并购及案例的分析全英文版.docx

一、About MAMerger: combination of two or more corporations.Acquisition: the act of contracting or assuming or acquiring possession of something.Merger refers to an enterprise to take various forms for receiving the property rights of other enterprises, so that the merged party lost the qualifications of a legal person or legal entity economic behavior change.Acquisition refers to an enterprise can through the purchase of shares of listed companies and the companies operating decisions change behaviorIn my opinion, merger is one commercial company could totally control the other company. acquisition is one commercial company own the other company.二、Case：TCL mergers ThomsonBackground information:TCL: TCL Group Co., Ltd. was founded in 1981, is one of the consumer electronics business groups worldwide scale, forming a multi-media, telecommunications, home appliances, and parts of the four industry groups, as well as real estate and investment business, logistics and services business group .Thomson: Thomson is Frances largest state-owned enterprises, is the worlds fourth-largest consumer electronics maker, has four main business direction: content and networking, consumer products, components, patent licensing.About case: TCL mergers Thomsonprogress: July 29, 2004, TCL and Frances Thomson jointly funded 470 million euros, of which one hundred million euros TCL3.149 investment accounted for 67% of shares, Thomson invested 155.1 million euros held by 33% of the shares, the establishment of TCL- Thomson Electronics Limited, referred TTE company.Result:By the end of 2004, the European business losses only a few hundred million yuan; by the end of 2005, a loss of 550 million yuan in Europe; the first half of 2006, TCL European business losses rose to 700 million yuan; and 2006 end of 9, TCL in Europe investment accumulated losses reached 203 million euros (about 2.034 billion yuan). TTE Europes accumulated losses has exceeded 3.345 billion yuan, TCL Multimedia in the Europe