7 Mergers and acquisitions Discussion Kl Motch these newspaper headlines with the extracts they belong to, Decide why the headlines are good or bad news, © Titanic Enterprises go under | © Aivinsiuiccwnectinancl ose ; < “The cooperatve hes run out of capital © Air New Zealand in the black | © _sndbad'o.close at its branches. © OLDIES RECORDS COVER COSTS ° ‘American shareholders had grounds for © —HONECKER LTD. GO TO THE WALL |@ optimism as news filtered through of probable return to FFEE BREAK Catastrophic resus in E Europe edt the 0 ee BREN @icomeccilacarua be ate rents tt ° {© The tiotogy specialists wil por a mirecaous retum on invesent at omorows AGM. co Eo ~__miubitity soar as sales of tianis tomgby internationals took of a Sa ft. i ss be company sok sant rocktoton, © Predictor Inc. make a profit | © — frarmantsoraa conte desea 0 oly te eget, Spot he kobe. Giving financial information EB Mark sentences 1-8 and a)-h) from a financial report 2, ¥,or > to show whether the words in bold inicie an inceate, a decrease, or aby, Which wo phases mean Somethingelse? 1 Last year ourbilings rose by 45%. a) Ouroverheeds should level oft 2 Varable costs are lig. 8) Our ahars slumped dung the crash 3 Thebock value ofourereishas jumped. 6) Our tamoversloat doubled 4 Weespeet fed cots to stable @} Cost of aes varies rom month o month 3 In2001 ourstockalld to record low.) Our debt pea atthe end of simmer 6 Production costs fluctuate over the year.) The value of our baling and 7 Lily wll dp payments ar ate ‘uipment has elimbed & Libiitqrench shigh when busnessis g) Ourperating costs are dropping. Slow in August §) Cash ow wil deteriorate we stiow customers mor ered Now much seatencet 1 to howe with alr neanigs a), Ed Choose the correct label a) or b) for each graph. ° ° on aes mtd Sh.) Th ot coef 0 see QE | SRE Samet a(ED he norcive vosabuey practic onthe DVD-ROM rawatuon @ by IED atch the causes nd eects in each et of four belo 1 Thee wasa considerable improvement) ae sul, det wil grow sight Inthe company’ image 3) the company enjoyed moderste growth We plano acu ecology _ 6) ave surge in edundanies, Mies ofiscenepicaianees sank (aunt venture wi pesos ‘Nave of comport ds eed in ‘American comportion, ‘Aer the er, our rafal will pros wil hoot wp dramataly, improve signcany rs consequence of tht divelicaton 6. Davwolowerlabour fos, into se mare 4 Thy sa a sight nrease sales enue of rumours of host takeover '8 Share prices often go up sharply ‘h) as a result of economies of scale. ED the phrases in bold in 4 describe diferent degres of change. Put them in order from smallest (to largest (+). [Gl Complete the sentences below using phrases in the box. Sometimes there is more than one possible answer. ‘The FISE 100 fell aga increasing economic uncertainty. Rumours ofa merger _—_ Tenzin Pharma gaining 6%. Nidden PLC has successfully resisted a raid; ___ its price has levelled off Henry Halen climbed quickly excellent third quarter results. Profit warnings from several computer companies significant drops in price. JTL Holdings’ Brazilian subsidiary went bankrupt, its stock fell to £22, Which five phrases explain causes? Which three introduce effects? Listening for detail HD 202 Listen t a radio stock market report and complete the graph of Fraxis Corp's sharesprice history, wes seesseusedié Presenting [Eh With a partner, practise describing the information in a graph. ‘Student A: tur to page 112, ‘Student B: turn to page 116,7 Mergers and acquisitions Refre: riciutieg i | canned i\| wile | ‘open te window Test yourself: Future forms | Tron deo ‘rectors fur fas Underine the bes futre forms (wil going to) inthe daiogue. | fergie {hI ne ‘A: What do you think of Artip Laboratories? ticom are meeting Arti’ Board of Ill preilon bd or Directors they 1) wil are going to make a takeover bd pens 8: I know But Arp ae losing millon, Everody can se what's coming: they | rare aang (2) wil / are going to 99 bankrupt Fmsceing te cer at A: com aby dons sore. Pra he think that with new management and 1030 fresh capital. rip) wi re going to havea second chance See aang for 6: Hm Well tmsure theyre wrong, Arya, ve alteady dcuseed it with my seg broker Fel / Fn going to sll my com shares, Ceca A: Really Yu's sue? in that ese, maybe 5) sl / Fm going tl mine, 00, sores thtnoos enemas rit” EME Decide whch sentence in each air uses the wrong future frm (in bl and ore i i | 1a) nylon Electron are oui ment ayatem on the 14h 'b) Hundreds of journalists have blocked a whole week, Because Kyton wil fly them to Hawali forthe launch. i 2a) The system's specifications are top secret; Kyton will not release any details until | the launch 1 'b) Experts believe the producti taking the home-entertainment market by storm ext quarter 3a) ‘Lots of celebrities ae coming to our launch party said a distributor, Everybody vl be here except the President, because he will attend a conference in aly’ 1) "We are going to fly 20,000 units in the day before the launch 43) Kylton have already threatened they are prosecuting any pirat 'b) However, copycat products will no doubt be on sale by December Test yourself: Expressing likelihood i [El atch the two parts of the forecasts and estimate how probable its that each event tit appen rom 08 (ttl monte) to 00% aso can), Sor [1 wen sr ana esa aon [2 wee wey © oa 3 Thre way myo iene: 7) 7 eta ty as | cause’ using these words to complete the gaps: as, because, due, of of result, thanks, to, to, ‘The increase in productivity last year was 7 7 a the new technology bought 1 Complete the sentences using the most appropriate form: witl, be going to othe present continuous, Use ‘contractions (I'l, I'm) where possible, 1 (describing your plans) Nest year _ (we / enter) the Croatian market by buying a small Toca firm, 2 (making promise) Don't worry, (you / have) the goods by the end of the week. 5 (giving details of fixed arrangement) ___ (1 meet) Barbara from 9:00 to 10:00 at her office, and I should be back around 10-30. 4 (making an instant decision) Is that my mobile phone inging? I'm som, —_(1/ turn) it of, Complete this presentation extract using the words and Phrases inthe box. ‘resulted in asaresut of seem to suggest i whereas however _letsmove on ‘ert sie shows." notice from the chart 0K, (1) ‘My (2) our administration costs one year aftr the ‘merger. You will (3)__ thatthe figures (4) noticeable impact on costs (5)__ the merger. But hides the real situation, Initially, the merger (6) many large compensation payments for managerial stall ‘ho lost their jobs, and this inereased costs. (7), ‘over the longer term salary costs are coming down as @ result ofthe euts. Next year we expect administration costs tobe 2.5M, (8) this year they wil be about 2.9M.Review 8 El in cach set of four below, match a verb on the left with ‘noun on the right to make phe ss about export sales, 1 Don'tsell proactive with local distributors 2 Be a firm commitment 10 export 3 Make ‘outside the box. 4 Think ‘on price rather than quality 5 Trade an exclusive deal 6 Sign time, elfort and money. 7 Beprepared on open account 8 Invest to modify product specifications. 9 Ask ‘payments can be done by the credit agency. 10 Chasing a credit agency about a customer's creditworthiness. 11 Focuson that what works in your domestic rmaricet will also work abroad, 12 Dont ‘ne market, rather than tying to cll allover the worl BW Finda word in 1 that means: 1 the ability ofa company to repay debts: 2 trying hard to get something you wan 1 The collocations below are used in international business transactions, Cross out the one verb in bold in ‘each group that does not eollocate with the noun, Issue / reach / settle / query an invoice sume / provide / load / ship goods chase / comply with / state / meet conditions 7 reach / sign / state a deal / check out / check up om s customer's creditworthiness 6 fall behind with / get behind with / move behind with payments ‘The words in bold below are all in the wrong places, Pat chem in the correct places. After the exporter and foreign custome finaly (1) cheek up ‘ons deal, the exporter will 2) comply withthe goods and. {G) reach an invoice. The exporter must (4 issue all the tonditions inthe contract, and if they do they can expect to be paid on time. I is a waste of time ifthey have to (5) ship customers who (6) chase payments. If there i a problem with payment, the exporter can use a credit agency to (7) fe behind with a customer’ creditworthiness Complete the text with these time prepositions: at, during, from, i, until, within, (0) ___the 9s we worked with a series of different local agents, (2) 2002 we started using APL, and they have been our exclusive agent (3) that time (4) G1 Put the words inthe diplomatic sentences into the ‘correct order 1 Direct 1 explain it again if you want Diplomatic: i let me zweay another put 2 Direct You are not convinced: Diplomatic: wrong me if you correct but I'm saying that seem to be you are not concinced. 3 Direct You are wrong! Diplomatic: 'm a slight misunderstanding there seems to be afraid 4 Direct You don’ understand! Diplomatic: I clear myself kavent made perhaps. 5 Direct: You want to withdraw from the projet, right? Diplomatic por reanld be enying I Wight thal sant 10 withdraw from the project? EZ Use the words in brackets to make the direet sentences more diplomatic, 1 We need more time (think / might) 2 There are still many difficulties. (I'm afraid / quite a large number) 5 We must renegotiate parts ofthe contract (perhaps / should / one or two) 4. That will be very expensive, (won't rather) ED Complete this email sequence using the words and phrases inthe box. further to according to regret to inform ‘pas thismatter_ now overdue early settlement hhaveno alternative outstanding balance Email 1 (Reminder) (1) our records, our invoice number KLT88 is (2) The total sum is €25,600. We would appreciate your (5) ___ of this (4) Email 2 (Final demand) (5) —__ our email of 14 June re invoice KL788, we have sill not received payment forthe outstanding sum ‘of €25,600. We (6) __you that we (7) _but to (8) to our legal department. ‘now, They are very good at collecting payment from ipeal customers, and we give them the discretion to ask forpayment (5) ___ either 60 or 90 days, They forward ‘ousall payments they have collected, after taking their ‘commission, and we receive money from them (6) the end of every month, i Match the words outstanding and overdue to theit definitions below. 1 not paid when expected; ate: 2 not et paid ) Which ofthe two words from 9 has.a second meaning ofexcellent and impressive"? TheBusiness 108