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 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 . 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：本文选自Economist; 5/4/2002, p61, 1/2p, 1c；
注：本文习题命题模仿对象2004年考试真题Text 1；
1.Why does South Koreas 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 GMs 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 Hynixs 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 teams expectation.
答案：CADBC
篇章分析
本文介绍了韩国政府由于想加快经济复苏，而极力向外国人营销推广南韩最混乱不堪、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却避开了被回收的命。文章详细介绍了通用企业的回收状况。第一段指出韩国政府由于想加快经济复苏，而极力向外国人营销推广南韩最混乱不堪、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企业的回收状况；第四段指出这一回收对通用企业的意义；第五段指出通用公司在回收之后所面临的工作和任务。
词语注解
bag vt. 装入袋中；猎获，捕获，夺取；占
in the wake of adv.尾随, 紧跟, 仿效
stake [steik] n. 股本[份]
churn out 很多产出
designate adj. 已任命但还未就职的
presence 可见物体，有形物体，此处指现有些公司或设施
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
结构剖析：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法。
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
结构剖析：本句并不难，重点是理解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跑车部前女友首席实行官、现在已被任命但尚未上任的通用-大宇公司首席实行官；now that的意思是既然, 因为。
句子译文：通用汽车公司英国子公司Vauxhall跑车部前女友首席实行官、现在已被任命但尚未上任的通用-大宇公司首席实行官尼克赖利觉得，由于已最后敲定这笔买卖，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。
题目剖析
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. 由于大选年进行清算风险太大，后果很难预料，所以政府将对债权人施加重压以拯救与美光企业的这笔买卖，或者另辟蹊径，探寻别的买主。从这里大家可看出政府将会采取积极手段。
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.理解这句话的重点在与词组pull out和turn round。
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.，大家可看出并非所有人都同意通用公司对大宇企业的回收的，因此选项C是不对的。
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却避开被回收的命
韩国政府想极力向外国人营销推广南韩最混乱不堪、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法。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企业的合同。但，就在同一天，急切需要现金的存储类芯片巨人Hynix企业的董事会断然拒绝了美国的一家角逐对手美国美光科技企业的回收建议，此举令市场大为震撼。美光科技公司曾出价约34亿USD来购买Hynix企业的核心芯片业务，并在非存储类芯片业务内占少数股份。剖析人士预测，政府将对债权人施加重压以拯救与美光企业的这笔买卖，或者另辟蹊径，探寻别的买主，由于大选年进行清算风险太大，后果很难预料。
通用汽车公司与大宇汽车企业的买卖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，但发现非常难使大宇汽车公司死而复生后知难而退。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企业的四个国内汽车制造厂，坐落于越南的一家工厂、荷兰的一家零配件制造厂和九家国外分厂。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非常好的交易。它将与各种不愿透露身份的合伙人一块拥有新企业的67%的股份。这家美国汽车制造商将为其拥有些42%的股份支付2.51亿USD，但它也将承担大宇汽车公司5.73亿USD的债务。此项回收是通用汽车公司全球扩张策略的重点部分。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。大家常见觉得，购买南韩现有些一家公司是通用企业的当务之急，由于每年的汽车进口量只占国内销售总量150万的3%。通用公司期望借助大宇企业的生产线生产出能以大宇商标在大多数市场销售的便宜汽车。
但通用汽车公司还要做不少工作来重塑大宇已毁的形象，并且重新打造国内市场份额。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跑车部前女友首席实行官、现在已被任命但尚未上任的通用-大宇公司首席实行官尼克赖利觉得，由于已最后敲定这笔买卖，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。在签署有关事宜的时候，因为签署仪式所用宾馆被一群工会激进分子所控制而不能不转到一个秘密地址。
