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  3. "BLOGGO PLC ", announces its press office at 7 a.m., London time, "last night agreed to purchase Junko Inc, of Wichita". (46)A q

"BLOGGO PLC ", announces its press office at 7 a.m., London time, "last night agreed to purchase Junko Inc, of Wichita". (46)A q

admin2010-06-17  50
问题     "BLOGGO PLC ", announces its press office at 7 a.m., London time, "last night agreed to purchase Junko Inc, of Wichita". (46)A quote from Bloggo’s proud chairman sets out how well the American purchase fits the British buyer’s strategy. And the British shareholder, if he is wise, heads for his broker and the exit.
    (47)That, repeatedly, has been the lesson of British incursions into the United States: from attempts in the 1950s of firms like Austin and Morris to sell their utterly ill-suited and often ill-built small cars of the time, through European Ferries, which in the 1980s bought up several thousand acres near Denver, presumably without asking—until it went all, but belly up—whether a cross-Channel ferry firm really knew more about land in Colorado than local real-estate buffs did.
    Even in the later era of serious direct investment, British incursions have had a spotty record. Two academics at Exeter University’s new finance and investment centre, have now put figures on it. Alan Gregory and Steve McCorriston studied 197 British takeovers in America, nearly all the significant ones, in manufacturing and services (banking excluded) in 1984-94. (48)Over a five-year period from the purchase, they found, the cumulative return to shareholders was 27% lower than "normal"—i.e., for similar companies that had stayed at home—and notably worse than the trivial difference over one year that stockmarkets (and academics) have tended to look at.
    (49)The figure was also in notable contrast to comparable ones from 97 takeovers in the European Union, and 39 elsewhere in the world. Returns in the EU looked better than normal, but the figures were not statistically significant; those in the rest of the world were both, 32% better.
    (50)You might expect the opposite, given that Britain’s corporate culture is much like America’s. but some way from those of most EU countries. So why the unexpected outcome? The Exeter academics do not know, but would love to find out—if they can get the research funding.

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答案这个又一次成为英国侵入美国的教训：早在20世纪50年代诸如奥斯丁、毛里斯这样的公司就试图通过"欧洲船务"卖掉当时已经是完全不适合且质量很差的小汽车，"欧洲船务"在20世纪80年代购买了丹佛附近几千英亩的土地，而且好像也没有考虑这么一个跨洋船务公司是否真的比科罗拉多当地的房地产迷更为了解土地的情况，到了后来遭遇惨败后才去开始了解。
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