1. Insert correct types of alliances from the box into the spaces in the following descriptive examples.

joint venture merger acquisition or takeover

1. An may be friendly or hostile depending on how a purchase is communicated to and received by the target company's board of directors, employees and shareholders. 2. In both companies' stocks are surrendered and new company stock is issued in its place. 3. It will be sold to a created by Dow Jones and Westinghouse Broadcasting. 4. A happens when two firms agree to go forward as a single new company rather than remain separately owned and operated 5. usually refers to a purchase of a smaller firm by a larger one. 6. A purchase deal will also be called a when both CEOs agree that joining together is in the best interest of both of their companies. 7. The partners can usually form the capital of the company through injections of cash alone or cash together with assets such as 'technology' or land and buildings. 8. In both partiers exercise control over the enterprise and consequently share revenues, expenses and assets. 9. When one company takes over another and clearly establishes itself as the new owner, the purchase is called an .

2. Read the text “When egos collide” on page 118 of nIiB sb and answer the questions.

1. What are the corporate executives likened to? 2. What business advantages could two pharmaceuticals giants derive from their supposed alliance? 3. Why was the deal between Glaxo and Beecham off for the time being? 4. What features of corporate business culture make clashes of merging companies’ CEOs inevitable? 5. Which pathological features could be traced on personality tests in many senior businessmen? 6. Why do many companies want abnormal personalities as leaders? 7. Who was to blame for the break-down of planned merger between Volvo and Renault? 8. What added spice to the management revolt at Volvo? 9. How can mega-mergers work? 10. What is essential for parties and the shareholders during mergers? 11. How can shareholders control the egos of managers? 12. Where can independent directors play their part?

3. Read the text “Effects of m&a on management” and put questions to the italicized words and expressions. Effects of m&a on management

A study published in the July/August 2008 issue of the Journal of Business Strategy suggests that mergers and acquisitions (M&A) destroy leadership continuity in target companies’ top management teams for at least a decade following a deal. The study found that target companies lose 21 percent of their executives each year for at least 10 years following an acquisition – more than double the turnover experienced in non-merged firms. If the businesses of the acquired and acquiring companies overlap, then such turnover is to be expected; in other words, there can only be one CEO, CFO, et cetera at a time.

4. Listen to the dialogue “A Corporate Takeover” and commentaries coming after it. Give English definitions to the words and expressions in bold print. Learn the dialogue by heart and dramatise it with a classmate.

A Corporate Takeover

Lee: Hello, Lee Williams.

Bruce: Hi, Lee. This is Bruce Eng. The reason I’m calling is to find out if there is any news about your company’s takeover bid for Shamrock Corp. It’s been a week and I was wondering what’s happening.

Lee: Hi, Bruce. I’m glad you called. I was just about to call you with an update. Here’s where we are. The offer we made to Shamrock was rejected by the board on Tuesday. Our company’s board of directors has been meeting all week to decide the next course of action.

Bruce: Is there any chance that this could turn into a hostile takeover?

Lee: There is a distinct possibility. Our company is hoping to avoid that since we had hoped to do extensive due diligence, but a hostile takeover may be the only option right now if we decide to move ahead with this.

Bruce: Would the banks go for little or no due diligence? I thought that their support of the takeover bid was contingent on getting more information about the state of Shamrock’s finances.

Lee: You’re right and that may be the stumbling block.

Bruce: Okay, well, call me if you get more information.

Lee: I will. You can count on it.

(From ESL Podcast 368.)

5. Listen to the dialogue “Giving Opinions in a Meeting”. Find synonyms to words and phrases in the dialogue (1-14) from words and expressions given below (a-n). Listen to the commentaries coming after the dialogue and check your answers.

Giving Opinions in a Meeting

I was in a department meeting and our manager was asking for our feedback¹ on improving our product. I had a few ideas and I wanted to get them across², but one of my colleagues³ was giving me a hard time⁴.

Marcelo: In my opinion⁵, I think that we need to look at the question more from the customer’s perspective⁶. I really feel we need to do more market research.

Ellen: I tend to think that⁷ we have enough information already and it’s time to make some decisions.

Marcelo: Well, the way I see it, we’ve only scratched the surface⁸ in getting to know our customers. We need to get inside their heads⁹ if we want to offer what they want and aren’t getting right now.

Ellen: You may be right, but if you ask me, I just don’t think it’s worth it to sink¹⁰ more time and money into the type of market research you’re proposing. It’s far more than what other companies are doing.

Marcelo: That’s precisely my point¹¹. I’m sure that¹² if we can get information that other companies don’t have, we’ll be one step ahead¹³.

That’s when the manager stepped in and offered her opinion. And, I’m happy to say, she sided with me¹⁴.

(From ESL Podcast 220)

Synonymous phrases:

a. a particular way of thinking about something;

b. how well or badly you are doing;

c. idea;

d. making things difficult for someone;

e. people you work with;

f. to be certain that something is true;

g. to find out or do a small amount, but not enough to understand or solve the problem;

h. to manage to achieve more than they do or avoid competition or danger from them;

i. to my mind;

j. to spend money on something in the hope of making more money;

k. to succeed in making other people understand it;

l. to support another person in an argument;

m. to understand the way people think;

n. to want to give your opinion, but not want it to seem too forceful or definite.