商务英语重点词汇(2)

商务英语重点词汇(2)

一、Parents and sisters 母公司和姐妹公司

A holding or holding company is one that holds stakes in one or more subsidiaries. If it owns all the shares in a subsidiary, the subsidiary is a wholly-owned one.

A holding company's relationship to its subsidiaries is that of parent company, and the subsidiaries relationship to each other is that of sister companies. A holding and its subsidiaries form a group.

A conglomerate is a group containing a lot of different companies in different businesses. Journalists also refer to large groups as giants.

注释：
Holding company 控股公司 Subsidiary 子公司

Wholly-owned subsidiary 全资子公司 Parent company 母公司

Sister company 姐妹公司 Group 集团公司

Conglomerate 联合大企业 Giant 大企业；企业巨人（新闻用语）

二、Predators,raiders,and white knights 掠夺者、抢劫者和善意合作者

The takeover process is often described in terms of one animal hunting another: a company or individual seeking to take over another company may be referred to as a predator, and the target company as the prey. Predators are also referred to as raiders or corporate raiders.

A company wishing to resist, ward off, or fend off being taken over has a number of options. It may devise plans that give existing shareholders special rights, or it may make itself less attractive to bidders by selling off a valuable part of the company, or holding on to an unattractive one. Actions like these are poison pills.

Or it may persuade a friendly partner, a white knight, to take a stake in the company, thus preventing a complete takeover by a hostile bidder. Bidders may agree to withdraw their bid if paid enough money for the shares they hold in the target company. This is green mail.

注释：
Predator 掠夺者(恶意吞并其它企业) Prey 猎物(被恶意并购的企业)

Raider 掠夺者(恶意并购其它企业) Corporate raider 合伙掠夺者

Fend off a bid 阻止收购 Ward off a bid 阻止收购

Poison bill毒药(公司通过给予股东某些特权、或卖掉部分有价值资产，而持有或购进价值不大的资产，从而减少自己对并购公司的吸引力)

White Knight
指购买公司部分股份以免遭兼并企业完全兼并的善意和或者。

Greenmail 绿函交易
指兼并企业以增加股票价值为条件撤回自己向标的企业投标的交易。

三、Leveraged buy-outs and junk bonds 杠杆收购和垃圾债券

In a leveraged buyout, or LBO, a company is acquired by a group of investors, often financed by heavy borrowing. The debt is then paid out of the target company's operating revenues or by selling its assets.

The borrowing involved in LBOs is often high- risk debt called junk bonds.

LBOs financed by junk were frequent in the 1980s and after an absence following the excesses of that period, they are now occurring again.

注释：
Leveraged buy-out 杠杠收购 LBO = Leveraged buy-out

Junk bonds 高风险债券

四、Joint ventures and alliances 合资与联盟

Two or more companies may decide to work together by setting up a joint venture or alliance in which each holds a stake.

注释：
Joint venture 合资企业 Alliance 企业联盟

五、Mergers 兼并

When two companies combine, usually voluntarily, they merge in a merger.

注释：
Mergers 兼并 Merger 兼并