加強(qiáng)盡職調(diào)查以改善并購【外文翻譯】

1、本科畢業(yè)論文（設(shè)計）外文翻譯原文：原文：ExtendingduediligencetoimprovemergersacquisitionsThe$47billionacquisitionofFleetBankbyBankofAmericainApril2004createdthenumber3bankintheUnitedStates.Withassetsestimatedat$966billionitisexceededonlybyC

2、itigroupthecombinedBankOneCp.JPMganChase.BankofAmericaFleetmayhavebeen2004’shighprofilebankingmergersacquisitions(Mitwasnottheonlyone.Fexampleduringthefirst10daysofNovember2004WachoviaacquiredSouthTrustina$14billiondealV

3、alleyNationalBancp’s$141millionacquisitionofNCrownwasannouncedRiverviewBancpcontinueditsexpansionbyabsbingAmericanPacificBankina$34milliontransaction.TherewerealsotheacquisitionsofFirstWashingtonFinancialCp.byFultonFinan

4、cialCpationFSFFinancialCp.byCenturyFinancialCp.SnakeRiverBancpbyIntermountainCommunityBancp.Whilemanyofthesearecommunitybanksitisstillvirtuallyonemergeracquisitiondealeverywkingday.Youcanevengambleonfuturebankacquisition

5、s:RyanBeckrecentlylaunchedthe“BankMergerPtfolio”aunitinvestmenttrustconsistingofbankstocksedbecauseoftheirpotentialfconsolidation.Thisisnotarecentphenomenon.ThoussofbankmergersacquisitionshavetakenplaceintheUnitedStatesa

6、loneinthelasthundredyears.Thevolumehasfluctuatedbutthetrendhasbeenbroadlyupwardswithvariousauthsthroughoutthe20thcenturyreptingincreasesinconsolidationactivitycomparedtothepast.Fexampleasharpriseinbankmergeractivitywasre

7、cdedintheearly1950swhencomparedtotheprecedingdecade.Almost900commercial“uptotheright”astheyearsprogressbutthedatatellsadifferentsty.ThevalueofwldwideM&Ahitalmost$2.5trillionpeakingin1999.Followingthedotcombubbleburstthis

8、levelreducedbutactivityhasbeenincreasingagainrecently.Lookingatthesituationacrossallindustriesthereis30yearsofevidencethatthemajityofacquisitionsdonotcreatevaluefshareholdersintheacquiringcompany.InOctober2002BUSINESSWEE

9、Kmagazinereptedthat61percentofU.S.mergersdestroyshareholdervalue.Recentresearchshowsthatacquisitionsinthe1990shadjustaspoarecdasthosethattookplace20yearsbefe.Thespecificevidencefbankingisinconsistentwithsomeclaimsfsucces

10、sbalancedbyevidenceoffailurebutthesituationissummarizedbyresearchpublishedlastyearthatconcluded“Onaveragebankmergersdonotcreatevalue.”Thissituationiscertainlyparadoxical.Therecdofaccomplishmentispobutalmostinspiteoftheev

11、idenceM&Ahavecontinuedwithinthebankingsectatthecommunitystatenationallevel.Thedictionariesdefine“diligence”intermssuchas“careful”“persistent”“earnest”“painstaking.”Itisalsodefinedas“theoppositeofnegligence.”Thisimpliesth

12、atanypremergerpreacquisitionauditshouldmakeeveryeffttoidentifyallthefactsthatindicatewhetherthetargetganizationwillproduceasuccessfuloutcome.Carefulanalysisoftheguidelinesshowsthatalthoughthesubjectareasmightbeemployeesb

13、enefitstheprocessisessentiallyfinanciallegalconcernedwithrealizingintendedcostsavingsavoidinglitigation.ThesurveyalsofoundthatrespondentsidentifiedceHRissuesincludingculturalfitdecisionmakingalignmentofcompensationbenefi

14、tsganizationalstructureasthemostcriticaldifficultareastoresolveduringintegrationwithculturalfitbeinghighlightedastheareathatwouldbegivenmeattentionduringbothduediligenceintegration.JeanLucSanterresenivicepresidentofcpate