商务英语-企业兼并收购案例分析

AcquisitionPreparedby谢怡敏沈婧高彤沈秋DefinitionAcompany,pieceofland,ect.boughtbysb,especiallyanothercompany;theactofbuyingit:TheyhavemadeacqusitionsinseveralEuropeancountries.HostileTakeoversAtakeoverinwhichthetargethasnodesiretobeacquiredandactivelyrebuffstheacquirerandrefusestoprovideanyconfidentialinformation.Theacquirerusuallyhasalreadyaccumulatedaninterestinthetarget(20%oftheoutstandingshares)andthispreemptiveinvestmentindicatesthestrengthofresolveoftheacquirer.FriendlyAcquisitionTheacquisitionofatargetcompanythatiswillingtobetakenover.Usually,thetargetwillaccommodateoverturesandprovideaccesstoconfidentialinformationtofacilitatethescopingandduediligenceprocesses.KraftFoodsKraft,whoproducescoffee,candy,dairyproducts,isnowtheworld'ssecond-largestfoodcompany.In1982and1984,itenteredintoTaiwanandChinamainlandmarket.NowitsChinamainlandheadquarter(总部)isinShanghai.Itownsmanywell-knownfoodbrands,includingpeace,Oreo,lotsofinterest,fun,Trakinas,Tang,MaxwellHouse,Singles,Philip,Toberone,Planters,delicious,KraftMiracleWhip,andtheEuropeanBismarck.CadburyCadburyBirmingham,aveteran(资格老的)Britishcandymanufacturerfoundedin1824,wasevertheworld’ssecondlargestconfectionerycompanywithatotalof2500typesofproductsandanannualturnover(营业额)over£1billionintheUK.AfterthemergerofadrinkcompanySchweppes(玉泉)in1969,thecompanynamedCadbury.Whytherewassuchacase1Whatitbroughtouttobothcompanies2Whatimplicationsforotherorganizations3ThemotivationofthisacquisitionTogetaneconomyscaleWhenKraftandCadburyjointheirhands,ithelpstoexpandthescaleofproductionandsalestoreducethecost.Theybothwanttoincreasetherevenuebyintegratingthedistributionsystemanddevelopingnewproducts.TopromotethemarketcompetitivenessanddominantforceForKraft,thisacquisitionisawayoftheleastinput,largestgainsandfastesteffective.Kraftneedn’ttomakemanyeffortstobuildfamousbrand,weavesalesnetwork.Allthesewillbemadeaftertheacquisition.ToreducetherisksofKraft’sassetmanagementFortheacquisitionenterprises,hybridmergerscanachievediversification,sothatitcandisperse(分散)themanagementrisks.ToavoidbankruptcyForCadbury,tojoinKraftisbeneficialtoitsbusinessdevelopment.Ithelpsreducetheriskstoavoiditsbankruptcybenefitsproblemsinfluence1.2.3.CadburycanlearnKraft’smarketingexperienceindevelopingcountriescontinuetoexpandtheircandykingdom.EnhanceKraft’sstrengthinnewly-bornmarketHelpKraftstepintothecandymarkettoseizethehigherground1.2.3.TheemployeesarefacedwiththeredundancyMayleadtocontradiction(抵触)amongtheemployeesFacedwiththeproblemofpersonnelrestructuring1.Itisnotthestrongestofthespeciesthatsurvive,buttheonemostresponsivetochange:Onlywithasenseofchange,cantheenterprisessurviveinthecompetition.2.Thecompaniesneedpropermanagement.3.Properlyregardtheacquisitionandcatcheverypossiblechancefordevelopment.Implications:Kraft:atallcostsForTheKraft,oncesuccessful,itsglobalpositionwillsurpasstheNescafe,becomingtheworld’sbiggestfoodcompanywithatotalrevenueover$50billion.Inaddition,thisacquisitionwillalsosuccessfullyhelpKraftmakeforitsabsenceinthecandymarket.（unsuccessfulcase)MicrosoftrenewsYahoodriveSteveBallmer,Microsoft'schiefexecutiveofficer,hasincreasedthepressureonYahootohandovercontrolofitssearchbusinesstohissoftwarecompany.SpeakinginaninterviewwiththeFinancialTimes,MrBallmersetthestageforanewshowdownnearlyayearafterMicrosoft'sfirstabortedattemptatafulltakeover.However,heruledoutafullacquisition,despiteacollapseinYahoo'ssharepricethathaspusheditsmarketvaluedownto$17bn,lessthan40percentoftheamountthatMicrosoftofferedtopayinamixtureofcashandstocklastyear.Thebesttimeforalandmarksearchpactbetweenthecompanieswasduringthecurrentmanagementtransitionatbothcompanies,MrBallmersaid.为让雅虎(Yahoo)将搜索业务出售给微软(Microsoft)，微软首席执行官史蒂夫·鲍尔默(SteveBallmer)增加了对雅虎施加的压力。在接受英国《金融时报》采访时，鲍尔默为新一轮的摊牌谈判做好了准备，这距离微软首次全面收购雅虎的努力失败已有近一年的时间了。不过，鲍尔默排除了全面收购的可能，虽然雅虎股价暴跌已导致其市值缩水至170亿美元，还不到微软去年现金加股票收购报价的40%。鲍尔默表示，当前两家公司都处于管理层人事变动的过渡期，这是双方合并搜索业务、达成这项里程碑式交易的最佳时期。“Wenowhavesomeoneinplacerunningouronlinebusiness,andYahoo'soutlookingforaCEO.“Ifasearchdealistobemade,it'sprobablytobemadeintheinterimperiodfornewleadersinbothplaces.”MicrosofthiredQiLu,Yahoo'sformersearchchief,latelastyeartoheaditsonlineoperations,amovethatwasseenasawaytosmoothanypotentialdealbetweenthecompanies.Yahoorefusedtocomment.However,followingtheharshcriticismhereceivedfromshareholdersoverhisfailuretoagreetoaMicrosoftacquisition,JerryYang,Yahoo'soutgoingCEO,hassaidtheinternetcompanywouldbeopentoanynewdiscussionsaboutadeal.YahoohasbeensearchingforareplacementforMrYangsinceNovemberandisbelievedtobeclosinginonacandidate.“现在我们运营在线业务的负责人已经到任，而雅虎正在寻找首席执行官的人选。”“如果我们计划就搜索业务达成交易的话，大概会在两家公司的新领导人到任前的过渡时期完成。”去年年底，微软聘用雅虎前搜索业务主管陆奇出任互联网业务主管。这被视作微软为保证两家公司间任何可能达成交易的顺利完成而采取的行动。雅虎拒绝置评。不过，在杨致远(JerryYang)由于未接受微软收购要约而遭到股东严厉批评之后，这位即将离职的雅虎首席执行官曾表示，雅虎公司将对任何有关收购交易的新谈判敞开大门。自去年11月以来，雅虎一直在寻找替代杨致远的人选，并据信已逐渐锁定一位候选人。失败原因从2月1日提出收购方案到第一次拒绝微软，雅虎的股价持续走高，而微软的股价下滑，这表现出市场对这一并购成功的看好。但是随着雅虎一直对微软收购方案反应冷淡，加上和谷歌等的合作方案等传闻，使得雅虎的股东不再表现得那么有信心。当雅虎于5月4日再次拒绝已经提价的收购方案后，雅虎股价在一周内缩水20%。仅从并购始末来看，雅虎一向认为微软出价过低，但是本质上看，微软在2月1日的出价已经对其股价溢价62%。另一方面来说，微软5月3日