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1、marrying in hasten急忙,匆忙1 the collapse of the planned deutsche-dresdner bank merger tarnished the reputation of both parties deutsche bank' s management was exposed as divided and confused but even if the takeover had gone ahead, it would probably sti11 have claimed its victims most complete take
2、overs damage one party - the company making the acquisition n. 獲得, 得至lj; 獲得者, 獲 得物1計(jì)劃的朋潰deutsche-dresdner銀行合并雙方的聲洋受損。徳意:志銀行(deutsche bank)的管理是公開(kāi)為 分歧與閑惑。但即使收購(gòu)成功了,它可能仍然稱(chēng)其受害者。最完整的收購(gòu)損害一方一該公司收購(gòu)2 a long 1 ist of studies have al 1 reached the same conclusion: the majority of takeovers damage the interests
3、of the shareholders of the acquiring company. they do, however, often reward the shareholders of the acquired company, who receive more for their shares than they were worth before the takeover was announced mark si rower, visiting professor at new york university, says surveys have repeatedly shown
4、 that about 65% of mergers fail to benefit acquiring companies, whose shares subsequently underperform their sector -* n. 咅 el' 領(lǐng)域; 防 御地區(qū),防衛(wèi)區(qū)域;扇形,扇形面一長(zhǎng)串的研究都得出了同樣的結(jié)論:人多數(shù)的收購(gòu)損害收購(gòu)公司的股東的利益。然而,他們經(jīng)常獎(jiǎng)勵(lì)收購(gòu)公 司的股東,接受更多的股票比z前宣布收購(gòu)的價(jià)值。馬克srower,紐約人學(xué)的客座教授,說(shuō)調(diào)杳一再表明,人約 65%的并購(gòu)未能收購(gòu)公司受益,隨后股價(jià)表現(xiàn)他們的部門(mén)3 why do so many mer
5、gers and acquisitions fail to benefit shareholders? colin price, a part net a mckinsey, the management consultants, who specialists in mergers and acquisitions, says the majority of failed mergers suffer from poor implementation. and in about half of those, senior management fai led to take account
6、of the different cultures of the companies involved 為什么如此多的并購(gòu)未能受益股東?麥肯錫合伙人科林價(jià)格,管理顧問(wèn),在并購(gòu)專(zhuān)家說(shuō),大多數(shù)失敗的并購(gòu)實(shí) 現(xiàn)不佳。約冇一半的人,高級(jí)管理人員未能考慮到不同文化的公司。4 melding corporate cultures takes time, which senior management does not have after a merger, mr price says "most mergers are based on the idea of "let' s
7、 increase revenue” , but you have to have a functioning management team to manage that process the nature of the problem is not so much that there" s open warfare between the two sides it' s that the cultures don' t meld quickly enough to take advantage of the opportunities tn the meant
8、ime, the marketplace has moved on.' 融合企業(yè)文化需耍時(shí)間,高級(jí)管理層沒(méi)有合并之后,普萊斯說(shuō)。大多數(shù)并購(gòu)是基于“讓我們?cè)黾邮杖搿钡南敕?,但你必須冇一個(gè)冇效的管理團(tuán)隊(duì)來(lái)管理這一過(guò)程。的本質(zhì)問(wèn)題與其說(shuō)在于雙方公開(kāi)沖突。那就是文化不融 介足夠迅速地利用機(jī)會(huì)。與此同時(shí),市場(chǎng)已經(jīng)改變了5 many consultants refer to how little time companies spend before a merger thinking about whether their organizations are compatible the ben
9、efits of mergers are usually couched in financial or commercial terms: cost-savings can be made or the two sides have complementary businesses that wi11 al 1ow them to increase revenues許多顧問(wèn)是指介并前公司花多少時(shí)間思考他們的組織是否兼容。合并的好處通常是表達(dá)在金融或商業(yè)條款: 成本節(jié)約可以或雙方業(yè)務(wù)互補(bǔ),將允許他們?cè)黾邮杖搿? mergers are about compatibility, which me
10、ans agreeing whose values will prevail and who will be the dominant partner so i t i s no accident that managers as we11 as journalists reach for marriage metaphors in describing them merging companies are said to 'tie the knot' when mergers are called off, the two companies fail to 'mak
11、e it up the aisle" or their relationship remains 'unconsummated' yet the metaphor fails to convey the seale of risk companies run when they launch acquisitions or mergers even in countries with high divorce rates, marriages have a better success rate than mergers合并有兼容性,這意味著同意其值會(huì)獲勝,誰(shuí)將成為占
12、主導(dǎo)地位的伙伴。這并非偶然,經(jīng)理以及記者婚姻隱喻 在描述他們。合并公司說(shuō)“結(jié)婚”。當(dāng)取消合并,這兩家公司未能彌補(bǔ)過(guò)道或他們的關(guān)系仍然是“未完成的”。然而,比喻不能傳達(dá)的規(guī)模風(fēng)險(xiǎn)金業(yè)運(yùn)行時(shí)啟動(dòng)收購(gòu)或合并。即使在高離婚率的國(guó)家,婚姻冇一個(gè)更好的比并 購(gòu)成功率7 mark si rower asks why man agers should pay a premium to make an acquisition when their shareholders could invest in the target company themselves mr sirower denies he is
13、saying companies should never make acquisitions. if 65 percent of mergers fail to benefit shareholders, 35 percent are successful.馬克sirower問(wèn)經(jīng)理為什么耍支付溢價(jià)進(jìn)行收購(gòu)時(shí),股東可以投資于目標(biāo)公司本身。srower先生否認(rèn)他說(shuō) 公司不應(yīng)該進(jìn)行收購(gòu)。如果65%的并購(gòu)未能受益股東,35%是成功的。8 how can acquirers try to ensure they are among the successful mi nori ty? ken fava
14、ro, managing partner of marakon, a consultancy which has worked for coca-cola, lloyds tsb and boeing, suggests two conditions for success the first is to define what success means the combined entities have to deliver better returns to the shareholders that they would separate!y. it' s amazing h
15、ow often thats not the pre-agreed measure of success,' mr favaro says收購(gòu)方如何試圖確保他們是成功的少數(shù)民族?咨詢(xún)公司管理合伙人favaro馬拉為可口可樂(lè)公司工作,勞 埃德tsb銀行(lloyds tsb)和波音,衣明成功的兩個(gè)條件。第一個(gè)是定義成功意味著什么。合并后的實(shí)體將 更好的回報(bào)般東,他們會(huì)分開(kāi)。令人驚界的是這不是預(yù)先約定的頻率測(cè)量的成功.fvaro先生說(shuō)。9 second, merging companies need to decide in advance which partnet' s way
16、 of doing things will prevai1. 'mergers of equals can be so dangerous because it is not clear who is in charge, ' mr favaro says mr sirower adds that managers need to ask what advantages they wi11 bring to the acquired company that competitors will find difficult to replicate第二,介并公司需要提前決定哪些介
17、作伙伴的做事的方式會(huì)獲勝。平等的介并是如此危險(xiǎn),因?yàn)槟壳斑€不淸楚 誰(shuí)負(fù)責(zé),“favaro先生說(shuō)。srower先生補(bǔ)充說(shuō),管理者需要讓它們將帶來(lái)什么樣的優(yōu)勢(shì)獲得競(jìng)爭(zhēng)對(duì)手的公司 會(huì)發(fā)現(xiàn)難以復(fù)制。10 managers need to remember that competitors are not going to hang arounci waiting for them to improve the performance of their new acquisition. announcing a takeover will have alerted competitors to the acquiring company' s strateg
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