BEC閱讀真題詳解：Achievingasuccessfulmerger

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BEC閱讀真題詳解：Achieving a successful merger

Achieving a successful merger

However attractive the figures may look on paper, in thelong run the success or failure of a merger depends on thehuman factor. When the agreement has been signed and theaccountants have departed, the real problems may only just bebeginning. If there is a culture clash between the two companiesin the way their people work, then all the efforts of the financiersand lawyers to strike a deal may have been in vain.

According to Chris Bolton of KS Management Consultants, 70% of mergers fail to live up totheir promise of shareholder value, riot through any failure in economic terms but because theintegration of people is unsuccessful. Corporates, he explains, concentrate their efforts before amerger on legal, technical and financial matters. They employ a range of experts to obtain themost favourable contract possible. But even at these early stages, people issues must be takeninto consideration. The strengths and weaknesses of both organisations should be assessed and, ifit is a merger of equals, then careful thought should be given to which personnel, from which side,should take on the key roles.

This was the issue in 2001 when the proposed merger between two pharmaceuticalcompanies promised to create one of the largest players in the industry. For both companies themerger was intended to reverse falling market share and shareholder value. However, although thecompanies' skill bases were compatible, the chief executives of the two companies could not agreewhich of them was to head up the new organisation. This illustrates the need to compromise if amerger is to take place.

But even in mergers that do go ahead, there can be culture clashes. One way to avoid this isto work with focus groups to see how employees view the existing culture of their organisation. Inone example, where two global organisations in the food sector were planning to merge, focusgroups discovered that the companies displayed very different profiles.

One was sales-focused,knew exactly what it wanted to achieve and pushed initiatives through. The other got involved inlengthy discussions, trying out options methodically and making contingency plans. The firstresponded quickly to changes in the marketplace; the second took longer, but the option iteventually chose was usually the correct one. Neither company's approach would have worked forthe other.

The answer is not to adopt one company's approach, or even to try to incorporate everyaspect of both organisations, but to create a totally new culture. This means taking the best fromboth sides and making a new organisation that everyone can accept. Or almost itably there will be those who cannot adapt to a different culture. Research into the impact ofmergers has found that companies with differing management styles are the ones that need towork hardest at creating a new culture.

Another tool that can help to get the right cultural mix is intercultural analysis. This involvescarrying out research that looks at the culture of a company and the business culture of thecountry in which it is based. It identifies how people, money and time are managed in a company,and investigates the business customs of the country and how its politics, economics and historyimpact on the way business is done.

13 According to the text, mergers can encounter problems when

A contracts are signed too quickly.

B experts cannot predict accurate figures.

C conflicting attitudes cannot be resolved.

D staff are opposed to the terms of the deal.

14 According to Chris Bolton, what do many organisations do in preparation for a merger?

A ensure their interests are represented

B give reassurances to shareholders

C consider the effect of a merger on employees

D analyse the varying strengths of their staff

15 The proposed merger of two pharmaceutical groups failed because

A major shareholders were opposed.

B there was a fall in the demand for their products.

C there were problems combining their areas of expertise.

D an issue of personal rivalry could not be resolved.

16 According to the text, focus groups can help companies to

A develop new initiatives.

B adopt contingency plans.

C be decisive and react rapidly.

D evaluate how well matched they are.

17 Creating a new culture in a newly merged organisation means that

A management styles become more flexible.

B there is more chance of the merger working.中華考試網

C staff will find it more difficult to adapt to the changes.

D successful elements of the original organisations are lost.

18 According to the text, intercultural analysis will show

A what kind of benefits a merger can lead to.

B how the national context affects the way a company is run.

C how long it will take for a company culture to develop.

D what changes companies should make before a merger takes place.

　　BEC商務英語中級必備詞彙積累1

chisor n.授予特許者

【例句】The franchisor could receive a royalty fee from the franchisees. 授予特許者可向特許經營者收取特許費。

co adj.免費的，免費投遞的 n.全部費用在內價

【商務用語】Franco( franco domicile, free, rendu) price 含全部費用價格

dulent adj.欺騙性的,欺詐的,騙得的

【商務用語】frandulent business practices 構成欺騙的交易行爲

lance adj.自由職業的;特約的 vt.作爲自由職業者提供

【例句】She freelanced pieces for British publications. 她作爲自由擬稿人向一些英國出版物擬稿。

uency n.(基本工資以外的)福利 adj.次要的;附加的

【商務用語】fringe industries 次要的工業部門

fringe benefit(工資外的)補貼(如年金，假期照付的工資，保險金等)

【例句】Part of the sum was reserved for fringes.

這筆款子中有一部分留作福利金。

ge n.(基本工資以外的)福利 adj.次要的;附加的

【商務用語】fringe industries 次要的工業部門

fringe benefit (工資外的)補貼(如年金、假期、照付的工資、保險金等)

【例句】Part of the sum was reserved for fringes.

這筆款子中有一部分留作福利金。

　BEC商務英語中級必備詞彙積累2

t-line adj.前線的，第一線的

【商務用語】front-line staff 一線員工，精通業務的員工

【例句】The stock market crash finished many speculators.

n.對策;博弈論;行業職業

【商務用語】game theory 博弈論，對策論

business games 事務對策，商業博弈

demand game 需求對策

market game 市場對策

the insurance game 保險業

way n.通道

【商務用語】gangway for transhipment(貨物)中轉通道

e n.標準度量 vt.精確測量;估量(品格)

【例句】How would you gauge his conduct?

你對他的品行作何評價?

　　BEC商務英語中級必備詞彙積累3

stick n.碼尺;準繩

【相關詞組】yardstick compasses 碼尺圓規

【例 句】We need a yardstick for health. 我們需要一個健康標準。

book n.年鑑

【商務用語】yearbook of commercial arbitration 商業仲裁年鑑

an n.自耕農，僕人

【商務用語】yeoman of signals 海軍信號士官

yeoman service 優良的服務

d vi.出產;生長;生產 n.翻滾;洶涌;混亂;沉溺

【商務用語】yield capacity 生產力

yield estimation 收益率的估計

yield limit 流動性範圍

【例 句】This year’s yield from the coal mine was very large. 今年這煤礦產量甚豐。

n.熱心，熱情，熱誠

【相關詞組】show zeal for one’s work 對工作熱心

th n.頂峯，天頂，最高點

【相關詞組】zenith distance 天頂距

zenith telescope 天頂儀

【例 句】He was at the zenith of his fortunes. 他正處在事業的頂峯。

n.拉鍊;能量;速度; v.拉開或拉上

【相關詞組】zip code 郵遞區號

zip across the horizon 突然成名

n.地域，地帶，地區 vt.環繞;使分成地帶 vi.分成區

【商務用語】business zone 商業區

economic development zone 經濟開發區

smokeless zone 禁止吸菸區

【例 句】This part of the city has been zoned as a shopping area. 城市的這一部分已被劃分商業區。

BEC閱讀真題詳解：Achieving a successful merger