新编MBA英语综合教程（第二版）课件 Unit 9 Mergers and Acquisitions、Unit 10 Cross-Cultural Issues

Unit

Nine

MergersandacquisitionsLead-inmergersandacquisitions并购acquisition[ˌækwɪˑzɪʃən]n.收购takeover[teɪkˑəʊvə]n.接管takeovertarget接管目标offer

[ˑɒfə]n.报价reversetakeover反向接管stockswap股票交换cashpayment现金付款shareholder

[ˑʃeəˌhəʊldə]n.股东branding

[ˑbrændɪŋ]品牌创建purchase

[ˑpɜːtʃəs]

n.购买B.Trytoanswerthefollowingquestionsaboutmergersandacquisitionsbriefly.1.Whatis“mergersandacquisitions”?Key:Thephrasemergersandacquisitions(abbreviatedM&A)referstotheaspectofcorporatestrategy,corporatefinanceandmanagementdealingwiththebuying,sellingandcombiningofdifferentcompaniesthatcanaid,finance,orhelpagrowingcompanyinagivenindustrygrowrapidlywithouthavingtocreateanotherbusinessentity.2.Whatisthedifferencebetweenfriendlyacquisitionandhostileacquisition?3.Whatisareversetakeover?

Key:Inthecaseoffriendlyacquisition,thecompaniescooperateinnegotiations;inthecaseofhostileacquisition,thetakeovertargetisunwillingtobeboughtorthetarget’sboardhasnopriorknowledgeoftheoffer.Key:Sometimes,asmallerfirmwillacquiremanagementcontrolofalargerorlongerestablishedcompanyandkeepitsnameforthecombinedentity.Thisisknownasareversetakeover.4.Whatisstockswap?

5.Whatistherealdifferencebetweenamergerandanacquisition?Key:Stockswapisoftenusedasitallowstheshareholdersofthetwocompaniestosharetheriskinvolvedinthedeal.Key:Therealdifferenceliesinhowthepurchaseiscommunicatedtoandreceivedbythetargetcompany’sboardofdirectors,employeesandshareholders.IntensiveReadingTopTenRulesforMergersandAcquisitionsSuccessJeffLevinsonStart-upquestionStudiesshowthat65%ofmergersdonotachievetheirexpectedresults.Whatdoyouthinkarethereasonsforthis?▶highlight

[ˑhaɪlaɪt]

v.突出，强调Youcanhighlightthisbyinvestigatingthenatureoftheworkload.可以通过调查工作量的性质来突出这一点。▶glean

[ɡliːn]v.收集That’sextrainformationaboutthehistoryoftheuniverse,overandabovewhatwenormallygleanfromthelawsofphysics,anditmakesusuncomfortable.关于宇宙的历史，与我们通常从物理学定律中收集到的相比，那意味着更多也更超前的信息，而这让我们不安。R&D研发（researchanddevelopment）HR人力资源（HumanResources）IT信息技术（InformationTechnology）▶integration

[ˌɪntɪˑɡreɪʃ(ə)n]n.整合，集成Youwillretrievethismessageintheintegrationservicethatyouwillbuildinthenextsection.您将在一个集成服务中获取这条消息，这个服务将在下一小节中构建。Integrateintegrity▶duediligence尽职调查the

detailed

examination

ofa

company

and

its

financial

records,donebefore

becoming

involved

ina

business

arrangement

withitInstitutionsshouldconductthenecessaryduediligencetoensurethattheyareselectinganappropriatesolution,beitopensourceorproprietary.机构应该进行必要的尽职调查，以确保他们正在选择一个适当的方案，无论是开源还是专有的。▶transaction

[trænˑzækʃ(ə)n]n.交易，事务处理HalfofalltransactiondepositsdonotappearinM1[themoneysupply]duetoretaildepositsweeping.因为零售储蓄的膨胀，所有交易的存款有一半未出现在M1中（货币供应）。▶coordinator

[kəʊˑɔ:dɪneɪtə]n.协调者，协调员TheWorldHealthDaycampaigndesignandsloganareavailableatthelinktotheright,andmayalsobeobtainedfromtheWorldHealthDay2005CoordinatoratWHOHeadquarters.世界卫生日活动设计和口号可以在右边的链接上找到，也可以从世界卫生组织总部2005年世界卫生日协调员处获得。▶pertinent

[ˑpɜːtɪnənt]a.相关的，切题的Themoretime,energyandmoneyyouspendacquiringpertinentknowledge,themorecontrolyouhaveoveryourlife.你为获得相关的知识花费的时间、精力、金钱越多，你对自己的人生越有把握。Relevant

to

▶internal[ɪnˈtɜːnl]a.内部的，内在的Thefundamentalcauseofthedevelopmentofathingliesinitsinternalcontradictoriness.事物发展的根本原因在于其内部矛盾。▶compliance

[kəmˑplaɪəns]n.服从，承诺AllITprocessesneedtoberegularlyassessedovertimefortheirqualityandcompliancewithcontrolrequirements.对所有的IT过程需要定期地评估，并且评估其是否符合控制需求。▶delve[delv]v.钻研，探究▶delveinto深入研究Wemustdelveintohismindandfindthesourceofhisdelusions.我们必须深入探究他的精神状态，找到错觉的根源。▶bribery

[ˑbraɪbəri]n.贿赂Uptoaquarterofwhatgovernmentsspendonmedicineseachyearislosttofraud,briberyanddiversionofpharmaceuticals,saystheWorldHealthOrganization.世界卫生组织说，各国政府每年在医药上的投入可能有多达四分之一因为制药商的欺诈、行贿和转移而损失。▶freeup空出，腾出TheDiskCleanuptoolhelpsyoutofreeupspaceonyourharddisktoimprovetheperformanceofyourcomputer.通过释放硬盘空间，您可以加速您的计算机运行。磁盘清理工具可以帮助您释放硬盘上的空间。▶compensation[ˌkɒmpenˑseɪʃ(ə)n]n.补偿，报酬Wehopethatarepresentativewillsoonbeappointedtocomehereforthediscussiononthecompensation.望速派人前来商谈有关赔偿事宜。▶concession[kənˑseʃ(ə)n]n.让步，特许

Asaconcessiontohisreasonabledemand,thedoctorallowedhimtowork.医生向他的合理要求让步了，允许他工作。▶obligation[ˌɒblɪˑɡeɪʃ(ə)n]n.义务，职责Manywereagainstitbecauseofthehighcostoftreatment.Butwebelievethatasdoctorswehaveanobligationtofindtheappropriatetreatmentforthesepatients.由于治疗费用昂贵，当时许多人反对，但我们相信，为这些病人提供合理治疗是我们作为医生应尽的职责。▶antitrust[ˌæntɪˑtrʌst]a.反垄断的，反托拉斯Agreementsthatinhibitthatmovement,antitrustofficialssaid,restrainsnotonlylaborbutalsothepaceofinnovation.反垄断的官员表示，限制人员流动的协议不仅约束了劳动力，还阻碍了创新的步伐。▶integrate[ˑɪntɪɡreɪt]v.使一体化，整合

Thisincludesskillsabouthowtointegratetheseproductswitheachother,aswellaswithexistingsystems,andhowtooptimizesolutionsrunningonthem.这包括有关这些产品彼此如何集成（以及如何与现有系统集成）和如何优化在其上运行的解决方案的技能。▶concede[kənˑsiːd]v.承认，让步ThisdictionaryisgenerallyconcededtobethebestinChina.这部词典普遍被认为是中国最好的词典。▶scrub[skrʌb]v.擦洗Remembertoscruballsurfaces,includingthebacksofyourhands,wrists,betweenyourfingersandunderyourfingernails.记得要擦洗到所有表面，包括手背、手腕、手指间和你的指甲下面。▶strategy[ˑstrætɪdʒi]n.战略，策略Thisstrategyworksinthelabbutwouldnotgooverwellinanoffice.这一策略在实验室中可行，但是到了办公室就不那么奏效了。▶strategic[strəˑtiːdʒɪk]a.战略的，策略的Thegenerallaiddownafewstrategictargetsonthemap.将军在地图上标明了几个战略目标。▶jettison[ˑdʒetɪs(ə)n;-z(ə)n]v.抛货Americansarethechampionsoftrash:onaveragetheyjettisonover700kgeachayear.美国是垃圾生产的头号大国：人们每年平均抛弃的垃圾超过700公斤。▶assessment[əˑsesmənt]n.评估，评定Onanindividualpatientbasis,initialtreatmentdecisionsshouldbebasedonclinicalassessmentandknowledgeaboutthepresenceofthevirusinthecommunity.以病人个案为基础，最初的治疗决定应当根据临床评估以及社区内是否存在这一病毒的掌握情况做出。▶coordinate[kəʊˑɔ:dɪneɪt]v.协调，整合Youmustcoordinatethemovementsofyourarmsandlegswhenswimming.游泳时你必须使臂和腿的动作相协调。▶auditor[ˑɔːdɪtə]n.审计员Assistboardinassessingtheindependenceoftheexternalauditor.协助董事会评估外部审计师的独立性。▶thoroughness[ˑθʌrənəs]n.完全，彻底InothercolumnsIhaveemphasizeddocumentationandthoroughness.在其它专栏文章中，我已经强调了文档编制和彻底性。▶mitigate[ˑmɪtɪɡeɪt]v.减轻，缓和Thejudgesaidthatnothingcouldmitigatethecrueltywithwhichthemotherhadtreatedherchild.法官说，这位母亲虐待孩子，罪行无法减轻。▶warranty[ˑwɒr(ə)nti]n.awrittenpromisefromacompanytorepairorreplaceaproductthatdevelopsafaultwithinaparticularperiodoftime,ortodoapieceofworkagainifitisnotsatisfactory（商品的）保用單，保用卡Thewarrantycoversthecarmechanicallyforayear,withunlimitedmileage.保用單承諾對汽車的機械部件保修一年，不限里程。▶holdback[ˑhəʊl(d)bæk]n.障碍，制止Thoughtheexcessivepriceofcorporatecontroltransferisveryhigh,it'snottheholdbackofadvancingtheefficiencyofcorporatecontroltransfer.虽然我国上市公司的控制权转移溢价较高，但并未成为提高控制权转移效率的障碍。▶indemnification[ɪnˌdemnɪfɪˑkeɪʃən]n.赦免，补偿Theyareextensivelyusedforsucharticlesininternationaltrade,andinsurancecompaniescanhavenooccasiontorefuseindemnificationonsuchground.国际贸易中广泛使用硬纸板箱包装这类商品，保险公司根本不可能以这个为理由来拒绝赔偿。escrow[ˑeskrəʊ]v.将……暂交第三者保管以待条件实现earnoutn.盈利能力支付计划▶provision[prəˑvɪʒ(ə)n]n.规定，条款EachmeasurecorrespondstoatleastoneprovisionoftheWHOFrameworkConventiononTobaccoControl.每项措施都与《世界卫生组织烟草控制框架公约》的至少一个条款相对应。▶momentum[məˑmentəm]n.势头，造势Noonewantsthismomentumtostall.没有人希望这一势头停滞不前。▶urgency[ˑɜːdʒ(ə)nsɪ]n.紧迫性，紧急Incaseofurgency,callthepolice.一旦发生紧急情况，打电话给警察。▶forum[ˑfɔːrəm]n.论坛，讨论会JoinusinourHelpForumifyoustillhavequestions.如果你还有问题，加入我们的帮助论坛吧。▶consent[kənˑsent]n.同意，赞成Hemisinterpretedhersilenceasgivingconsent.他把她的沉默误认为是同意。▶aversion[əˑvɜːʃ(ə)n]n.厌恶，厌恶的人Lossaversion,orthereluctancetoacceptaloss,canbedeadly.厌恶损失或者是不愿意接受损失都是致命的缺点。▶pulltheplug结束，终止业务Theyplantoevaluatethesuccessoftheprojectandeitherseekmorefoundationmoney,lookforothersourcesoffundingorpulltheplug.他们计划评估该项目的成效，然后决定是争取更多的基金会资金、寻找其他资金来源，还是就此终止该项目。▶blockverb[T]UK/blɒk/US/blɑːk/Ifthiscommandhangsorreportsanerror,thentheremightbeafirewallblockingtrafficonthatport.如果这个命令挂起或报告错误，那么那个端口上可能有一个防火墙阻塞流量。

tackleverbUK/ˈtæk.əl/US/ˈtæk.əl/B2[IorT](especiallyinfootballorhockey)totrytotaketheballfromaplayerintheotherteam,or(inrugbyorAmericanfootball)todothisbytakingholdoftheplayerandmakingthemfall（尤指足球或曲棍球中）阻截；铲球；（橄榄球中阻截时）擒抱并摔倒（对方持球队员）Hetackledhisopponentbravelyandgainedpossessionoftheball.▶documentation[ˌdɒkjʊmenˑteɪʃ(ə)n]n.文件，证明文件Allofthesecanbeincludedinoneprocessdocumentationguide.所有这些都可以包括在一个流程文档指南中。▶regulatory[ˈreɡjʊlətəri]a.监管的，管理的Regulatoryoversight,almosteveryoneagrees,needstobebeefedup.几乎人人同意在管理监督方面需要加强。▶litigation[ˌlɪtɪˑɡeɪʃ(ə)n]n.诉讼，起诉Theydesistedfromfurtherlitigation.他们不再提出诉讼。▶accommodate[əˑkɒmədeɪt]v.使适应，调解

Therunwayofthisairportisundergoingexpansiontoaccommodatelargeplanes.这个机场的跑道正在扩建以适应大型飞机起落。▶intensity[ɪnˑtensɪti]n.强度，强烈Whenasurfaceisperpendiculartotherays,theirintensityisatitsmaximum.当表面与射线垂直时，射线的强度最大。Completethefollowingsentenceswithonefunctionword.Virtuallyeverydepartmentwill,sometimeduringtheprocess,needtohelp_____diligenceorintegrationplanning.key:withCompletethefollowingsentenceswithonefunctionword.Oneperson______ourlegalteamnowmanagesallthelegal-relatedemploymentissues,fromemploymentagreementsandbenefitstolocalemploymentlawcomplianceandreportingstructures.key:onCompletethefollowingsentenceswithonefunctionword.Insomecompanies,youmayleadthetransaction._____others,youmaybeoneofateam,ledbythebusinessdevelopmentpersonorCFO.key:inCompletethefollowingsentenceswithonefunctionword.Youwillbebalancingscopeanddepthofdiligence______thespeedtoclose.key:againstCompletethefollowingsentenceswithonefunctionword.Yourmanagementteamhasmadedemands_____manymembersoftheorganization,someofwhomareaskedtosupportthedealwhilealsoworkingtheir“dayjob.”key:onCompletethefollowingpassagebyfillingeachofthemarkedblankswithoneortwocontentwordsusingChineseequivalentsinthebracketsasthereference.Ithoughtitusefulto___a___(突出)afewofthemoreimportantrulesetsIcameacrossbeforegettingtotheTenRulesforMergersandAcquisitionsSuccess,asetofpracticesI___b___(收集)fromseveralyearsofexperienceandmostrecentlythreecompletedacquisitions(twooverseas)oversixmonthsthispastyear.key:a.Highlightb.gleanedCompletethefollowingpassagebyfillingeachofthemarkedblankswithoneortwocontentwordsusingChineseequivalentsinthebracketsasthereference.2.Whiletheentireteammaynotneedtobe___a___(参与)whenyou’renegotiatingtheletterofintent,theywillneedtobeuptospeedwhen___b___(尽职检查)begins.key:a.involvedb.duediligenceCompletethefollowingsentencesbyfillingeachofthemarkedblankswithoneortwocontentwordsusingChineseequivalentsinthebracketsasthereference.Evenifyouarenotleadingthedeal____a____(内部地),youwillalmostcertainlytakealeadrolein____b____(协调)outsidestaff,notonlyoutsidecounselbutalsopossiblylocalcounsel,auditors,taxexperts,andbankers.key:a.internallyb.coordinatingCompletethefollowingsentencesbyfillingeachofthemarkedblankswithoneortwocontentwordsusingChineseequivalentsinthebracketsasthereference.Youshouldbeplanninghowyouwilltakethenewbusinessoperationsthroughtheentire___a___(报价)tocashprocess,whatcontractscustomerswilluse,whattechnologywillbe___b___(保留),andwhatrolethetargetemployeeswillholdpost-close.key:a.quoteb.retainedCompletethefollowingsentencesbyfillingeachofthemarkedblankswithoneortwocontentwordsusingChineseequivalentsinthebracketsasthereference.Attheend,onceyouhaveclosedthetransaction,takeamomentto____a____(庆祝)thehardwork.M&Adealsrequire____b____(强度).key:a.celebrate

b.intensityCompletethefollowingsentencesbytranslatingtheChinesegiveninthebrackets.Evenifyourcompanydoesnothaveprojectmanagementexperienceinhouse,______（指定某人担任项目经理或交易协调员）willsmooththetransactionmechanicsallowingcounseltofocusonotherpertinentdeal-relatedlegalmatters.Key：

designatingsomeoneasaprojectmanagerordealcoordinatorCompletethefollowingsentencesbytranslatingtheChinesegiveninthebrackets.Evenifyouarenotleadingthedealinternally,youwillalmostcertainly______（在协调外部员工中起到带头作用）,notonlyoutsidecounselbutalsopossiblylocalcounsel,auditors,taxexperts,andbankers.Key：

takealeadroleincoordinatingoutsidestaffCompletethefollowingsentencesbytranslatingtheChinesegiveninthebrackets.Itisimportanttoberealisticaboutthepaceandgoalsofthetransactionand______（会出现哪些让步和要求）.Key：

whatconcessionsanddemandswillariseCompletethefollowingsentencesbytranslatingtheChinesegiveninthebrackets.In-personmeetingsbetweenprincipalsfromeachsidewillhelpbuildgoodcommunicationandafoundationfortrust,aswellas______（提供一个平台以解决那些必然出现的棘手问题）.Key：

provideaforumforresolutionofthetoughissuesthatinevitablyariseTranslatethefollowingsentencesintoEnglish.当你们在协商意向书的时候，尽管整个团队不需要全部参与，但是尽职调查一开始，他们就需要加快速度。Whiletheentireteammaynotneedtobeinvolvedwhenyou’renegotiatingtheletterofintent,theywillneedtobeuptospeedwhenduediligencebegins.TranslatethefollowingsentencesintoEnglish.如果你了解公司战略，而且也在早期介入了该交易，你就可以在处理问题的方法上帮助评价和判断。Ifyouunderstandcorporatestrategy—andgotinvolvedearlyinthedeal—youcanhelpmaketheassessmentsandjudgmentsonhowtohandletheissues.TranslatethefollowingsentencesintoEnglish.当尽职或合同条款不能足以提供安慰的时候，盈利能力支付计划也许就会起到恰当的作用。例如：大部分目标价值基于没有验证的产品或者正在开发的技术。Key：Anearnoutmaybeappropriatewherediligenceorothercontractualprovisionscannotprovidesufficientcomfort,suchaswhereasubstantialportionofthetarget’svalueisbasedonanunprovenproductortechnologystillunderdevelopment.TranslatethefollowingsentencesintoEnglish.你需要在成交速度与尽职的范围和深度之间找到一个平衡的状态。有时你需要在收购协议中处理一些风险，但是另外一些时候你也需要承担风险。Key：Youwillbebalancingscopeanddepthofdiligenceagainstthespeedtoclose.Youcanaddresssomerisksinthepurchaseagreement,butothertimesyouwillneedtotakeonrisk.TranslatethefollowingpassageintoChinese.Anotherkeyperson,wehavefoundworthherweightingold(duringthethreetransactionsourcompanycompletedinaboutsixmonthsthisyear),wasaprojectmanager.Thispersonhelpedusorganizemeetings,track“actionitems”fromdiligencethroughintegration,developtimelines,followupwithdifferentgroups,andprovidecontinuity.Evenifyourcompanydoesnothaveprojectmanagementexperienceinhouse,designatingsomeoneasaprojectmanagerordealcoordinatorwillsmooththetransactionmechanicsallowingcounseltofocusonotherpertinentdeal-relatedlegalmatters.我们还发现，另一位举足轻重的人物是一位项目经理（在今年约六个月内我们公司完成的三笔交易期间，此人可谓“价值连城”）。他帮我们组织会议、追踪从尽职调查到整合的“行动事项”、制定时间表、跟进各个小组，并保持工作的连续性。即使你公司内部没有项目管理经验，指定一人担任项目经理或交易协调员，也会使交易流程更加顺畅，让法律顾问能够专注于其他与交易相关的法律事项。CheckyourcomprehensionA.Lookatthestatementsbelowanddecidewhichruleofmergersandacquisitionssuccesseachgivenstatementrefersto.1.Understandcorporatestrategyandgettinginvolvedearlyinthedealcanhelpmaketheassessmentsandjudgmentsonhowtohandletheissues.2.Ononehand,youneedtohelpmakesureproduct,manufacturing,R&D,finance,HR,andmarketingallgivetheiropinion;ontheotherhand,youneedtounderstandtheprocessandtimetable.Rule4Rule53.Thisisthelookbeforeyouleaporthe“alwayskeepthegununloadeduntilreadytouse”rule.4.Thekeypersonintheteamistheprojectmanagerandthekeyareaisdevelopinginternalexpertisewithinthelegalteam.5.Understandingandaddressingculturalvariationswillbehelpfulinestablishmentofasuccessfulintegrationthatfitsbothparties.6.Abalancebetweenthoroughnessandspeedistherequirementfortheconductionofduediligence.

Rule3Rule1Rule10Rule67.Youcanaddresssomerisksinthepurchaseagreement,butothertimesyouwillneedtotakeonrisk.8.Itisimportanttoberealisticaboutthepaceandgoalsofthetransactionandwhatconcessionsanddemandswillarise.9.Boththeacquirerandthetargetshouldunderstandthatitisnecessarytopushaheadasquicklyaspossible.10.YouneedtopayenoughattentiontodetailswhenyoucompletetheM&Adocumentation,purchaseagreement,consents,regulatoryfilings,integrationplanning,andtransitionplans.

Rule2Rule8Rule7Rule9ExtendedReading

ChemicalBank’sMergersinEuropeHerbertF.AspburyA.Questionsfordiscussion.1.Whatchallengesdomergerscreateformanagingnationalandorganizationalcultures?

Thechallengeisthecross-borderdimension.Itwasnecessarynotonlytogetformerrivalstoworktogetherbutalsotodealwithcenturies-oldculturaldifferencesthatcouldbecomemajorimpedimentstothebusinessgoingforward.2.Howmightthechallengesassociatedwithpost-mergerintegrationinEuropebeaffectedbythefactthattheparentsofeachcompanyinthemergerwerebasedintheUnitedStates?Thechallengemaybethatthefocusisinwardandthatthepost-mergercompanydoesnotthinkbeyonditsownborders.3.Whatisthekeytothesuccessofcross-bordermerger?Thekeyisthatamergercanre-energizeorganizations,breakdownbarrierstochange,andprovidenewopportunities.Atthesametime,theyshouldbalanceinanhonestandstraightforwardfashion,andworkwithindividualstoaddresssomeoftheinevitabledisruptions.B.Preparea10-minutepresentationon“Thedeterminingfactorsofsuccessfulmergersandacquisitions”anddeliveritintheclass.ListeningA.ListentothefirstpartofaninterviewwithNigelPortwood,PresidentandChiefExecutiveOfficeratPearsonEducationandanswerthefollowingquestion.Writeyouranswersintheprovidedspace.absolute['æbsəluːt]a.绝对的，完全的asset

['æset]n.资产，有用的东西coststructure成本结构current['kʌr(ə)nt]a.当前的implement['ɪmplɪm(ə)nt]v.实施，执行projection

[prə'dʒekʃ(ə)n]n.推测sensible['sensɪb(ə)l]a.明智的，合理的Whatarethefouressentialpreparatorystepsacompanyshouldtaketomakeasuccessfulacquisition?TheFirstStep.TheSecondStepTheThirdStepTheFourthStepWorkouthowmuchthecompanyisworthtoyouandtoitscurrentowners.Workouthowmuchmoreitwillbeworthtoyoubecauseofthesynergiesyousee(thebenefits,notavailabletoitscurrentowners,thatwillresultwhenitiscombinedwithyouowncompany.).Ensurethatyouhaveastrategy:thiswillhelpyouunderstandwhichcompaniesarethemostsuitabletargetsforacquisitionWorkoutthetacticsofhowtobuythecompany,includinghowtoapproachtheownersandwhatpriceyouwilloffer.Ifthereisasuitablecandidate.Analyzeitsproducts,customers,salesandcoststructure.Thinkabouthowyouwillinvestinthecompanyifyoubuyit,andwhatthefinancialconsequenceswillbe.TheFirstThingTheSecondThingTheThirdThingKeepthemostimportantmanagersandstaffintheacquiredcompanyonyourside.Planwhatyouaregoingtodowhenyoutakeownershipoftheacquiredcompany:howyouaregoingtocombineitwithyourowncompanyinrelationtoitspeople(managersandemployees),facilities,its(others)assetsanditscustomers,payinggreatattentiontodetail.Movequicklyandcan’tlosemomentum,becauseshiftcreatesuncertainty.B.Listentothesecondpartoftheinterviewandthenanswerthefollowingquestion.Writeyouranswersintheprovidedspace.Whatthreethingsneedtobedonetoensurethesuccessfulintegrationofanewlyacquiredbusiness?C.

Listentothelastpartoftheinterviewandthenanswerthefollowingquestions.Writeyouranswersintheprovidedspace.Whatarethefivekeyquestionsforjudgingwhetheranacquisitionhasbeensuccessful?

TheFirstKeyQuestion

TheSecondKeyQuestionTheThirdKeyQuestionTheFourthKeyQuestionTheFifthKeyQuestionDoyouhaveastrongercompetitivepositionasaresultoftheacquisition?Didyougetthecostsavingsthatyouexpected?Didthesalesofthecompanycontinueasyouhadprojected?Didyoupayasensibleprice?Didthethingsthatyouexpectedtohappenactuallyhappen?WritingYouhavejustleftacompanythatmergedwithanothercompanysixmonthsago.Youdidn’tlikethewaythingswerechanging.Writeane-mailtoyourfriendWalter.StartbyexplainingwhathashappenedandthendescribehowyoufeltaboutthemanagersfromtheothercompanyDressedtoocasually:themendidn’twearatieandthewomenworejeans.Weretoofamiliarwhentheytalkedtocolleaguesanddidn’tshowenoughrespect.Didn’trespecttheirbossesenough.Alwaysturnedupfiveortenminuteslateformeetings.Alwaysinterruptedotherpeopleinmeeting.Didn’tworkenoughandwenthometooearly.Closeappropriatelyandsaywhatsortofcompanyyouarehopingtoworkfornext.TipsforTranslation合并与切分WarmupExercises1)ComparethethreeEnglishversionsofthegivenChinesesentence.Choosetheoneyouthinkisbestandgiveyourreasons.我有一条出乎意料的好消息，现在要告诉你。Ihaveasurprisingpieceofnews,andIwanttotellyouaboutit.Ihaveasurprisingpieceofnews,whichIwilltellyou.Ihaveasurprisingpieceofnewsforyou.WarmupExercises2)ComparethefollowingChinesesentencewithitsEnglishversionanddiscusswhatchangeshavebeenmadeduringthetranslationprocess.Ihavelookedafterthewildstockofthetown,whichgaveafaithfulherdsmangooddealoftroublebyleapingfences.我曾经看守过该镇的野兽群，他们常跳过围栏，让忠于职守的牧人吃尽了苦头。汉语句子的特点是分句较短，承上启下，层次分明，要求言简意赅，直接明快，不用或少用曲折隐晦的表达手法。表达一个复杂的概念，汉语一般不采用扩展句子某个成分的方法，而是用一些短句，逐点逐层交代清楚。英语句子一般比较长，而且结构往往十分繁琐，因为句子的各种成分都可以附有不同形式的修饰成分，如单词、短语、从句等等，有时还要穿插独立结构、插入语等等。但由于关系代词、介词和连词等的纽带作用，任何复杂的英语长句分析起来仍然线索清楚，主从关系分明，不致造成误解。在分析英语长句时一般采用下面的方法：A.找出全句的主语、谓语、宾语，掌握全句结构；B.找出句中所有的谓语结构、非谓语结构、介词短语和从句的引导词；C.分析从句的类型和短语的功能，例如是否为主语从句、宾语从句、表语从句、定语从句等；如果是状语，那么表示怎样的逻辑关系，例如表示时间、原因、结果还是条件；D.注意插入语成分；E.分析句子里是否有固定搭配理清句子的结构是翻译的基础，也是至关重要的一步。当英语句子的叙述层次与汉语基本一致的时候，可以顺序或逆序翻译，不改变原文句子结构。Butnowitisrealizedthatsuppliesofsomeofthemineralsarelimited,anditisevenpossibletogiveareasonableestimateof"expectationoflife",thetimeitwilltaketoexhaustallknownsourcesandreservesofthesematerials.可是现在人们意识到，其中有些矿物质的蕴藏量是有限的，人们甚至还可以比较合理的估计出这些矿物质“可望存在多少年”，也就是说，经过若干年后，这些矿物质的全部已知矿藏和储量将消耗殆尽。Butnowitisrealizedthatsuppliesofsomeofthemineralsarelimited,anditisevenpossibletogiveareasonableestimateof"expectationoflife",thetimeitwilltaketoexhaustallknownsourcesandreservesofthesematerials.原句子的骨干结构是"itisrealizedthat...,anditispossibleto..."，是一个and连接的并列句，前一个分句是that引导的主语从句，后一个分句是it作形式主语，不定式作逻辑主语。"thetime..."是短语“expectationoflife”的同位语，“thetime...”短语自带一个省略了关系词“that”的定语从句。Itthereforebecomesmoreandmoreimportantthat,ifstudentsarenottowastetheiropportunitiesincollege,therewillhavetobemuchmoreadviceandmoredetailedinformationaboutcourses.因此，要使学生充分利用他们上大学的机会，就得为他们提供更多的建议和更详尽的课程信息。这个问题越来越重要了。主句是itbecomesimportant...，that引导的主语从句里面有一个if引导的条件状语从句。没有必要改变句子的结构，但是按照汉语表达习惯，调整句子的顺序。切分与合并就是改变原文句子结构的两种重要方法：合并汉译英时，根据英语习惯，有时需要将汉语的几个句子合并成一个英语句子，或将汉语的一个句子译成英语的一个分句，或将汉语的分句译成英语词组或单词，这些处理方法统称为合并。合并的方法主要有以下两种：1)使用英语连接词进行合并汉语中的句子，有时前一句话提到一件事，后一句话接着谈这件事，两句话又都不长，或者两个句子之间联系十分紧密，已经构成了主从关系，英译时即可利用连接词（包括连词、关系代词、关系副词等）进行合并。报告已提交全国最高立法机关审议。报告说明中国正进一步推进现代化进程，促进高质量发展，更好地平衡新冠防控和社会经济发展，全面深化改革和开放，并大力提升市场信心。Thereport,whichhasbeensubmittedtothetoplegislaturefordeliberation,suggeststhatChinaseekstopushforwarditsmodernizationdrive,promotehigh-qualitydevelopment,betterbalanceCOVID-19preventionandsocialandeconomicdevelopment,comprehensivelydeepenreformandopening-up,andvigorouslyboostmarketconfidence.这段话讲的是政府工作报告已经提交人民代表大会审议，和政府工作报告的主要内容表明了怎样的信息，中文的两句话讲的是同一个话题，都是政府工作报告，译文可以合并成一句话，用关系代词which连接，表示两部分内容的主次关系。2)使用英语非连接词进行合并汉语句子中的分句之间必然有着一定的语义联系，这就构成了合并的语义基础。有时，可将其中一个分句转成一个修饰词（副词或形容词）并移到另一个分句中起修饰作用；有时则可添加一个介词，将两个分句中的动宾意义连接起来或表示伴随；另外，有些条件或原因状语从句可以紧缩成英语中的名词或名词词组，充当译文中的主语。A.利用英语名词或名词词组进行合并但是，如果该地区再次发生战争，显然会使国际关系处于紧张状态。Butanotherroundofwarintheregionclearlywouldputstrainsoninternationalrelations.B．利用英语副词进行合并当时，友谊商店只对外宾开放，不对中宾开放。Atthetimethefriendshipstorewasexclusivelyopentoforeignvisitors.C.利用英语形容词进行合并重复建设比较严重，造成了一些浪费。Therewasmuchwastefulduplicateconstruction.D.利用英语介词或介词短语进行合并年满十八岁的公民，都有选举权和被选举权。依照法律被剥夺选举权和被选举权的人除外。Allcitizenswhohavereachedtheageofeighteenhavetherighttovoteandtostandforelection,withtheexceptionofpersonsdeprivedoftheserights.切分鉴于汉语松散句多这一特点，在很多情况下，译者应考虑将两句汉语合并为一句英语。但也有一些时候，由于汉语句子的结构比较松散，一个句子里存在不少并列分句或并列成分，而又没有连接词把它们之间的逻辑关系明显地表现出来。为了照顾到英语句子结构严谨的习惯，需要把汉语原文的一句话译成两句或更多句，也就是对原句进行切分。1)汉语句子如前半句说明一方面情况，后半句说明另一方面的情况，英译时即可进行切分，译文会更清晰，明快。把右手放在热水里，把左手放在冷水里。Putyourrighthandinthehotwater.Putyourlefthandinthecoldwater.2)汉语中有些句子是先总说，后分述，即先用几个字概括地提一下，然后再详细地加以说明，像“拿……来说”，“比如……”，译成英语时，一般可在句子开头部分断句，也就是将最前面总说或概括部分单独译成一句。中国正在应对上述挑战：利用空间规划优化开发与保护，并为保护措施提供充足的资金。Thechallengesidentifiedabove,ofusingspatialplanningtooptimizedevelopmentversusconservationandadequatelyfinancingconservation,arebeingaddressedinChina.3）汉语中有些句子是先分述，后总说，即先详细地把事情说清楚，然后简单地加以概括，也可能是一种评论，也可能是得出的结论。这样的句子译成英语时，一般要在句子结尾部分断句，即将最后的总结或判断部分单独译成一句。本工艺具有造型速度快，生产效率高，工艺性能优良，综合经济效益高，劳动条件好等优点，引起了世界铸造工作者的关注。Thistechnologyhastheadvantagesofgreatmouldingspeed,highproductionefficiency,finetechnologicalperformances,excellentoveralleconomicresultsandgoodlaborconditions.Theref