《商务英语阅读(第4册)》课件Unit 3 .pptx
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1、商务英语泛读商务英语泛读 IVUnit 3 Takeovers and MergersEvery single time you make a merger,somebody is losing his identity,and saying something d i f f e r e n t i s j u s t r u b b i s h.Carlos Ghosn,Chairman and CEO of Renault,Chairman of Nissan,Motors and Mitsubishi MotorsBusiness English Reading Book 4 Unit
2、 3Business English Reading Book 4 Unit 3 Text A Text B Culture Tour 312Contents4 Case Study Business English Reading Book 4 Unit 3Business English Reading Book 4 Unit 3Text A Structure analysis Understanding Reproduction Text study Words and expressions Notes to the textTEXT ABusiness English readin
3、g Book 4 Unit 3Business English reading Book 4 Unit 3Lead in Q 1 Q 2 Q 3What effect would the Merger&Acquisition transactions have on the acquiring company and the target company respectively?Do you know how companies expand their business scales and become stronger?State briefly.Business English Re
4、ading Book 4 Unit 3Business English Reading Book 4 Unit 3Do all M&A transactions succeed at last?Text A How Mergers and Acquisitions Can Affect A Company?Structure analysisPart III(Para.3)Why do mergers and acquisitions fail?Part II(Para.2)Why do companies engage in M&A?Part I(Para.1)IntroductionA c
5、orporate merger or acquisition can have a profound effect on a companys growth prospects and long-term outlook.Business English Reading Book 4 Unit 3Business English Reading Book 4 Unit 3Part IV(Para.4-14)M&As effects on both the acquiring companies and the target companiesPart V(Para.15)ConclusionM
6、&A transactions can have long-lasting effects on acquisitive companies.Understanding Part I Para.1 A corporate merger or acquisition can have a profound effect on a companys growth prospects and long-term outlook.have an effect on 对有影响,对起作用e.g.What you say or do will have an effect on others.growth
7、prospects 增长前景:e.g.But analysts warn that this very success could damage Chinas long-term growth prospects.但分析人士警告称,这种辉煌可能会影响中国的长期增长前景。outlook n.what is expected to happen in the future 前景,远景(TEM-4;CET-4)e.g.economic/financial/political etc.outlook:Business English Reading Book 4 Unit 3Business Engl
8、ish Reading Book 4 Unit 3Understanding Part II(Para.2)Question:Why do companies engage in M&A?Become biggerPre-empt competition Synergies and economies of scaleAchieve dominationTax purposesBusiness English Reading Book 4 Unit 3Business English Reading Book 4 Unit 3Answer:Understanding Part III(Para
9、.3)Question:Why do mergers and acquisitions fail?Risks Integration riskOverpaymentCulture clash Business English Reading Book 4 Unit 3Business English Reading Book 4 Unit 3Part IV(Para.4-14)Q:what are the M&As effects on companies?Understanding Business English Reading Book 4 Unit 3Business English
10、Reading Book 4 Unit 3Capital structure&financial position(Para.4-8)Market reaction&future growth(Para.9-14)From the four aspects to analyzeBusiness English Reading Book 4 Unit 3Business English Reading Book 4 Unit 3For the target company,an M&A transaction gives its shareholders the opportunity to c
11、ash out at a significant premium,especially if the transaction is an all-cash deal.(Para.5)For the acquirer,the impact of an M&A transaction depends on the deal size relative to the companys size.(Para.6)Many M&A transactions are also financed through the acquirers stock.As well,management of the ta
12、rget company also has to be convinced that accepting the acquirers stock rather than hard cash is a good idea.(Para.8)Capital structure&financial position(Para.4-8)An all-cash deal will substantially deplete the acquirers cash holdings.But all-cash deals are often financed through debt.(Para.7)Under
13、standing Market reaction&future growth(Para.9-14)Para.9 Question:What is the topic sentence in Para.9?Answer:Market reaction to news of an M&A transaction may be favorable or unfavorable,depending on the perception of market participants about the merits of the deal.Understanding Business English Re
14、ading Book 4 Unit 3Business English Reading Book 4 Unit 3Para.10Question:What is the topic sentence in Para.10?Answer:There are situations in which the target company may trade below the announced offered price.Understanding Business English Reading Book 4 Unit 3Business English Reading Book 4 Unit
15、3Understanding Para.11Question:Why may an acquirers shares may decline when it announces an M&A deal?Answer:Market participants think that the price tag fro the purchase is too steep.The deal is perceived as not being accretive to EPS(earnings per share).Investors believe that the acquirer is taking
16、 on too much debt to finance the acquisition.Business English Reading Book 4 Unit 3Business English Reading Book 4 Unit 3Understanding Para.12Question:What is the topic sentence in Para.12?Answer:An acquirers future growth prospects and profitability should ideally be enhanced by the acquisitions it
17、 makes.Business English Reading Book 4 Unit 3Business English Reading Book 4 Unit 3Understanding Para.12Since a series of acquisitions can mask deterioration in companys core business,analysts and investors often focus on the“organic”growth rate of revenue and operating margins-which excludes the im
18、pact of M&A for such company.deterioration n.a symptom of reduced quality or strength;process of changing to an inferior state 恶化,退化,堕落,变质 近义词:impairment/worsening/corruption/degradationcore n.the most important or central part of something(事物的)核心,最重要的部分(TEM-4;CET-4)adj.核心的(工作或活动)e.g.core business/a
19、ctivities/operations etc.最主要的业务、活动、行动等 Business English Reading Book 4 Unit 3Business English Reading Book 4 Unit 3Understanding Business English Reading Book 4 Unit 3Business English Reading Book 4 Unit 3Para.12focus on 集中注意力于,把集中于上e.g.He finds it hard to focus his thoughts on one thing for longer
20、than five minutes.exclude v.to deliberately not include something or consider something(故意)不包括,把排除在外,故意不考虑(TEM-4;CET-4)e.g.Employees and their relatives were excluded from participation in the contest.Understanding Para.13Question:What is the purpose of giving the example of the famous Yahoo-Microso
21、ft case?Answer:In cases where the acquirer has made a hostile bid for a target company,the latters management may recommend that its shareholders reject the deal.Because the targets management believes the acquirers offer substantially undervalues it.But such rejection of an unsolicited offer can so
22、metimes backfire.Business English Reading Book 4 Unit 3Business English Reading Book 4 Unit 3Understanding Business English Reading Book 4 Unit 3Business English Reading Book 4 Unit 3Part IV Para.14 Conclusion M&A transactions can have long-lasting effects on acquisitive companies.ReproductionQuesti
23、on:Suppose you were one of the leaders of the acquiring company,how to avoid the failure of an M&A deal?Reference answer:Ideas should be given from the aspects of the 3 main risks leading to the failure of an M&A deal in Para.3.Business English Reading Book 4 Unit 3Business English Reading Book 4 Un
24、it 3Notes to the text Mergers and Acquisitions(M&A)企业并购企业并购 Mergers and acquisitions are transactions in which the ownership of companies,other business organizations or their operating units are transferred or combined.As an aspect of strategic management,M&A can allow enterprises to grow,shrink,an
25、d change the nature of their business or competitive position.Business English Reading Book 4 Unit 3Business English Reading Book 4 Unit 3Notes to the text Economies of scale 规模经济,规模效益:In microeconomics,economies of scale are the cost advantages that enterprises obtain due to size,output,or scale of
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