大学核心商务英语读写教程3Unit 4 MererAcquisition.ppt
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UNIT FOURUNIT FOUR Merger & Acquisition Merger & Acquisition ObjectivesTo get familiar with business language —merger To know To know something something about about merger and merger and acquisitionacquisition To learn To learn new words new words and and expressionsexpressionsTo master To master how to how to analyze analyze difficult difficult and long and long sentencessentences 1. Background Information2. Introduction to the Text3. Business Terms 4. Words and Expressions5. Notes to the TextText 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, finance, 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 altogether. An acquisition may be private or public, depending on whether the acquiree or merging company is or isn't 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 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 company, usually one with no business and limited assets.1. Background Information1. Background Information Theme of the TextTheme 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 China’s companies have to do now is to step up their efforts at grooming the talent they need if they want to reach the global market. 2. Introduction to the Text2. Introduction to the Text 本商务语篇为商业评论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，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员工并且中国高管缺乏谈判、培训化知识或管理外籍人才经验的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联词，突出了文章的逻辑性文体文体特征特征分析分析2. Introduction to the Text2. Introduction to the Text McKinsey is a management consulting 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 McKinsey & Company 麦肯锡公司麦肯锡公司 3. Business Terms 3. Business Terms The McKinsey 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 McKinsey consultants, are in English and cover recent developments in management and organizational theory, including the public and non-profit sectors.McKinsey QuarterlyMcKinsey Quarterly《《麦肯锡季刊麦肯锡季刊》》 3. Business Terms3. Business Terms China National Offshore Oil CorporationChina National Offshore Oil Corporation中国海洋石油总公司中国海洋石油总公司 China National Offshore Oil Corporation (CNOOC Group) is one of the three major national oil companies of China. CNOOC Group is the third-largest National Oil Company (NOC) in the People's 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: 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 development of crude oil and natural gas offshore of China. CNOOC is a state-owned oil company.3. Business Terms3. Business Terms (1)(1) multinational / .mʌlti'næʃənl / n. Meaning Meaning4. Words and Expressions4. Words and Expressions Example Example(usu very large) company that does (usu very large) company that does business in many different countries business in many different countries One problem: Cadbury is itself a multinational, 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)(2) takeover / 'teikəuvə / n. Meaning Meaning4. Words and Expressions4. Words and Expressions Example Exampleact 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)(3) demonstrate /demonstrate / ' 'demdemə ənstreitnstreit / vt. / vt. Meaning Meaning4. Words and Expressions4. Words and Expressions Example Exampleshow sth clearly 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)(4) unfold / unfold / ʌ ʌn'fn'fə əulduld / / v. v. Meaning Meaning4. Words and Expressions4. Words and Expressions Example Example(cause sth to) be revealed or made (cause sth to) be revealed or made known 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)(5) generate /generate /' 'd dʒ ʒenenə ə.reit.reit / / vtvt. . Meaning Meaning4. Words and Expressions4. Words and Expressions Example Examplecause (sth) to exist or occur; produce Apply existing knowledge to generate new ideas, products, or processes.运用现有知识产生新的思想、产品或过程。
(6)(6) outbound /outbound /' 'autbaundautbaund / / adj. adj. Meaning Meaning4. Words and Expressions4. Words and Expressions Example Examplethat is going out or leaving The vast majority of this outbound investment has been in services, not natural resources.绝大部分对外投资都是投资于服务业，而不是自然资源 (7)(7) dearth /dearth / d də ə:θ:θ / / n.n. Meaning Meaning4. Words and Expressions4. Words and Expressions Example Exampleshortage, scarcity shortage, scarcity But today's crisis is not just a dearth of financial capital.但是，今天的危机并不仅仅是金融资本的缺乏。
(8)(8) hinder /hinder / ' 'hindhində ə / / vi. vi. Meaning Meaning4. Words and Expressions4. Words and Expressions Example Exampleprevent the progress of sb/sth; prevent the progress of sb/sth; obstruct or delay sb/sth obstruct or delay sb/sth To be competitive or selfish in this situation would only hinder or even cause the project to fail.在这情形下，互相竞争或表现自私可能只会造成阻碍，甚至使这计划失败 (9)(9) aggressively / aggressively / ə ə'gresivli'gresivli / / adv.adv. Meaning Meaning4. Words and Expressions4. Words and Expressions Example Example(of people or animals) apt or ready to attack; offense; quarrelsome But I think this is a matter of continuing to look aggressively at how we can help without wasting taxpayer money.但我认为这是关于继续积极了解我们如何能在不浪费纳税人钱的情况下帮助他们。
(10)(10) prerequisite /prerequisite / .pri.pri:'rekwizit:'rekwizit / / n.n. Meaning Meaning4. Words and Expressions4. Words and Expressions Example Example(of people or animals) apt or ready (of people or animals) apt or ready to attack; offense; quarrelsome to attack; offense; quarrelsome Careful study of the market is a prerequisite for success.仔细研究市场情况是取得成功的先决条件 (11)(11) delegate /delegate / ' 'deligitdeligit / / vi.vi. Meaning Meaning4. Words and Expressions4. Words and Expressions Example Examplechoose or send sb as a representative choose or send sb as a representative They have delegated him to represent their city at the convention.他们选举他代表他们市去参加代表大会。
(12)(12) lure / lure / luluə ə / / vtvt. . Meaning Meaning4. Words and Expressions4. Words and Expressions Example Exampleattract or tempt (a person or an attract or tempt (a person or an animal) animal) The price lured many buyers.这个价格吸引了许多买家 ere Meaning Meaning4. Words and Expressions4. Words and Expressions Example Examplean approach to management development where an individual is moved through a schedule of assignments designed to give him or her a breadth of exposure to the entire operation Job rotationJob rotation is intended to alleviate boredom by is intended to alleviate boredom by giving people different things to do.giving people different things to do.工作轮换是使员工从事不同的工作来减轻对工作的厌倦。
工作轮换是使员工从事不同的工作来减轻对工作的厌倦 (13) (13) job rotation job rotation ere Meaning Meaning4. Words and Expressions4. Words and Expressions Example Example rely onrely on You can You can bank onbank on him to hand you a reasonable bill him to hand you a reasonable bill for your services.for your services.你可以相信他会给你合理的服务费你可以相信他会给你合理的服务费 (14) (14) bank onbank on ere Meaning Meaning4. Words and Expressions4. Words and Expressions Example Examplebe made into a whole All the department reports should All the department reports should be integrated be integrated intointo one annual statement. one annual statement.各部门的报告应结合在一起成为一份年度报告。
各部门的报告应结合在一起成为一份年度报告 (15) (15) be integrated intobe integrated into ere Meaning Meaning4. Words and Expressions4. Words and Expressions Example Exampleincrease in extent or intensity Their salaries have been much Their salaries have been much stepped upstepped up. . 他们的工资已大大提高了他们的工资已大大提高了他们的工资已大大提高了他们的工资已大大提高了 (16) (16) step up step up [ [释义释义] ] In the process of looking for raw materials, In the process of looking for raw materials, talented employees, technologies, brands, and talented employees, technologies, brands, and customers, these companies, many of which are customers, these companies, many of which are almost unknown outside China, are becoming almost unknown outside China, are becoming multinational companies themselves.multinational companies themselves.[ [解析解析] ] 本本句句中中searching searching forfor现现在在分分词词短短语语作作伴伴随随状状语语；；破破折折号号中中间间的的部部分分起起解解释释说说明明的的作作用用，，进进一一步步解解释释“ “these these companies”companies”，相当于插入语。
相当于插入语1. Searching for raw materials, talented employees, technologies, brands, and customers, these companies—many virtually unknown outside China—are themselves becoming multinationals. (Para. 1) 5. Notes to the Text5. Notes to the Text [ [解析解析] ] 主主 语语 为为 a a McKinsey McKinsey analysisanalysis；； 谓谓 语语 为为 showsshows；；focusing focusing onon现现在在分分词词短短语语表表示示伴伴随随，，修修饰饰analysisanalysis；；thatthat引引导导宾宾语语从从句句，，该该宾宾语语从从句句的的谓谓语语为为generategenerate；；dodo指指 “ “generate generate revenue revenue from from foreign foreign sales”sales”；；respectivelyrespectively意为意为“ “分别分别” ”。
2. 2. A A McKinseyMcKinsey analysis, analysis, focusing focusing on on the the 100 100 top top companies companies in in each each country country by by market market capitalization, capitalization, shows shows that that Taiwanese, Taiwanese, South South Korean, Korean, and and Indian Indian companies companies generate, generate, respectively, respectively, four, four, three, three, and and two two times times as as much much revenue revenue from foreign sales as the Chinese do. (Para. 3) from foreign sales as the Chinese do. (Para. 3) 5. Notes to the Text5. Notes to the Text [ [释义释义] ] Among the top 100 Chinese companies, only 17 of Among the top 100 Chinese companies, only 17 of them fulfilled some cross-border transactions them fulfilled some cross-border transactions during this period, and only six have done more than during this period, and only six have done more than three transactions.three transactions.[ [解析解析] ] 本本 句句 中中 “ “17”17”和和 “ “six”six”后后 面面 均均 省省 略略 了了 companiescompanies，，“ “three”three”后面省略了后面省略了transactionstransactions。
3. 3. Of Of the the top top 100 100 Chinese Chinese companies, companies, only only 17 17 completed completed any any outbound outbound transactions transactions during during this this period, period, and and only only six six concluded more than three. (Para. 4)concluded more than three. (Para. 4)5. Notes to the Text5. Notes to the Text [ [解析解析] ] 此此句句中中withwith引引导导的的介介词词短短语语修修饰饰peoplepeople，，意意为为people people with with real real cross-cultural cross-cultural knowledge knowledge or or with with experience in managing foreign talentexperience in managing foreign talent。
4. 4. In In our our interviews, interviews, 88% 88% of of the the Chinese Chinese executives executives said said that that their their globalization globalization efforts efforts were were hindered hindered by by the the scarcity scarcity of of people people with with real real cross-cultural cross-cultural knowledge knowledge or or experience managing foreign talent. (Para. 6)experience managing foreign talent. (Para. 6)5. Notes to the Text5. Notes to the Text [ [释义释义] ] These soft skills, which are more and more These soft skills, which are more and more important when an organization is expanding across important when an organization is expanding across the world, are always not fully used or fully the world, are always not fully used or fully appreciated in the business culture of China.appreciated in the business culture of China. [ [解析解析] ] increasinglyincreasingly现现在在分分词词短短语语表表示示伴伴随随，，解解释释说说明明“ “soft soft skills”skills”；；“ “as”as”表示表示“ “当当…………的时候的时候” ”，相当于，相当于whenwhen。
5. 5. These These soft soft skills, skills, increasingly increasingly important important as as an an organization organization expands expands across across the the globe, globe, are are generally generally underused underused and and underappreciated underappreciated in in China's China's business business culture. (Para. 10)culture. (Para. 10)5. Notes to the Text5. Notes to the Text [ [释义释义] ] For example, if their local supervisors and peers For example, if their local supervisors and peers give them the rights to complete tasks without give them the rights to complete tasks without their supervision, they will never consider their supervision, they will never consider themselves and the organization as a whole.themselves and the organization as a whole. 6. 6. If If their their local local supervisors supervisors and and peers peers don't don't allow allow them them to to complete complete assignments assignments with with minimal minimal supervision, supervision, for for example, example, they they will will never never be be fully fully integrated integrated into into the the organization. (Para. 12)organization. (Para. 12)5. Notes to the Text5. Notes to the Text 1. Background Information2. Introduction to the Text3. Business Terms 4. Words and Expressions5. Notes to the TextText B Going Public, Chinese Style An initial public offering (IPO), referred to simply as an “offering” or “flotation”, is when a company (called the issuer) issues common stock or shares to the public for the first time. They are often issued by smaller, younger companies seeking capital to expand, but can also be done by large privately-owned companies looking to become publicly traded. 1. Background Information1. Background Information Theme of the TextTheme of the Text Text B introduces that most Chinese companies get listed in global stock markets by way of reverse merger, and analyzes the reasons. 2. Introduction to the Text2. Introduction to the Text 本商务语篇是以说明兼议论文体为主的商务报道本商务语篇是以说明兼议论文体为主的商务报道。
本文本文介绍了中国企业海外上市的独特方式，并非公开招股，而大介绍了中国企业海外上市的独特方式，并非公开招股，而大多数则通过多数则通过“买壳上市买壳上市”的运作方式，并举例说明了买壳上市的的运作方式，并举例说明了买壳上市的机制以及买壳上市的利弊，随后分析了中国企业买壳上市的原因，机制以及买壳上市的利弊，随后分析了中国企业买壳上市的原因，虽然弊端重重，有一定的危险，但是这种资本运作方式可以使企虽然弊端重重，有一定的危险，但是这种资本运作方式可以使企业更快地达到目的业更快地达到目的 文体文体特征特征分析分析2. Introduction to the Text2. Introduction to the Text文章语言清晰，行文简洁，论述到位在阐明买壳上市的机制时，文章语言清晰，行文简洁，论述到位在阐明买壳上市的机制时，使用说明性的文字，同时列举出大量的事例以及数据（如第二段使用说明性的文字，同时列举出大量的事例以及数据（如第二段和第三段），体现了商务文体的客观真实性而在议论中国企业和第三段），体现了商务文体的客观真实性而在议论中国企业为何选择买壳上市的部分，文章同样列举了不少例子（如第七段、为何选择买壳上市的部分，文章同样列举了不少例子（如第七段、第八段和第九段）来分析原因，同时引用权威人士的分析（如第第八段和第九段）来分析原因，同时引用权威人士的分析（如第五段），也使文章的论证更充分。
而且，文中大量出现复合句，五段），也使文章的论证更充分而且，文中大量出现复合句，也是评论性文章的一个特点，而句子中介词短语的使用，使得语也是评论性文章的一个特点，而句子中介词短语的使用，使得语言更显凝练言更显凝练 A shell company is a public company that no longer has any business operations. It retains its capital structure and public trading status with the intention to complete a reverse merger with a non-public company with an on-going business. This merger creates a new company that is both publicly trading and generating revenues. There are many reasons why a Shell Stock exists in the first place, but most commonly, they either lost the business due to a bankruptcy, or just sold or closed it. shell company 壳公司壳公司壳公司壳公司 3. Business Terms 3. Business Terms A hedge fund is a lightly regulated investment fund that is typically open to a limited range of investors that pays a performance fee to its investment manager. Every hedge fund has its own investment strategy that determines the type of investments it undertakes and these strategies are highly individual. As a class hedge funds undertake a wider range of investment and trading activities than traditional long-only investment funds, and invest in a broader range of assets including long and short positions in shares, bonds and commodities. hedge fund 对冲基金对冲基金 3. Business Terms3. Business Terms Paul, Hastings, Janofsky & Walker LLP 普衡律师事务所普衡律师事务所 Paul, Hastings, Janofsky & Walker LLP, known more commonly as Paul Hastings, is a leading international law firm with over 1,100 attorneys and 18 offices worldwide. Paul Hastings serves a diverse client base that includes many of the top financial institutions and Fortune 500 companies. 3. Business Terms3. Business Terms (1) (1) splashy /'splæʃi/ adj. Meaning Meaning4. Words and Expressions4. Words and Expressions Example Examplemarked by conspicuous display We dreamed of doing something big and splashy, something significant.我们都梦想过做一番大事业，做有意义的事情。
(2) (2) covet /'kʌvit/ v. Meaning Meaning4. Words and Expressions4. Words and Expressions Example Examplewant very much to possess (esp sth want very much to possess (esp sth that belongs to sb else) that belongs to sb else) Many large companies covet these low-cost acquisition of troubled small companies.许多大公司都觊觎低价收购这些陷入困境的小公司 (3) (3) onerous /'ɔnərəs/ adj. Meaning Meaning4. Words and Expressions4. Words and Expressions Example Example needing effort; burdensome Can the UN take on another onerous peacekeeping operation?联合国是否能够承担另一项繁重的维和任务呢？ (4) (4) pending /'pendiŋ/ adj. Meaning Meaning4. Words and Expressions4. Words and Expressions Example Exampleabout to happen, imminent The vote also calls into question pending free trade deals with South Korea and Panama.同时他们也质疑与南韩、与巴拿马的未决的自由贸易协议。
(5) (5) defunct /di'fʌŋkt/ adj. Meaning Meaning4. Words and Expressions4. Words and Expressions Example Exampledead, no longer in use, no longer dead, no longer in use, no longer effective or treated with respect effective or treated with respect As head of the now defunct Yukos Oil Company, Mikhail Khodorkovsky was once Russia's wealthiest man.霍多尔科夫斯基曾担任已垮台的尤科斯石油公司的总裁，是俄罗斯最富有的人 (6) (6) shun /ʃʌn/ v. Meaning Meaning4. Words and Expressions4. Words and Expressions Example Exampleavoid and stay away from avoid and stay away from deliberately; stay clear of deliberately; stay clear of They are also urging foreign creditors to shun the project.他们也敦促外国债权人避开这项计划。
(7) (7) equity /'ekwəti/ n. Meaning Meaning4. Words and Expressions4. Words and Expressions Example Example ordinary stocks and shares that ordinary stocks and shares that carry no fixed interest carry no fixed interest Global equity markets fell by 8% with markets in Asia faring worse.全球股票市场下跌8%，其中亚洲市场的表现更糟 (8) (8) swarm / wɔ:m/ v. Meaning Meaning4. Words and Expressions4. Words and Expressions Example Examplemove in large numbers (in the specified direction) The students swarmed out of the classroom.学生们蜂拥着跑出了教室。
Meaning Meaning4. Words and Expressions4. Words and Expressions Example Exampleacquisition of a public company by a acquisition of a public company by a private company to bypass the private company to bypass the lengthy and complex process of lengthy and complex process of going publicgoing public Reverse MergerReverse Merger of state-owned enterprise is of state-owned enterprise is higher than of private-owned enterprise. higher than of private-owned enterprise. 国有企业进行买壳上市的绩效优于民营企业。
国有企业进行买壳上市的绩效优于民营企业 (9) (9) reverse merger reverse merger Meaning Meaning4. Words and Expressions4. Words and Expressions Example Examplea public company that no longer has a public company that no longer has any business operationsany business operations It went public that September, with the ticker It went public that September, with the ticker THIN, by merging with a THIN, by merging with a shell companyshell company. .九月份通过合并公司借壳上市，挂牌九月份通过合并公司借壳上市，挂牌THINTHIN (10) (10) shell company shell company Meaning Meaning4. Words and Expressions4. Words and Expressions Example Exampletrade financial instruments directly trade financial instruments directly between two parties between two parties When securities are bought and sold on an When securities are bought and sold on an exchange other than a registered stock exchange, exchange other than a registered stock exchange, they they trade over the countertrade over the counter. .当证券在认证证券交易所以外的其它地方交易时，它们当证券在认证证券交易所以外的其它地方交易时，它们被认为是在被认为是在“ “场外交易场外交易” ”。
(11) (11) trade over the counter trade over the counter [ [释义释义] ] Initial Public Offerings (IPO) at high price in the Initial Public Offerings (IPO) at high price in the booming stock exchanges in New York and Hong Kong booming stock exchanges in New York and Hong Kong for Chinese banks and insurance companies are for Chinese banks and insurance companies are usually the news that draw people’s attention. usually the news that draw people’s attention. 1. 1. Big-ticket Big-ticket IPOsIPOs in New York and Hong Kong for Chinese in New York and Hong Kong for Chinese banks and insurance companies make headlines. (Para. 1) banks and insurance companies make headlines. (Para. 1) 5. Notes to the Text5. Notes to the Text [ [解析解析] ] “ “typically”typically”相当于相当于usuallyusually；；“ “that is worthless”that is worthless”为定为定语从句修饰语从句修饰“ “shell company”shell company”；；“ “except for one thing”except for one thing”在句中起强调的作用；在句中起强调的作用；“ “It’s publicly traded”It’s publicly traded”中中“ “It”It”指指“ “shell company”shell company”。
2. 2. The The Chinese Chinese business business is is typically typically acquired acquired by by a a U.S. U.S. shell shell company company that that is is worthless, worthless, except except for for one one thing: thing: It’s It’s publicly traded. (Para. 2)publicly traded. (Para. 2)5. Notes to the Text5. Notes to the Text [ [解析解析] ] 句中managing director of American Union Securities Inc.为Peter D. Zhou的同位语；a New York firm为American Union Securities Inc.的同位语；that引导定语从句修饰a New York firm3. Sometimes the process takes as little as a few months, 3. Sometimes the process takes as little as a few months, says Peter D. Zhou, managing director of American Union says Peter D. Zhou, managing director of American Union Securities Inc., a New York firm that has helped broker Securities Inc., a New York firm that has helped broker 10 such deals since 2005 and is currently working on 10 such deals since 2005 and is currently working on another nine. (Para. 3)another nine. (Para. 3)5. Notes to the Text5. Notes to the Text [解析解析] 句中句中a defunct online retailer of printer a defunct online retailer of printer cartridgescartridges为为Carson City (Nev.)-based Carson City (Nev.)-based TicketcartTicketcart Inc.Inc.的同位语；的同位语；which markets nutritional which markets nutritional supplements made from Chinese forest frogssupplements made from Chinese forest frogs为定为定语从句修饰语从句修饰TieliTieli XiaoxinganlinXiaoxinganlin Frog Breeding Co. Frog Breeding Co.；；短语短语“ “takeover by A of B”takeover by A of B”指由指由A A接管接管B B。
4. 4. One One is is the the pending pending takeover takeover by by Carson Carson City City (Nev.)-(Nev.)-based based TicketcartTicketcart Inc., Inc., a a defunct defunct online online retailer retailer of of printer printer cartridges, cartridges, of of TieliTieli XiaoxinganlinXiaoxinganlin Frog Frog Breeding Breeding Co., Co., which which markets markets nutritional nutritional supplements supplements made made from from Chinese Chinese forest frogs. (Para. 3) forest frogs. (Para. 3) 5. Notes to the Text5. Notes to the Text [ [释义释义] ] It is difficult for small companies in undeveloped It is difficult for small companies in undeveloped area of the country or in unpopular industries to area of the country or in unpopular industries to arouse the interest of many venture capital and arouse the interest of many venture capital and private equity investors to invest in them.private equity investors to invest in them. 5. Small companies in the country’s rust belt or in 5. Small companies in the country’s rust belt or in industries that aren’t sexy are unlikely to draw the industries that aren’t sexy are unlikely to draw the interest of the venture capital and private equity interest of the venture capital and private equity investors swarming over China. (Para. 5)investors swarming over China. (Para. 5)5. Notes to the Text5. Notes to the Text [ [释义释义] ] If If SinovacSinovac wants to get listed in the public market wants to get listed in the public market now, it may not follow the route of reverse-merger now, it may not follow the route of reverse-merger since it got an estimated annual revenues of $15.4 since it got an estimated annual revenues of $15.4 million in 2006 which is a big sum of money. million in 2006 which is a big sum of money. 6. 6. With With estimated estimated annual annual revenues revenues of of $15.4 $15.4 million million in in 2006, 2006, SinovacSinovac would would probably probably not not need need to to take take the the reverse-merger route today. (Para. 9)reverse-merger route today. (Para. 9)5. Notes to the Text5. Notes to the Text 1. Background Information2. Introduction to the Text3. Business Terms 4. Words and Expressions5. Notes to the TextText C Kraft and Cadbury: Chocs away On September 7, 2009, Kraft made a £10.2 billion takeover offer for the long-established British confectionery group Cadbury, makers of Dairy Milk and Bournville chocolate. On November 9, 2009 Kraft's £9.8bn takeover bid was rejected by Cadbury. Cadbury stated that the takeover bid was a "derisory" offer. Kraft renewed the offer under the same terms on December 4, 2009. The offer generated significant political and public opposition in the United Kingdom and abroad, even leading to calls for the government to invoke a policy of economic protectionism in cases of takeovers of large companies. 1. Background Information1. Background Information Theme of the TextTheme of the Text Text C talks about the merger of Kraft and Cadbury, after which Kraft becomes the world’s biggest confectioner. 2. Introduction to the Text2. Introduction to the Text 本商务语篇为本商务语篇为商业报道商业报道。
本文本文详细报道了卡夫收购吉百利的背景、过程等等卡夫为美国详细报道了卡夫收购吉百利的背景、过程等等卡夫为美国糖果生产商，而吉百利为英国糖果生产商，两家企业的核心产品糖果生产商，而吉百利为英国糖果生产商，两家企业的核心产品并不相同，但是合并之后则可以成为全球最大的糖果生产商由并不相同，但是合并之后则可以成为全球最大的糖果生产商由于吉百利在英国已有于吉百利在英国已有186年的历史，英国人对吉百利的感情很深，年的历史，英国人对吉百利的感情很深，加之吉百利员工担心合并之后会裁员，卡夫对吉百利的收购遇到加之吉百利员工担心合并之后会裁员，卡夫对吉百利的收购遇到一些障碍但是卡夫最终还是成功收购了吉百利，没有任何企业一些障碍但是卡夫最终还是成功收购了吉百利，没有任何企业有能力与之竞争有能力与之竞争 文体文体特征特征分析分析2. Introduction to the Text2. Introduction to the Text文章文章用词准确，报道客观真实，符合商务语篇的特点同时，文用词准确，报道客观真实，符合商务语篇的特点同时，文章中使用了大量的复合句和同位语，使得文字说明更加清晰详实章中使用了大量的复合句和同位语，使得文字说明更加清晰详实。
定语从句、状语从句、同位语从句在文中多次出现，如第二段、定语从句、状语从句、同位语从句在文中多次出现，如第二段、第三段、第五段和第七段，这几种类型的句子处处可见同时，第三段、第五段和第七段，这几种类型的句子处处可见同时，文中使用了较多的被动语态，也体现了商业报道的客观性，如文文中使用了较多的被动语态，也体现了商业报道的客观性，如文中第一、二、三、四段均使用了大量的被动句式中第一、二、三、四段均使用了大量的被动句式 Kraft Foods Inc. (NYSE: KFT) is the largest confectionery, food, and beverage corporation headquartered in the United States. It markets many brands in more than 155 countries. 11 of its brands annually earn more than $1 Billion worldwide: Kraft, Cadbury, Oscar Mayer, Maxwell House, Nabisco, Oreo, Philadelphia Creme Cheese, Jacobs, Milka, LU, and Trident. 40 of its brands are at least 100 years old. The company is headquartered in Northfield, Illinois, a Chicago suburb. Its European headquarters are just outside Zürich, Switzerland. Kraft Foods Inc. 卡夫食品有限公司卡夫食品有限公司 3. Business Terms 3. Business Terms Cadbury 吉百利吉百利 Cadbury was a British confectionery company, the industry’s second-largest globally after the combined Mars-Wrigley. Headquartered in Cadbury House in the Uxbridge Business Park in Uxbridge, London Borough of Hillingdon, England and formerly listed on the London Stock Exchange, Cadbury was acquired by Kraft Foods in February 2010. The company was an ever-present constituent of the FTSE 100 from the index's 1984 inception until its 2010 takeover. 3. Business Terms3. Business Terms (1) (1) short-termism /ʃɔ:t 'tə:mizm/ n. Meaning Meaning4. Words and Expressions4. Words and Expressions Example Examplethe tendency to focus attention on the tendency to focus attention on short-term gains, often at the short-term gains, often at the expense of long-term success or expense of long-term success or stabilitystability More damagingly, say the worriers, short-termism leads to cuts in long-term investment. 人们担心，短利主义更大的危害在于减少了企业的长期投资。
(2) (2) scrutinize /'skru:tinaiz/ vt. Meaning Meaning4. Words and Expressions4. Words and Expressions Example Examplelook at or examine (sth) carefully or look at or examine (sth) carefully or thoroughly thoroughly Therefore, property buyers should carefully scrutinize sales units authorized instructions.因此，购房者应该仔细审阅销售单位的授权委托书 (3) (3) reckon /'reckon /'rekrekə ən n/ v. / v. Meaning Meaning4. Words and Expressions4. Words and Expressions Example Example assume, thinkassume, think What do you reckon our chances are of arriving on time? 你认为我们有没有可能按时到达？ (4) (4) allay /allay /ə ə'lei'lei/ v. / v. Meaning Meaning4. Words and Expressions4. Words and Expressions Example Examplemake (sth) less; relievemake (sth) less; relieve The commission report tries to allay fears on both sides.委员会的报告试图减少两边的担忧。
(5) (5) envisage /envisage /in'vizidin'vizidʒ ʒ/ / vtvt. . Meaning Meaning4. Words and Expressions4. Words and Expressions Example Example picture (an event, action, etc) in picture (an event, action, etc) in the mind as a future possibility; the mind as a future possibility; imagineimagine The board envisages that there will be a high profit.董事会预期将会获得高额利润 (6) (6) muster /'muster /'mmʌ ʌststə ə/ v. / v. Meaning Meaning4. Words and Expressions4. Words and Expressions Example Exampleassembly or gathering of people or assembly or gathering of people or things, esp for review or inspection things, esp for review or inspection Muster all the students you can find.把能找到的学生都集合起来。
(7) (7) assuage /assuage /ə ə'sweid'sweidʒ ʒ/ v. / v. Meaning Meaning4. Words and Expressions4. Words and Expressions Example Example provide relief; sootheprovide relief; soothe This is unlikely to assuage critics. 但这不可能会缓和人们的指责 Meaning Meaning4. Words and Expressions4. Words and Expressions Example Exampleinvade invade Many companies want to Many companies want to make inroadsmake inroads into China's into China's vast market.vast market.许多公司想打入中国的广大市场许多公司想打入中国的广大市场 (8) (8) make inroads make inroads Meaning Meaning4. Words and Expressions4. Words and Expressions Example Examplemake impossible, especially make impossible, especially beforehandbeforehand So I should ask you not to So I should ask you not to rule outrule out that possibility. that possibility.因此我想请你不要不考虑这个可能性。
因此我想请你不要不考虑这个可能性 (9) (9) rule outrule out 1. 1. Yet Yet last last week week Britain’s Britain’s business business secretary, secretary, Lord Lord MandelsonMandelson, , warned warned a a big big group group of of the the country's country's institutional institutional investors—doubtless investors—doubtless fixing fixing those those from from Cadbury Cadbury with with a a narrowed narrowed eye—against eye—against the the dangers dangers of of short-short-termismtermism. (Para. 1) . (Para. 1) 5. Notes to the Text5. Notes to the Text[ [解析解析] ] 本句中本句中Lord Lord MandelsonMandelson是是Britain’s business secretaryBritain’s business secretary的同位语，短语的同位语，短语“ “warn…against”warn…against”意为警告；两个破折号中意为警告；两个破折号中间的部分起解释说明的作用，作插入语。
间的部分起解释说明的作用，作插入语 [ [释义释义] ] But last week Lord Mandelson, who is Britain’s business secretary, warned many of the country’s institutional investors against the dangers of short-termism. There is no doubt that he is fixing the people from Cadbury with a narrowed eye. [ [解析解析] ] Considering that Kraft’s shares are not in its real Considering that Kraft’s shares are not in its real value, he advised the firm’s bosses not to be so value, he advised the firm’s bosses not to be so greedy and ask for a high price for Cadbury.greedy and ask for a high price for Cadbury. 2. Reckoning that Kraft’s shares are undervalued he 2. Reckoning that Kraft’s shares are undervalued he counseled the firm’s bosses not to let their “animal counseled the firm’s bosses not to let their “animal spirits run high” and overpay for Cadbury. (Para. 2)spirits run high” and overpay for Cadbury. (Para. 2)5. Notes to the Text5. Notes to the Text [ [释义释义] ] Cadbury’s workers’ unions opposed the move of Cadbury’s workers’ unions opposed the move of merger, worrying about job cuts, but Cadbury’s merger, worrying about job cuts, but Cadbury’s board has give enough reasons to prove that the board has give enough reasons to prove that the price is very good to merge the two companies to price is very good to merge the two companies to create the world’s biggest confectioner. create the world’s biggest confectioner. 3. Cadbury's unions opposed the move, worried about job 3. Cadbury's unions opposed the move, worried about job cuts, but the firm's board has reasoned that the price is cuts, but the firm's board has reasoned that the price is right to bring together the two companies to create the right to bring together the two companies to create the world’s biggest confectioner. (Para. 4)world’s biggest confectioner. (Para. 4)5. Notes to the Text5. Notes to the Text [ [释义释义] ] Through coping with potential competitors, Through coping with potential competitors, satisfying Cadbury’s board of committee, and satisfying Cadbury’s board of committee, and comforting comforting MrMr Buffet, it is proved that Kraft’s Buffet, it is proved that Kraft’s boss is a good and quick-minded manager. boss is a good and quick-minded manager. 4. 4. In dealing with potential rivals, satisfying Cadbury’s In dealing with potential rivals, satisfying Cadbury’s board and soothing board and soothing MrMr Buffet, Kraft’s boss has proved Buffet, Kraft’s boss has proved she is a deft operator. (Para. 7)she is a deft operator. (Para. 7)5. Notes to the Text5. Notes to the Text 。
