042《经济学家》读译参考之四十二：爱意难寻-钢铁巨擘米塔尔收购阿塞洛.docVIP

TEXT 42 Little love lost 爱意难寻（陈继龙 编译） Jun 29th 2006 | PARIS From The Economist print edition “THIS is a marriage of reason,” said Joseph Kinsch, chairman of Arcelor, when he presented the proposed merger of the Luxembourg-based steelmaker and Mittal Steel to the press on June 26th. It was certainly not love at first sight. For almost five months Mr Kinsch and Guy Dollé, the companys chief executive, used every defence they could to rebuff[1] Mittals h_______① bid. They mobilised politicians, bankers, public-relations advisors and—in what was meant to be the fatal blow to Mittals bid—a white knight in the guise of[2] Severstal, a Russian steelmaker. （1）But clarity came after a nine-hour meeting on June 25th when Arcelors board at last agreed to sell the company to Mittal Steel for cash and stock valued at €25.6 billion $32.2 billion . 6月26日，阿塞洛公司董事长约瑟夫·金希向新闻界宣布该钢铁公司（总部位于卢森堡）与米塔尔公司的合并计划时说：“这是一次理智的联姻。”这肯定不是一见钟情。近5个月来，金希和该公司CEO盖伊·道勒千方百计阻止米塔尔公司不怀好意的收购。他们发动政治家、银行家、公共关系顾问来帮忙，甚至请俄罗斯Severstal钢铁公司扮演“白衣骑士”，意欲给米塔尔的收购以致命的一击。不过，6月25日，经过长达9个小时的会议之后，一切都水落石出。会上，阿塞洛董事会最终同意将公司以“现金加股票”的方式卖给米塔尔，总价为256亿欧元（约合322亿美元）。 The merger will create by far the worlds largest steelmaker in terms of market value, r_______② and output. It is good news for Arcelor, for Mittal—and the whole steel industry. The two companies complement each other in geography and the types of steel they produce. Their union is likely to inspire more mergers and takeovers that will increase the industrys efficiency. One banker in the deal says all steelmakers are now asking themselves what they should do next. 综合市场价值、销售收入和钢产量来看，此次并购将造就迄今为止世界上最大的钢铁公司。这对阿塞洛、米塔尔乃至整个钢铁工业来而言都是好消息。两家公司在地理范围和产品类型方面都有较强的互补性。它们的联合有可能激励更多的公司实施并购和接管，从而将提高整个产业的生产效率。参与此次并购的一位银行家说，现在所有的钢铁公司都在盘算下一步的行动。 （2）Because about half of the global steel market is still parochial[3] and fragmented, size brings many advantages. Big companies have more power to negotiate with suppliers and are better able to withstand the industrys cycle. They can exploit synergie