Text 5: Takeovers and mergers
Date: 2015-10-07; view: 1845.
There are several relationships that may grow up inside business in Great Britain and the United States of America. They are as follows:
■ takeovers
■ mergers
■ amalgamation
■ integration
■ combination
■ absorption etc.
No agreement has been reached among financial experts as to the precise difference in meaning between the terms.
The most popular are takeovers and mergers.
In a takeover one company buys a controlling interest in another company by acquiring at least 51% of its shares. The company does this by making a direct approach to the company's shareholders for their shares. The company intending to take over will not necessarily consult the company it is taking over.
The Stock Exchange Council in London has drawn up a code of practice to regulate takeovers to prevent some abuses. One such abuse is secret dealing when a company wishes to lake over secretely and buys its shares secretely. Another abuse is insider dealing thanks to information used for personal profit.
With a merger, two or more companies involved will consult with each other previously. They try to make a certain agreement on their merger to the satisfaction of both companies.
Vocabulary
takeover - поглащение
to take over - поглащать
merger - слияние
to merge - сливаться
relation – отношение, связь, зависимость
relationship – взаимоотношение, связь
to relate – устанавливать связь, соотносить, относиться
amalgamation- слияние компаний
integration – объединение компаний
combination- соединение, объединение, трест
absorption – слияние, поглощение
agreement- соглашение, договоренность, зд. Единое мнение
precise - точный
meaning – знание, смысл
controlling interest – контрольный пакет акций
to acquire - приобретать
at least – по крайней мере
approach – подход, подступ
to make a direct approach to smb - обратиться непосредственно к кому-либо
to intend - намереваться
syn. to plan, to wish
council - совет
to draw up (drew, drawn)- составлять
to prevent - предотвратить
abuse - злоупотребление
dealing - сделка
insider – член организации
to involve – затрагивать, вовлекать
the companies involved – вовлечение компании
previous – предыдущий, предварительный
previously – предварительно
Exercises
30 Translate these word combinations into English and make sentences:
их слияние ваши соглашения
ее поглощение объединение наших компаний
наши отношения их злоупотребления
ее устав и другие учредительные наше предварительное согласие
документы ваш контрольный пакет акций
31 Translate these words into Russian and write those from which they are formed:
registrar satisfaction prevention
takeover integration agreement
merger absorption involvement
relationship intention abuse
32 Translate into English:
(1) Среди финансистов нет единого мнения о том, чем точно каждый термин отличается от других.
(2) При поглощениях одна компания покупает контрольный пакет акций другой компании, но не менее 51% ее акций.
(3) Компания осуществляет поглощение, устанавливая прямой контакт с акционерами.
(4) Она необязательно консультируется с компанией, которую поглощает.
(5) С целью исключения злоупотреблений Совет фондовой биржи Лондона выработал правила, регулирующие поглощения компаний.
33 Complete the following sentences from the text and translate them into Russian:
(1) One such abuse is ...
(2) Another abuse is ...
(3) With a merger, the two companies involved ...
(4) They try to make a certain agreement...
34 Write answers to the following questions:
(1) What is a takeover? __________________
(2) What is a merger?____________________
35 Find answers to the following questions in the text:
(1) What abuses do takeovers often involve?
(2) What organization in the UK take care to prevent such abuses?
(3) How are takeovers regulated?
(4) In what way are mergers different from takeovers?
(5) What other forms of companies, combining their capital are mentioned in the text?
(6) Which of the six forms are the most popular?
36 Complete and translate into Russian:
(1) One company buys another by acquiring at least...
(2) They bought the company by acquiring
(3) They are planning to buy this company by acquiring not less than...
(4) They cannot buy the company by acquiring more than ...
37 Translate the text into Russian.