商務英語_企業(yè)兼并收購案例分析ppt課件

1、AcquisitionPrepared by 謝怡敏 沈婧 高彤 沈秋Definition A company,piece of land,ect.bought by sb,especially another company;the act of buying it:They have made acqusitions in several European countries.NetEase January 20: with 186-year history, the British confectionery brand Cadbury yesterday announced the a

2、cceptance that Kraft Foods (Kraft) purchased Cadbury with the improved price of 117 million pounds ($ 19 billion) and defended for their decision of selling Cadbury to this American group, saying that it is the cost of globalization. Kraft Foods Kraft , who produces coffee, candy, dairy products, is

3、 now the worlds second-largest food company. In 1982 and 1984, it entered into Taiwan and China mainland market. Now its China mainland headquarter (總部) is in Shanghai. It owns many well-known food brands, including peace, Oreo, lots of interest, fun, Trakinas, Tang, Maxwell House, Singles, Philip,

4、Toberone, Planters, delicious, Kraft Miracle Whip, and the European Bismarck.CadburyCadbury Birmingham, a veteran(資格老資格老的的) British candy manufacturer founded in 1824, was ever the worlds second largest confectionery company with a total of 2500 types of products and an annual turnover(營業(yè)額營業(yè)額) over

5、1 billion in the UK . After the merger of a drink company Schweppes(玉泉玉泉) in 1969 , the company named Cadbury.Why there was such a case1What it brought out to both companies2What implications for other organizations3The motivation of this acquisitionn To get an economy scalen When Kraft and Cadbury

6、join their hands, it helps to expand the scale of production and sales to reduce the cost. They both want to increase the revenue by integrating the distribution system and developing new products.n To promote the market competitiveness and dominant forcen For Kraft, this acquisition is a way of the

7、 least input, largest gains and fastest effective. Kraft neednt to make many efforts to build famous brand, weave sales network. All these will be made after the acquisition. n To reduce the risks of Krafts asset managementn For the acquisition enterprises, hybrid mergers can achieve diversification

8、, so that it can disperse(分散分散) the management risks.n To avoid bankruptcyFor Cadbury, to join Kraft is beneficial to its business development. It helps reduce the risks to avoid its bankruptcybenefitsproblemsinfluence1.2.3. Cadbury can learn Krafts marketing experience in developing countries conti

9、nue to expand their candy kingdom. Enhance Krafts strength in newly-born market Help Kraft step into the candy market to seize the higher ground 1.2.3.The employees are faced with the redundancyMay lead to contradiction (抵觸抵觸) among the employeesFaced with the problem of personnel restructuring It i

10、s not the strongest of the species that survive, but the one most responsive to change: Only with a sense of change, can the enterprises survive in the competition. The companies need proper management. Properly regard the acquisition and catch every possible chance for development.Implications:Kraf

11、t will make their own food a giant to become even more powerful on its road Kraft: at all costsFor The Kraft, once successful, its global position will surpass the Nescafe, becoming the worlds biggest food company with a total revenue over $50 billion. In addition, this acquisition will also success

12、fully help Kraft make for its absence in the candy market.（unsuccessful case)Microsoft renews Yahoo drive Steve Ballmer, Microsofts chief executive officer, has increased the pressure on Yahoo to hand over control of its search business to his software company. Speaking in an interview with the Fina

13、ncial Times, Mr Ballmer set the stage for a new showdown nearly a year after Microsofts first aborted attempt at a full takeover.However, he ruled out a full acquisition, despite a collapse in Yahoos share price that has pushed its market value down to $17bn, less than 40 per cent of the amount that

14、 Microsoft offered to pay in a mixture of cash and stock last year.The best time for a landmark search pact between the companies was during the current management transition at both companies, Mr Ballmer said. 為讓雅虎(Yahoo)將搜索業(yè)務出售給微軟(Microsoft)，微軟首席執(zhí)行官史蒂夫鮑爾默(Steve Ballmer)增加了對雅虎施加的壓力。在接受英國采訪時，鮑爾默為新一輪

15、的攤牌談判做好了準備，這距離微軟首次全面收購雅虎的努力失敗已有近一年的時間了。不過，鮑爾默排除了全面收購的可能，雖然雅虎股價暴跌已導致其市值縮水至170億美元，還不到微軟去年現(xiàn)金加股票收購報價的40%。鮑爾默表示，當前兩家公司都處于管理層人事變動的過渡期，這是雙方合并搜索業(yè)務、達成這項里程碑式交易的最佳時期。 “We now have someone in place running our online business, and Yahoos out looking for a CEO. “If a search deal is to be made, its probably to be

16、 made in the interim period for new leaders in both places.” Microsoft hired Qi Lu, Yahoos former search chief, late last year to head its online operations, a move that was seen as a way to smooth any potential deal between the companies.Yahoo refused to comment. However, following the harsh critic

17、ism he received from shareholders over his failure to agree to a Microsoft acquisition, Jerry Yang, Yahoos outgoing CEO, has said the internet company would be open to any new discussions about a deal.Yahoo has been searching for a replacement for Mr Yang since November and is believed to be closing

18、 in on a candidate. “現(xiàn)在我們運營在線業(yè)務的負責人已經到任，而雅虎正在尋找首席執(zhí)行官的人選?！?“如果我們計劃就搜索業(yè)務達成交易的話，大概會在兩家公司的新領導人到任前的過渡時期完成。”去年年底，微軟聘用雅虎前搜索業(yè)務主管陸奇出任互聯(lián)網業(yè)務主管。這被視作微軟為保證兩家公司間任何可能達成交易的順利完成而采取的行動。雅虎拒絕置評。不過，在楊致遠(Jerry Yang)由于未接受微軟收購要約而遭到股東嚴厲批評之后，這位即將離職的雅虎首席執(zhí)行官曾表示，雅虎公司將對任何有關收購交易的新談判敞開大門。自去年11月以來，雅虎一直在尋找替代楊致遠的人選，并據信已逐漸鎖定一位候選人。失敗原因失

19、敗原因 從2月1日提出收購方案到第一次拒絕微軟，雅虎的股價持續(xù)走高，而微軟的股價下滑，這表現(xiàn)出市場對這一并購成功的看好。但是隨著雅虎一直對微軟收購方案反應冷淡，加上和谷歌等的合作方案等傳聞，使得雅虎的股東不再表現(xiàn)得那么有信心。當雅虎于5月4日再次拒絕已經提價的收購方案后，雅虎股價在一周內縮水20%。僅從并購始末來看，雅虎一向認為微軟出價過低，但是本質上看，微軟在2月1日的出價已經對其股價溢價62%。 另一方面來說，微軟5月3日提價至每股33美元左右，雅虎董事會第二日再次拒絕也遭致了一些雅虎股東的不滿。且不論其他多方的攪局，可以說雅虎董事會一向強硬的態(tài)度是造成這個并購方案無法實施的原因所在。 1994年，楊致遠和David Filo在學校宿舍創(chuàng)辦了Yahoo，通過雅虎目錄為用戶提供導航服務。2019年創(chuàng)辦了雅虎公司。2019年，來自谷歌的強勢競爭迫使股東們請回了楊致