V. Прочитайте и устно переведите на русский язык весь текст. Перепишите и письменно переведите абзацы 1, 2.

Takeovers, Mergers and Buyouts

1. Successful companies have to find ways of using their profits. Sometimes they develop new products or services, perhaps to diversify and enter new markets, but sometimes it is easier to take over other companies with existing products and customers. Acquiring a competitor in the same field of activity (horizontal integration) gives a company a larger market share and reduces competition. Companies can also acquire businesses involved in other parts of their supply chain.

2. One way to acquire part-ownership of a company is a raid, which involves buying as many of a company’s stocks as possible on the stock market. Because this increases demand, the stock price will immediately rise. A raid is unlikely to result in the acquisition of a controlling interest. More often, a company will launch a takeover bid. If the board of directors of a company agrees to a takeover, it is a friendly bid. If the company doesn’t want to be taken over, it is a hostile bid.

3. Takeovers can lead to the formation of large conglomerates, which can lead to a contrary phenomenon: leveraged buyouts. Buyouts occur when financiers consider that a conglomerate has not achieved synergy but has become inefficient, as a result it is undervalued on the stock market. In other words, the conglomerate’s market capitalization is lower than the value of its total assets.

VI. Определите, является ли утверждение:

a) истинным (true)

b) ложным (false)

c) в тексте нет информации (no information)

1. Successful companies don’t have to find ways of using their profits.

2. Takeovers can lead to the formation of large conglomerates.

3. Companies are encouraged to take over other companies by investment bank.

Занесите свои ответы в таблицу:

1	2	3

VII. Прочитайте абзац 2 и ответьте на следующий вопрос:

What is a raid?

Вариант 4

I. Переведите письменно существительные (1 - 10). Выберите определения (a – j), соответствующие существительным.

1. budget	a) a general direction in which situation is changing or developing
2. brand	b) the ability to do something well
3. IPO (initial public offering)	c) a person or a company that somebody owes money to
4. save	d) a decrease in amount, number, etc.
5. trend	e) the reason why somebody does something or behaves in particular way
6. skill	f) the act of a company selling its own shares on the stock market for the first time
7. motivation	g) a set of products of a particular type that are made or sold by a company
8. creditor	h) to keep money instead of spending it, especially by putting it in a bank account
9. fall	i) the amount of money that is available to a person or an organization and a plan of how it will be spent over a period of time.
10.product line	j) a name given to a product by the company that makes it, especially a trademark