中国企业如何在并购中获得成功外文翻译.docVIP

外文翻译 原文 How China Can Succeed In The MergersAcquisition World Material Source:Business Weekly 2010(9) Author:Phil Leung and Larry Zhu The upcoming sale of bankrupt Korean automaker Ssangyong Motor to Indias Mahindra The upcoming sale of bankrupt Korean automaker Ssangyong Motor to Indias Mahindra Mahindra , marks the end of an attempt by a Chinese company to grow overseas. When state-controlled Shanghai Automotive Industry (SAIC) won a heated takeover battle in 2004 for a nearly 50 percent stake in Ssangyong, it was the first acquisition by a mainland China company of a foreign car manufacturer, with potential for SAIC and Ssangyong to complement each others businesses. After SAIC encountered a number of challenges, including an inability to get control of Ssangyongs operations and labor unions, it cut the stake to less than 4 percent. Chinese companies such as SAIC are discovering that expanding into foreign markets is tricky. The odds certainly arent in their favor. Worldwide, merger-and-acquisition efforts often fail to deliver their intended value. The stakes are even higher for companies—such as most Chinese buyers—that lack experience in MA. A global survey by Bain Co. of 750 companies shows that, a year after deals were announced, the shares of 55 percent of acquiring companies had failed to outperform the market. Chinese companies should be mindful of those odds as the country becomes a player in a game its just beginning to learn. Chinas explosive economic growth has spurred a corresponding boom in mainland companies pursuing expansion opportunities overseas through MA, joint ventures, partnerships, or organic growth. Even as the financial crisis roared in 2009, the value of deals involving Chinese companies making overseas acquisitions totaled $35.9 billion. (As recently as 2004, it was $3.5 billion.) Several multibillion-dollar deals are in the works or have been completed, including the $7.7 billion acquisition last year of Canadas Addax Petroleum by