企业兼并(英文)  

Mergers

作　　者：Margaret O’Keeffe 

出　　处：《英语沙龙（高中）》2013年第9期28-29,共2页

摘　　要：兼并是指通过产权的有偿转让,把其他企业并入本企业或企业集团中,使被兼并的企业失去法人资格或改变法人实体的经济行为。通常是指一家企业以现金、证券或其他形式购买取得其他企业的产权、使其他企业丧失法人资格或改变法人实体,并取得对这些企业决策控制权的经济行为。＂Hostile takeovers＂, ＂dawn raids＂, ＂black knights＂ and ＂white squires＂.., this warlike terminology, believe it or not, is the language of business and in particular the language of takeovers and mergers. With all this military sounding jargon, it＇s not surprising that people often see mergers as aggressive. So what are the motives behind mergers, and what do all the terms mean？ Two companies often combine, or merge, because it benefits them both. A small company may have plans to grow, but doesn＇t have the capital. Joining forces with a larger company can help them realise their plans, while the larger partner benefits by expand ing its range of products or services. But it also happens that smaller companies become the victims of an aggressive attempt by a larger company to take control of their business. Or, in more dramatic terminology, a ＂black knight＂ makes a ＂hostile takeover bid＂. In these situations the smaller company may decide to merge with another company of their choice, rather than being forced into an aggressive takeover. This preferred com pany is known as a ＇White knight＂. A ＂white knight＂ will be big enough to take control of the smaller company, but on terms they both agree. So what＇s a ＇White squire＂？ Well, this refers to a company that isn＇t powerful enough to control the smaller company, but which is able to buy enough of its shares to stop the ＂black knight＂ from making the takeover. Sometimes, however, it＇s too late for knights or squires to come to the rescue. If the company planning the takeover is par ticularly cunning, they may make a ＂dawn raid＂. This involves get ting to the stock market as soon as it opens in the morning and buying up enough shares in the victim＇s company to gain control. Before the smaller company knows what＇s happened, they＇ve been taken over. So clearly there are many kinds of players involved in a merg er. But there are also many kinds of mergers the vertical merger and the horizontal merger

关 键 词：企业兼并 经济行为 法人实体 法人资格 决策控制权 有偿转让 企业集团 企业并 

分 类 号：F271[经济管理—企业管理]