- •Vocabulary ……………………………………………………………. 57
- •Vocabulary
- •Types of businesses in the uk
- •Vocabulary
- •Incorporation
- •Vocabulary
- •Forms of businesses in the usa
- •Vocabulary
- •Takeovers and Mergers
- •Vocabulary
- •Company Structure
- •Directors and Managers
- •Vocabulary
- •Mts Systems Corporation
- •Philips
- •Motorola
- •The Philips Story
- •Robert Bosch gmbh
- •Procter & Gamble
- •Colgate-Palmolive Company
- •1. Aerated Bread Company
- •2. Apple Corps ltd
- •Mannesmann
Takeovers and Mergers
There are several relationships that may grow up between business in Great Britain and the United States of America. They are as follows:
takeovers
mergers
amalgamation
integration
combination
absorption
etc.
No agreement has been reached among financial experts as to the precise difference in meaning between the terms.
The most popular are takeovers and mergers. In a takeover one company buys a controlling interest in another company by acquiring at least 51% of its shares. The company does this by making a direct approach to the company's shareholders for their shares. The company intending to take over will not necessarily consult the company it is taking over.
The Stock Exchange Council in London has drawn up a code of practice to regulate takeovers to prevent some abuses. One such abuse is secret dealing when a company wishes to take over secretely and buys its shares secretely. Another abuse is insider dealing thanks to information used for personal profit.
With a merger, two or more companies involved will consult with each other previously. They try to make a certain agreement on their merger to the satisfaction of both companies.
Vocabulary
* takeover |
|
поглощение |
* to take over |
|
поглощать |
* merger |
|
слияние |
* to merge |
|
сливаться |
relation |
|
отношение, связь, зависимость |
relationship |
|
взаимоотношение, связь |
to relate |
|
устанавливать связь, соотносить, относиться |
amalgamation |
|
слияние компаний |
integration |
|
объединение компаний |
combination |
|
соединение, объединение, трест |
absorption |
|
слияние, поглощение |
*agreement |
|
* соглашение, договоренность, зд. единое мнение |
precise |
|
точный |
meaning |
|
значение, смысл |
* term |
|
1) термин, * 2) условие |
to term |
|
выражать, называть |
* controlling interest |
|
контрольный пакет акций |
* to acquire |
|
приобретать |
at least |
|
по крайней мере |
approach |
|
подход, подступ |
to make a direct approach to smb |
|
обратиться непосредственно к кому-либо |
to intend syn. to plan, to wish |
|
намереваться
|
council |
|
совет |
to draw up (drew, drawn) |
|
составлять |
to prevent |
|
предотвратить |
abuse |
|
злоупотребление |
* dealing |
|
сделка |
insider |
|
член организации |
to involve |
|
затрагивать, вовлекать |
the companies involved |
|
вовлеченные компании |
previous |
|
предыдущий, предварительный |
previously |
|
предварительно |
to satisfy |
|
удовлетворять |
satisfaction |
|
удовлетворение |
Exercises
Задание 1. Find the English equivalents in the text:
Среди финансистов нет единого мнения о том, чем точно каждый термин отличается от других.
При поглощениях одна компания покупает контрольный пакет акций другой компании, но не менее 51% ее акций.
Компания осуществляет поглощение, устанавливая прямой контакт с акционерами.
Она необязательно консультируется с компанией, которую поглощает.
Совет Фондовой биржи Лондона выработал правила для регулирования поглощений с целью исключения злоупотреблений.
Задание 2. Find answers to the following questions in the text:
What abuses do takeovers often involve?
What organization in the UK takes care to prevent such abuses?
How are takeovers regulated?
In what way are mergers different from takeovers?
What other forms of companies, combining their capital are mentioned in the text?
Which of the six forms are the most popular?
Задание 3. Complete the following sentences and translate them into Russian:
One company buys another by acquiring at least __________________
They bought the company by acquiring _________________________
They are planning to buy this company by acquiring not less than ____
They cannot buy the company by acquiring more tha_______
With a merger, the two companies involved ______________________
They try to make a certain agreement _________________________
Задание 4. Write answers to the following questions:
1. What is a takeover? 1 ___________________________
2. What is a merger? 2 __________________________
Задание 5. Read the text and answer the following questions (give short answers):
Which company has been taken over by a group of other companies?
Which five other companies are definitely taking over other companies?
Which five other companies are definitely being taken over?
Which eight companies are involved in possible takeovers?
Which company is going to start a new company which it will own?
Which four companies are joining together or want to join together to form two companies?
Which four companies are buying minority stakes in which five other companies? Which one of these will probably become a takeover?
Which two companies are working together on a new project without changing their ownership?
Chase Manhattan is taking a minority stake in two British stockbrokers, Simon & Coates and Laurie, Milbank, with a view to acquiring them completely as soon as stock exchange regulations permit.
An agreed bid of £82m was made for Link House Publications by British publishers United Newspapers.
Reckitt and Colman increased their bid for Australian chemists Nicholas Kiwi, to America's Federal Trade Commission approved the joint venture of General Motors and Toyota to build small cars in California.
British electronics group Thorn EMI said it wants to merge with British Aerospace. The merged company would have annual turnover of over £5 billion and products ranging from pop stars to missiles.
Lloyds Bank is to follow the lead of the other British clearing banks by forming its own merchant banking subsidiary.
Jacob Rothschild's firm Charterhouse J. Rothschild will buy the 24.8% stake in Hambro Life owned by Hambros Bank.
Ted Turner's cable-TV company is thinking about bidding against network giant ABC to buy ESPN, America's largest cable channel.
|
A$370m ($310m), topping the rival offer from Consolidated Foods, but still falling short of the market's valuation.
Dow Scandia is to buy a 29.9%, stake in Savory Milln, the London stockbrokers.
A consortium led by ITT bought the systems groups of the bankrupt Danish software and computer designer Christian Rovsing.
The board of Prentice-Hall, the American publisher, approved a $705m takeover bid from Gulf & Western.
Schlumberger, the Franco-American oil services group, is acquiring Sedco, a Dallas-based drilling company for $1.1 billion.
B.A.T is selling the British retail chain, International Stores, to Dee Corp. for $118m.
International Harvester is selling its troubled farm-equipment division to Tenneco for $430m.
The West German steelmakers Krupp Stahl and Klockner-Werke are to merge and team up with Australia's CRA, which will take a 35% stake in the new concern.
Britain's second largest tour operator, Intasun Leisure, made a contested £44m bid for the Comfort Hotel chain.
|