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
45
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
Lonelypeople,itseems,areatgreaterriskthanthegregariousofdevelopingillnessesassociatedwithchronicinflammation,s
Comparisonsweredrawnbetweenthedevelopmentoftelevisioninthe20thcenturyandthediffusionofprintinginthe15thand1
Thoughnotbiologicallyrelated,friendsareas"related"asfourthcousins,sharingabout1%ofgenes.Thatis【C1】______astudy
Thoughnotbiologicallyrelated,friendsareas"related"asfourthcousins,sharingabout1%ofgenes.Thatis【C1】______astudy
IsStanfordstillauniversity?TheWallStreetJournalrecentlyreportedthatmorethanadozenstudentshaveleftschooltowo
IsStanfordstillauniversity?TheWallStreetJournalrecentlyreportedthatmorethanadozenstudentshaveleftschooltowo
IsStanfordstillauniversity?TheWallStreetJournalrecentlyreportedthatmorethanadozenstudentshaveleftschooltowo
Optimistsoutlivepessimists,anewstudyshows.Ofnearly100,000women【C1】______intheWomen’sHealthInitiative,thosewhoga
Optimistsoutlivepessimists,anewstudyshows.Ofnearly100,000women【C1】______intheWomen’sHealthInitiative,thosewhoga
Havetherealwaysbeencities?Thetrendiscitiesareincreasinglybecomingthedominantmodeofman’ssocialexistence.【F1】It
随机试题
A.WhataboutmakingitalittleearlierB.IhavenoideaC.Let’sgotogetherD.ThankyouallthesameE.Doyoulikebasket
食管癌病人进食时有呛咳常表示
卫氏并殖吸虫感染人体的方式下列错误的是
以下合同方式中,对业主的造价管理最不利的合同形式是()。
某地拟建一公路,全长120km,项一目沿线经过5个镇的10个村、2个工业区。所选路线跨越一级水源保护区、风景旅游区和一个自然保护区,跨过两条河流和两座山,周边还包括超高压变电站。沿线某些路段现有道路,将道路进行拓宽,标准路幅宽75m,主道双向八车
某五层砖混结构办公楼,首层平面图如图4-3。二层及以上各层除将首层M2的位置改为C2外,其他均与首层平面相同,层高均为3.00m,屋顶盖标高15.0m,女儿墙顶标高15.60m,室外地评为-0.5m,门窗框外围尺寸及材料见表4-1。求:门窗工程量
下列情形中,属于股份有限公司可以收购本公司股份的有()。Ⅰ.减少公司注册资本Ⅱ.与持有本公司股份的其他公司合并Ⅲ.将股份奖励给本公司职工Ⅳ.股东因对股东大会作出的公司合并决议持异议,要求公司收购其股份的
下列关于存货保险储备的表述中,正确的有()。
工作人员在办理业务时如发现假票、假证或其他诈骗犯罪活动线索及可疑情况要及时报告()。
网络中进行数据交换必须遵守网络协议,一个网络协议主要由_______三个要素组成。
最新回复
(
0
)