人民邮电版_剑桥bec真题集第四辑_阅读真题TEST_4_解析.doc

人邮第四辑真题TEST 4 READING PART 11 A?cautious?approach can be used when calculating what a company is worth.2 Consider?personnel issues?so that you have sufficient resources to fulfill your objectives.3 In order to know if you can make a return on your investment, assess?how you can add to the?company you are buying.4?Providing sufficient support for staff?during the acquisition process can have a favourable outcome.5 Take into account your?long-term requirements?to ensure you have the resources you need.6 Even after investing some effort in the acquisition, it may still be necessary to?withdraw.7 Terms?initially negotiated?can be?changed?after the acquisition. Mergers and AcquisitionsAs Finance Director of plastics manufacturer VKT, Yvonne Maynart has overseen many successful takeoversA??It is essential to build up a team to handle the acquisition so that your existing business can continue uninterrupted during the deal. It also helps to operate with spare capacity so that you can transfer people during the initial stages. A key person should be driving the acquisition process forward, although one person alone cannot assume responsibility for a large deal. It is clearly vital to do thorough research when identifying potential targets - but?do not be afraid to?walk away from a deal?if you become aware of serious difficulties with a company you are targeting.B?To decide on the value of any target business, you must first determine what contribution your acquisition can make to it. For example, you may be able to increase revenue through a more focused management team, or improve margins through greater purchasing power and lower costs. At VKT,?we base our valuations on?conservative?assumptions?- we also add in the risk element. This approach may be best, and it's worth remembering that with listed companies, shareholders tend to have higher risk/reward expectations.C?Developing relationships with finance providers is a key part of the finance