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1、,UNIT FOUR Merger & Acquisition,Objectives,To get familiar with business language merger,To know something about merger and acquisition,To learn new words and expressions,To master how to analyze difficult and long sentences,1. Background Information,2. Introduction to the Text,3. Business Terms,4.
2、Words and Expressions,5. Notes to the Text,Text A Why China Is Behind in Global M&A,The phrase mergers and acquisitions (abbreviated M&A) refers to the aspect of corporate strategy, corporate finance and management dealing with the buying, selling and combining of different companies that can aid, f
3、inance, or help a growing company in a given industry grow rapidly without having to create another business entity. An acquisition, also known as a takeover or a buyout, is the buying of one company (the target) by another. Consolidation is when two companies combine together to form a new company
4、altogether. An acquisition may be private or public, depending on whether the acquiree or merging company is or isnt listed in public markets. Sometimes, however, a smaller firm will acquire management control of a larger or longer established company and keep its name for the combined entity. This
5、is known as a reverse takeover. Another type of acquisition is reverse merger, a deal that enables a private company to get publicly listed in a short time period. A reverse merger occurs when a private company that has strong prospects and is eager to raise financing buys a publicly listed shell co
6、mpany, usually one with no business and limited assets.,1. Background Information,Theme of the Text Text A explores why China is behind in global M&A, the main reason being a dearth of executives with cross-cultural knowledge and experience managing foreigners. What Chinas companies have to do now i
7、s to step up their efforts at grooming the talent they need if they want to reach the global market.,2. Introduction to the Text,本商务语篇为商业评论。,本文客观全面地分析了中国在全球并购中为何落人之后。本文开篇点明中国企业乐于参与国际市场的竞争并且在全球范围内进行并购，并以几家中国著名企业的并购为例，说明中国企业投资国际市场的积极性。但是与其他外国企业相比，中国企业的全球并购还相距甚远。文章分析了其原因，主要原因是中国企业缺乏具有真正的跨文化知识或管理外籍人才经验的
8、员工。并且中国高管缺乏谈判、培训以及与人交流的软技术。中国企业试图摆脱这一窘境，在全球招募员工，但若想真正打入国际市场，应该加快培养急需人才。,文章语言清晰明确，逻辑性强，所举事恰当，并使用了大量的统计数字作为论点，很有说服力。比如文中第一、二、三、四、六、七段中均以统计数字作为论证依据，充体现了商业评论的客观性和真实性。文中的引用（如第五段引用某高管的评论），也间接为文章的论点提供了佐证。同时，全文大多使用复合句，以及适当使用关联词，突出了文章的逻辑性。,文体特征分析,2. Introduction to the Text,McKinsey is a management consultin
9、g firm advising leading companies on issues of strategy, organization, technology, and operations.It has been ranked No.1 for 6 consecutive years in the V list of top consulting firms, and has been a top employer for new MBA graduates since 1996.,McKinsey & Company 麦肯锡公司,3. Business Terms,The McKins
10、ey Quarterly is an international magazine focusing on management and organizational theory. It has been edited and published by the management consultancy McKinsey & Company since 1964 and appears quarterly with one special issue per year. The contributions to the magazine, authored mainly by McKins
11、ey consultants, are in English and cover recent developments in management and organizational theory, including the public and non-profit sectors.,McKinsey Quarterly麦肯锡季刊,3. Business Terms,China National Offshore Oil Corporation 中国海洋石油总公司,China National Offshore Oil Corporation (CNOOC Group) is one
12、of the three major national oil companies of China. CNOOC Group is the third-largest National Oil Company (NOC) in the Peoples Republic of China after CNPC (parent of PetroChina, and China Petrochemical Corporation (parent of Sinopec). A subsidiary CNOOC Ltd is listed in Hong Kong and New York SEHK:
13、 0883, NYSE: CEO. China Oilfield Services (COSL) is a fellow subsidiary of CNOOC Limited listed in Hong Kong. While CNPC/PetroChina originally focused on onshore upstream projects, and China Petrochemical Corp/Sinopec focused on downstream refining, CNOOC focus on the exploitation, exploration and d
14、evelopment of crude oil and natural gas offshore of China. CNOOC is a state-owned oil company.,3. Business Terms,(1) multinational / .mltinnl / n.,Meaning,4. Words and Expressions,Example,(usu very large) company that does business in many different countries,One problem: Cadbury is itself a multina
15、tional, and in no need of lessons from Kraft. 有一个问题：吉百利本身是一家跨国公司，因此不再需要卡夫的经验了。,(2) takeover / teikuv / n.,Meaning,4. Words and Expressions,Example,act of taking control of a company by buying most of its shares,The takeover will be discussed at the next board meeting. 收购事宜将在下次董事会上讨论。,(3) demonstrate
16、 / demnstreit / vt.,Meaning,4. Words and Expressions,Example,show sth clearly,His curiosity and information about the position he is seeking demonstrate his sincerity and potential in the job. 对所求职位的好奇心和所了解的有关信息展示了他的诚恳和工作潜力。,(4) unfold / nfuld / v.,Meaning,4. Words and Expressions,Example,(cause sth to) be revealed or made known,One option is to keep on intervening as events unfold. 一种选择是政府持续介入，直到形势明朗。,(5) g
