2023復(fù)習(xí)正是強(qiáng)化復(fù)習(xí)階段，在考研英語(yǔ)中占了40分，所以考研英語(yǔ)閱讀是英語(yǔ)科目中重要的一項(xiàng)。名師老師曾建議過(guò)考研生需要堅(jiān)持每天泛讀10-15分鐘的英文原刊。強(qiáng)烈推薦了雜志《經(jīng)濟(jì)學(xué)人》.雜志中的文章也是考研英語(yǔ)的主要材料來(lái)源.希望考研考生認(rèn)真閱讀，快速提高考研英語(yǔ)閱讀水平。 　　Love on the rocks 　　戀情告急 　　The romance of a merger of equals rarely lasts long 　　來(lái)自對(duì)等合并的浪漫很難持久 　　PARIS and champagne. What better way tocelebrate an engagement? But that was last July.On May 9th a terse joint statement from their bosses confirmed that Publicis andOmnicom, two advertising giants, would not be getting married after all. Instead, althoughthey maintain a great respect for one another, the two companies have jointly decided toproceed along our independent paths. The only thing missing was a GwynethPaltrow-esque reference to consciously uncoupling. 　　巴黎和香檳。還有比這更好的慶祝訂婚的方法嗎?但是這是去年六月的情況。五月九號(hào)，Publicis 和Omnicom 這兩家廣告巨頭的老板發(fā)表簡(jiǎn)短的聯(lián)合聲明，稱兩家公司最終不會(huì)結(jié)合在一起。相反，盡管他們對(duì)另一方保持有相當(dāng)?shù)淖鹬兀珒杉夜疽恢聸Q定沿著各自的方向發(fā)展。唯一欠缺的是格溫妮絲帕特羅式引用的有意識(shí)的分開。 　　Anyone connected with the two firms should probably count himself lucky that they uncoupledbefore rings were exchanged. Corporate marriages often go wrong, but mergers of equalsinwhich two firms of roughly similar size combine, there is neither buyer nor target andtypically no cash changes handsaccount for a disproportionate share of the most notoriousfailures. Before making a comeback as the latest merger wave gathered force, they haddeservedly gone out of fashion after some disastrous couplings around the turn of thecentury. 　　兩家公司的相關(guān)人員都應(yīng)該慶幸雙方?jīng)]有在交換戒指之后分手。合作婚姻常常步入歧路，但是兩個(gè)擁有近乎同等規(guī)模的公司之間沒(méi)有買家也沒(méi)有目標(biāo)方并以無(wú)現(xiàn)金易手為特征的平等合并，在最臭名昭著的失敗案例中占據(jù)著一個(gè)不成比例的份額。還沒(méi)從積蓄著力量的最大的并購(gòu)潮中恢復(fù)過(guò)來(lái)，這些公司在經(jīng)歷了世紀(jì)之交進(jìn)行的一些災(zāi)難性結(jié)合后，理所當(dāng)然地落伍了。 　　When Travelers and Citibank unveiled their merger of equals in April 1998, Sandy Weill, oneco-chief executive of the aspiring financial powerhouse, Citigroup, pledged to share with hisco-boss, John Reed, the lucky office fireplace he insisted on having built. There was not tobe much toasting of marshmallows together. Barely a year later Robert Rubin, a formertreasury secretary, was hired to make peace between the feuding couple. In February2000 Mr Reed quit thismnage trois. Large chunks of Citigroup have since been offloaded,as if to confirm that the merger should never have been consummated in the first place. 　　當(dāng)旅行家集團(tuán)和花旗銀行在1998年4月公布它們的對(duì)等合并后，這家有抱負(fù)的金融集團(tuán)花旗集團(tuán)的聯(lián)席執(zhí)行官Sandy Weil承諾和他的合伙人John Reed 分享他強(qiáng)調(diào)已經(jīng)建好的幸運(yùn)辦公室壁爐。蜜月期并未持續(xù)多久。僅僅一年，前任財(cái)政部長(zhǎng)Robert Rubin 被雇來(lái)調(diào)解這長(zhǎng)期不和的一對(duì)。2000年1月，Reed先生退出了這一三角家庭。大部分花旗集團(tuán)資產(chǎn)被轉(zhuǎn)賣，似乎為了證實(shí)這一并購(gòu)當(dāng)初就不該達(dá)成。 　　In May 1998 Daimler and Chrysler announced their union, creating a giantGerman-American carmaker. Two years later Jrgen Schrempp, by now in sole command,having seen off Robert Eaton, the former boss of Chrysler, claimed that the term merger ofequals had been used only for psychological reasons. The marriage struggled on untilMay 2007, when a divorce was announced. Worst of all was the merger in January 2000 ofTime Warner, a media giant with 70,000 staff and revenues of $27 billion, with AOL, aninternet firm whose 12,000 employees generated less than $5 billion. To symbolise theirdevotion to power-sharing, Steve Case, boss of new-economy AOL, wore a tie to the pressconference celebrating the deal while Gerald Levin, boss of old-economy Time Warner,turned up without one. Months later the dotcom bubble burst, making a fool of Mr Levin,who announced his retirement in December 2001. In 2009 AOL was spun off. Jeff Bewkes,Time Warner s current boss, calls the merger the biggest mistake in corporate history. 　　1998年五月 戴姆勒和克萊斯勒宣布了它們之間的聯(lián)合，形成了一個(gè)德美汽車制造巨頭。兩年后，目睹了克萊斯勒前老板羅伯特伊頓離開的約爾施倫普現(xiàn)在大權(quán)獨(dú)攬，稱對(duì)等合并條件只適用于心理原因。這場(chǎng)婚姻掙扎到了2007年5月，直到被宣判離婚。最糟糕的并購(gòu)是2000年1月發(fā)生在擁有70,000員工、270億美元資產(chǎn)的傳媒巨頭時(shí)代華納和擁有12,000員工以及不超過(guò)50億美元資產(chǎn)的互聯(lián)網(wǎng)公司美國(guó)在線之間之間。為了表示它們之間相互扶持的決心，新經(jīng)濟(jì)型公司美國(guó)在線公司的老板斯蒂芬凱斯打了一條領(lǐng)帶出席了慶祝交易成功的媒體發(fā)布會(huì)，而老牌經(jīng)濟(jì)型公司時(shí)代華納的老板杰拉爾德萊文則沒(méi)有打領(lǐng)帶。幾個(gè)月后互聯(lián)網(wǎng)泡沫破滅，嘲諷了2001年12月退休的萊文先生。2009年美國(guó)在線被踢出局。時(shí)代華納的現(xiàn)任老板杰夫比克斯稱此次并購(gòu)為公司史上最大的失誤。 　　Although the deals have since been smaller and fewer, the tales of woe have continued. Afterfailing in 2001 to complete a merger because they could not agree on how to share power,Alcatel, a French telecoms-equipment firm, and Lucent, an American rival, eventually tiedthe knot in 2006. The combined firm s share price has slumped through a series of bosses.Now there is talk of a possible merger with Nokia, a Finnish rival. In February 2023 Glencoreand Xstrata, two mining giants with headquarters in Switzerland, agreed on a merger ofequals, only for Glencore to change its tune before the deal went through and insist that itsboss, Ivan Glasenberg, take sole charge of the combined firm. Duke Energy behaved evenmore brazenly after completing its merger with Progress Energy in July 2023. As part of thedeal, Jim Rogers, Duke s boss, had agreed that William Johnson, Progress s boss, would runthe combined firm, and he would be executive chairman. That was honoured for roughly twohours, before the board that had just appointed Mr Williams as chief executive fired him andgave Mr Rogers the job. Lesson for any boss considering a merger of equals: ensure your firmgets at least half of the members of the new company s board. 　　盡管交易變得越來(lái)越少、越來(lái)越小，悲傷的故事依舊在繼續(xù)。在2011年因?yàn)闊o(wú)法達(dá)成如何共享資源而并購(gòu)失敗之后，法國(guó)電信設(shè)備公司阿爾卡特和美國(guó)競(jìng)爭(zhēng)者朗訊公司最終在2006年喜結(jié)連理。聯(lián)合公司的股價(jià)在經(jīng)歷了一系列的老板之后下跌。現(xiàn)在有關(guān)于芬蘭對(duì)手諾基亞公司存在可能的并購(gòu)者的言論出現(xiàn)。2023年2月兩個(gè)總部在瑞士的礦業(yè)巨頭嘉能可和斯特拉塔集團(tuán)達(dá)成了對(duì)等合并，只是要求嘉能可在交易進(jìn)行前改變它的調(diào)子并堅(jiān)持它的老板伊凡格拉森博格獨(dú)掌聯(lián)合公司。杜克能源在2023年6月完成了與Progress Energy的并購(gòu)之后表現(xiàn)得更加無(wú)恥。作為交易的一部分，杜克公司的老板吉姆羅杰斯同意Progress公司的老板威廉約翰遜運(yùn)行聯(lián)合公司，并且他會(huì)成為執(zhí)行主席。這是只有兩個(gè)小時(shí)的榮耀，剛剛?cè)蚊壬鳛槭紫瘓?zhí)行官的董事會(huì)開除了他并把這一職務(wù)交給羅杰斯先生。每一位考慮對(duì)等合并的老板都要考慮一個(gè)教訓(xùn)：確保你的公司擁有至少一半的新公司董事會(huì)成員。 　　The aggregate data on mergers of equals reinforce the message of these sorry tales. Onaverage, mergers have a mixed record, rewarding sellers shareholders a bit more thanthey hurt buyers . But equity deals and large deals tend to do worse, notes Steven Kaplan ofthe University of Chicago: Mergers of equals are both large and typically done with stockrather than cash. 　　對(duì)等合并的綜合數(shù)據(jù)證實(shí)了這些令人遺憾的故事。通常，并購(gòu)者有一個(gè)混合記錄，損害買方的利益來(lái)給予賣方股票持有者更多的好處。但是對(duì)等交易和大宗交易更加糟糕，芝加哥大學(xué)的斯蒂芬卡普蘭提到：對(duì)等合并方規(guī)模都很大，并且典型的是用股票替代現(xiàn)金來(lái)交易。 　　From Omnicom to Omnishambles 　　從宏盟集團(tuán)到一團(tuán)糟 　　So why does anyone enter into such a deal? Both firms tend to be big and similar, whichholds out the possibility of lots of lucrative cost-saving. Yet their similar size makes it hard foreither boss to make a convincing case for taking sole charge. Bosses tend to haveplanet-sized egos, believing they can make anything work, including the combination ofincompatible corporate cultures. That proved a task too far for Omnicom and Publicis. Thebosses even convince themselves they can share poweror each believes that, if not, hecan see off the other. Yet all too often, merger of equals effectively translates intorudderless behemoth, says Peter Clark, one of the authors of Masterminding the Deal, abook on how to execute mergers. Everything has to be checked so many times to ensurethat everyone is on board, and competitive speed is lost. 　　那么為什么人人都想進(jìn)入這樣的交易中呢?雙方企業(yè)規(guī)模都很大并且相似，這就會(huì)提供很多可能有利的成本縮減。然而他們相似的規(guī)模使得任意一方的老板都很難令人信服地獲得獨(dú)控權(quán)。老板們的自我意識(shí)都很強(qiáng)，相信自己可以使得一切運(yùn)轉(zhuǎn)自如，包括公司文化矛盾的整合。這對(duì)于宏盟集團(tuán)和陽(yáng)獅集團(tuán)來(lái)說(shuō)是一項(xiàng)不可能完成的任務(wù)。老板們甚至說(shuō)服自己相信，他們能夠分享權(quán)力或者說(shuō)每個(gè)人相信，如果不是的話，他會(huì)讓別人離開。因而對(duì)等并購(gòu)常常像《策劃交易》一書作者之一彼得克拉克所說(shuō)的那樣有效地變成無(wú)領(lǐng)導(dǎo)的龐然大物。所有的事情都必須要好好檢查很多次確保每一個(gè)人都在船上，這樣競(jìng)爭(zhēng)速度就丟掉了。 　　The rare merger of equals that succeeds, such as the creation of Lockheed Martin, a defencefirm, in 1994, or of ConocoPhillips, an oil giant, in 2001, tends to have a detailedintegration plan agreed in advance, and one boss who is eager to retire as soon as possible.Typically, neither is the case. Their record is so bad that any talk of a merger of equals shouldset alarm bells ringing. You have been warned, shareholders of Lafarge and Holcim . Forget the romance ofpower-sharing; when it comes to the tricky business of making a merger work, someonemust be in charge. 　　少數(shù)幾個(gè)對(duì)等并購(gòu)成功的例子，例如1994年的洛克希德馬丁防御武器公司和2001年的石油巨頭康菲公司趨向于提前達(dá)成一個(gè)詳細(xì)的綜合計(jì)劃，并且其中一個(gè)老板迫切的希望盡快退休。典型的，沒(méi)有一個(gè)是這樣的例子。他們的記錄很糟糕，以至于任何有關(guān)于對(duì)等并購(gòu)的話題都會(huì)敲響警鐘。你已經(jīng)被警告了，拉法基公司以及霍爾希姆公司的股權(quán)人。忘記權(quán)力分享的浪漫吧;當(dāng)涉及到狡猾的使并購(gòu)進(jìn)行的事項(xiàng)中時(shí)，必須有人來(lái)掌控局面。 　　詞語(yǔ)解釋 　　1.connect with 使有關(guān)系;與連接 　　But will young people be as keen to raise moneyand connect with friends to support the president? 　　但年輕人還會(huì)那么熱心籌款，或者聯(lián)系朋友們?nèi)ブС挚偨y(tǒng)嗎? 　　Participants connect with each other in person andonline to share their experiences and challenges. 　　參與者在線上和線下彼此建立聯(lián)系，分享各自的經(jīng)歷和困難。 　　2.account for 導(dǎo)致，引起 　　Do women account for more of today s affairs? 　　如今女性在婚外情中所占比例是不是更大? 　　Philosophers had long wondered how to account for essences. 　　長(zhǎng)期以來(lái)，哲學(xué)家們困惑于如何說(shuō)明這些本質(zhì)。 　　3.pledge to 承諾 　　Will the markets reward the government for its a pledge to eliminate public borrowing? 　　市場(chǎng)是否會(huì)因英國(guó)政府承諾消除赤字而對(duì)之進(jìn)行獎(jiǎng)賞? 　　Did the oil companies follow through with their pledge to create a rapid-responsemechanism for future spills? 　　石油公司保證建立應(yīng)對(duì)未來(lái)泄漏事故的快速反應(yīng)機(jī)制，他們堅(jiān)守承諾了嗎? 　　4.turn up 翻起;出現(xiàn) 　　And most of those eyes turn up on friday and saturday nights. 　　并且大多數(shù)這些個(gè)眼睛也只是在周五和周六晚上才出現(xiàn)。 　　I hope some of those photos turn up in campaign ads one day. 　　我希望有朝一日這些照片中的某些會(huì)出現(xiàn)在競(jìng)選廣告里。

　　2023復(fù)習(xí)正是強(qiáng)化復(fù)習(xí)階段，在考研英語(yǔ)中占了40分，所以考研英語(yǔ)閱讀是英語(yǔ)科目中重要的一項(xiàng)。名師老師曾建議過(guò)考研生需要堅(jiān)持每天泛讀10-15分鐘的英文原刊。強(qiáng)烈推薦了雜志《經(jīng)濟(jì)學(xué)人》.雜志中的文章也是考研英語(yǔ)的主要材料來(lái)源.希望考研考生認(rèn)真閱讀，快速提高考研英語(yǔ)閱讀水平。 　　Love on the rocks 　　戀情告急 　　The romance of a merger of equals rarely lasts long 　　來(lái)自對(duì)等合并的浪漫很難持久 　　PARIS and champagne. What better way tocelebrate an engagement? But that was last July.On May 9th a terse joint statement from their bosses confirmed that Publicis andOmnicom, two advertising giants, would not be getting married after all. Instead, althoughthey maintain a great respect for one another, the two companies have jointly decided toproceed along our independent paths. The only thing missing was a GwynethPaltrow-esque reference to consciously uncoupling. 　　巴黎和香檳。還有比這更好的慶祝訂婚的方法嗎?但是這是去年六月的情況。五月九號(hào)，Publicis 和Omnicom 這兩家廣告巨頭的老板發(fā)表簡(jiǎn)短的聯(lián)合聲明，稱兩家公司最終不會(huì)結(jié)合在一起。相反，盡管他們對(duì)另一方保持有相當(dāng)?shù)淖鹬兀珒杉夜疽恢聸Q定沿著各自的方向發(fā)展。唯一欠缺的是格溫妮絲帕特羅式引用的有意識(shí)的分開。 　　Anyone connected with the two firms should probably count himself lucky that they uncoupledbefore rings were exchanged. Corporate marriages often go wrong, but mergers of equalsinwhich two firms of roughly similar size combine, there is neither buyer nor target andtypically no cash changes handsaccount for a disproportionate share of the most notoriousfailures. Before making a comeback as the latest merger wave gathered force, they haddeservedly gone out of fashion after some disastrous couplings around the turn of thecentury. 　　兩家公司的相關(guān)人員都應(yīng)該慶幸雙方?jīng)]有在交換戒指之后分手。合作婚姻常常步入歧路，但是兩個(gè)擁有近乎同等規(guī)模的公司之間沒(méi)有買家也沒(méi)有目標(biāo)方并以無(wú)現(xiàn)金易手為特征的平等合并，在最臭名昭著的失敗案例中占據(jù)著一個(gè)不成比例的份額。還沒(méi)從積蓄著力量的最大的并購(gòu)潮中恢復(fù)過(guò)來(lái)，這些公司在經(jīng)歷了世紀(jì)之交進(jìn)行的一些災(zāi)難性結(jié)合后，理所當(dāng)然地落伍了。 　　When Travelers and Citibank unveiled their merger of equals in April 1998, Sandy Weill, oneco-chief executive of the aspiring financial powerhouse, Citigroup, pledged to share with hisco-boss, John Reed, the lucky office fireplace he insisted on having built. There was not tobe much toasting of marshmallows together. Barely a year later Robert Rubin, a formertreasury secretary, was hired to make peace between the feuding couple. In February2000 Mr Reed quit thismnage trois. Large chunks of Citigroup have since been offloaded,as if to confirm that the merger should never have been consummated in the first place. 　　當(dāng)旅行家集團(tuán)和花旗銀行在1998年4月公布它們的對(duì)等合并后，這家有抱負(fù)的金融集團(tuán)花旗集團(tuán)的聯(lián)席執(zhí)行官Sandy Weil承諾和他的合伙人John Reed 分享他強(qiáng)調(diào)已經(jīng)建好的幸運(yùn)辦公室壁爐。蜜月期并未持續(xù)多久。僅僅一年，前任財(cái)政部長(zhǎng)Robert Rubin 被雇來(lái)調(diào)解這長(zhǎng)期不和的一對(duì)。2000年1月，Reed先生退出了這一三角家庭。大部分花旗集團(tuán)資產(chǎn)被轉(zhuǎn)賣，似乎為了證實(shí)這一并購(gòu)當(dāng)初就不該達(dá)成。 　　In May 1998 Daimler and Chrysler announced their union, creating a giantGerman-American carmaker. Two years later Jrgen Schrempp, by now in sole command,having seen off Robert Eaton, the former boss of Chrysler, claimed that the term merger ofequals had been used only for psychological reasons. The marriage struggled on untilMay 2007, when a divorce was announced. Worst of all was the merger in January 2000 ofTime Warner, a media giant with 70,000 staff and revenues of $27 billion, with AOL, aninternet firm whose 12,000 employees generated less than $5 billion. To symbolise theirdevotion to power-sharing, Steve Case, boss of new-economy AOL, wore a tie to the pressconference celebrating the deal while Gerald Levin, boss of old-economy Time Warner,turned up without one. Months later the dotcom bubble burst, making a fool of Mr Levin,who announced his retirement in December 2001. In 2009 AOL was spun off. Jeff Bewkes,Time Warner s current boss, calls the merger the biggest mistake in corporate history. 　　1998年五月 戴姆勒和克萊斯勒宣布了它們之間的聯(lián)合，形成了一個(gè)德美汽車制造巨頭。兩年后，目睹了克萊斯勒前老板羅伯特伊頓離開的約爾施倫普現(xiàn)在大權(quán)獨(dú)攬，稱對(duì)等合并條件只適用于心理原因。這場(chǎng)婚姻掙扎到了2007年5月，直到被宣判離婚。最糟糕的并購(gòu)是2000年1月發(fā)生在擁有70,000員工、270億美元資產(chǎn)的傳媒巨頭時(shí)代華納和擁有12,000員工以及不超過(guò)50億美元資產(chǎn)的互聯(lián)網(wǎng)公司美國(guó)在線之間之間。為了表示它們之間相互扶持的決心，新經(jīng)濟(jì)型公司美國(guó)在線公司的老板斯蒂芬凱斯打了一條領(lǐng)帶出席了慶祝交易成功的媒體發(fā)布會(huì)，而老牌經(jīng)濟(jì)型公司時(shí)代華納的老板杰拉爾德萊文則沒(méi)有打領(lǐng)帶。幾個(gè)月后互聯(lián)網(wǎng)泡沫破滅，嘲諷了2001年12月退休的萊文先生。2009年美國(guó)在線被踢出局。時(shí)代華納的現(xiàn)任老板杰夫比克斯稱此次并購(gòu)為公司史上最大的失誤。 　　Although the deals have since been smaller and fewer, the tales of woe have continued. Afterfailing in 2001 to complete a merger because they could not agree on how to share power,Alcatel, a French telecoms-equipment firm, and Lucent, an American rival, eventually tiedthe knot in 2006. The combined firm s share price has slumped through a series of bosses.Now there is talk of a possible merger with Nokia, a Finnish rival. In February 2023 Glencoreand Xstrata, two mining giants with headquarters in Switzerland, agreed on a merger ofequals, only for Glencore to change its tune before the deal went through and insist that itsboss, Ivan Glasenberg, take sole charge of the combined firm. Duke Energy behaved evenmore brazenly after completing its merger with Progress Energy in July 2023. As part of thedeal, Jim Rogers, Duke s boss, had agreed that William Johnson, Progress s boss, would runthe combined firm, and he would be executive chairman. That was honoured for roughly twohours, before the board that had just appointed Mr Williams as chief executive fired him andgave Mr Rogers the job. Lesson for any boss considering a merger of equals: ensure your firmgets at least half of the members of the new company s board. 　　盡管交易變得越來(lái)越少、越來(lái)越小，悲傷的故事依舊在繼續(xù)。在2011年因?yàn)闊o(wú)法達(dá)成如何共享資源而并購(gòu)失敗之后，法國(guó)電信設(shè)備公司阿爾卡特和美國(guó)競(jìng)爭(zhēng)者朗訊公司最終在2006年喜結(jié)連理。聯(lián)合公司的股價(jià)在經(jīng)歷了一系列的老板之后下跌。現(xiàn)在有關(guān)于芬蘭對(duì)手諾基亞公司存在可能的并購(gòu)者的言論出現(xiàn)。2023年2月兩個(gè)總部在瑞士的礦業(yè)巨頭嘉能可和斯特拉塔集團(tuán)達(dá)成了對(duì)等合并，只是要求嘉能可在交易進(jìn)行前改變它的調(diào)子并堅(jiān)持它的老板伊凡格拉森博格獨(dú)掌聯(lián)合公司。杜克能源在2023年6月完成了與Progress Energy的并購(gòu)之后表現(xiàn)得更加無(wú)恥。作為交易的一部分，杜克公司的老板吉姆羅杰斯同意Progress公司的老板威廉約翰遜運(yùn)行聯(lián)合公司，并且他會(huì)成為執(zhí)行主席。這是只有兩個(gè)小時(shí)的榮耀，剛剛?cè)蚊壬鳛槭紫瘓?zhí)行官的董事會(huì)開除了他并把這一職務(wù)交給羅杰斯先生。每一位考慮對(duì)等合并的老板都要考慮一個(gè)教訓(xùn)：確保你的公司擁有至少一半的新公司董事會(huì)成員。 　　The aggregate data on mergers of equals reinforce the message of these sorry tales. Onaverage, mergers have a mixed record, rewarding sellers shareholders a bit more thanthey hurt buyers . But equity deals and large deals tend to do worse, notes Steven Kaplan ofthe University of Chicago: Mergers of equals are both large and typically done with stockrather than cash. 　　對(duì)等合并的綜合數(shù)據(jù)證實(shí)了這些令人遺憾的故事。通常，并購(gòu)者有一個(gè)混合記錄，損害買方的利益來(lái)給予賣方股票持有者更多的好處。但是對(duì)等交易和大宗交易更加糟糕，芝加哥大學(xué)的斯蒂芬卡普蘭提到：對(duì)等合并方規(guī)模都很大，并且典型的是用股票替代現(xiàn)金來(lái)交易。 　　From Omnicom to Omnishambles 　　從宏盟集團(tuán)到一團(tuán)糟 　　So why does anyone enter into such a deal? Both firms tend to be big and similar, whichholds out the possibility of lots of lucrative cost-saving. Yet their similar size makes it hard foreither boss to make a convincing case for taking sole charge. Bosses tend to haveplanet-sized egos, believing they can make anything work, including the combination ofincompatible corporate cultures. That proved a task too far for Omnicom and Publicis. Thebosses even convince themselves they can share poweror each believes that, if not, hecan see off the other. Yet all too often, merger of equals effectively translates intorudderless behemoth, says Peter Clark, one of the authors of Masterminding the Deal, abook on how to execute mergers. Everything has to be checked so many times to ensurethat everyone is on board, and competitive speed is lost. 　　那么為什么人人都想進(jìn)入這樣的交易中呢?雙方企業(yè)規(guī)模都很大并且相似，這就會(huì)提供很多可能有利的成本縮減。然而他們相似的規(guī)模使得任意一方的老板都很難令人信服地獲得獨(dú)控權(quán)。老板們的自我意識(shí)都很強(qiáng)，相信自己可以使得一切運(yùn)轉(zhuǎn)自如，包括公司文化矛盾的整合。這對(duì)于宏盟集團(tuán)和陽(yáng)獅集團(tuán)來(lái)說(shuō)是一項(xiàng)不可能完成的任務(wù)。老板們甚至說(shuō)服自己相信，他們能夠分享權(quán)力或者說(shuō)每個(gè)人相信，如果不是的話，他會(huì)讓別人離開。因而對(duì)等并購(gòu)常常像《策劃交易》一書作者之一彼得克拉克所說(shuō)的那樣有效地變成無(wú)領(lǐng)導(dǎo)的龐然大物。所有的事情都必須要好好檢查很多次確保每一個(gè)人都在船上，這樣競(jìng)爭(zhēng)速度就丟掉了。 　　The rare merger of equals that succeeds, such as the creation of Lockheed Martin, a defencefirm, in 1994, or of ConocoPhillips, an oil giant, in 2001, tends to have a detailedintegration plan agreed in advance, and one boss who is eager to retire as soon as possible.Typically, neither is the case. Their record is so bad that any talk of a merger of equals shouldset alarm bells ringing. You have been warned, shareholders of Lafarge and Holcim . Forget the romance ofpower-sharing; when it comes to the tricky business of making a merger work, someonemust be in charge. 　　少數(shù)幾個(gè)對(duì)等并購(gòu)成功的例子，例如1994年的洛克希德馬丁防御武器公司和2001年的石油巨頭康菲公司趨向于提前達(dá)成一個(gè)詳細(xì)的綜合計(jì)劃，并且其中一個(gè)老板迫切的希望盡快退休。典型的，沒(méi)有一個(gè)是這樣的例子。他們的記錄很糟糕，以至于任何有關(guān)于對(duì)等并購(gòu)的話題都會(huì)敲響警鐘。你已經(jīng)被警告了，拉法基公司以及霍爾希姆公司的股權(quán)人。忘記權(quán)力分享的浪漫吧;當(dāng)涉及到狡猾的使并購(gòu)進(jìn)行的事項(xiàng)中時(shí)，必須有人來(lái)掌控局面。 　　詞語(yǔ)解釋 　　1.connect with 使有關(guān)系;與連接 　　But will young people be as keen to raise moneyand connect with friends to support the president? 　　但年輕人還會(huì)那么熱心籌款，或者聯(lián)系朋友們?nèi)ブС挚偨y(tǒng)嗎? 　　Participants connect with each other in person andonline to share their experiences and challenges. 　　參與者在線上和線下彼此建立聯(lián)系，分享各自的經(jīng)歷和困難。 　　2.account for 導(dǎo)致，引起 　　Do women account for more of today s affairs? 　　如今女性在婚外情中所占比例是不是更大? 　　Philosophers had long wondered how to account for essences. 　　長(zhǎng)期以來(lái)，哲學(xué)家們困惑于如何說(shuō)明這些本質(zhì)。 　　3.pledge to 承諾 　　Will the markets reward the government for its a pledge to eliminate public borrowing? 　　市場(chǎng)是否會(huì)因英國(guó)政府承諾消除赤字而對(duì)之進(jìn)行獎(jiǎng)賞? 　　Did the oil companies follow through with their pledge to create a rapid-responsemechanism for future spills? 　　石油公司保證建立應(yīng)對(duì)未來(lái)泄漏事故的快速反應(yīng)機(jī)制，他們堅(jiān)守承諾了嗎? 　　4.turn up 翻起;出現(xiàn) 　　And most of those eyes turn up on friday and saturday nights. 　　并且大多數(shù)這些個(gè)眼睛也只是在周五和周六晚上才出現(xiàn)。 　　I hope some of those photos turn up in campaign ads one day. 　　我希望有朝一日這些照片中的某些會(huì)出現(xiàn)在競(jìng)選廣告里。