商务英语商务英语_ _企业兼并收购企业兼并收购案例分析案例分析Definition A company,pieceofland,ect.boughtbysb,especiallyanothercompany;theactofbuyingit:TheyhavemadeacqusitionsinseveralEuropeancountries.CadburyCadbury Birmingham, a veteran(资格老资格老的的) British candy manufacturer founded in 1824, was ever the worlds second largest confectionery company with a total of 2500 types of products and an annual turnover(营业额营业额) over 1 billion in the UK . After the merger of a drink company Schweppes(玉泉玉泉) in 1969 , the company named Cadbury.Why there was such a case1What it brought out to both companies2What implications for other organizations3The motivation of this acquisitionnTo get an economy scaleWhen Kraft and Cadbury join their hands, it helps to expand the scale of production and sales to reduce the cost. They both want to increase the revenue by integrating the distribution system and developing new products.nTo promote the market competitiveness and dominant forceFor Kraft, this acquisition is a way of the least input, largest gains and fastest effective. Kraft neednt to make many efforts to build famous brand, weave sales network. All these will be made after the acquisition. nTo reduce the risks of Krafts asset managementFor the acquisition enterprises, hybrid mergers can achieve diversification, so that it can disperse(分散分散) the management risks.nTo avoid bankruptcyFor Cadbury, to join Kraft is beneficial to its business development. It helps reduce the risks to avoid its bankruptcybenefitsproblemsinfluence1.2.3. Cadbury can learn Krafts marketing experience in developing countries continue to expand their candy kingdom. Enhance Krafts strength in newly-born market Help Kraft step into the candy market to seize the higher ground 1.2.3.The employees are faced with the redundancyMay lead to contradiction (抵触抵触) among the employeesFaced with the problem of personnel restructuring1.It is not the strongest of the species that survive, but the one most responsive to change: Only with a sense of change, can the enterprises survive in the competition. 2.The companies need proper management.3.Properly regard the acquisition and catch every possible chance for development.Implications:Kraft will make their own food a giant to become even more powerful on its road Kraft: at all costsFor The Kraft, once successful, its global position will surpass the Nescafe, becoming the worlds biggest food company with a total revenue over $50 billion. In addition, this acquisition will also successfully help Kraft make for its absence in the candy market.（unsuccessfulcase)Microsoft renews Yahoo driveSteveBallmer,Microsoftschiefexecutiveofficer,hasincreasedthepressureonYahootohandovercontrolofitssearchbusinesstohissoftwarecompany.SpeakinginaninterviewwiththeFinancialTimes,MrBallmersetthestageforanewshowdownnearlyayearafterMicrosoftsfirstabortedattemptatafulltakeover.However,heruledoutafullacquisition,despiteacollapseinYahoossharepricethathaspusheditsmarketvaluedownto$17bn,lessthan40percentoftheamountthatMicrosoftofferedtopayinamixtureofcashandstocklastyear.Thebesttimeforalandmarksearchpactbetweenthecompanieswasduringthecurrentmanagementtransitionatbothcompanies,MrBallmersaid.为让雅虎(Yahoo)将搜索业务出售给微软(Microsoft)，微软首席执行官史蒂夫鲍尔默(SteveBallmer)增加了对雅虎施加的压力。在接受英国金融时报采访时，鲍尔默为新一轮的摊牌谈判做好了准备，这距离微软首次全面收购雅虎的努力失败已有近一年的时间了。不过，鲍尔默排除了全面收购的可能，虽然雅虎股价暴跌已导致其市值缩水至170亿美元，还不到微软去年现金加股票收购报价的40%。鲍尔默表示，当前两家公司都处于管理层人事变动的过渡期，这是双方合并搜索业务、达成这项里程碑式交易的最佳时期。“Wenowhavesomeoneinplacerunningouronlinebusiness,andYahoosoutlookingforaCEO.“Ifasearchdealistobemade,itsprobablytobemadeintheinterimperiodfornewleadersinbothplaces.”MicrosofthiredQiLu,Yahoosformersearchchief,latelastyeartoheaditsonlineoperations,amovethatwasseenasawaytosmoothanypotentialdealbetweenthecompanies.Yahoorefusedtocomment.However,followingtheharshcriticismhereceivedfromshareholdersoverhisfailuretoagreetoaMicrosoftacquisition,JerryYang,YahoosoutgoingCEO,hassaidtheinternetcompanywouldbeopentoanynewdiscussionsaboutadeal.YahoohasbeensearchingforareplacementforMrYangsinceNovemberandisbelievedtobeclosinginonacandidate.“现在我们运营在线业务的负责人已经到任，而雅虎正在寻找首席执行官的人选。”“如果我们计划就搜索业务达成交易的话，大概会在两家公司的新领导人到任前的过渡时期完成。”去年年底，微软聘用雅虎前搜索业务主管陆奇出任互联网业务主管。这被视作微软为保证两家公司间任何可能达成交易的顺利完成而采取的行动。雅虎拒绝置评。不过，在杨致远(JerryYang)由于未接受微软收购要约而遭到股东严厉批评之后，这位即将离职的雅虎首席执行官曾表示，雅虎公司将对任何有关收购交易的新谈判敞开大门。自去年11月以来，雅虎一直在寻找替代杨致远的人选，并据信已逐渐锁定一位候选人。失败原因失败原因 从2月1日提出收购方案到第一次拒绝微软，雅虎的股价持续走高，而微软的股价下滑，这表现出市场对这一并购成功的看好。但是随着雅虎一直对微软收购方案反应冷淡，加上和谷歌等的合作方案等传闻，使得雅虎的股东不再表现得那么有信心。当雅虎于5月4日再次拒绝已经提价的收购方案后，雅虎股价在一周内缩水20%。仅从并购始末来看，雅虎一向认为微软出价过低，仅从并购始末来看，雅虎一向认为微软出价过低，但是本质上看，微软在但是本质上看，微软在2 2月月1 1日的出价已经对其股价溢价日的出价已经对其股价溢价62%62%。 另一方面来说，微软5月3日提价至每股33美元左右，雅虎董事会第二日再次拒绝也遭致了一些雅虎股东的不满。且不论其他多方的搅局，可以说雅虎董事会一向强硬的态度是造成这个雅虎董事会一向强硬的态度是造成这个并购方案无法实施的原因所在。并购方案无法实施的原因所在。 1994年，杨致远和David Filo在学校宿舍创办了Yahoo，通过雅虎目录为用户提供导航服务。1995年创办了雅虎公司。2007年，来自谷歌的强势竞争迫使股东们请回了杨致远。在这一年多的时间里，杨致远要做的就是重新拾回股东们的信心，也同时继续拉升这个自己一手扶植的公司。虽然说，微软和雅虎的合并有利于双方扩大市场份额，共同应对谷歌。但是无论从杨但是无论从杨致远作为致远作为CEOCEO自己的业绩考虑还是从情感考虑，都很难舍弃独立性而成为微软的一部分。自己的业绩考虑还是从情感考虑，都很难舍弃独立性而成为微软的一部分。 但是从微软的角度来看，这一并购举动的合理性也受到了不少质疑。但是从微软的角度来看，这一并购举动的合理性也受到了不少质疑。从微软去年的公司年报来看，在其公司下属的五大分支中，其收入的第一大来源是客户服务，第二大是微软产品分支。网络服务部分和娱乐和设备分支的经营收入处于亏损状态。并且网络服务部 分的经营收 入已经有两年入不敷出。但是相比较于娱乐和设备分支的经营收入，还是存在通过并购或是推出新的产品和服务来及时改变的可能。这一状况的确证明需要对网络服务部门进行一些调整扭转这一不利局面。 另一方面，即使因为发生恶意收购致使微软最终成功收购雅虎，微软也将面临着因为不同另一方面，即使因为发生恶意收购致使微软最终成功收购雅虎，微软也将面临着因为不同企业文化的相互冲突带来的管理混乱和员工的流失。企业文化的相互冲突带来的管理混乱和员工的流失。Main Reasons1.YahooandMicrosoftholdthedifferentviewsofshareprice2.HardlineattitudeofYahoosboard3.Achievementsandpersonalfeelings4.Therationalityoftheactwasquestioned5.DisadvantagesofhostileacquisitionConclusion