恋情告急
<p> 2015复习正是强化复习阶段，在考研英语中占了40分，所以考研英语阅读是英语科目中重要的一项。名师老师曾建议过考研生需要坚持每天泛读10-15分钟的英文原刊。强烈推荐了杂志《经济学人》.杂志中的文章也是考研英语的主要材料来源.希望考研考生认真阅读，快速提高考研英语阅读水平。 <span word="Love">Love</span> <span word="on">on</span> <span word="the">the</span> <span word="rocks">rocks</span> 恋情告急 <span word="The">The</span> <span word="romance">romance</span> <span word="of">of</span> <span word="a">a</span> <span word="merger">merger</span> <span word="of">of</span> <span word="equals">equals</span> <span word="rarely">rarely</span> <span word="lasts">lasts</span> <span word="long">long</span> 来自对等合并的浪漫很难持久 <span word="PARIS">PARIS</span> <span word="and">and</span> <span word="champagne">champagne</span>. <span word="What">What</span> <span word="better">better</span> <span word="way">way</span> <span word="tocelebrate">tocelebrate</span> <span word="an">an</span> <span word="engagement">engagement</span>? <span word="But">But</span> <span word="that">that</span> <span word="was">was</span> <span word="last">last</span> <span word="July">July</span>.<span word="On">On</span> <span word="May">May</span> 9<span word="th">th</span> <span word="a">a</span> <span word="terse">terse</span> <span word="joint">joint</span> <span word="statement">statement</span> <span word="from">from</span> <span word="their">their</span> <span word="bosses">bosses</span> <span word="confirmed">confirmed</span> <span word="that">that</span> <span word="Publicis">Publicis</span> <span word="andOmnicom">andOmnicom</span>, <span word="two">two</span> <span word="advertising">advertising</span> <span word="giants">giants</span>, <span word="would">would</span> <span word="not">not</span> <span word="be">be</span> <span word="getting">getting</span> <span word="married">married</span> <span word="after">after</span> <span word="all">all</span>. <span word="Instead">Instead</span>, <span word="althoughthey">althoughthey</span> <span word="maintain">maintain</span> <span word="a">a</span> <span word="great">great</span> <span word="respect">respect</span> <span word="for">for</span> <span word="one">one</span> <span word="another">another</span>, <span word="the">the</span> <span word="two">two</span> <span word="companies">companies</span> <span word="have">have</span> <span word="jointly">jointly</span> <span word="decided">decided</span> <span word="toproceed">toproceed</span> <span word="along">along</span> <span word="our">our</span> <span word="independent">independent</span> <span word="paths">paths</span>. <span word="The">The</span> <span word="only">only</span> <span word="thing">thing</span> <span word="missing">missing</span> <span word="was">was</span> <span word="a">a</span> <span word="GwynethPaltrow">GwynethPaltrow</span>-<span word="esque">esque</span> <span word="reference">reference</span> <span word="to">to</span> <span word="consciously">consciously</span> <span word="uncoupling">uncoupling</span>. 巴黎和香槟。还有比这更好的庆祝订婚的方法吗?但是这是去年六月的情况。五月九号，<span word="Publicis">Publicis</span> 和<span word="Omnicom">Omnicom</span> 这两家广告巨头的老板发表简短的联合声明，称两家公司最终不会结合在一起。相反，尽管他们对另一方保持有相当的尊重，但两家公司一致决定沿着各自的方向发展。唯一欠缺的是格温妮丝帕特罗式引用的有意识的分开。 <span word="Anyone">Anyone</span> <span word="connected">connected</span> <span word="with">with</span> <span word="the">the</span> <span word="two">two</span> <span word="firms">firms</span> <span word="should">should</span> <span word="probably">probably</span> <span word="count">count</span> <span word="himself">himself</span> <span word="lucky">lucky</span> <span word="that">that</span> <span word="they">they</span> <span word="uncoupledbefore">uncoupledbefore</span> <span word="rings">rings</span> <span word="were">were</span> <span word="exchanged">exchanged</span>. <span word="Corporate">Corporate</span> <span word="marriages">marriages</span> <span word="often">often</span> <span word="go">go</span> <span word="wrong">wrong</span>, <span word="but">but</span> <span word="mergers">mergers</span> <span word="of">of</span> <span word="equalsinwhich">equalsinwhich</span> <span word="two">two</span> <span word="firms">firms</span> <span word="of">of</span> <span word="roughly">roughly</span> <span word="similar">similar</span> <span word="size">size</span> <span word="combine">combine</span>, <span word="there">there</span> <span word="is">is</span> <span word="neither">neither</span> <span word="buyer">buyer</span> <span word="nor">nor</span> <span word="target">target</span> <span word="andtypically">andtypically</span> <span word="no">no</span> <span word="cash">cash</span> <span word="changes">changes</span> <span word="handsaccount">handsaccount</span> <span word="for">for</span> <span word="a">a</span> <span word="disproportionate">disproportionate</span> <span word="share">share</span> <span word="of">of</span> <span word="the">the</span> <span word="most">most</span> <span word="notoriousfailures">notoriousfailures</span>. <span word="Before">Before</span> <span word="making">making</span> <span word="a">a</span> <span word="comeback">comeback</span> <span word="as">as</span> <span word="the">the</span> <span word="latest">latest</span> <span word="merger">merger</span> <span word="wave">wave</span> <span word="gathered">gathered</span> <span word="force">force</span>, <span word="they">they</span> <span word="haddeservedly">haddeservedly</span> <span word="gone">gone</span> <span word="out">out</span> <span word="of">of</span> <span word="fashion">fashion</span> <span word="after">after</span> <span word="some">some</span> <span word="disastrous">disastrous</span> <span word="couplings">couplings</span> <span word="around">around</span> <span word="the">the</span> <span word="turn">turn</span> <span word="of">of</span> <span word="thecentury">thecentury</span>. 两家公司的相关人员都应该庆幸双方没有在交换戒指之后分手。合作婚姻常常步入歧路，但是两个拥有近乎同等规模的公司之间没有买家也没有目标方并以无现金易手为特征的平等合并，在最臭名昭著的失败案例中占据着一个不成比例的份额。还没从积蓄着力量的最大的并购潮中恢复过来，这些公司在经历了世纪之交进行的一些灾难性结合后，理所当然地落伍了。 <span word="When">When</span> <span word="Travelers">Travelers</span> <span word="and">and</span> <span word="Citibank">Citibank</span> <span word="unveiled">unveiled</span> <span word="their">their</span> <span word="merger">merger</span> <span word="of">of</span> <span word="equals">equals</span> <span word="in">in</span> <span word="April">April</span> 1998, <span word="Sandy">Sandy</span> <span word="Weill">Weill</span>, <span word="oneco">oneco</span>-<span word="chief">chief</span> <span word="executive">executive</span> <span word="of">of</span> <span word="the">the</span> <span word="aspiring">aspiring</span> <span word="financial">financial</span> <span word="powerhouse">powerhouse</span>, <span word="Citigroup">Citigroup</span>, <span word="pledged">pledged</span> <span word="to">to</span> <span word="share">share</span> <span word="with">with</span> <span word="hisco">hisco</span>-<span word="boss">boss</span>, <span word="John">John</span> <span word="Reed">Reed</span>, <span word="the">the</span> <span word="lucky">lucky</span> <span word="office">office</span> <span word="fireplace">fireplace</span> <span word="he">he</span> <span word="insisted">insisted</span> <span word="on">on</span> <span word="having">having</span> <span word="built">built</span>. <span word="There">There</span> <span word="was">was</span> <span word="not">not</span> <span word="tobe">tobe</span> <span word="much">much</span> <span word="toasting">toasting</span> <span word="of">of</span> <span word="marshmallows">marshmallows</span> <span word="together">together</span>. <span word="Barely">Barely</span> <span word="a">a</span> <span word="year">year</span> <span word="later">later</span> <span word="Robert">Robert</span> <span word="Rubin">Rubin</span>, <span word="a">a</span> <span word="formertreasury">formertreasury</span> <span word="secretary">secretary</span>, <span word="was">was</span> <span word="hired">hired</span> <span word="to">to</span> <span word="make">make</span> <span word="peace">peace</span> <span word="between">between</span> <span word="the">the</span> <span word="feuding">feuding</span> <span word="couple">couple</span>. <span word="In">In</span> <span word="February">February</span>2000 <span word="Mr">Mr</span> <span word="Reed">Reed</span> <span word="quit">quit</span> <span word="thismnage">thismnage</span><span word="trois">trois</span>. <span word="Large">Large</span> <span word="chunks">chunks</span> <span word="of">of</span> <span word="Citigroup">Citigroup</span> <span word="have">have</span> <span word="since">since</span> <span word="been">been</span> <span word="offloaded">offloaded</span>,<span word="as">as</span> <span word="if">if</span> <span word="to">to</span> <span word="confirm">confirm</span> <span word="that">that</span> <span word="the">the</span> <span word="merger">merger</span> <span word="should">should</span> <span word="never">never</span> <span word="have">have</span> <span word="been">been</span> <span word="consummated">consummated</span> <span word="in">in</span> <span word="the">the</span> <span word="first">first</span> <span word="place">place</span>. 当旅行家集团和花旗银行在1998年4月公布它们的对等合并后，这家有抱负的金融集团花旗集团的联席执行官<span word="Sandy">Sandy</span> <span word="Weil">Weil</span>承诺和他的合伙人<span word="John">John</span> <span word="Reed">Reed</span> 分享他强调已经建好的幸运办公室壁炉。蜜月期并未持续多久。仅仅一年，前任财政部长<span word="Robert">Robert</span> <span word="Rubin">Rubin</span> 被雇来调解这长期不和的一对。2000年1月，<span word="Reed">Reed</span>先生退出了这一三角家庭。大部分花旗集团资产被转卖，似乎为了证实这一并购当初就不该达成。 <span word="In">In</span> <span word="May">May</span> 1998 <span word="Daimler">Daimler</span> <span word="and">and</span> <span word="Chrysler">Chrysler</span> <span word="announced">announced</span> <span word="their">their</span> <span word="union">union</span>, <span word="creating">creating</span> <span word="a">a</span> <span word="giantGerman">giantGerman</span>-<span word="American">American</span> <span word="carmaker">carmaker</span>. <span word="Two">Two</span> <span word="years">years</span> <span word="later">later</span> <span word="Jrgen">Jrgen</span> <span word="Schrempp">Schrempp</span>, <span word="by">by</span> <span word="now">now</span> <span word="in">in</span> <span word="sole">sole</span> <span word="command">command</span>,<span word="having">having</span> <span word="seen">seen</span> <span word="off">off</span> <span word="Robert">Robert</span> <span word="Eaton">Eaton</span>, <span word="the">the</span> <span word="former">former</span> <span word="boss">boss</span> <span word="of">of</span> <span word="Chrysler">Chrysler</span>, <span word="claimed">claimed</span> <span word="that">that</span> <span word="the">the</span> <span word="term">term</span> <span word="merger">merger</span> <span word="ofequals">ofequals</span> <span word="had">had</span> <span word="been">been</span> <span word="used">used</span> <span word="only">only</span> <span word="for">for</span> <span word="psychological">psychological</span> <span word="reasons">reasons</span>. <span word="The">The</span> <span word="marriage">marriage</span> <span word="struggled">struggled</span> <span word="on">on</span> <span word="untilMay">untilMay</span> 2007, <span word="when">when</span> <span word="a">a</span> <span word="divorce">divorce</span> <span word="was">was</span> <span word="announced">announced</span>. <span word="Worst">Worst</span> <span word="of">of</span> <span word="all">all</span> <span word="was">was</span> <span word="the">the</span> <span word="merger">merger</span> <span word="in">in</span> <span word="January">January</span> 2000 <span word="ofTime">ofTime</span> <span word="Warner">Warner</span>, <span word="a">a</span> <span word="media">media</span> <span word="giant">giant</span> <span word="with">with</span> 70,000 <span word="staff">staff</span> <span word="and">and</span> <span word="revenues">revenues</span> <span word="of">of</span> $27 <span word="billion">billion</span>, <span word="with">with</span> <span word="AOL">AOL</span>, <span word="aninternet">aninternet</span> <span word="firm">firm</span> <span word="whose">whose</span> 12,000 <span word="employees">employees</span> <span word="generated">generated</span> <span word="less">less</span> <span word="than">than</span> $5 <span word="billion">billion</span>. <span word="To">To</span> <span word="symbolise">symbolise</span> <span word="theirdevotion">theirdevotion</span> <span word="to">to</span> <span word="power">power</span>-<span word="sharing">sharing</span>, <span word="Steve">Steve</span> <span word="Case">Case</span>, <span word="boss">boss</span> <span word="of">of</span> <span word="new">new</span>-<span word="economy">economy</span> <span word="AOL">AOL</span>, <span word="wore">wore</span> <span word="a">a</span> <span word="tie">tie</span> <span word="to">to</span> <span word="the">the</span> <span word="pressconference">pressconference</span> <span word="celebrating">celebrating</span> <span word="the">the</span> <span word="deal">deal</span> <span word="while">while</span> <span word="Gerald">Gerald</span> <span word="Levin">Levin</span>, <span word="boss">boss</span> <span word="of">of</span> <span word="old">old</span>-<span word="economy">economy</span> <span word="Time">Time</span> <span word="Warner">Warner</span>,<span word="turned">turned</span> <span word="up">up</span> <span word="without">without</span> <span word="one">one</span>. <span word="Months">Months</span> <span word="later">later</span> <span word="the">the</span> <span word="dotcom">dotcom</span> <span word="bubble">bubble</span> <span word="burst">burst</span>, <span word="making">making</span> <span word="a">a</span> <span word="fool">fool</span> <span word="of">of</span> <span word="Mr">Mr</span> <span word="Levin">Levin</span>,<span word="who">who</span> <span word="announced">announced</span> <span word="his">his</span> <span word="retirement">retirement</span> <span word="in">in</span> <span word="December">December</span> 2001. <span word="In">In</span> 2009 <span word="AOL">AOL</span> <span word="was">was</span> <span word="spun">spun</span> <span word="off">off</span>. <span word="Jeff">Jeff</span> <span word="Bewkes">Bewkes</span>,<span word="Time">Time</span> <span word="Warner">Warner</span> <span word="s">s</span> <span word="current">current</span> <span word="boss">boss</span>, <span word="calls">calls</span> <span word="the">the</span> <span word="merger">merger</span> <span word="the">the</span> <span word="biggest">biggest</span> <span word="mistake">mistake</span> <span word="in">in</span> <span word="corporate">corporate</span> <span word="history">history</span>. 1998年五月 戴姆勒和克莱斯勒宣布了它们之间的联合，形成了一个德美汽车制造巨头。两年后，目睹了克莱斯勒前老板罗伯特伊顿离开的约尔施伦普现在大权独揽，称对等合并条件只适用于心理原因。这场婚姻挣扎到了2007年5月，直到被宣判离婚。最糟糕的并购是2000年1月发生在拥有70,000员工、270亿美元资产的传媒巨头时代华纳和拥有12,000员工以及不超过50亿美元资产的互联网公司美国在线之间之间。为了表示它们之间相互扶持的决心，新经济型公司美国在线公司的老板斯蒂芬凯斯打了一条领带出席了庆祝交易成功的媒体发布会，而老牌经济型公司时代华纳的老板杰拉尔德莱文则没有打领带。几个月后互联网泡沫破灭，嘲讽了2001年12月退休的莱文先生。2009年美国在线被踢出局。时代华纳的现任老板杰夫比克斯称此次并购为公司史上最大的失误。 <span word="Although">Although</span> <span word="the">the</span> <span word="deals">deals</span> <span word="have">have</span> <span word="since">since</span> <span word="been">been</span> <span word="smaller">smaller</span> <span word="and">and</span> <span word="fewer">fewer</span>, <span word="the">the</span> <span word="tales">tales</span> <span word="of">of</span> <span word="woe">woe</span> <span word="have">have</span> <span word="continued">continued</span>. <span word="Afterfailing">Afterfailing</span> <span word="in">in</span> 2001 <span word="to">to</span> <span word="complete">complete</span> <span word="a">a</span> <span word="merger">merger</span> <span word="because">because</span> <span word="they">they</span> <span word="could">could</span> <span word="not">not</span> <span word="agree">agree</span> <span word="on">on</span> <span word="how">how</span> <span word="to">to</span> <span word="share">share</span> <span word="power">power</span>,<span word="Alcatel">Alcatel</span>, <span word="a">a</span> <span word="French">French</span> <span word="telecoms">telecoms</span>-<span word="equipment">equipment</span> <span word="firm">firm</span>, <span word="and">and</span> <span word="Lucent">Lucent</span>, <span word="an">an</span> <span word="American">American</span> <span word="rival">rival</span>, <span word="eventually">eventually</span> <span word="tiedthe">tiedthe</span> <span word="knot">knot</span> <span word="in">in</span> 2006. <span word="The">The</span> <span word="combined">combined</span> <span word="firm">firm</span> <span word="s">s</span> <span word="share">share</span> <span word="price">price</span> <span word="has">has</span> <span word="slumped">slumped</span> <span word="through">through</span> <span word="a">a</span> <span word="series">series</span> <span word="of">of</span> <span word="bosses">bosses</span>.<span word="Now">Now</span> <span word="there">there</span> <span word="is">is</span> <span word="talk">talk</span> <span word="of">of</span> <span word="a">a</span> <span word="possible">possible</span> <span word="merger">merger</span> <span word="with">with</span> <span word="Nokia">Nokia</span>, <span word="a">a</span> <span word="Finnish">Finnish</span> <span word="rival">rival</span>. <span word="In">In</span> <span word="February">February</span> 2012 <span word="Glencoreand">Glencoreand</span> <span word="Xstrata">Xstrata</span>, <span word="two">two</span> <span word="mining">mining</span> <span word="giants">giants</span> <span word="with">with</span> <span word="headquarters">headquarters</span> <span word="in">in</span> <span word="Switzerland">Switzerland</span>, <span word="agreed">agreed</span> <span word="on">on</span> <span word="a">a</span> <span word="merger">merger</span> <span word="ofequals">ofequals</span>, <span word="only">only</span> <span word="for">for</span> <span word="Glencore">Glencore</span> <span word="to">to</span> <span word="change">change</span> <span word="its">its</span> <span word="tune">tune</span> <span word="before">before</span> <span word="the">the</span> <span word="deal">deal</span> <span word="went">went</span> <span word="through">through</span> <span word="and">and</span> <span word="insist">insist</span> <span word="that">that</span> <span word="itsboss">itsboss</span>, <span word="Ivan">Ivan</span> <span word="Glasenberg">Glasenberg</span>, <span word="take">take</span> <span word="sole">sole</span> <span word="charge">charge</span> <span word="of">of</span> <span word="the">the</span> <span word="combined">combined</span> <span word="firm">firm</span>. <span word="Duke">Duke</span> <span word="Energy">Energy</span> <span word="behaved">behaved</span> <span word="evenmore">evenmore</span> <span word="brazenly">brazenly</span> <span word="after">after</span> <span word="completing">completing</span> <span word="its">its</span> <span word="merger">merger</span> <span word="with">with</span> <span word="Progress">Progress</span> <span word="Energy">Energy</span> <span word="in">in</span> <span word="July">July</span> 2012. <span word="As">As</span> <span word="part">part</span> <span word="of">of</span> <span word="thedeal">thedeal</span>, <span word="Jim">Jim</span> <span word="Rogers">Rogers</span>, <span word="Duke">Duke</span> <span word="s">s</span> <span word="boss">boss</span>, <span word="had">had</span> <span word="agreed">agreed</span> <span word="that">that</span> <span word="William">William</span> <span word="Johnson">Johnson</span>, <span word="Progress">Progress</span> <span word="s">s</span> <span word="boss">boss</span>, <span word="would">would</span> <span word="runthe">runthe</span> <span word="combined">combined</span> <span word="firm">firm</span>, <span word="and">and</span> <span word="he">he</span> <span word="would">would</span> <span word="be">be</span> <span word="executive">executive</span> <span word="chairman">chairman</span>. <span word="That">That</span> <span word="was">was</span> <span word="honoured">honoured</span> <span word="for">for</span> <span word="roughly">roughly</span> <span word="twohours">twohours</span>, <span word="before">before</span> <span word="the">the</span> <span word="board">board</span> <span word="that">that</span> <span word="had">had</span> <span word="just">just</span> <span word="appointed">appointed</span> <span word="Mr">Mr</span> <span word="Williams">Williams</span> <span word="as">as</span> <span word="chief">chief</span> <span word="executive">executive</span> <span word="fired">fired</span> <span word="him">him</span> <span word="andgave">andgave</span> <span word="Mr">Mr</span> <span word="Rogers">Rogers</span> <span word="the">the</span> <span word="job">job</span>. <span word="Lesson">Lesson</span> <span word="for">for</span> <span word="any">any</span> <span word="boss">boss</span> <span word="considering">considering</span> <span word="a">a</span> <span word="merger">merger</span> <span word="of">of</span> <span word="equals">equals</span>: <span word="ensure">ensure</span> <span word="your">your</span> <span word="firmgets">firmgets</span> <span word="at">at</span> <span word="least">least</span> <span word="half">half</span> <span word="of">of</span> <span word="the">the</span> <span word="members">members</span> <span word="of">of</span> <span word="the">the</span> <span word="new">new</span> <span word="company">company</span> <span word="s">s</span> <span word="board">board</span>. 尽管交易变得越来越少、越来越小，悲伤的故事依旧在继续。在2011年因为无法达成如何共享资源而并购失败之后，法国电信设备公司阿尔卡特和美国竞争者朗讯公司最终在2006年喜结连理。联合公司的股价在经历了一系列的老板之后下跌。现在有关于芬兰对手诺基亚公司存在可能的并购者的言论出现。2012年2月两个总部在瑞士的矿业巨头嘉能可和斯特拉塔集团达成了对等合并，只是要求嘉能可在交易进行前改变它的调子并坚持它的老板伊凡格拉森博格独掌联合公司。杜克能源在2012年6月完成了与<span word="Progress">Progress</span> <span word="Energy">Energy</span>的并购之后表现得更加无耻。作为交易的一部分，杜克公司的老板吉姆罗杰斯同意<span word="Progress">Progress</span>公司的老板威廉约翰逊运行联合公司，并且他会成为执行主席。这是只有两个小时的荣耀，刚刚任命威廉先生作为首席执行官的董事会开除了他并把这一职务交给罗杰斯先生。每一位考虑对等合并的老板都要考虑一个教训：确保你的公司拥有至少一半的新公司董事会成员。 <span word="The">The</span> <span word="aggregate">aggregate</span> <span word="data">data</span> <span word="on">on</span> <span word="mergers">mergers</span> <span word="of">of</span> <span word="equals">equals</span> <span word="reinforce">reinforce</span> <span word="the">the</span> <span word="message">message</span> <span word="of">of</span> <span word="these">these</span> <span word="sorry">sorry</span> <span word="tales">tales</span>. <span word="Onaverage">Onaverage</span>, <span word="mergers">mergers</span> <span word="have">have</span> <span word="a">a</span> <span word="mixed">mixed</span> <span word="record">record</span>, <span word="rewarding">rewarding</span> <span word="sellers">sellers</span> <span word="shareholders">shareholders</span> <span word="a">a</span> <span word="bit">bit</span> <span word="more">more</span> <span word="thanthey">thanthey</span> <span word="hurt">hurt</span> <span word="buyers">buyers</span> . <span word="But">But</span> <span word="equity">equity</span> <span word="deals">deals</span> <span word="and">and</span> <span word="large">large</span> <span word="deals">deals</span> <span word="tend">tend</span> <span word="to">to</span> <span word="do">do</span> <span word="worse">worse</span>, <span word="notes">notes</span> <span word="Steven">Steven</span> <span word="Kaplan">Kaplan</span> <span word="ofthe">ofthe</span> <span word="University">University</span> <span word="of">of</span> <span word="Chicago">Chicago</span>: <span word="Mergers">Mergers</span> <span word="of">of</span> <span word="equals">equals</span> <span word="are">are</span> <span word="both">both</span> <span word="large">large</span> <span word="and">and</span> <span word="typically">typically</span> <span word="done">done</span> <span word="with">with</span> <span word="stockrather">stockrather</span> <span word="than">than</span> <span word="cash">cash</span>. 对等合并的综合数据证实了这些令人遗憾的故事。通常，并购者有一个混合记录，损害买方的利益来给予卖方股票持有者更多的好处。但是对等交易和大宗交易更加糟糕，芝加哥大学的斯蒂芬卡普兰提到：对等合并方规模都很大，并且典型的是用股票替代现金来交易。 <span word="From">From</span> <span word="Omnicom">Omnicom</span> <span word="to">to</span> <span word="Omnishambles">Omnishambles</span> 从宏盟集团到一团糟 <span word="So">So</span> <span word="why">why</span> <span word="does">does</span> <span word="anyone">anyone</span> <span word="enter">enter</span> <span word="into">into</span> <span word="such">such</span> <span word="a">a</span> <span word="deal">deal</span>? <span word="Both">Both</span> <span word="firms">firms</span> <span word="tend">tend</span> <span word="to">to</span> <span word="be">be</span> <span word="big">big</span> <span word="and">and</span> <span word="similar">similar</span>, <span word="whichholds">whichholds</span> <span word="out">out</span> <span word="the">the</span> <span word="possibility">possibility</span> <span word="of">of</span> <span word="lots">lots</span> <span word="of">of</span> <span word="lucrative">lucrative</span> <span word="cost">cost</span>-<span word="saving">saving</span>. <span word="Yet">Yet</span> <span word="their">their</span> <span word="similar">similar</span> <span word="size">size</span> <span word="makes">makes</span> <span word="it">it</span> <span word="hard">hard</span> <span word="foreither">foreither</span> <span word="boss">boss</span> <span word="to">to</span> <span word="make">make</span> <span word="a">a</span> <span word="convincing">convincing</span> <span word="case">case</span> <span word="for">for</span> <span word="taking">taking</span> <span word="sole">sole</span> <span word="charge">charge</span>. <span word="Bosses">Bosses</span> <span word="tend">tend</span> <span word="to">to</span> <span word="haveplanet">haveplanet</span>-<span word="sized">sized</span> <span word="egos">egos</span>, <span word="believing">believing</span> <span word="they">they</span> <span word="can">can</span> <span word="make">make</span> <span word="anything">anything</span> <span word="work">work</span>, <span word="including">including</span> <span word="the">the</span> <span word="combination">combination</span> <span word="ofincompatible">ofincompatible</span> <span word="corporate">corporate</span> <span word="cultures">cultures</span>. <span word="That">That</span> <span word="proved">proved</span> <span word="a">a</span> <span word="task">task</span> <span word="too">too</span> <span word="far">far</span> <span word="for">for</span> <span word="Omnicom">Omnicom</span> <span word="and">and</span> <span word="Publicis">Publicis</span>. <span word="Thebosses">Thebosses</span> <span word="even">even</span> <span word="convince">convince</span> <span word="themselves">themselves</span> <span word="they">they</span> <span word="can">can</span> <span word="share">share</span> <span word="poweror">poweror</span> <span word="each">each</span> <span word="believes">believes</span> <span word="that">that</span>, <span word="if">if</span> <span word="not">not</span>, <span word="hecan">hecan</span> <span word="see">see</span> <span word="off">off</span> <span word="the">the</span> <span word="other">other</span>. <span word="Yet">Yet</span> <span word="all">all</span> <span word="too">too</span> <span word="often">often</span>, <span word="merger">merger</span> <span word="of">of</span> <span word="equals">equals</span> <span word="effectively">effectively</span> <span word="translates">translates</span> <span word="intorudderless">intorudderless</span> <span word="behemoth">behemoth</span>, <span word="says">says</span> <span word="Peter">Peter</span> <span word="Clark">Clark</span>, <span word="one">one</span> <span word="of">of</span> <span word="the">the</span> <span word="authors">authors</span> <span word="of">of</span> <span word="Masterminding">Masterminding</span> <span word="the">the</span> <span word="Deal">Deal</span>, <span word="abook">abook</span> <span word="on">on</span> <span word="how">how</span> <span word="to">to</span> <span word="execute">execute</span> <span word="mergers">mergers</span>. <span word="Everything">Everything</span> <span word="has">has</span> <span word="to">to</span> <span word="be">be</span> <span word="checked">checked</span> <span word="so">so</span> <span word="many">many</span> <span word="times">times</span> <span word="to">to</span> <span word="ensurethat">ensurethat</span> <span word="everyone">everyone</span> <span word="is">is</span> <span word="on">on</span> <span word="board">board</span>, <span word="and">and</span> <span word="competitive">competitive</span> <span word="speed">speed</span> <span word="is">is</span> <span word="lost">lost</span>. 那么为什么人人都想进入这样的交易中呢?双方企业规模都很大并且相似，这就会提供很多可能有利的成本缩减。然而他们相似的规模使得任意一方的老板都很难令人信服地获得独控权。老板们的自我意识都很强，相信自己可以使得一切运转自如，包括公司文化矛盾的整合。这对于宏盟集团和阳狮集团来说是一项不可能完成的任务。老板们甚至说服自己相信，他们能够分享权力或者说每个人相信，如果不是的话，他会让别人离开。因而对等并购常常像《策划交易》一书作者之一彼得克拉克所说的那样有效地变成无领导的庞然大物。所有的事情都必须要好好检查很多次确保每一个人都在船上，这样竞争速度就丢掉了。 <span word="The">The</span> <span word="rare">rare</span> <span word="merger">merger</span> <span word="of">of</span> <span word="equals">equals</span> <span word="that">that</span> <span word="succeeds">succeeds</span>, <span word="such">such</span> <span word="as">as</span> <span word="the">the</span> <span word="creation">creation</span> <span word="of">of</span> <span word="Lockheed">Lockheed</span> <span word="Martin">Martin</span>, <span word="a">a</span> <span word="defencefirm">defencefirm</span>, <span word="in">in</span> 1994, <span word="or">or</span> <span word="of">of</span> <span word="ConocoPhillips">ConocoPhillips</span>, <span word="an">an</span> <span word="oil">oil</span> <span word="giant">giant</span>, <span word="in">in</span> 2001, <span word="tends">tends</span> <span word="to">to</span> <span word="have">have</span> <span word="a">a</span> <span word="detailedintegration">detailedintegration</span> <span word="plan">plan</span> <span word="agreed">agreed</span> <span word="in">in</span> <span word="advance">advance</span>, <span word="and">and</span> <span word="one">one</span> <span word="boss">boss</span> <span word="who">who</span> <span word="is">is</span> <span word="eager">eager</span> <span word="to">to</span> <span word="retire">retire</span> <span word="as">as</span> <span word="soon">soon</span> <span word="as">as</span> <span word="possible">possible</span>.<span word="Typically">Typically</span>, <span word="neither">neither</span> <span word="is">is</span> <span word="the">the</span> <span word="case">case</span>. <span word="Their">Their</span> <span word="record">record</span> <span word="is">is</span> <span word="so">so</span> <span word="bad">bad</span> <span word="that">that</span> <span word="any">any</span> <span word="talk">talk</span> <span word="of">of</span> <span word="a">a</span> <span word="merger">merger</span> <span word="of">of</span> <span word="equals">equals</span> <span word="shouldset">shouldset</span> <span word="alarm">alarm</span> <span word="bells">bells</span> <span word="ringing">ringing</span>. <span word="You">You</span> <span word="have">have</span> <span word="been">been</span> <span word="warned">warned</span>, <span word="shareholders">shareholders</span> <span word="of">of</span> <span word="Lafarge">Lafarge</span> <span word="and">and</span> <span word="Holcim">Holcim</span> . <span word="Forget">Forget</span> <span word="the">the</span> <span word="romance">romance</span> <span word="ofpower">ofpower</span>-<span word="sharing">sharing</span>; <span word="when">when</span> <span word="it">it</span> <span word="comes">comes</span> <span word="to">to</span> <span word="the">the</span> <span word="tricky">tricky</span> <span word="business">business</span> <span word="of">of</span> <span word="making">making</span> <span word="a">a</span> <span word="merger">merger</span> <span word="work">work</span>, <span word="someonemust">someonemust</span> <span word="be">be</span> <span word="in">in</span> <span word="charge">charge</span>. 少数几个对等并购成功的例子，例如1994年的洛克希德马丁防御武器公司和2001年的石油巨头康菲公司趋向于提前达成一个详细的综合计划，并且其中一个老板迫切的希望尽快退休。典型的，没有一个是这样的例子。他们的记录很糟糕，以至于任何有关于对等并购的话题都会敲响警钟。你已经被警告了，拉法基公司以及霍尔希姆公司的股权人。忘记权力分享的浪漫吧;当涉及到狡猾的使并购进行的事项中时，必须有人来掌控局面。 词语解释 1.<span word="connect">connect</span> <span word="with">with</span> 使有关系;与连接 <span word="But">But</span> <span word="will">will</span> <span word="young">young</span> <span word="people">people</span> <span word="be">be</span> <span word="as">as</span> <span word="keen">keen</span> <span word="to">to</span> <span word="raise">raise</span> <span word="moneyand">moneyand</span> <span word="connect">connect</span> <span word="with">with</span> <span word="friends">friends</span> <span word="to">to</span> <span word="support">support</span> <span word="the">the</span> <span word="president">president</span>? 但年轻人还会那么热心筹款，或者联系朋友们去支持总统吗? <span word="Participants">Participants</span> <span word="connect">connect</span> <span word="with">with</span> <span word="each">each</span> <span word="other">other</span> <span word="in">in</span> <span word="person">person</span> <span word="andonline">andonline</span> <span word="to">to</span> <span word="share">share</span> <span word="their">their</span> <span word="experiences">experiences</span> <span word="and">and</span> <span word="challenges">challenges</span>. 参与者在线上和线下彼此建立联系，分享各自的经历和困难。 2.<span word="account">account</span> <span word="for">for</span> 导致，引起 <span word="Do">Do</span> <span word="women">women</span> <span word="account">account</span> <span word="for">for</span> <span word="more">more</span> <span word="of">of</span> <span word="today">today</span> <span word="s">s</span> <span word="affairs">affairs</span>? 如今女性在婚外情中所占比例是不是更大? <span word="Philosophers">Philosophers</span> <span word="had">had</span> <span word="long">long</span> <span word="wondered">wondered</span> <span word="how">how</span> <span word="to">to</span> <span word="account">account</span> <span word="for">for</span> <span word="essences">essences</span>. 长期以来，哲学家们困惑于如何说明这些本质。 3.<span word="pledge">pledge</span> <span word="to">to</span> 承诺 <span word="Will">Will</span> <span word="the">the</span> <span word="markets">markets</span> <span word="reward">reward</span> <span word="the">the</span> <span word="government">government</span> <span word="for">for</span> <span word="its">its</span> <span word="a">a</span> <span word="pledge">pledge</span> <span word="to">to</span> <span word="eliminate">eliminate</span> <span word="public">public</span> <span word="borrowing">borrowing</span>? 市场是否会因英国政府承诺消除赤字而对之进行奖赏? <span word="Did">Did</span> <span word="the">the</span> <span word="oil">oil</span> <span word="companies">companies</span> <span word="follow">follow</span> <span word="through">through</span> <span word="with">with</span> <span word="their">their</span> <span word="pledge">pledge</span> <span word="to">to</span> <span word="create">create</span> <span word="a">a</span> <span word="rapid">rapid</span>-<span word="responsemechanism">responsemechanism</span> <span word="for">for</span> <span word="future">future</span> <span word="spills">spills</span>? 石油公司保证建立应对未来泄漏事故的快速反应机制，他们坚守承诺了吗? 4.<span word="turn">turn</span> <span word="up">up</span> 翻起;出现 <span word="And">And</span> <span word="most">most</span> <span word="of">of</span> <span word="those">those</span> <span word="eyes">eyes</span> <span word="turn">turn</span> <span word="up">up</span> <span word="on">on</span> <span word="friday">friday</span> <span word="and">and</span> <span word="saturday">saturday</span> <span word="nights">nights</span>. 并且大多数这些个眼睛也只是在周五和周六晚上才出现。 <span word="I">I</span> <span word="hope">hope</span> <span word="some">some</span> <span word="of">of</span> <span word="those">those</span> <span word="photos">photos</span> <span word="turn">turn</span> <span word="up">up</span> <span word="in">in</span> <span word="campaign">campaign</span> <span word="ads">ads</span> <span word="one">one</span> <span word="day">day</span>. 我希望有朝一日这些照片中的某些会出现在竞选广告里。</p>
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