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2021-03-05 09:05:01外语类访问手机版490



  1998 was undoubtedly the year of the merger. More companies than ever before joined together in deals that toatalled $2.25 trillion and created the world's biggest oil company. Faced with plummeting oil prices,oil giants Exxon and Mobil sought to achieve economies of scale through a $250bn merger

  there are several factors behind increase in mergers and acquisitions. Firstly, the accelerated rate of globalisation has left companies desperately seeking overseas acquisitions in order to remain competitive. Deutsche Bank bought its way into the US with its takerover of the Bankers Trust,whilst Siemens hopes that its acquisition of Matra,the French defense group,will allow it to gain access to France's railway business,which is dominated by Alstom,the Anglo-French consortium.

  Another factor behind the increase in merger activity is the record performance of the stock markets,which has enabled companies to finance major acquisitions on the strength of their inflated shareprices. Earlier this year Vodafone,the UK mobile telephone operator,acquired its US counterpart AirTorch by by making Airtorch shareholders a cash and stock swap offer worth a total $62bn. The deal created Vodafone AirTorch,the world's largest mobile telecoms group with over 29m customers.the European banking sector is also seeing a trend towards consolidation,a process accelerated by deregulation, over-capacity and the arrival of the single European currency.

  New technology is also making it easier for companies to persify as different industries come to rely on common technologies. Microsoft, for instance, is busily persified into cable and telecommunications as well as WebTV. The US software giant has a $5bn equity stake in AT&T, which recently bought Media One for $57bn. Under the deal, Microsoft will succeed in introducing its recently-launched cable television software into millions of homes in the US and UK.

  Not all mergers,however,are the result of global economy trends,polical chage or technological innovation. BMW's takeover of the Rover Group injected much needed investment into the struggling UK car manufacturer whilst extending BMW's product range. and when the UK pharmaceutical firm Zeneca merged with Swedish drug company Astra,the new companies started with strong R&D capabilities,further by the world's best selling drug Losec in its portfolio of products.

  Despite of these potential benefits and their promise of competive advantage,mergers and acquisitions are not risk-free ventures.

  Such alliances are more than just financial agreements;they also involve the coming together of different corporate and, in many cases,national cultures. This can have a destabilising effect on a workforce and may mean projected efficiencies are not delivered. Daimler and Chrysler, for example, face the challenge of integrating two very different corporate and national cultures.

  A further destabilising effect is the prospect of redundancies as companies look to reduce their payroll by restructuring duplicated functions such as marketing and administration. Although shareholders are lured by such short-term savings,there is little evidence to show that mergers and acquisitions actually add long-term value to company performance.


  1、Exxon and Mobil merged in order to

  A、enter new overseas markets.

  B、reduce costs and improve margins.

  C、create the world's largest company.

  D、undercut competitors' prices.

  2、Vodafone was able to accquire Air Touch by

  A、selling highly-valued shares to customers.

  B、obtaining a loan based on its share value.

  C、exchanging shares as part of the deal.

  D、buying under-valued Air Touch shares.

  3、Merged companies can usually increase short-term profits by

  A、cutting their combined labour costs.

  B、boosting the company's productivity.

  C、using a single marketing campaign.

  D、selling their shares at a high price.



  答案信息在第一段最后一句"sought to achieve economies of scale"。规模效益是指随着经营规模的扩大,单位成本下降从而获得经济效益。


  答案信息位于第三段中“cash and stock swap”。该方法意味着AirTouch公司的股东除了能拿现金之外,还能拿到沃达丰公司的股票。


  答案信息在最后一段“ reduce their payroll by restructuring duplicated functions such as marketing and administration”在职能重叠的市场和行政部门进行裁员


  1、There are rumors of a merger involving several major railroad companies.

  2、Emotions can drive market behavior in a few short-lived situations. But fundamentals still rule.

  3、After a four-consecutive-week rise, the weekly average oil price of the Organization of Petroleum Exporting Countries OPEC dropped to 90.83 U.S. dollars per barrel last week.





  1、We may disclose all of the information that we collect, which relates to our transactions or experiences with you among our affiliated companies.

  2、Of course, IBM will continue to play a significant role in creating innovations for inpiduals -- and not only through the broad PC alliance we are announcing today.

  3、Terrorist attacks on senior officials were threatening to destabilize the government.











  由于不同 开始运用相同的技术,所以新技术也有助于公司实现市场多元化。比如,微软就忙于向电缆通讯、移动通讯及网络电视行业拓展。这家网络巨擘在美国电信电话公司拥有50亿美元的股权,而美国电信电话公司最近又以570亿美元的价格收购了有线网络运营公司。在这笔交易中,微软公司成功地将其新发布的有线电视软件推向数以百万计的美国和英国家庭。






  1. Write a claim letter in English to an exporter based in an English-speaking country, in which you are to claim for late delivery and damages over a particular shipment that you believe to be faulty. Make your claim as specific as possible, with concrete details, either imagined or experienced. Focus on a single product, and limit your letter to around 150 words. The following Chinese OUTLINE is for your reference: 25 marks

  我方已收到贵方按照我们所定的合同发送的货物。由于下列原因,我方要求贵方赔偿我们的经济损失 。


  2. 只发送了部分货物…

  3. 该货物含有下列缺陷…

  4. 其他原因…


  ABC Company Ltd

  #10 Ninth Street, San Diego

  CA 93578 USA

  November 21, 2010

  DEF Company

  908 Air China Plaza, No. 36 Xiaoyun Lu

  Chaoyang District

  Beijing 100015, China

  Dear Mike,

  We have received the TVs you delivered to us according to contract No. 12345 yesterday. However, we very much regret to inform you that we can not accept this shipment for following reasons.

  The goods should arrive at Tianjin Port before Oct. 31st, 2010. But we received the goods yesterday Nov. 20, 2010. Maybe there is some unexpected delay by the bad weather. The B/L the shipment date on the B/L is Nov. 5, that means you shipped out the goods even later than the stipulated arrival time. We asked for the B/L for several times since the middle of October, always got the same reply that the B/L would be given soonest.

  Moreover, as we have ready signed the contracts with the supermarkets in Beijing, the delay in delivery has put us into great inconvenience and caused much trouble.

  Besides, we found you only sent 500 TV sets this time. However, we ordered 1000 sets.

  Additionally, 10 of them have no sound, which can’t be sold at the market and need the replacement urgently.

  I would appreciate it very much if you could give us a commercial discount of 10% as the compensation and send us another 510 computers for 10 broken ones and 500 new ones that you did not send to us by the end of this month.

  Looking forward to hearing from you as soon as possible.

  Sincerely yours,


  3. Write a reply refusing a request by using the following information: 25 marks

  You are an assistant manager of the sales department for Beijing Dadi Grinding Machines Export Inc. You have received a letter requesting illustrated catalogs of grinders used in coffee mills. The reader is a regular customer. The specifications he needs are Patterns 3012A, 3014B, and 3026D. You have to refuse this request because your business has discontinued all these three patterns. However, you enclose catalogs concerning the new patterns of grinders recently developed in your business. Address the letter to:

  Mr. George J. Russel

  Manager of Planning

  Perfect Coffee Manufacturing

  210 Jefferson Street

  Richmond, Virginia 23234

  U. S. A

  DEF Company

  908 Air China Plaza, No. 36 Xiaoyun Lu

  Chaoyang District

  Beijing 100015


  Nov 25, 2010

  Mr. George J. Russel

  Manager of Planning

  Perfect Coffee Manufacturing

  210 Jefferson Street

  Richmond, Virginia 23234

  U. S. A.

  Dear Mr. Russel,

  We are very pleased to receive your yesterday’s letter, in which you request illustrated catalogs of grinders used in coffee mills.

  We very much regret to inform you that the patterns you need 3012A, 3014B, and 3026D have gone out of production for a long time.

  The good news is that we have just developed the new patterns which have been proved more popular than the old ones. The new patterns not only are easier to use but have more functions as well.

  The attached files are the new catalogs for you to offer you better service. Please kindly review and let us have the patterns numbers you are interested at your earliest convenience.

  If you have any questions about the new patterns, please feel free to ask us for further introduction.

  Your prompt reply and confirmation will be highly appreciated.

  Sincerely yours

  Helen Cao

  4. Put the following letter into English. 25 marks






  We congratulate you on your purchasing our Golden Stone furniture once again! We are deeply convinced that the ever-expanding sales channels will bring you much more profit.

  As requested, the cargo will be will be shipped by truck to Dalian on July 8th and then loaded on vessel “Yongxin” to Singapore on Jul. 10th. It’s estimated that you can receive the 50 sets of Golden Stone oriental-classical dining hall furniture you ordered around mid-August and each including: a round table with eight matching chairs as well as a strip sideboard with mirror.

  In the recent four decades, our company’s Golden Stone furniture has been favored by customers for its high-quality traditional craft and eye-catching design in a lot of countries.

  Moreover, in the fierce competition furniture market, Golden Stone furniture’s three-year warranties as well as the free of charge renovation services during the period are especially welcomed by the customers. We are pleased to offer this service, as we share the same concept and hope that the furniture can remain new for a lifelong time so you and your friends will appreciate its beauty for ever.

  We attached the brochure which provides the details of the new technologies of your ordered furniture manufacturing as well as some notes of how to protect the furniture. We believe you will be interested in it.