BEC阅读真题详解：Achievingasuccessfulmerger

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BEC阅读真题详解：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.中华考试网

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商务英语中级必备词汇积累1

chisor n.授予特许者

【例句】The franchisor could receive a royalty fee from the franchisees. 授予特许者可向特许经营者收取特许费。

co adj.免费的，免费投递的 n.全部费用在内价

【商务用语】Franco( franco domicile, free, rendu) price 含全部费用价格

dulent adj.欺骗性的,欺诈的,骗得的

【商务用语】frandulent business practices 构成欺骗的交易行为

lance adj.自由职业的;特约的 vt.作为自由职业者提供

【例句】She freelanced pieces for British publications. 她作为自由拟稿人向一些英国出版物拟稿。

uency n.(基本工资以外的)福利 adj.次要的;附加的

【商务用语】fringe industries 次要的工业部门

fringe benefit(工资外的)补贴(如年金，假期照付的工资，保险金等)

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

这笔款子中有一部分留作福利金。

ge n.(基本工资以外的)福利 adj.次要的;附加的

【商务用语】fringe industries 次要的工业部门

fringe benefit (工资外的)补贴(如年金、假期、照付的工资、保险金等)

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

这笔款子中有一部分留作福利金。

　BEC商务英语中级必备词汇积累2

t-line adj.前线的，第一线的

【商务用语】front-line staff 一线员工，精通业务的员工

【例句】The stock market crash finished many speculators.

n.对策;博弈论;行业职业

【商务用语】game theory 博弈论，对策论

business games 事务对策，商业博弈

demand game 需求对策

market game 市场对策

the insurance game 保险业

way n.通道

【商务用语】gangway for transhipment(货物)中转通道

e n.标准度量 vt.精确测量;估量(品格)

【例句】How would you gauge his conduct?

你对他的品行作何评价?

　　BEC商务英语中级必备词汇积累3

stick n.码尺;准绳

【相关词组】yardstick compasses 码尺圆规

【例 句】We need a yardstick for health. 我们需要一个健康标准。

book n.年鉴

【商务用语】yearbook of commercial arbitration 商业仲裁年鉴

an n.自耕农，仆人

【商务用语】yeoman of signals 海军信号士官

yeoman service 优良的服务

d vi.出产;生长;生产 n.翻滚;汹涌;混乱;沉溺

【商务用语】yield capacity 生产力

yield estimation 收益率的估计

yield limit 流动性范围

【例 句】This year’s yield from the coal mine was very large. 今年这煤矿产量甚丰。

n.热心，热情，热诚

【相关词组】show zeal for one’s work 对工作热心

th n.顶峰，天顶，最高点

【相关词组】zenith distance 天顶距

zenith telescope 天顶仪

【例 句】He was at the zenith of his fortunes. 他正处在事业的顶峰。

n.拉链;能量;速度; v.拉开或拉上

【相关词组】zip code 邮递区号

zip across the horizon 突然成名

n.地域，地带，地区 vt.环绕;使分成地带 vi.分成区

【商务用语】business zone 商业区

economic development zone 经济开发区

smokeless zone 禁止吸烟区

【例 句】This part of the city has been zoned as a shopping area. 城市的这一部分已被划分商业区。

BEC阅读真题详解：Achieving a successful merger