《商务英语阅读（第4册）》课件Unit 3 .pptx

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

26、 operation,with cost per unit of output generally decreasing with increasing scale as fixed costs are spread out over more units of output.Economies of scale apply to a variety of organizational and business situations and at various levels,such as a business or manufacturing unit,plant or an entire

27、 enterprise.Business English Reading Book 4 Unit 3Business English Reading Book 4 Unit 3Notes to the text Earnings per share(EPS)每股收益:Earnings per share(EPS)is the monetary value of earnings per outstanding share of common stock for a company.In the United States,the Financial Accounting Standards B

28、oard(FASB)requires EPS information for the four major categories of the income statement:continuing operations,discontinued operations,extraordinary items,and net income.Business English Reading Book 4 Unit 3Business English Reading Book 4 Unit 3Notes to the text Operating margin营业利润率，营业毛利:In busine

29、ss,operating margin-also known as operating income margin,operating profit margin and return on sales(ROS)is the ratio of operating income(“operating profit”in the UK)divided by net sales,usually presented in percent.Business English Reading Book 4 Unit 3Business English Reading Book 4 Unit 3Yahoo I

30、nc.(YAHOO)雅虎：雅虎：Notes to the textYahoo!is an American multinational Internet corporation,headquartered in Sunnyvale,California.The original Yahoo!company was founded by Jerry Yang and David in January 1994 and was incorporated on March 2,1995.Yahoo was one of the pioneers of the early Internet era i

31、n the 1990s.Business English Reading Book 4 Unit 3Business English Reading Book 4 Unit 3Notes to the textMicrosoft Corp.微软公司微软公司:Microsoft Corporation is an American multinational corporation,founded by Bill Gates and Paul Allen on April 4,1975 and headquartered in Redmond,Washington.It develops,man

32、ufactures,licenses,supports and sells computer software,consumer electronics,personal computers and services.Its best known software products are the Microsoft Windows line o operating systems,the Microsoft Office suite,and the Internet Explorer and Edge web browsers.Business English Reading Book 4

33、Unit 3Business English Reading Book 4 Unit 3New words and expressions leapfrog v.to suddenly become better,more advanced etc.than people or organizations that were previously better than you 超越,超过 e.g.The company leapfrogged its rivals into a leading position.consolidate v.to combine things in order

34、 to make them more effective or easier to deal with;to strengthen the position of power or success that you have,so that it becomes more effective or continues for longer 合并，统一；加强，巩固(TEM-4;CET-6)e.g.The two banks in this city will consolidate and form a single large bank.Business English Reading Boo

35、k 4 Unit 3Business English Reading Book 4 Unit 3New words and expressions run the gauntlet of to be exposed to danger,anger,or criticism 冒险，受气，受批评 e.g.In America,democracy must run a gauntlet of challenges.scrutiny n.careful and thorough examination of someone or something 仔细的审视，彻底的检查(TEM-4;CET-6)e.

36、g.Careful scrutiny of the companys accounts revealed a whole series of errors.Business English Reading Book 4 Unit 3Business English Reading Book 4 Unit 3New words and expressions Implicit adj.suggested or understood without being stated directly 含蓄的，未严明的(TEM-8;CET-4)e.g.The implication of its state

37、ment was to give the immigrants an implicit threat.precipitate v.to make something serious happen suddenly or more quickly than was expected 促成，加速(TEM-8;CET-6)e.g.His remark precipitated my decision.Business English Reading Book 4 Unit 3Business English Reading Book 4 Unit 3New words and expressions

38、 bullish adj.feeling confident about the future（对未来）有信心的，乐观的(TEM-4)e.g.Hes very bullish about the companys prospects.forestall vt.to prevent something from happening or prevent someone from doing something by doing something first 预先阻止，抢先(TEM-8)e.g.Large numbers of police were in the square to fores

39、tall any demonstrations.Business English Reading Book 4 Unit 3Business English Reading Book 4 Unit 3New words and expressions curtail vt.to reduce or limit something 减少，缩减，消减，限制 (TEM-8;CET-6)e.g.We are curtailed of our expenses.rue v.to wish that you had not done something 对感到后悔，遗憾(TEM-8)e.g.You wil

40、l live to rue the loss of such a good opportunity.Phrase:rue the day 后悔 e.g.She learned to rue the day she had met Henri.Business English Reading Book 4 Unit 3Business English Reading Book 4 Unit 3New words and expressions stalwart n.someone who is very loyal to a particular organization or set of i

41、deas,and works hard for them（某组织或思想的）忠实拥护者，坚定分子(TEM-8)e.g.His free-trade policies aroused suspicion among party stalwarts.ramification n.an additional result of something you do,which may not have been clear when you first decided to do it 衍生后果，派生影响(TEM-8)e.g.The book analyses the social and politic

42、al ramifications of AIDS for the gay community.Business English Reading Book 4 Unit 3Business English Reading Book 4 Unit 3New words and expressions Jeopardize v.to risk losing or spoiling something important 危及，危害，损害(TEM-8;CET-6)e.g.His foolish behaviour may jeopardize his whole future.deplete v.to

43、 reduce the amount of something that is present or available 减少，损耗，耗尽(TEM-8;CET-6)e.g.Salmon populations have been severely depleted.Business English Reading Book 4 Unit 3Business English Reading Book 4 Unit 3New words and expressions plummet v.to suddenly and quickly decrease in value or amount(价值或

44、数量)骤然下降，暴跌(TEM-8)e.g.In Tokyo share prices have plummeted for the sixth successive day.unsolicited adj.not asked for and often not wanted 未经 要求的，自发的 e.g.This unsolicited commercial e-mail message is sent to your domain.Business English Reading Book 4 Unit 3Business English Reading Book 4 Unit 3 back

45、fire v.If a plan or action backfires,it has the opposite effect to the one you intended(计划或行动)发生意外，产 生事与愿违的结果(TEM-8)e.g.Even our most carefully laid plans may backfire.impending adj.an impending event is one that is going to happen very soon 即将发生的，逼近的(TEM-8)e.g.This is not the sign of an impending f

46、iscal crisis.New words and expressionsBusiness English Reading Book 4 Unit 3Business English Reading Book 4 Unit 3Text B Chinas Haier to Buy GE Appliance Business for$5.4 Billion Text study Words and expressions Notes to the textTEXT ABusiness English Reading Book 4 Unit 3Business English Reading Bo

47、ok 4 Unit 3Words and expressionsfoothold n.a strong or favorable position from which further advances or progress may be made 立足点(TEM-8)e.g.Extreme right-wing parties gained a foothold in the latest European elections.极右翼党派在最近的欧洲各国选举中站稳了脚跟。depreciation n.a decrease in price or value 折旧，贬值(TEM-4)e.g.

48、In recent years,Renminbi faces pressure from outside appreciation and inside depreciation.近几年来,人民币同时面临对外升值和对内贬值的双向压力。反义词：appreciation n.a rise in value,especially of land or possessions 增值,(尤指土地或财产的)升值 e.g.You have to take capital appreciation of the property into account.你得将那个房产的资本增值考虑进来。Business E

49、nglish Reading Book 4 Unit 3Business English Reading Book 4 Unit 3Words and expressionsconsortium n.a group of companies or organizations who are working together to do something联合企业,财团,联盟(TEM-4)e.g.The aircraft will be built by a European consortium.这种飞机将由欧洲的一个财团建造。on(a)par with equal in importance

50、,quality,etc to 与同等重要、同水平等 e.g.In the eyes of business leaders the governments lack of success against organized crime is on a par with its failure to reform the economy.在企业领导者看来，政府对有组织的犯罪的无能为力，就像其失败的经济改革一样。Business English Reading Book 4 Unit 3Business English Reading Book 4 Unit 3Words and express