任何特定的杠杆收购，而是旨在抓住典型的公司合并过程的本质。
把握本质要求把问题做一些简化——_{旦不失其现实意义”。
通过这个假设的但十分详细、具体的杠杆收购过程，读者能以最简单、最典型的方式把握兼并与收购业务中最本质的东西。
The 1980s was one of the most intense periods for M&A activity in Americans history .The prime reasons for this were two fold: The Reagan administration encouraged the trend by not pursuing many potential infringement of the Sherman Anti-Trust Act and also helped it immeasurably by passing indirectly to investors who became involved. The results helped change the face and history, of American finance and engendered some of the most emotional discussion surrounding the investment banking industry since the 1930s.The 1980s was one of the most intense periods for M&A activity in Americans history. 在美国历史上，20世纪80年代是兼并和收购的一个高峰时期。
并购案例英文总结范文
IntroductionIn the highly competitive business landscape, strategic acquisitions have become a common tool for companies to expand their market presence, diversify their product offerings, and enhance their competitive advantage. The acquisition of XYZ Corporation by ABC Corporation is a prime example of how a well-executed merger can lead to significant synergies and long-term growth. This summary outlines the key aspects of the acquisition, including the rationale behind the deal, the strategic benefits, and the challenges faced during the integration process.BackgroundXYZ Corporation, a leading player in the technology sector, had been experiencing stagnation in its growth trajectory. Despite its innovative products and a loyal customer base, the company was struggling to adapt to the rapidly evolving market dynamics. On the other hand, ABC Corporation, a multinational conglomerate with a diverse portfolio of businesses, was looking to enter the technology market to complement its existing offerings.Rationale for the AcquisitionThe decision to acquire XYZ Corporation was driven by several strategic considerations:1. Market Expansion: By acquiring XYZ, ABC Corporation aimed to enter a new market segment, leveraging the established brand and customer base of XYZ.2. Synergy: The combination of ABC Corporation's financial resources and operational expertise with XYZ's technological innovations was expected to create significant synergies, leading to enhanced product development and market competitiveness.3. Diversification: The acquisition was seen as a strategic move to diversify ABC Corporation's revenue streams, reducing its reliance onits existing markets and businesses.Strategic BenefitsThe acquisition of XYZ Corporation by ABC Corporation yielded several strategic benefits:1. Increased Market Share: The merged entity quickly became a dominant player in the technology sector, significantly increasing its market share and revenue.2. Enhanced Product Portfolio: The integration of XYZ's innovative products with ABC's existing offerings resulted in a more comprehensive and competitive product portfolio.3. Cost Savings: Through operational efficiencies and streamlined processes, the merged entity achieved substantial cost savings, improving its overall profitability.4. Innovation and R&D: The acquisition provided ABC Corporation with access to XYZ's cutting-edge research and development capabilities, fostering innovation and future growth.Challenges and Integration ProcessDespite the strategic benefits, the acquisition process was not without its challenges. Some of the key challenges faced included:1. Cultural Integration: Merging two distinct corporate cultures was a significant challenge. ABC Corporation had to ensure that XYZ's employees felt valued and integrated seamlessly into the new organization.2. Regulatory Approval: The acquisition had to navigate various regulatory hurdles, including antitrust approvals and compliance with local laws in both countries.3. Technology Integration: Integrating XYZ's technology infrastructure with ABC's existing systems required careful planning and execution to avoid disruptions.4. Employee Retention: Retaining key talent from XYZ was crucial to maintain the company's competitive edge and ensure a smooth transition.To address these challenges, ABC Corporation implemented a comprehensive integration plan that included:- A dedicated integration team to oversee the process.- Regular communication with employees to maintain transparency and address concerns.- Training programs to bridge cultural gaps and enhance collaboration.- A phased approach to technology integration to minimize disruptions.ConclusionThe acquisition of XYZ Corporation by ABC Corporation is a testament to the power of strategic partnerships and the benefits of a well-planned integration process. While the deal presented numerous challenges, the strategic benefits, including increased market share, a diversified product portfolio, and enhanced innovation capabilities, have made it a resounding success. This case study serves as a valuable lesson for businesses considering strategic acquisitions, highlighting the importance of careful planning, cultural sensitivity, and a commitment to long-term growth.。
并购案例分析1.1
估值的计算
加上持续经营的价值，净现金流如下表：（百万美元）
2002 现金流 终值 净现金流 9.9 7.8 13.8 9.9 2003 7.8 2004 13.8 2005 17.1 221.0 238.1
9.9*(1+14.2%)-1+7.8*(1+14.2%)-2+13.8*(1+14.2%)-3+238.1*(1+14.2%)-4 =163.91百万美元 百万美元 因此， 的价值就是以上现金流的折现， 因此，Hill对Smitty的价值就是以上现金流的折现，折现率为14.2%，为 对 的价值就是以上现金流的折现 折现率为14.2%， 163.91百万美元 163.91百万美元。 百万美元。
•Thank you~
假设另外一家公司也把Hill作为兼并对象，他们会出同样 作为兼并对象， 假设另外一家公司也把 作为兼并对象 的价格吗？ 的价格吗？
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估价结果应该不等于 百万美元。 估价结果应该不等于163.91百万美元。最主要的 不等于 百万美元 原因是，不同的公司兼并产生的协同效应不同， 原因是，不同的公司兼并产生的协同效应不同，因此估计 的现金流就会不同。另外， 的现金流就会不同。另外，另一家潜在的收购方也会用不 同的融资结构，或不同的税率， 同的融资结构，或不同的税率，因而会估计出不同的折现 最终就会出现不同的兼并估计值。 率，最终就会出现不同的兼并估计值。
案例现金流量表
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在资本预算中，所有涉及的债务都是新增的， 在资本预算中，所有涉及的债务都是新增的，为了设 建立H部门的现金流量表 假设收购已经发生（单位：百万美元） 部门的现金流量表， 。因此，涉及所有的债务的成本都是相同 建立 部门的现金流量表，假设收购已经发生（单位：百万美元） 立额外的资产。 立额外的资产 因此， Kd，计算该成本公司的WACC WACC折现未来现金流得出 的，Kd，计算该成本公司的WACC折现未来现金流得出 。 2002 2003 2004 2005 然而在并购中， 然而在并购中，收购方通常假设目标公司现在有债务 60.0 90.0 112.5 127.5 销售净额 并且将进行新的借债来为并购融资。因此， ，并且将进行新的借债来为并购融资。因此，所涉及的 36.0 54.0 67.5 76.5 -出售商品成本（60%） 债务成本不同，不能以相同的成本用WACC折现。 WACC折现 债务成本不同，不能以相同的成本用WACC折现。最简 4.5 6.0 7.5 9.0 -销售、管理费用便的方法就是在现金流量表中将利息费用排除。 便的方法就是在现金流量表中将利息费用排除。 -利息费用 税前利润 -税收（40%） 净利润 -必要的留存收益 现金流 3.0 4.5 4.5 6.0 对于留存收益， 对于留存收益，单个项目所产生的所有现金流都可被 全公司应用， 16.5 全公司应用，但收购得来的部分现金流通常会留在该部 25.5 33.0 36.0 门用来支持该部门的成长。 门用来支持该部门的成长。正因为这部分留存收益不能 6.6 10.2 13.2 14.4 被母公司所用，则必须从现金流量表中排除。 被母公司所用，则必须从现金流量表中排除。 9.9 15.3 19.8 21.6 0.0 9.9 7.5 7.8 6.0 13.8 4.5 17.1
企业并购案例分析——贝尔斯登并购案例分析
企业并购案例分析——贝尔斯登并购案例分析企业并购案例分析——贝尔斯登并购案例分析企业并购案例分析——贝尔斯登并购案例分析一、贝尔斯登公司介绍贝尔斯登公司(Bear Steams)成立于1923年，总部位于纽约，是全球最大的投资银行与证券交易公司之一，居于500强企业，是一家全球领先的金融服务公司，为全世界的政府、企业、机构和个人提供服务。
公司业务涵盖企业融资和并购、机构股票和固定收益产品的销售和交易、证券研究、私人客户服务、衍生工具、外汇及期货销售和交易、资产管理和保管服务。
该公司旗下包括贝尔斯登股份公司、贝尔斯登国际、贝尔斯登银行、信托投资公司等。
贝尔斯登还为对冲基金、经纪人和投资咨询者提供融资、证券借贷、结算服务以及技术解决方案。
在全球拥有约14,500名员工。
贝尔斯登公司业务分为三大板块:(1)资本市场业务，包括权益投资业务、固定收益业务、投资银行业务。
(2)全球结算服务。
(3)财富管理业务，包括私人银行业务和资产管理业务。
2006年贝尔斯登公司实现营业收人92亿美元，其中资本市场业务实现营业收入733>.2亿美元(同比增长27.9%)，占79.3%。
全球结算业务收人10.8亿美元(同比增长4.7%)，占11 . 74% ，私人银行和资产管理业务收人8亿美元(同比增长26% )，占8 . 70%。
但是，就这样一个拥有悠久历史的公司最终在2008年的美国次级按揭风暴中严重亏损，濒临破产而被收购。
二、贝尔斯登被收购的背景(1)美国出现次贷危机，房地产泡沫破裂。
贝尔斯登由于持有大量有毒资产包括债务抵押债券(简称为CDO)，及投资者对其信心下降并兑现大量现金，导致贝尔斯登现金储备基本为0，从而面临倒闭。
(2)自营投资亏损引发流动性风险。
在旗下次贷支持CDO投资基金损失惨重并最终清盘的同时，贝尔斯登自营交易也出现了巨额亏损。
(3)此前，贝尔斯登的两家对冲基金倒闭，也导致其投资者损失了数十亿美元。
企业并购重组整合咨询报告(英文版)
企业并购重组整合咨询报告(英文版）Consulting Report on Corporate Merger and Restructuring IntegrationExecutive SummaryThis consulting report provides an analysis of the merger and restructuring integration for Company ABC and Company XYZ. The objective of this report is to provide recommendations for a successful integration process that maximizes the potential benefits of the merger. The report includes an analysis of the cultural, operational, and financial aspects of the integration, as well as a detailed action plan for the implementation phase.1. IntroductionThe merger between Company ABC and Company XYZ presents both opportunities and challenges. The two companies have complementary strengths and resources that can be leveraged to create a stronger and more competitive entity. However, the integration process requires careful planning and execution to ensure a smooth transition and minimize disruptions to the business operations.2. Cultural IntegrationCultural integration is a critical aspect of a successful merger. The report recommends the formation of a cross-functional integration team that includes members from both companies. This team will be responsible for identifying and addressing any cultural differences and facilitating a smooth integration process. Regular communication through town hall meetings and other channels will be crucial for keeping employees informed and engagedthroughout the transition.Additionally, a comprehensive cultural assessment should be conducted to identify potential challenges and develop strategies to align the values and norms of both companies. Employee training and development programs can also help foster a unified corporate culture and promote collaboration among teams.3. Operational IntegrationOperational integration involves combining the business processes, systems, and infrastructure of the two companies. The report suggests conducting a thorough operational analysis to identify redundancies and inefficiencies in order to streamline the operations. Clear communication and collaboration between the integration team and key stakeholders will be crucial to ensure that the integration is aligned with the overall corporate strategy.Cross-training programs can help employees adapt to new roles and responsibilities, while technology integration will require careful planning and coordination between IT departments. The implementation of shared service centers and the consolidation of facilities, where feasible, can also generate cost savings and improve operational efficiency.4. Financial IntegrationThe financial integration of the two companies will involve aligning accounting practices, financial reporting systems, and capital structures. The report recommends conducting a comprehensive financial analysis to identify potential synergies and cost-saving opportunities. Financial reports and forecastsshould be updated regularly to reflect the progress and performance of the integrated entity.Additionally, key performance indicators (KPIs) should be established to measure the success of the merger and track the achievement of strategic objectives. Integration-related costs should also be carefully managed and monitored to ensure that they are within budget.5. Action Plan for ImplementationThe successful implementation of the merger and restructuring integration requires a well-defined action plan. The report provides a detailed timeline that outlines the key activities and milestones for the integration process. It also includes a risk management plan to identify and mitigate potential risks and challenges that may arise during the integration.Regular progress reviews and continuous communication with stakeholders will be critical to ensuring that the integration stays on track and any issues are addressed promptly. The action plan also includes a post-implementation assessment to evaluate the effectiveness of the integration and identify areas for further improvement.ConclusionThe merger and restructuring integration of Company ABC and Company XYZ present a significant opportunity for growth and competitiveness. The successful integration requires careful planning, effective communication, and collaboration between the integration team and key stakeholders. By addressing cultural,operational, and financial aspects, and following the action plan outlined in this report, the merged entity can achieve a seamless and successful integration, ultimately realizing the full potential of the merger.6. Communication and Stakeholder Engagement Effective communication and stakeholder engagement are essential for a successful merger and restructuring integration. The report recommends developing a comprehensive communication plan that defines the key messages, target audiences, and communication channels. Regular updates should be provided to employees, customers, suppliers, and other stakeholders to keep them informed about the integration process and address any concerns or questions.Town hall meetings, employee forums, and other interactive platforms should be utilized to create opportunities for employees to provide feedback and participate in the decision-making process. Open and transparent communication will help build trust and promote employee engagement throughout the integration.In addition to internal communication, external stakeholders, such as customers, suppliers, and shareholders, should also be kept informed about the integration. Regular updates through press releases, websites, and investor relations communications will help manage external perceptions and maintain confidence in the merged entity.7. Human Resources and Talent ManagementHuman resources play a critical role in the successful integration of two companies. The report recommends conducting a comprehensive talent assessment to identify key employees andtheir skills, as well as potential gaps that need to be addressed. A clear talent retention and development strategy should be established to ensure the retention and motivation of top performers.Employee engagement programs, such as recognition and reward initiatives, should be implemented to boost morale and promote a positive and inclusive work environment. Training and development programs can address skill gaps and help employees adapt to new roles and responsibilities. Regular performance reviews and career development conversations should be conducted to provide ongoing feedback and support.It is also important to align compensation and benefits programs to ensure fairness and consistency across the merged entity. A comprehensive communication plan should be developed to inform employees about any changes in compensation and benefits packages.8. Legal and Regulatory ComplianceCompliance with legal and regulatory requirements is critical for the success of the merger and restructuring integration. The report suggests conducting a detailed legal and regulatory review to identify any potential risks or issues that may arise during the integration process. This includes understanding competition laws, labor laws, and any industry-specific regulations that may apply. In cases where the merger requires approval from regulatory bodies, the necessary filings and documentation should be prepared in a timely manner to ensure compliance. Legal supportshould be engaged to navigate any legal complexities and ensure that the integration process adheres to all applicable laws and regulations.9. Risk Management and Contingency PlanningThe integration process is not without risks, and it is important to have a risk management and contingency plan in place. The report recommends conducting a comprehensive risk assessment to identify potential risks and develop strategies to mitigate or address them. This includes identifying and addressing potential financial, operational, legal, and reputational risks.A dedicated risk management team should be established to monitor the progress of the integration and proactively identify any risks or issues that arise. Mitigation strategies should be developed and implemented promptly to minimize the impact on the integration process.Contingency plans should also be developed to address any unforeseen circumstances or disruptions that may occur during the integration. This includes having backup solutions for critical systems and processes, as well as alternative strategies in case any challenges or roadblocks arise.10. Post-Implementation Assessment and Continuous ImprovementAfter the implementation of the merger and restructuring integration, it is important to conduct a post-implementation assessment to evaluate the effectiveness of the integration and identify areas for improvement. This assessment should include areview of the stated objectives and key performance indicators to measure the success of the integration.Feedback should be gathered from employees, customers, and other stakeholders to identify any areas of improvement or lessons learned. This feedback should be used to drive continuous improvement and refine processes and strategies for future mergers and integrations.Regular monitoring and reporting should be established to track the performance of the merged entity and ensure that the integration goals and synergies are being realized. Key metrics and performance indicators should be reviewed regularly to assess progress and make any necessary adjustments.ConclusionIn conclusion, a successful merger and restructuring integration require careful planning, effective communication, and collaboration between all stakeholders. By addressing the cultural, operational, financial, and legal aspects outlined in this report, the merged entity can achieve a seamless integration and maximize the potential benefits of the merger. Continuous monitoring, assessment, and improvement will be key to ensure long-term success and sustainability of the merged entity. With a clear action plan and a focus on stakeholder engagement, the integration process can lead to a stronger, more competitive organization.。
商务英语 公司联合与收购
4. Off-balance sheet capital management表外资本 经营
Their specific form are:trusteeship(托管) and Strategic Alliance(战略联盟)( cooperation合作) .
The difference between mergers and acquisitions并购, acquisition收 购 ,consolidation合并 and merger兼并
contraction of capital as follows: asset stripping (资产剥 离) or asset sales, the division of a company(公司分立), spin-off(分拆上市), stock repurchases(股票回购).
3.Capital restructuring
capital restructuring including: restructuring and reorganization, equity replacement or assets replacement, reduction of state-owned shares (国有股减 持), the management buyout (管理层收购)(MBO), Employee Stock Ownership Fund(职工持股基金).
1.Capital expansion资本扩张
capital expansion as follows: mergers, acquisitions, listed on their investment(上市扩股), joint ventures ect.
国外并购法律案例分析(3篇)
第1篇一、案例背景可口可乐公司（Coca-Cola Company）是全球最大的饮料公司之一，总部位于美国亚特兰大。
汇源果汁（Huiyuan Juice）是中国最大的果汁生产商，成立于1992年，总部位于北京。
2008年，可口可乐公司宣布以约240亿美元的价格收购汇源果汁，这一收购案引起了全球范围内的广泛关注。
二、案例分析1. 并购背景可口可乐收购汇源果汁的主要目的是为了扩大其在中国果汁市场的份额。
当时，中国果汁市场正处于快速发展阶段，消费者对果汁的需求不断增长。
汇源果汁作为中国果汁市场的领导者，拥有强大的品牌影响力和市场占有率。
因此，可口可乐希望通过收购汇源果汁，迅速提升其在中国的市场地位。
2. 法律问题（1）反垄断审查可口可乐收购汇源果汁案引起了我国国家发展和改革委员会（NDRC）和商务部反垄断局的关注。
根据《中华人民共和国反垄断法》，任何经营者集中达到国务院规定的申报标准的，均应事先向商务部申报，未申报的不得实施集中。
在此案中，可口可乐收购汇源果汁的金额超过了申报标准，因此需要经过反垄断审查。
（2）文化差异可口可乐作为一家美国公司，其经营理念和管理方式与中国本土企业存在较大差异。
在收购汇源果汁后，如何融合两家公司的文化，保持品牌价值的同时，又不影响员工的积极性，是可口可乐面临的一大挑战。
3. 案例处理（1）反垄断审查结果经过严格审查，商务部于2009年3月18日宣布，由于可口可乐收购汇源果汁案不符合《反垄断法》的规定，因此不予批准。
商务部认为，可口可乐收购汇源果汁将导致中国果汁市场的竞争格局发生重大变化，不利于消费者利益的保护。
（2）收购失败后的影响可口可乐收购汇源果汁失败后，对两家公司都产生了较大影响。
汇源果汁失去了与国际巨头合作的机会，市场竞争力受到一定程度的削弱。
而可口可乐则失去了进入中国果汁市场的重要途径，不得不重新制定市场拓展策略。
三、案例分析总结可口可乐收购汇源果汁案是一起典型的跨国并购案例，涉及多个法律问题和复杂的文化差异。
企业并购案例分析课件讲义(ppt 53页)
• 民族品牌，应该是指消费者一看到它，除了该品牌所代言的产品外
，还能联想起它所代表的国家和民族
• 汇源公司在开曼群岛注册，生产基地是在北京，在香港上市
商务部否决此项并购的原因
原因3：民族品牌保护
思考2：民族品牌有国界吗？
• 在全球化的今天，保护民族品牌最重要的不是品牌的卖与不卖，而
汇源为何成为被收购对象
可口可乐强势品牌的缔造
品牌意识
3A营销策略： Availability/买得到 Affordability/买得起 Acceptability/乐得买
本土化经营 品牌传播：结合广告或 公关事件、配合自身的
促销策略
North America
Europ e Asia Africa
在本案中，将相关市场界定为饮料市场、非碳酸饮料市场、果汁 市场，还是纯果汁饮料市场、中浓度果汁市场或低浓度果汁市场 ，对市场竞争影响的判断就会产生截然不同的影响。
商务部否决此项并购的依据
依据1.相关市场的界定问题
据有关数据显示，如果以各企业产销量作为市场份额比重的计算参 考依据，2007年中国果（蔬）汁及果（蔬）汁饮料市场份额排名 前三位分别是：统一、可口可乐和汇源，市场份额在分别是 18.69%，15.04%与13.95%。收购完成后，可口可乐的市场份额 28.99%，超过目前位居第一的统一
案例分析
并购
MPACC 2012 TEAM 15
愿买愿卖
Case Memo
2008年9月3日
2008年11月3日
2008年12月4日
2009年3月5日
2008年12月4日
可口可乐公司宣 布，计划以24 亿美元收购在香 港上市的中国汇 源果汁集团有限 公司。
企业兼并重组案例分析--以七匹狼收购杭州肯纳服饰有限公司为例
企业兼并重组案例分析——以七匹狼收购杭州肯纳服饰有限公司为例摘要当前，企业兼并重组、资本运营是我国经济体制现阶段发展前进的主要趋势。
兼并具有积极的意义在使企业生存发展、让现金货币资产得到有效利用，甚至在构筑好产业结构、组织方面上，并且在市场经济条件下，兼并不仅是企业达到本身目标的一种经济行为，而且还是开拓财权实力的一种经济行为，更是企业在竞争中弱肉强食适者生存的机制。
通过兼并可以有效配置资源、优化结构、提高总体经济效益，同时通过兼并也可以实现资本低成本、高效率扩张，形成强大的规模效应。
在这种市场经济条件下，本文借以七匹狼公司兼并收购杭州肯纳服饰有限责任公司的案例举例，先从企业兼并重组概念展开，探索兼并重组的动因理论，再简要了解介绍两家企业的历史背景，从不同层次分析七匹狼公司收购杭州肯纳服饰有限公司的整个过程，再采用定量分析法对被收购的公司根据财务数据做出相应的价值分析，对收购后的整合阶段用定性分析方法进行进一步详细的分析，最后再进一步分析兼并收购后可能出现的风险，并根据该风险提供一些参考帮助。
本文针对两家企业兼并重组前后的财务数据进行了分析，借此观看兼并重组后的成效，为同服装行业的发展和转型提供了铺垫、学习机会和引导方向，也进一步了解企业兼并重组给大部分行业带来的影响。
关键词：兼并重组；七匹狼；杭州肯纳Case Study of Mergers and Reorganization ---Take the acquisition of Hangzhou Kenner Clothing Co., Ltd. by Seven Wolf as an exampleAbstractAt present, corporate mergers and reorganizations and capital operations are the main trends in the development and progress of China's economic system at this stage.Mergers have positive significance for promoting the survival and development of enterprises, effectively using cash and currency assets, and even establishing a good industrial structure and organization .In a market economy, a merger is not only an economic act of a company to achieve its goals, but also an economic act of increasing financial strength. This is also a mechanism for survival of the fittest under competitive conditions.Mergers can effectively allocate resources, optimize structures and improve overall economic efficiency. At the same time, mergers can also achieve low-cost, high-efficiency capital expansion, forming a powerful scale effect.Under this market economy condition, this article takes the acquisition of Hangzhou Kenner Garment Co., Ltd. by Seven Wolves as an example, and starts with the concepts of corporate mergers and acquisitions and reorganizations to explore the theory of the driving factors of mergers and acquisitions. Then briefly understand the historical background of the two companies. The entire process of the acquisition of Hangzhou Kenner Clothing Co., Ltd. by Seven Wolves was analyzed at different levels, and then the acquired company was quantitatively analyzed based on financial data, and the corresponding value analysis was performed. Detailed analysis of the post-acquisition integration phase should use qualitative analysis. Finally, further analyze the risks that may occur after the merger and acquisition, and provide some reference help based on the risks.This article analyzes the financial data before and after the merger and reorganization of the two companies, and observes the results of the merger and reorganization, providing the basis for the development and transformation of the same clothing industry, learning opportunities and guidance. And we can also understand the impact of M & A on other industries.Key words: Mergers and acquisitions ; Seven wolves; Kenner Hangzhou目录摘要 (I)Abstract (II)一、引言 (1)（一）研究背景及研究意义 (1)1. 研究背景 (1)2. 研究意义 (1)（二）文献综述 (2)（三）研究方法及内容 (3)二、理论分析 (4)（一）企业兼并重组的概念 (4)（二）兼并重组的特征、作用 (4)（三）兼并重组的动因理论 (4)三、七匹狼收购杭州肯纳服饰案例分析 (5)（一）兼并重组双方基本情况 (5)1. 七匹狼公司简介 (5)2. 杭州肯纳服饰简介 (5)（二）兼并重组的动因及其如何实现 (6)（三）七匹狼收购整合期的风险分析 (6)1.企业兼并重组面临的主要问题 (6)2.风险原因和解决方案 (7)（四）双方公司兼并重组的财务数据分析 (7)1.兼并重组的财务价值分析 (7)2.兼并重组前后的数据比较分析 (8)（五）案例重组中存在的问题和解决方法 (10)（六）案例小结 (11)四、关于企业兼并重组的思考与建议 (11)（一）企业兼并重组对行业的影响 (11)（二）企业兼并重组后可能会出现的问题 (11)（三）关于企业兼并重组对行业的建议 (11)五、总结 (12)参考文献 (13)致谢 (14)一、引言（一）研究背景及研究意义1. 研究背景企业兼并是指一家企业通过购买另一家企业的部分或全部产权，从而获得另一家企业的控制权、以赢利为根本目的的经济行为，企业兼并是优化资源配置、优化生产力结构、提高生产力水平的一种主要方式，也是在市场经济体制中以产权交易为手段的重组，总而言之是社会生产力发展到一定阶段的必然产物。
商务英语-企业兼并收购案例分析
2
执行过程
分析了兼并收购过程中的决策和策略，并评估了实施的成功度。
3
市场影响
评估了该交易对亚马逊和超市行业的市场影响和竞争格局。
需要的尽职调查
详细讲解尽职调查在兼并收购过程中的重要性，以及如何进行有效的尽职调 查。
成功兼并收购的策略
介绍实现成功兼并收购的策略和技巧，包括文化整合和风险管理。
兼并收购中的挑战和风险
商务英语-企业兼并收购 案例分析
了解兼并收购的概念与背景，并探讨其在企业发展中的重要性。
兼并收购的类型
探索不同类型的兼并收购方式，包括水平兼并、垂直兼并和三角兼并。
兼并收购的好处
深入了解兼并收购所带来的益处，包括降低成本、扩大市场份额等。
近年来的重要兼并收购案例
AT&T 和时代华纳合并
分析了这一备受关注的兼并收购案例，揭示其中的商业战略和影响。
迪士尼和21世纪福克斯合并
探讨了这一巨额交易背后的合并，以及这一交易对双方的影响。
影响兼并收购成功的因素
剖析影响兼并收购成功的关键因素，包括战略规划、组织文化等。
案例分析：亚马逊收购全食超市
1
收购动机
深入探讨亚马逊收购全食超市的商业动机和预期效果。
企业跨国并购工作语言选择案例分享
一、案例介绍在全球化的背景下，企业跨国并购成为了一种常见的商业行为。
在进行跨国并购时，选择合适的工作语言显得尤为重要。
本文将通过几个案例的共享，探讨企业跨国并购中的工作语言选择问题，并对其进行深度剖析。
二、案例分析1. 案例一：中美企业跨国并购公司A是一家我国企业，打算收购美国公司B。
在进行谈判和沟通时，公司A需要考虑到美国公司B的工作语言是英语。
公司A需要拥有一支擅长英语沟通的团队，以确保谈判顺利进行。
2. 案例二：日本企业在东南亚地区的并购日本公司C计划在东南亚地区进行并购，目标公司为一家新加坡企业。
考虑到新加坡的主要工作语言是英语，公司C需要在谈判团队中配备精通英语的人才，以确保信息传递的准确性和效率。
3. 案例三：德国企业在欧洲市场的扩张一家德国公司D希望在欧洲市场进行并购，目标公司位于法国。
由于法国的主要工作语言是法语，公司D需要在并购团队中配置懂得法语的人员，以便与目标公司的员工进行沟通和协调。
三、问题探讨1. 工作语言选择的重要性在进行跨国并购时，双方的工作语言选择对谈判、沟通和协作都有着重要的影响。
选择合适的工作语言可以减少信息传递的误差，提高沟通的效率，有利于合作双方的理解和合作。
2. 如何选择合适的工作语言在面对不同国家和地区的企业时，如何选择合适的工作语言成为了十分重要的问题。
除了考虑目标公司所在地的主要工作语言外，还需要考虑到双方团队成员的语言能力，以及谈判、合同等内容的语言要求。
四、总结与展望在企业跨国并购的过程中，工作语言选择是一个值得重视的问题。
本文通过几个案例的共享，深入探讨了工作语言选择在跨国并购中的重要性，并提出了一些具体的建议。
希望本文能够帮助读者更加深入地理解并掌握这一问题，为未来的跨国并购活动提供一些有益的参考。
个人观点与理解作为一名文章写手，我深刻理解企业在跨国并购中工作语言选择的重要性。
只有选择合适的工作语言，企业双方才能在谈判和协作中顺利沟通，减少误解和冲突，为合作的顺利进行奠定基础。
商科公司合作案例分析全英文
Non-competitive Strategic Cooperation/Alliance: Apple and Nike inSports Wearable Equipment FieldAs the world's most valuable high-tech company, Apple has always been an expert in using diversified development strategies. Methods of development can be classified into internal development methods and external development methods. And the external development methods include mergers, acquisitions and cooperation/alliances. Apple has kept good cooperation relationship with Nike over the past decade and the paper tries to analyze the non-competitive strategic cooperation alliance between these two giants of different fields.Two independent firms and the cooperation fieldNIKE is the world's leading sporting goods manufacturer，Nike has invested a lot of manpower and material resources in new product innovation and development. Apple is known for its innovation among all the worldwide high-tech companies. The cooperation field of Apple and Nike is the field of sports wearable equipment, which can hardly to be completed by either company alone. Apple is a hardware device manufacturer, Nike is a sports equipment manufacturer. As long as Apple is willing to provide application support for Nike, Nike will be very happy to sell its products through Apple.There is no subordinate relationships between them. Remaining independent, they cooperate to undertake actions in the field of sports wearable equipment, The two companies have been together developing sports wearable equipment market for about ten years under the ecological environment of digital products and services, to bring a richer user experience for all people.Cooperation and non-competitive strategic cooperationApple and Nike, the two independent firms, have reached an agreement to share their resources and capabilities (Apple’s hardware and Nike’s sports user group) to reinforce their competitive advantage in the field of sports wearable equipment, which is called the cooperation between Apple and Nike.In traditional cooperation/alliance, the coordinated firms are in the same or related industries or, in the same upstream and downstream industry chain, thus the firms will face direct competition or will face price competition between the two sides. But there is no direct competition relationship between Apple and Nike, therefore this kind of cooperation is non-competitive strategic cooperation.Long-term contractual agreements and shareholder agreementsIn fact, as early as 10 years ago, Apple began its cooperation with Nike. In 2006, Apple and Nike launched a Nike + iPod sports package. Through the wireless, the built-in chip in the Nike shoes was connected with the iPod, and the users could record their time, distance, speed, heart rate, calorie consumption and other data during their exercise through the iPod. It was the world's first generation of wearable sports equipment as well.Over the years, Apple and Nike has kept cooperation relationship in the initial Nike + project. In 2011, Nike independently launched the Nike + Fuelband wristband and Apple stores and online stores began to sell FuelBand in the United States, Canada and UK. In September 2016, Apple and Nike launched a new version of iWatch2 --Apple Watch Nike Plus. The device deeply integrated the sports properties and social properties of Nike +, whose interface display information and Siri function has been optimized according to sports characteristics.These have proved that Apple and Nike’s cooperation in sports wearable equipment field is a long-term cooperation. Started with an innovated idea of the first product of wearable sports equipment, both sides have obtained satisfactory profit, especially the sales volume of iPod in the sports field from 2006 to 2008 increased sharply. Although there were no joint ventures established or shares acquisition ways defined, the two firms still could earn much benefit generated from the products selling of cooperation agreement. In later years, Nike independently launched the Nike + Fuelband, whose market share was not very great while Apple focused on other market segments, so the 2016 iWatch Nike Plus with sports attribute marked that Apple and Nike would continue to enter the wearable sports equipment markethand in hand. Therefore, although the cooperation between the two sides is a long-term and continuous, the cooperation is also conditional and phased, changing with the aimed business (wearable sports equipment) market environment.Interorganizational networksApple and Nike have deep interorganizational links. In fact, as early as in 2005, before the launch of Nike + iPod, Cook joined the Nike board as Apple's COO has and played an important role. He served as Chairman of the Board of Remuneration Committee and became a member of the Enterprise Management Committee of Nike. In early July of 2016, Apple CEO Cook was appointed as Nike's chief independent director. The senior management mobilization of both sides every time, are in fact paving the way for their cooperation.Advantages Analysis1. limiting some risksThe fundamental reason for the cooperation is the huge market potential of sports wearable equipment market. A sports industry report from IDTechEx analyzed that the wearable sports equipment market size of 2015 reached 20 billion US dollars and would reach 70 billion US dollars in 2025. After 10 years of exploration and development, wearable sports equipment market has gone through the preparation period of product life cycle and entered the rapid growth period. With increased public appeal for sports and health and the more developed mobile end App penetrating into people's lives, sports wear equipment will gradually become the main force of electronic products consumption. Apple and Nike of course will not give up the segmented market they have explored long ago.And by using the other side’s brand influence power, the two firms mainly focusing on other markets will certainly limit the commercial risks within the acceptable range.2.obtaining resources required and learning from partnersAs the first to get involved in sports App, Nike + had aggregated 18 million users in 2013 and attracted almost 60 million users relying on supporting sports equipmentproducts and implanted community interaction concept. In terms to Apple, since the launch of iWatch in April, 2015, its global supplier shipments of the first quarter reached 400 million and the market share climbed to 75.5%. Apple definitely was equipped with enormous influence in the wearable device market.But in the segmented market of sports wearable equipment, the dominance of iWatch had vanished. Fitbit, the leading brand of all sports wearable equipment brands, had been even more popular in the market than the apple. Apple had to rethink the product development strategy. Compared with fitbit, Nike + only had App, lacking a powerful, perfect matched application hardware. The Apple iWatch lacked more professional and differentiated products to resolve the pain points of the user in sports vertical market.As a result, Apple and Nike can combine their respective resources to take advantage of the conditions of both sides. They gave birth to Apple Watch Nike Plus to shock the market. The two firms combined with their own brand characteristics and advantages，fitted in innovative ways, learned from each other, bringing the share of market resources and better market effect which can not be achieved by any firm alone.3.greater balance between efficiency and flexibilityApple and Nike achieved the innovation in product design and development. The combination of Apple and Nike can not only collect rich sports data, complete more powerful, more accurate professional data analysis, but also can reach the and high functional requirements of hardware equipment. In this market of cross-cutting sports + technology products, Apple and Nike are able to complete the more precise, clear division of labor, making tech future wearable equipment more low-key, stylish, practical and integrated with more features, and thus the two firms can achieve greater balance between efficiency and flexibility.Disadvantages Analysis1.Consuming cost: organizational complexityIn 2012, with the increasingly fierce market competition, Nike independentlylaunched their own Nike+ FuelBand. However, due to its function, pricing and positioning errors, Nike closed the internal wearable equipment sector after launching the second generation of Nike + FuelBand in 2014. One of the team's core R&D personnel, Ben Shaffer, was then quietly hired by Apple.As the two firms have a degree of resource sharing in this segmented market of sports wear equipment, they need to make decisions jointly at some point. Human and material resources of both firms will be in the exchange and circulation, and sometimes each firm may feel it necessary to take the most critical and most core resources in its own hands. In short, all these will cause kind of loss in total cost.2.Avoiding undermining the firms’ competitive positionApple and Nike, the non-competitive strategic cooperation/alliance partners, from different industries, are facing the completely different consumer market, avoiding the direct competition. At the same time they rely on the very different knowledge base, lacking the basic motivation.to learn each other's core competencies and knowledge. The only common strategic goal of both firms is to make the cooperated products occupy the sports wearable equipment market as much as possible. Non-competitive strategic cooperation between Apple and Nike avoids opportunistic behavior and avoids the zero-sum game process of cooperation, which will not undermine the two firms’ competitive position.。
兼并收购案例
兼并收购案例兼并收购案例：美国联合航空公司与大陆航空公司的合并1. 背景信息美国联合航空公司（United Airlines）成立于1931年，是一家总部位于芝加哥的全球航空巨头。
该公司经营范围包括国内和国际航班，覆盖全球各大洲。
大陆航空公司（Continental Airlines）成立于1934年，总部位于休斯顿，是美国一家主要的航空公司之一。
两家公司在运营规模和市场份额上都居于领先地位，此次兼并旨在加强其市场地位和提高效益。
2. 兼并背景兼并案例发生在2010年，当时航空业正面临日益竞争的压力，经济衰退造成许多航空公司陷入困境。
此外，燃油价格的上涨以及恶劣天气等因素也影响了航空公司的运营。
在这个挑战的环境下，美国联合航空公司和大陆航空公司决定进行合并以增强其竞争力和抵抗风险。
3. 兼并过程在合并的过程中，美国联合航空公司和大陆航空公司进行了深入的商业谈判。
谈判的重点包括合并后的公司治理结构、品牌定位、员工情况以及合并后的航线网络等。
经过数月的讨论和谈判，两家公司最终达成了一项合并协议。
根据合并协议，合并后的公司将继续以“美国联合航空公司”为名称，并由美国联合航空公司的CEO领导。
新公司将由两家公司的董事会成员共同组成，并在企业决策中发挥重要作用。
两家公司的品牌将在合并后的几年内维持不变，然后逐渐整合为一个统一的品牌。
合并后，新公司将拥有全球最大的航线网络，覆盖全球多个目的地。
新公司还将整合两家公司的航空技术和设备，以提高航班的准时率和乘客满意度。
此外，合并后的新公司还将充分利用两家公司在销售和市场营销方面的经验，以优化市场策略和乘客服务。
4. 兼并效果合并后的美国联合航空公司成功提高了市场份额和盈利能力。
兼并后的公司能够通过合并航线网络和优化航班计划来提高运营效率，降低成本并提升利润率。
此外，新公司还能够通过整合品牌和市场策略来提高市场影响力，吸引更多的乘客并增加收入。
合并后，新公司还实施了一系列重组和削减成本的举措。