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一、AboutM&AMerger:combinationoftwoormorecorporations.Acquisition:theactofcontractingorassumingoracquiringpossessionofsomething.Mergerreferstoanenterprisetotakevariousformsforreceivingthepropertyrightsofotherenterprises,sothatthemergedpartylostthequalificationsofalegalpersonorlegalentityeconomicbehaviorchange.AcquisitionreferstoanenterprisecanthroughthepurchaseofsharesoflistedcompaniesandthecompaniesoperatingdecisionschangebehaviorInmyopinion,mergerisonecommercialcompanycouldtotallycontroltheothercompany.acquisitionisonecommercialcompanyowntheothercompany.二、Case：TCLmergersThomsonBackgroundinformation:1.TCL:TCLGroupCo.,Ltd.wasfoundedin1981,isoneoftheconsumerelectronicsbusinessgroupsworldwidescale,formingamulti-media,telecommunications,homeappliances,andpartsofthefourindustrygroups,aswellasrealestateandinvestmentbusiness,logisticsandservicesbusinessgroup.2.Thomson:ThomsonisFrance'slargeststate-ownedenterprises,istheworld'sfourth-largestconsumerelectronicsmaker,hasfourmainbusinessdirection:contentandnetworking,consumerproducts,components,patentlicensing.Aboutcase:TCLmergersThomsonTTETCLinvested3.149millioneuroshold67%sharesThomsoninvested155.1millioneuroshold33%sharesprogress:July29,2004,TCLandFrance'sThomsonjointlyfunded470millioneuros,ofwhichonehundredmillioneurosTCL3.149investmentaccountedfor67%ofshares,Thomsoninvested155.1millioneurosheldby33%oftheshares,theestablishmentofTCL-ThomsonElectronicsLimited,referredTTEcompany.Result:Bytheendof2004,theEuropeanbusinesslossesonlyafewhundredmillionyuan;bytheendof2005,alossof550millionyuaninEurope;thefirsthalfof2006,TCLEuropeanbusinesslossesroseto700millionyuan;and2006endof9,TCLinEuropeinvestmentaccumulatedlossesreached203millioneuros(about2.034billionyuan).TTEEurope'saccumulatedlosseshasexceeded3.345billionyuan,TCLMultimediaintheEuropeanbusinessrestructuringandcontractionoftheoverallcostmorethanexpectedBytheendof2004,EuropeleadstheglobalTVmarket,quicklyturnedtoflat-panelTVfromCRTTV.Europeanintegrationhasnotbeengoodcompanyreactedtooslowly,TCLisstillalotoffactoriesaroundtheCRTTVproduction.WhenthemergerallowsThomsonTCLpromisingmorethan10,000TV3,4patents,didnothelpthatmuch,becausetheyarebasicallyCRTTVflat-panelTVtraditionalCRTTV.Until2005,TCLflat-panelTVsbeganlarge-scalesupplyofthemarket,thistime,competitorshavebeguntocutprices,TCLfromproductdevelopment,supplychainmanagementtotheentiresystemisnotadaptedtothischange.Flat-panelTVswillcometokillsoquickly,soTCL-Thomsonpacethewholemess.Problem:1,M&Atoohastilythattheinternationalizationlackthenecessaryprudence.2.overestimatetheeconomicbenefitsoftheacquisition,ignoringmarkettrends3.Toomanybrands,lackofcompetitiveadvantage.Undercapitalisedcauseoperationaldifficulties4.Managethedrawbacksbecomecross-borderM&AfuseFailReason:1.Theintegrationofcoretechnologiesimproper2.OverseasM&Atriggerfundingloophole3.CulturaldifferencesinbusinessmanagementSuggest：(一)、beforeM&A—Conductacomprehensiveassessmentofprecautions1、undertheheightofstrategytochoosetheobject2、analysiscarefulfinancialplanofthetargetenterprisesandowncompany.3、Assessmentofbothcultureandvalues4、Formulateandimprovetheintegrationplan(二)、afterM&A—Conductactiveintegration1、StrategicIntegration2、FinancialIntegration3、humanresourcesIntegration4、CulturalIntegrationConclusion:Theaveragesuccessrateofonly40%ofmergersandacquisitions,thesuccessrateofcross-bordermergersandacquisitions,only20%to30%Mergersandacquisitionsofprofitopportunities：1、Economiesofscale,becomethemarketleader2、Toachievetheoptimalallocationofresources,resourcesharing,combination3、Implementdiversificationandmaintaincorecompetitiveness