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1、外文翻译原文HowChinaCanSucceedInTheMergers&AcquisitionWorldMaterialSource:BusinessWeekly2010(9)Author:PhilLeungandLarryZhuTheupcomingsaleofbankruptKoreanautomakerSsangyongMotortoIndia'sMahindraTheupcomingsaleofbankruptKoreanautomakerSsangyongMotortoIndia'sMahindra&Mahindra,markstheendofanattemptbyaC
2、hinesecompanytogrowoverseas.Whenstate-controlledShanghaiAutomotiveIndustry(SAIC)wonaheatedtakeoverbattlein2004foranearly50percentstakeinSsangyong,itwasthefirstacquisitionbyamainlandChinacompanyofaforeigncarmanufacturer,withpotentialforSAICandSsangyongtocomplementeachother'sbusinesses.AfterSAIC
3、encounteredanumberofchallenges,includinganinabilitytogetcontrolofSsangyong'soperationsandlaborunions,itcutthestaketolessthan4percent.ChinesecompaniessuchasSAICarediscoveringthatexpandingintoforeignmarketsistricky.Theoddscertainlyaren'tintheirfavor.Worldwide,merger-and-acquisitioneffortsoftenfa
4、iltodelivertheirintendedvalue.Thestakesareevenhigherforcompanies—suchasmostChinesebuyers—thatlackexperienceinM&A.AglobalsurveybyBain&Co.of750companiesshowsthat,ayearafterdealswereannounced,thesharesof55percentofacquiringcompanieshadfailedtooutperformthemarket.Chinesecompaniesshouldbemindfuloft
5、hoseoddsasthecountrybecomesaplayerinagameit'sjustbeginningtolearn.China'sexplosiveeconomicgrowthhasspurredacorrespondingboominmainlandcompaniespursuingexpansionopportunitiesoverseasthroughM&A,jointventures,partnerships,ororganicgrowth.Evenasthefinancialcrisisroaredin2009,thevalueofdealsinvolvi
6、ngChinesecompaniesmakingoverseasacquisitionstotaled$35.9billion.(Asrecentlyas2004,itwas$3.5billion.)Severalmultibillion-dollardealsareintheworksorhavebeencompleted,includingthe$7.7billionacquisitionlastyearofCanada'sAddaxPetroleumbySinopecInternationalPetroleumExplorationandProduction.InApril,
7、state-ownedSinopecannounceditwouldbuy9percentofaCanadianoil-sandsproject,Syncrude,fromConocoPhillipsfor$4.7billion.ChinaNationalChemical'sExpansionWhatdoesittaketogetM&Aright?We'vefoundthatwinnersstartslowandsmall,thengainexperienceandc
