首页
外语
计算机
考研
公务员
职业资格
财经
工程
司法
医学
专升本
自考
实用职业技能
登录
考研
Companies have embarked on what looks like the beginnings of a re-run of the mergers and acquisitions (M&A) wave that defined th
Companies have embarked on what looks like the beginnings of a re-run of the mergers and acquisitions (M&A) wave that defined th
admin
2017-10-23
61
问题
Companies have embarked on what looks like the beginnings of a re-run of the mergers and acquisitions (M&A) wave that defined the second bubbly half of the 1990s. That period was characterized by a collective splurge that saw the creation of some of the most indebted companies in history. Many of them later went bankrupt or were themselves broken up. Wild bidding for telecoms, internet and media assets, not to mention the madness that was Daimler’s $40 billion motoring takeover in 1998-1999 of Chrysler or the Time-Warner/AOL mega-merger in 2000, helped to give mergers a thoroughly bad name. A consensus emerged that M&A was a great way for investment banks to reap rich fees, and a sure way for ambitious managers to betray investors by trashing the value of their shares.
Now M&A is back. Its return is a global phenomenon, but it is probably most striking in Europe, where so far this year there has been a stream of deals worth more than $600 billion in total, around 40% higher than in the same period of 2004. The latest effort came this week when France’s Saint-Gobain, a building-materials firm, unveiled the details of its £3.6 billion hostile bid for BPB, a British rival. In the first half of the year, cross-border activity was up threefold over the same period last year. Even France Telecom, which was left almost bankrupt at the end of the last merger wave, recently bought Amena, a Spanish mobile operator.
Shareholder’s approval of all these deals raises an interesting question for companies everywhere: are investors right to think that these mergers are more likely to succeed than earlier ones? There are two answers. The first is that past mergers may have been judged too harshly. The second is that the present rash of European deals does look more rational, but—and the caveat is crucial—only so far. The pattern may not hold.
M&A’s poor reputation stems not only from the string of spectacular failures in the 1990s, but also from studies which showed value destruction for acquiring shareholders in 80% of deals. But more recent studies by economists have introduced a note of caution. Investors should look at the number of deals that succeed or fail (typically measured by the impact on the share price), rather than (as you might think) weighing them by size. For instance, no one doubts that the Daimler-Chrysler merger destroyed value. The combined market value of the two firms is still below that of Daimler alone before the deal. This single deal accounted for half of all German M&A activity by value in 1998 and 1999, and probably dominated people’s thinking about mergers to the same degree. Throw in a few other such monsters and it is no wonder that broad studies have tended to find that mergers are a bad idea. The true picture is more complicated.
The text suggests that a collective opinion on the mergers and acquisitions also concentrates on
选项
A、economic recession.
B、value destruction.
C、potential hazards.
D、asset proposition.
答案
B
解析
本题是一道细节题,测试考生准确识别和理解原文重要信息的能力。本题的答案信息来源在第一段的尾句,该句的大意是:“一种共识出现了,即:合并和收购是投资银行获取丰厚费用的绝佳方式,也是有野心的管理人员通过废弃股份价值出卖投资人的万全之法。”从此句可以推断大家的共识集中在“获取大量费用”和“废弃股份价值”这两方面,故本题的正确选项应该是B“value destruction”(价值破坏)。
转载请注明原文地址:https://kaotiyun.com/show/RMIZ777K
0
考研英语一
相关试题推荐
Manythingsmakepeoplethinkartistsareweird.Buttheweirdestmaybethis:artists’onlyjobistoexploreemotions,andyet
Inthe2006filmversionofTheDevilWearsPrada,MirandaPriestly,playedbyMerylStreep,scoldsherunattractiveassistant
Forthepastseveralyears,theSundaynewspapersupplementParadehasfeaturedacolumncalled"AskMarilyn."Peopleareinvite
Comparisonsweredrawnbetweenthedevelopmentoftelevisioninthe20thcenturyandthediffusionofprintinginthe15thand1
Thoughnotbiologicallyrelated,friendsareas"related"asfourthcousins,sharingabout1%ofgenes.Thatis【C1】______astudy
Thoughnotbiologicallyrelated,friendsareas"related"asfourthcousins,sharingabout1%ofgenes.Thatis【C1】______astudy
Thoughnotbiologicallyrelated,friendsareas"related"asfourthcousins,sharingabout1%ofgenes.Thatis【C1】______astudy
Thoughnotbiologicallyrelated,friendsareas"related"asfourthcousins,sharingabout1%ofgenes.Thatis【C1】______astudy
IsStanfordstillauniversity?TheWallStreetJournalrecentlyreportedthatmorethanadozenstudentshaveleftschooltowo
Optimistsoutlivepessimists,anewstudyshows.Ofnearly100,000women【C1】______intheWomen’sHealthInitiative,thosewhoga
随机试题
板桩建筑物锚碇板(墙)的设置高程,在施工条件允许的情况下,应(),以提高其承载能力。
汉语拼音方案从某种程度上来说,是可以代替汉字的拼音文字。()
我国社会主义初级阶段的多种所有制经济,按根本性质可划分为()
关于扣押物证、书证,下列哪些做法是正确的?(卷二真题试卷第68题)
某石油储备库最大原油储罐为(10×104)m3的外浮顶油罐,油罐直径80m,罐高21.80m,储罐保护采用固定式低倍数泡沫灭火系统和冷却水系统。低倍数泡沫灭火系统采用6%水成膜泡沫混合液,罐壁顸喷放,冷却水环管布置在二道抗风圈和三道加强圈的下侧,总计流量为
原始凭证按照格式的不同可分为()。
基金管理人不收取销售服务费的,对持续持有期长于6个月的投资人,基金管理人应当将不低于赎回费总额的25%归入()。
根据企业所得税法律制度的规定,企业从事下列项目取得的所得中,免征企业所得税的是()。
有一结点的关键字序列F={129,72,180,105,147,96,45,69},散列函数为H(k)=kmod11,其中k为关键字,散列地址空间为0~10。要求:试按各关键字在序列F中的次序将它们依次插入一棵初始为空的平衡二叉排序树中,画出每一步插入
Ofthethousandsofknownvolcanoesintheworld,the________majorityareinactive.
最新回复
(
0
)