大学核心商务英语读写教程3课件陆军 ISBN9787811349207PPTUnit 4.ppt

Objectives The phrase mergers and acquisitions (abbreviated MA) 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 isnt 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. Theme of the Text Text A explores why China is behind in global MA, 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. 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. 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 appear