商务英语-公司联合与收购ppt课件

.,1,CORPORATEALLIANCESANDACQUISITIONS,2,.,BACKGROUND:Undertheconditionsofmarketeconomy,especiallyinthecaseofmakingaspurtofprogressinscienceandtechnology,theincreasingglobalizationoftheeconomy,marketcompetition,changesininternalandexternalenvironment(内外环境)ofbusinesssurvivaltendstospeeduptheenterprisestomaintainacompetitiveadvantageinthischangingenvironment,wemustkeepthecompetitiveelementscombinationagain(竞争力要素再组合)toenhancecompetitivenessinatimelymanner(及时地).Corporaterestructuring(企业重组)isameansofelementofre-combination.,3,.,ThewayofEnterprisereorganization1.Consolidation(合并)Referstothecombinationoftwoormoreenterprises,theoriginalallcompaniesdonotexistaslegalentities(法律实体),andestablishanewcompany.SuchasCompanyAandCompanyBisconsolidateintoCCompany.However,Consolidationofcompaniesmaytaketheformsofassimilativemerge(吸收合并)andnewlyestablishedmerge(新设合并).Acompanyabsorbsanyothercompanyforthemerger,theabsorbedcompanyisdissolved(解散);twoormorecompaniesmergeandestablishanewcompanyisthenewlyestablishedmerge,themergingpartiestodissolve.TheassimilativemergeissimilartotheMerger,thenewmergerissimilartotheConsolidation.Thus,broadlyspeaking,themergerincludethemerger.,4,.,2.Merger(兼并)Itreferstothecombinationoftwoormoreenterprises,oneenterprisetomaintainitsoriginalname,whileothercompaniesnolongerexistintheformoflegalentity.Mergerisanenterprisethroughthepurchaseofpaidtoobtainthepropertyrights（产权）ofotherenterprises,isakindofbehaviorofmakingotherenterpriseslostitsqualificationofalegalperson（法人）orretainingqualificationoflegalpersonbutchangethemainbodyofinvestment.,5,.,3.Acquisition（收购）Itreferstoabusinesstopurchaseallorpartoftheownership(所有权）ofanotherenterprisebypurchasingallorpartofthestock(oracquisitionofshares或称为股份收购）,orpurchaseanothercompanyallorpartoftheownershipbypurchaseallorpartoftheasset(orassetacquisition或称资产收购)ofits.Stockacquisitioncanthroughmerger(兼并）ortenderoffer（标购).Thecharacterizeofmergeristakedirectnegotiationswiththegoalofcorporatemanagers,orbyexchangingstock;,6,.,recognizedbythetargetcompanyboardofdirectorsusuallyoccursinthemergertoobtainthetargetbusinessownersagree.Usethewayoftenderoffer,stockpurchasebiddirectlytotargetbusinessowners.Theacquisitionofotherbusinesseswithalloftheassets,usuallydirectlywiththetargetcompanymanagersnegotiations.Theacquisitionofthegoalistogetcontrolofthetargetenterprise,thelegalstatusofthetargetcompanydoesnotdisappear.,7,.,4.Takeover(接管或接收)Itreferstoacompanyoriginallyholdingthestatusofshareholders(具有控股地位的股东)(usuallythecompanyslargestshareholder)duetothesaleortransferofownership,orequityholdingsbyothersoverwhiletheholdingpositionissidelined(控股地位旁落).5.Tenderoff(标购)6.Stripping(剥离)7.Sale(售卖)8.Spinoffs(分立)9.Bankruptcy(破产),8,.,Classificationofthecorporaterestructuring企业重组的分类Bywayofthereorganization1.Capitalexpansion资本扩张capitalexpansionasfollows:mergers,acquisitions,listedontheirinvestment(上市扩股),jointventuresect.2.Capitalcontraction资本收缩contractionofcapitalasfollows:assetstripping(资产剥离)orassetsales,thedivisionofacompany(公司分立),spin-off(分拆上市),stockrepurchases(股票回购).,9,.,3.Capitalrestructuringcapitalrestructuringincluding:restructuringandreorganization,equityreplacementorassetsreplacement,reductionofstate-ownedshares(国有股减持),themanagementbuyout(管理层收购)(MBO),EmployeeStockOwnershipFund(职工持股基金).4.Off-balancesheetcapitalmanagement表外资本经营Theirspecificformare:trusteeship(托管)andStrategicAlliance(战略联盟)(cooperation合作).,10,.,Thedifferencebetweenmergersandacquisitions并购,acquisition收购,consolidation合并andmerger兼并Themergersandacquisitionsisthegeneraltermofthetargetcompanyacontrollingstakeinthetransferofvariousformsofpropertyrightstrading,themainformofconsolidation,merger,acquisition.Theacquisitionisabusinessthroughthepurchaseandsecuritiesexchangeforallorpartofthesharesofotherenterprises.,11,.,Theconsolidationmeanstwoormorecompaniesthroughlegalreorganizationoftheoriginalcompanynolongerretaintheirlegalstatus.Themergermeanstwoormorecompaniesthroughlegalreorganization,mergerpartiesretaintheirlegalstatus.,.,12,CaseanalysisJointventureDongfengNissan东风日产AjointventureofChinaDongfengMotorCorporation（中国东风汽车公司）andNissanMotorCorporationinJapan（日本日产汽车公司）Timeofestablishment:June9th,2003Registeredcapital(注册资本）:￥16.7billionEmployees:morethan7,000staffsareengagedinthepassengercarsR&D(研发）,procurement（采购）,manufacturing,salesandservices.Theproduction-makingbase:Huadu,Guangzhou(生产基地)Xiangfan,HubeiProvinceMainproducts:X-TRAIL奇骏、QASHQAI逍客、LIVINA骊威GENISS骏逸（已并入骊威）、SYLPHY轩逸TIIDA骐达、TEANA天籁、MARCH玛驰BLUEBIRD蓝鸟（2005年停产）SUNNY阳光,.,13,.,14,NissanNissanisoneofthetopthreecarmakers.Meanwhile,itisthefirstcompanytoproducesmall-sizeddatsuncarsandautoparts.Thecompanypaysgreatattentiontoresearchanddevelopmentoftechnology.Sincethe1980s,Nissanpersistsinusingthe5%ofitssalestotheresearchanddevelopmentofitsproducts.Now,Nissanownslotsofcarbrands,suchasInfinity(无限),cefiro(风度),Cedric(公爵)andsoon.Timeofestablishment:December26th,1933Registeredcapital:10millionyen,.,15,.,16,DongfengMotorCorporationTimeofestablishment:1969Theproduction-makingbase:Shiyan(十堰）,Xiangyang（襄阳）,Wuhan,Guangzhou,Yancheng（盐城）andsoonMainproducts:fullrangeofcommercialvehicles,passengercars,autopartsandautomotiveequipmentIntheendof2003:Grossasset:￥63.68billionNetasset:￥27.3billionEmployee:112,000ItisoneofthetopthreemajorgroupsoftheChineseautomotiveindustry.InSeptember28,2003,itsoperatingcentermovedfromShiyantoWuhan.,.,17,.,18,Merger,ThemergerofCiticorpandTravelersGroup花旗公司和旅行者集团的合并In1998,TravelersGroupandCitibankGroupconsolidatedtoCitigroupwith70billion.CitigroupInc.(花旗集团）Timeofestablishment:1812Headquarters:NewYork,theU.S,BusinessScope（经营范围）：FinancialservicesThenatureofenterprise:solelyforeign-ownedenterpriseGrossasset:700billionNetincome:50billionCustomer:0.1billionin100countriesBrandpromise:Ourvaluesbringyouworth(我们的价值观为您带来价值）,.,19,.,20,TravelersGroup(旅行者集团）Itwasaninsurancecompanyatfirst.Then,itacquiredanAmericaninvestmentbank-SmithBarney.Anditsbusinessscopewasenlarged.In1986,itnamedCommercialCreditCompany.In1987,itacquiredandchangeditsname.ItcalledPrimericaCorporation.In1993,itacquiredTheTravelersCorporationandchangeditsname.ItcalledTravelersGroup.In1997,itmergedtothefifthinvestmentbankoftheU.S.-SalomonBrothers.Thenewcompany-SalomonSmithBarneybecamethesecondinvestmentbankintheU.S.,.,21,ThemergerofCitibankandTravelersGroupwasthelargestenterprisemergerinthehistoryoftheUnitedStates.Afterthismerger,thenewcompany-Citigroupappeared.ItstrademarkistheTravelersGroupslittleredumbrella.Becauseofthemerger,Citigroupbecameoneofthelargestfinancialcorporationintheworld.,.,22,Acquisition,TheacquisitionofSeptwolves(七匹狼)incorporated.andHangzhouKennerClothingLtd.（杭州肯纳服装公司）.AboutSeptwolvesSeptwolvessetupin1990.TheseyearsitalwaysinsistsonitsbrandpromiseandtriesitsbesttocombinetheChinesetraditionalcultureandmodernfashion.Itnotonlyprovidesabundantproductstousbutalsoprovidesonekindofculturalspiritandlifestyle.Thesefewyears,itsMenscasualwearplacesNO.1inourcountry.AboutKennerKennersetupin2003.Itwastheagent(代理商）ofsomehigh-end(高端的）clothingbrands-Versacecollection（范思哲）、Canali(康纳利）andGeorgJensen（乔治杰生）,IthasbecomeoneofthetoptwobusinessagentofCanaliinChina.,.,23,SeptwolvesacquiredHangzhouKennerclothingtoenterthefieldofluxurygoods.Asoftheendof2010,HangzhouKennersoperatingincomewas￥66.37million,netprofitwas￥7.84million.In2011,FujianSeptwolvesincorporatedannouncedthattheywouldcost￥70milliontoacquire10%stakeofHangzhouKennerGarmentsCo.Ltd.inBeijingonMarch29th.,.,24,Aftertheacquisition,SeptwolvesstrivedtobuildtheagentplatformforinternationalluxuryclothingbrandstoentertheChinesemarket.ThisindicatedthattheSeptwolveswouldadvancetotherapidexpansionofChinasluxurymarket.TheanalysisofthiscaseChinasmiddleclassandthenumberofbillionairescontinuestoincrease,Chinasluxurymarketcomesintotheexplosivegrowthperiod.Theresearchreportof2010showedthatthesalesofluxurygoodsinChinareached$12billionandexpectedtoreach$27billionin2015,surpassingJapanandthenbecometheworldslargestluxurygoodsmarket.OnereasonwhySeptwolvesacquiredKennerwasthegreatpotentialoftheluxurygoodsinChina.,.,25,SeptwolvesinmenscasualclothingmarketistheNo.1inourcountry.WebelievethattheacquisitionofHangzhouKennerandSeptwolveswouldnotonlyseetheamountofbusinessinHangzhouKennerbutfocusmuchmoreabouttheoperationalexperienceof.luxurygoods.Septwolveswouldbeparticipationinaninternationallyrenownedbrandoperatorstoabsorbtheexperienceofinternationalbrandsintheproductdesign,organizationalorder,terminalmanage