兼并与收购 Mergers and Acquisition

样例欣赏1
Margaret Gellup is the Director of Communication for Volvo in France, talking about why the merger between the major automotive companies, Renault and Volvo failed.
玛格丽特?盖洛普是法国沃尔沃汽车公司的沟通部主管，正在谈论雷诺汽车公司和沃尔沃汽车公司之间合并失败的原因。

(A = Journalist B = Ms Gellup)
(甲=记者乙=盖洛普女士）
A：Ms, Gellup? the last time we spoke, you explained to me in detail what was going to be involved in the Renault-Volvo merger, which at that time had already been announced and looked very much like it was going ahead. Could you speak to me today about why that merger failed?
甲：盖洛普女士，上次我们交谈时，你详细地向我解释了雷诺-沃尔沃之间合并的相关事宜。

那时，这件事情已经公开,一切进展顺利。

今天，你能解释一下为什么两公司的合并会失败吗？
B：As a matter of fact, it is a little bit complicated to give you one short answer but I’ll try to be as brief as poss ible. The reasons are varied and I think personally that nobody knows the exact reason for the failure. First, there are typically Swedish reasons. Many shareholders, and in particular small shareholders, were worried about what would happen to this Swedish company which they considered to be more or less a national symbol, and they were afraid that the French company would
take over, so they were not in favor of the alliance.
乙：说实话，要想对这件事情给出一个简短的解释有点困难。

但是我尽量筒洁些。

原因多种多样，我认为没有人知道确切的原因。

首先，主要是瑞典方面的原因。

许多股东，特别是一些小股东，担心瑞典的公司，因为它是瑞典国家的象征。

他们担心法国公司会接管，所以他们不赞同联合。

Then, of course，you had complications with some of the managers, who believed that it wasn’t going to be as good for business as they had originally hoped, and they made an official statement of their fears and advised that the merger should not go further. So, there was a board meeting at the beginning of December 1993，and during this board meeting it was decided not to go ahead with the merger. Then the CEO，Mr. White, walked out of that meeting and later resigned. So, Volvo developed a new strategy with a new management team in April of the following year.
其次，当然，管理人员也是一个复杂的因素。

这些管理人员认为事情不像他们想像的那么简单，并正式公开了他们的担心，建议合并不要再进行下去。

所以，在1993年12月初召开了董事会议，会上决定停止合并。

接着，公司总裁怀特先生走出会议室，后来辞了职。

所以，沃尔沃在第二年的四月份组合了一个新的管理团队，开发了一个新的战略。

样例欣赏2
(I = Interviewer FG = Francisco Guerrero)
（I=面试官FG =弗朗西斯科?格雷罗）
I：So, Mr. Guerrero, can you tell us why you’ve bought White Cross Airways? Isn’t it making quite large losses? Wasn’t there a loss last year of seven million Swiss francs on sales of 100 million?
那么，格雷罗先生，你能告诉我收购White Cross航空公司的原因吗?该公司不是亏损巨大吗？它不是在去年营业额1亿瑞士法郎的基础上，亏损七百万瑞士法郎吗
FG：Yes, but we hope to turn that situation round quite quickly. As you know, White Cross is based at Geneva, and they have ten routes such as Geneva-Barcelona, Geneva-Copenhagen and so on. Vm sure these can be developed if we offer low-cost, basic services like the ones we offer on Flyaway — no meals, just coffee that passengers pay for, that sort of thing. Several million people live within two hours of Geneva in Switzerland and France —it’s not very far from Lyon，you know, and all these people are potential customers. If we can offer low-cost flights, I’m sure we can develop this market.
是的，但是我们希望尽快扭转这一局面。

正像你所知道的那样，White Cross 航空公司的总部在日内瓦，有日内瓦-巴塞罗那、日内瓦-哥本哈根等10个航线。

我肯定，如果我们能够提供像Flyaway航空公司那样的低成本的基本服务（如：不提供膳食及免费咖啡等），情况就会有所好转。

几百万人花不到两小时就可到达瑞士的日内瓦和法国，而且距离里昂又不远，这些都是潜在的客户。

如果我们能够提供低成本的航班，这一市场肯定能被开发出来。

I: Why did you choose an airline in Switzerland rather than somewhere else? Looking at the research, I see there are three or four loss-making airlines in Western Europe that could be potential takeover targets.
为什么你偏偏选择瑞士的航空公司而不是其他地方的呢？根据调查，我了解到在西欧有三到四家亏损的航空公司可作为收购目标。

FG：Geneva is an underused airport with lots of room for expansion, and it’s a ce ntral location in Europe. We hope to develop Geneva as a European hub.
日内瓦是一个未被充分利用的机场，有很大的扩展空间，是欧洲的中心。

我们希望把内瓦开发成欧洲的中心
I：In what ways?
如何做到这些？
FG：Well，passengers would fly to Geneva and change planes there. It will allow us to offer destinations that otherwise would not be profitable on direct flights to Europe. We have nineteen direct flights at the moment, flying from Croydon airport near London. So, for example, someone could fly to Geneva and then take a connecting flight to somewhere else, such as Sofia, you know, Sofia in Bulgaria. It might not be profitable for us to offer London to Sofia direct, but with people coming in on other flights from other parts of Europe, they can change planes in Geneva and get on the flight to Sofia.
嗯，乘客可以飞到日内瓦，在那里转机。

这样我们就可以提供转机的服务，这在过去的欧洲直达航线中是无利可图的。

目前，我们有19个直达航线，是从伦敦附近的克罗伊登机场飞来的。

所以，例如，可以飞到日内瓦，然后乘坐转接班机到其他地方,如索非亚，你知道吧，保加利亚的索非亚。

如果我们提供伦敦到索非亚的直达航班，可能不会盈利。

但是，如果人们从欧洲的其他地方乘坐其他航班来到这里，他们可以在日内瓦转机,然后搭乘去索非亚的航班。

I：You say Geneva has lots of room for expansion. What do you mean?
你说日内瓦有很大的扩展空间，是什么意思？
FG：Well, to give you an idea, last year seven million passengers went through Geneva. Over 60 million passengers went through Heathrow, the main London airport. One hundred and sixty thousand planes took off and landed in Geneva, 450，000 flights at Heathrow. I am not saying we want to make Geneva like Heathrow，but there is a lot of room in Geneva for more passengers and more flights.
嗯，跟您说吧，去年有七百万乘客途经日内瓦。

六千万乘客途径希思罗伦敦的主要机场。

日内瓦有16万架飞机起飞和降落，希思罗机场有45万次航班。

我不是说要把日内瓦建成希思罗，但是日内瓦有很多空间接待更多的乘客和航班。

Do you have plans for more acquisitions? Do you have your eyes on other prey?
你说日内瓦有很大的扩展空间，是什么意思？
Let,s see how this one goes first. But it,s no secret that it would be
good to get into the transatlantic market one day.
我们先看一看这一举措进展如何。

但是我们的最终目标是将来进人大西洋彼岸市场。

What about the national airlines?How are they reacting to all this?
I：国内航空公司的情况怎么样？他们对这一切如何做出反应？
As usual，they，re complaining and talking about unfair competition and so on.They haven’t changed.
FG：与往常一样，他们一直在抱怨和讨论不公平的竞争。

他们没有做出任何调整。

样例欣赏3
Good afternoon, ladies and gentlemen, Pm Steve Brown from the Zeneca Public Affairs Department. I，m here today to tell you a little bit more about the merger between Zeneca and the Swedish pharmaceuticals company — Astra. So, first of all, the boards of Astra and Zeneca have announced that there is to be an all-share merger of the two companies. The new company will be called AstraZeneca. I，U begin by going through the rationale for the merger and listing some of its benefits. Then VU go on to give some details about the new board and talk about the financial effects of the merger. And finally, Pll give a brief summary of the terms, including details about dividends and so on.
女士们,先生们,下午好，我是Zeneca公共事务部的史蒂夫?布朗。

我今天在
这里向大家再次解释Zeneca公司和瑞典的药品公司Astra之间的并购。

Astra 公司和Zeneca公司已经宣布两个公司进行全股并购。

新公司叫做AstraZeneca。

首先，我要说明一下并购的基本原理，并列举一些并购的好处。

然后，我要详细介绍新董事会，以及并购带来的财政影响。

最后，我要概述一下相关条款，包括红利等。

The merger is a natural step for both partners as they both share the same science-based culture as well as a common vision concerning the future of the industry. The benefits of this move are many. T o begin with, the merged group will have an enhanced ability to create long-term growth and increased value for its shareholders. Furthermore, it，11 be able to deliver the full potential of its global sales for last year, the AstraZeneca group will be the third largest pharmaceutical company in the world.
因为双方共享基于科学的文化及行业未来相关的愿景，所以该并购成为顺理成章的事情。

这一举措带来很多好处。

首先，并购之后的集团能力会有提升，形成长期发展，增加股东的价值。

此外，去年的销售额会全面推动公司的业绩，AstraZeneca集团也将成为世界第三大药品公司。

The combined strength of the two R & D functions will also ensure an excellent basis for innovation-led growth. With a combined R & D spend of nearly $2 billion, AstraZeneca will be one of the largest R & D organizations in the world, which will mean that the company will also be of great interest to academic institutions and biotech companies seeking
partners for their research programs.
两公司研发能力的增强会确保公司创新能力的增长。

AstraZeneca的联合研发费用达近二十亿美元,成为世界上最大的研发机构之一，这意味着公司对于一些学术机构和寻找研究合作伙伴的生物技术公司来说是颇有吸引力的。

At a strategic level, management is hoping that the merger will create sizable operational efficiencies by restructuring areas of duplication. It has been calculated that synergies resulting from the merger could lead to cost reductions of over a billion dollars within the next three years. Although this sounds like a somewhat optimistic figure, we are quite confident that it can be achieved through streamlining the workforce, particularly in areas like administration and a restructuring of the two sales operations.
就战略层面来说，管理层希望,通过重组重复领域使并购创造可观的运营效率。

数据表明，在以后的三年的时间里，并购带来的协合作用会减少10亿多美元的成本。

虽然这个数据听起来有些乐观，但是我们有信心，通过精简员工，可以达到这一目的，特别是在行政管理和销售运作的重组方面。

Moving on to the board now, the board of AstraZeneca will be drawn equally from the two companies，with T om McKillop, the Chief Executive, running the company along with his executive team. The board will be headed by Percy Barnevik, the non-executive Chairman, whose job will be to check whether strategy and policy are periodically reviewed and agreement is maintained. The two deputy Chairmen，Sir David Barnes
and Hakan Mogren，both have extensive experience of the pharmaceutical industry and business in general. They will be available to advise and support the Chief Executive as necessary.
现在讲一下董事会。

AstraZeneca的董事会会均衡地从两个公司中产生，由总裁T om McKillop和他的管理团队经营公司。

委员会非执行主席由Percy Barnevik担任，负责定期检查战略和政策的执行情况，以及协议的履行情况。

两个副主席David Barnes和Hakan Mogren,在医药行业和其他行业具有广泛的经验。

他们必要时可以为总裁提供建议和支持。

经典句型
The last time we spoke, you explained to me in detail what was going to be involved in the Renault-Volvo merger, which at that time had already been announced and looked very much like it was going ahead.
上次我们交谈时,你详细地向我解释了雷诺-沃尔沃之间合并的相关事宜。

那时，这件事情已经公开，一切进展顺利。

They were afraid that the French company would take over, so they were not in favor of the alliance.
他们担心法国公司会接管，所以他们不赞同联合。

So, there was a board meeting at the beginning of December 1993，and during this board meeting it was decided not to go ahead with the merger.
所以，在1993年12月初召开了董事会议，会上决定停止合并。

Can you tell us why you’ve bought White Cross Airways?
你能吿诉我收购White Cross航空公司的原因吗？
We hope to turn that situation round quite quickly.
我们希望尽快扭转这一局面。

If we can offer low-cost flights, I，m sure we can develop this market.
如果我们能够提供低成本的航班，这一市场肯定能被开发出来。

I see there are three or four loss-making airlines in Western Europe that could be potential takeover targets.
我了解到在西欧有三到四家亏损的航空公司可作为并购目标。

Fll begin by going through the rationale for the merger and listing some of its benefits.
首先，我要说明一下并购的基本原理，并列举一些并购的好处。

Then I’ll go on to give some details about the new board and talk about the financial effects of the merger.
然后，我要详细介绍新董事会，以及并购带来的财政影响。

The merger is a natural step for both partners as they both share the same science-based culture as well as a common vision concerning the future of the industry.
因为双方共享基于科学的文化及行业未来相关的愿景，所以该并购成为顺理成章的事情。

‘
The combined strength of the two R & D functions will also ensure an excellent basis for innovation-led growth.
两公司研发能力的增强会确保公司创新能力的增长。

Although this sounds like a somewhat optimistic figure, we are quite confident that it can be achieved through streamlining the workforce, particularly in areas like administration and a restructuring of the two sales operations.
虽然这个数据听起来有些乐观，但是我们有信心，通过精简员工，可以达到这一目的，特别是在行政管理和销售运作的重组方面。

Moving on to the board now，the board of AstraZeneca will be drawn equally from the two companies, with T om McKillop, the Chief Executive? running the company along with his executive team.
现在讲一下董事会。

AstraZeneca的董事会会均衡地从两个公司中产生，由总裁T om McKillop和他的管理团队经营公司。

The board will be headed by Percy Barnevik, the non-executive Chairman, whose job will be to check whether strategy and policy are periodically reviewed and agreement is maintained.
委员会非执行主席由Percy Barnevik担任，负责定期检査战略和政策的执行情况，以及协议的履行情况。

They will be available to advise and support the Chief Executive as necessary.
他们必要时可以为总裁提供建议和支持。

固定搭配
1. national symbol 国家象征基本原理
2. in favor of the alliance 同意联合
3. official statement 官方声明
4. board meeting 董事会议
5. management team 管理团队
6. connecting flight 转接班机
7. room for expansion 扩展空间
8. all-share merger 全股并购
9. rationale for the merger 并购的
mon vision共同愿景
11.create long-term growth 形成长期发展
12.R&D organization 研发组织
13.academic institution 学术机构
14.cost reduction 成本降低
15.operational efficiency 运营效率
16.streamline the workforce 精简员工
17.executive team 管理团队
如何进行企业并购
作为一个企业决策者，当你已经决定下一步发展战略是企业并购时，在你采取行动前，要弄清楚你要兼并什么类型的企业，你努力的方向是否正确，但又不要因寻找范围太窄以致忽略了其他有价值的目标。

确定好基本条件和构想，设计
一个企业并购的蓝图，从而发现并评估候选的企业。

首先，为并购的企业制定一个标准，这样可以重新明确你的目标或使你的战略计划更贴近你的理想。

从中你可能发现你对自己公司的业务或者你要达到的目标还没有彻底了解。

例如，你会发现你兼并的目的之一应是获得一个强有力的管理队伍。

当你客观地改进你的计划时，你会发现你公司具有一些你以前没有注意到的优势和弱势，你会注意到原来你公司某某部门的经理善于与客户打交道，或具有组建团队的能力。

当你的顾问团与一些潜在的卖家接触时，他们需要你提供有关目标企业的描述信息。

你制定的企业并购的标准将会成为文件的核心内容。

制定并购标准第一步是确定你公司的优势和劣势，做这一步的目的是显而易见的，很多买家没有充分地审视自己，结果制定了错误的标准。

下一步，检查你的发展战略计划。

你公司的三年、五年、十年发展目标是什么呢？你将如何实施这个计划？
如果你还没有一个战略计划，那就先设计。

一些企业主在制定详细的战略计划上犹豫不决，觉得计划束缚了他们的手脚。

然而，请记住，好的计划会考虑包括公司、行业和全球经济变化在内的所有要面临的问题。

第三，当你对企业并购有了一个实际完整的构想，并对未来有一个预见后，根据你的标准把候选企业应具有哪些资格一一列出，没有一个候选企业会具备你所希望的每一个资格，但要保证你的清单尽可能详细。

有一些条款是必须具备的，如可接受的购买价格。

但是，像并购涉及多少金额之类的条款虽然很引人关注，却并不是重要的。

来源英客在线口语培训：/。