11 ONE STEP FORWARD, ONE STEP BACK

　　At last, GM bags Daewoo Motor. But Hynix eludes¹ capture

　　THE government is desperate to sell the most troubled of South Korea's big companies to foreigners. This, ministers believe, is the best way to accelerate the corporate² restructuring begun in the wake of the Asian financial crisis in 1997, and to clear the way for more sustainable economic growth. This week, after months of on-off talks with foreign suitors, the government's plans moved a big step forward, and then an equally big step back.

　　On April 30th General Motors (GM) signed a contract to buy the bankrupt Daewoo Motor. But on the same day, the board of Hynix, a cash-strapped memory-chip giant, shocked the markets by rejecting a proposed takeover by Micron Technology, an American competitor. Micron had offered to pay about $3.4 billion for Hynix's core memory business, and to take a minority stake in the non-memory arm. Analysts³ predict that the government will put pressure on creditors⁴ to rescue a deal with Micron or seek a new buyer, as liquidation⁵ is too risky⁶ to contemplate⁷ in an election year.

　　GM's deal with Daewoo Motor marks the end of an even longer and more painful process. Ford⁸ almost bought the car maker⁹ two years ago, but pulled out after deciding that Daewoo would be too hard to turn round. GM had been talking with Daewoo for over a year. It has agreed to buy two of the company's four domestic car plants, a factory in Vietnam, a parts unit in the Netherlands and nine overseassales arms (all in Europe except one, in Puerto Rico of all places). Between them, the two domestic factories can churn out a combined 530,000 cars and 30,000 commercial vehicles a year.

　　GM has struck a good deal. Together with various undisclosed partners, it will hold a 67% stake in a new company, tentatively named GM-Daewoo. The American car maker will pay $251m for its own stake of 42%, but it will also assume $573m of Daewoo Motor's debts. The acquisition is a key part of GM's global expansion. The company has been trying to strengthen its foothold in Asia for some time. Buying a presence in South Korea was seen as particularly urgent, since imports account for only 3% of the 1.5m cars sold in the country each year. GM hopes to use Daewoo's production lines to make budget cars that will be sold under the Daewoo brand in most markets.

　　But GM has much work to do to rebuild Daewoo's damaged brand image and domestic market share, which hovers¹⁰ around 10% after reaching a high of 37% in 1998. GM has to fill holes in product lines by introducing sport-utility and multi-purpose vehicles, says Nick Reilly, former chief executive of Vauxhall, GM's British subsidiary, and chief-executive-designate of GM-Daewoo now that he has sealed the deal. His management team can expect trouble from South Korea's aggressive unions along the way. In a sign of things to come, the signing ceremony was moved to a secret location after a group of union activists¹¹ occupied the hotel where it was due to take place.

　　Economist¹²; 5/4/2002, Vol. 363 Issue 8271, p61, 1/2p, 1c

　　注(1)：本文选自Economist; 5/4/2002, p61, 1/2p, 1c；

　　注(2)：本文习题命题模仿对象2004年真题Text 1；

　　1.Why does South Korea’s government want to sell its companies to foreigners?

　　[A]The companies cannot survive the Asian financial crisis.

　　[B]The companies can never be rescued.

　　[C]It can do much good to the development of the economy.

　　[D]It is troublesome to run the big companies.

　　2.Which of the following can be the main advantage of the buying of Daewoo Motor by GM?

　　[A]It is a big step toward GM’s global expansion.

　　[B]It satisfies the need of the domestic markets.

　　[C]It holds the majority shares of Daewoo Motor.

　　[D]It can control the Asian market.

　　3.What kind of action will the government possibly take for Hynix’s refusal?

　　[A]timely

　　[B]indignant

　　[C]indifferent

　　[D]positive

　　4.Why did Ford give up the acquisition of Daewoo Motor?

　　[A]It is difficult to be handed over to Ford.

　　[B]It is difficult to be changed for better.

　　[C]It is difficult to ask for agreement.

　　[D]It is difficult to realize the tricky¹³ terms.

　　5.Which of the following is not true according to the last paragraph?

　　[A]The image of Daewoo Motor has been greatly damaged.

　　[B]There is no progress in the domestic market share of Daewoo since 1998.

　　[C]The acquisition is quite popular with the Koreans.

　　[D]The Korean reaction is within the management team’s expectation.

　　答案：CADBC

　　篇章剖析

　　本文介绍了韩国政府因为想加快经济复苏，而极力向外国人推销南韩最混乱不堪、千疮百孔的大公司。在这个过程中，通用公司终于盘到了大宇汽车公司，但Hynix却避开了被收购的命运。文章详细介绍了通用公司的收购情况。第一段指出韩国政府因为想加快经济复苏，而极力向外国人推销南韩最混乱不堪、千疮百孔的大公司；第二段指出韩国政府的计划向前进了一大步，随之又后退了相同的一大步；第三段指出通用公司对大宇公司的收购情况；第四段指出这一收购对通用公司的意义；第五段指出通用公司在收购之后所面临的工作和任务。

　　词汇注释

　　bag vt. 装入袋中；猎获，捕获，夺取；占(位置)

　　in the wake of adv.尾随, 紧跟, 仿效

　　stake [steik] n. (下在投机生意上的)股本[份]

　　churn out (以自动方式)大量产出

　　designate adj. (官职)已任命但还未就职的

　　presence 可见物体，有形物体，此处指现有的公司或设施

　　难句突破

　　1.This, ministers believe, is the best way to accelerate the corporate restructuring begun in the wake of the Asian financial crisis in 1997, and to clear the way for more sustainable economic growth.

　　主体句式：this is the best way to accelerate … and to clear the way …

　　结构分析：本句是一个简单句。“ministers believe”是插入语；“begin”在句中的词性是及物动词，用做被动语态；词组“in the wake of”的意思是“尾随, 紧跟”；“to accelerate”和“to clear the way”都是不定式短语做定语。

　　句子译文：政府部长们相信，这是加快始于1997亚洲金融危机之后的公司结构调整、为经济更有效地可持续增长扫清道路的最好方式。

　　2.GM has to fill holes in product lines by introducing sport-utility and multi-purpose vehicles, says Nick Reilly, former chief executive of Vauxhall, GM's British subsidiary, and chief-executive-designate of GM-Daewoo now that he has sealed the deal.

　　主体句式：Nick Reilly says …

　　结构分析：本句并不难，关键是理解Nick Reilly的头衔。“former chief executive of Vauxhall, GM's British subsidiary, and chief-executive-designate of GM-Daewoo”是“Nick Reilly”的同位语，意思是“通用汽车公司英国子公司Vauxhall跑车部前任首席执行官、目前已被任命但尚未上任的通用-大宇公司首席执行官”；“now that”的意思是“既然, 由于”。

　　句子译文：通用汽车公司英国子公司Vauxhall跑车部前任首席执行官、目前已被任命但尚未上任的通用-大宇公司首席执行官尼克•赖利认为，因为已最终敲定这笔交易，所以通用公司须通过引进运动赛车或多功能汽车来填补生产线方面的空缺。

　　题目分析

　　1.答案为C，属事实细节题。原文对应信息是：“This, ministers believe, is the best way to accelerate the corporate restructuring begun in the wake of the Asian financial crisis in 1997, and to clear the way for more sustainable economic growth.。”

　　2.答案为A，属事实细节题。原文对应信息是：“The acquisition is a key part of GM's global expansion.”

　　3.答案为D ，属推理判断题。原文对应信息是：“the government will put pressure on creditors to rescue a deal with Micron or seek a new buyer, as liquidation is too risky to contemplate in an election year.” 因为大选年进行清算风险太大，后果难以预料，所以政府将对债权人施加压力以拯救与美光公司的这笔交易，或者另辟蹊径，寻找别的买主。从这里我们可看出政府将会采取积极措施。

　　4.答案为B，属事实细节题。原文对应信息是：“Ford almost bought the car maker two years ago, but pulled out after deciding that Daewoo would be too hard to turn round.”理解这句话的关键在与词组“pull out”(其含义是“退缩；从某种境况或承诺中撤出”)和“turn round”(其含义是“转身,转变”)。

　　5.答案为C，属事实细节题。选项A、B、D在文章中都可找到对应信息。文章最后提到“His management team can expect trouble from South Korea's aggressive unions along the way. In a sign of things to come, the signing ceremony was moved to a secret location after a group of union activists occupied the hotel where it was due to take place.”，我们可看出并不是所有人都赞同通用公司对大宇公司的收购的，因此选项C是错误的。

　　参考译文

　　进一步，退一步

　　通用公司终于盘到了大宇汽车公司，但Hynix却避开被收购的命运

　　韩国政府想极力向外国人推销南韩最混乱不堪、千疮百孔的大公司。政府部长们相信，这是加快始于1997亚洲金融危机之后的公司结构调整、为经济更有效地可持续增长扫清道路的最好方式。本周，经过数月与外商断断续续的讨论，政府的计划向前进了一大步，随之又后退了相同的一大步。

　　4月30日，通用汽车公司签署了一项购买已破产大宇汽车公司的合同。但是，就在同一天，急需现金的存储类芯片巨人Hynix公司的董事会断然拒绝了美国的一家竞争对手——美国美光科技公司——的收购建议，此举令市场大为震惊。美光科技公司曾出价约34亿美元来购买Hynix公司的核心芯片业务，并在非存储类芯片业务内占少数股份。分析人士预测，政府将对债权人施加压力以拯救与美光公司的这笔交易，或者另辟蹊径，寻找别的买主，因为大选年进行清算风险太大，后果难以预料。

　　通用汽车公司与大宇汽车公司的交易标志着一个甚至更长和更痛苦的过程的结束。两年前，福特公司几乎购买了这家汽车制造厂，但发现很难使大宇汽车公司起死回生后知难而退。通用公司与大宇汽车公司谈判了近一年。最后决定由通用公司购买大宇公司的四个国内汽车制造厂，位于越南的一家工厂、荷兰的一家零配件制造厂和九家海外分厂(除波多黎各一家制造厂外，其余的都在欧洲)。在它们之间，这两家制造厂每年可生产53万辆组合汽车和3万辆商用汽车。

　　通用汽车公司做成了一笔极好的买卖。它将与各种不愿透露身份的合作伙伴一起拥有新公司(暂时命名为通用­-大宇公司)的67%的股份。这家美国汽车制造商将为其拥有的42%的股份支付2.51亿美元，但它也将承担大宇汽车公司5.73亿美元的债务。此项收购是通用汽车公司全球扩张战略的关键部分。在相当一段时期内，通用公司一直试图巩固它在亚洲的地位。人们普遍认为，购买南韩现有的一家公司是通用公司的当务之急，因为每年的汽车进口量只占国内销售总量150万的3%。通用公司希望利用大宇公司的生产线生产出能以大宇商标在大部分市场销售的廉价汽车。

　　但是通用汽车公司还要做很多工作来重塑大宇已毁的形象，并且重新建立国内市场份额。大宇原先的市份额在1998年达到37%的高峰后，一直停留在10%左右。通用汽车公司英国子公司Vauxhall跑车部前任首席执行官、目前已被任命但尚未上任的通用-大宇公司首席执行官尼克•赖利认为，因为已最终敲定这笔交易，所以通用公司须通过引进运动赛车或多功能汽车来填补生产线方面的空缺。在这一过程中，赖利的管理班子预料到会遭遇来自韩国工会的攻击。在签署相关事宜的时候，由于签署仪式所用宾馆被一群工会激进分子所控制而不得不转到一个秘密地点。

 

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