部分收购

如今水落石出，这两家公司可能会以tpg当时出价的一小部分收购aleris。

When it emerges , the two are likely to own Aleris for a fraction of what TPG paid .

这些投资者还创办了巴西私募股权集团3G资本（3GCapital），该集团一直在收购亨氏（Heinz）、卡夫（Kraft）和汉堡王（BurgerKing）等美国食品企业——其中部分收购是在投资者沃伦？巴菲特（WarrenBuffett）的支持下发起的。

They are also the founders of 3G Capital , the Brazilian private equity group which has been buying up US food companies such as Heinz , Kraft and Burger King sometimes with the support of investor Warren Buffett .

也有人认为，苹果（Apple）、谷歌（Google）和微软（Microsoft）这样的公司也许希望部分收购黑莓比如它的安全网络资产或专利但私有化收购与只出售一部分大不相同。

There are arguments that companies like apple ( AAPL ) , Google ( GOOG ) or Microsoft ( MSFT ) may want select piece of BlackBerry such as its secured network assets or patents but being amenable to a take-private buyout is much different than enabling a strip sale .

近期，珠宝商宝格丽（bulgari）、能源集团edison以及食品集团帕玛拉特（parmalat）被法国企业全部或部分收购，意大利因此出现了针对法国收购意大利公司的民粹主义反弹。

The move comes amid a populist backlash against French buy-outs of Italian companies after jeweller Bulgari , energy group Edison and food group Parmalat were wholly or partially taken over by French companies in recent days .

少数股的价值也有可能因部分收购要约的完成而减值。

It is also possible that the value of the minority shares will decrease due to completion of the partial offer .

如果此项交易得以执行，这家英国集团肯定会通过一次大规模发股来筹得至少一部分收购资金。

If the sale goes ahead , the UK group would have to raise at least part of the funds through a large equity issue .

根据新规定草案，收购人将可以在购入超过5%的股份后发出部分收购要约。

Under the draft measures , the acquirer is permitted to make a partial tender offer in increments of 5 per cent of the shares .

最近阿里巴巴进行了一系列收购，对一些初创公司进行了全部或者部分收购，以推进其在国内和国际的雄心。

Alibaba has been carrying out a string of acquisitions recently , snapping up start-ups in whole or in part to fuel its ambitions at home and abroad .

但如果是收购人发出部分收购要约的话，对少数股股东而言，很有可能会出人意料地出现一个完全不熟悉的第三方多数股股东。

In a partial tender offer , however , it is very possible that minority shareholders will have a completely unknown third-party majority shareholder unexpectedly imposed upon them .

救援计划的核心部分收购金融机构问题资产的反向拍卖机制最早要到下月才会运行。

The core of the Treasury plan a reverse-auction mechanism for the acquisition of the troubled assets from a range of financial institutions will not be up and running until next month at the earliest .

根据新的规定，将允许收购人发出部分收购要约，增持上市公司至少5%的股份实际上是允许收购人在不完全拥有该公司的情况下取得控制权。

Under the new rules , an acquirer will be allowed to make a partial tender offer in increments of 5 per cent of the equity in effect allowing it to exercise control without fully owning the company .

数周内，纳德拉也会继承鲍尔默遗留工作中最棘手的部分：收购诺基亚（Nokia）挣扎中的手机业务及其3.5万名提心吊胆的雇员。

Within weeks , Mr Nadella will also inherit one of the thorniest parts of the Ballmer legacy : the acquisition of the struggling Nokia handset business and its 35000 nervous employees .

经济衰退迫使菲次罗伊出售部分最近收购的项目。

The recession forced Fitzroy to sell some of his recent acquisitions .

这可能因为该公司的一部分是收购来的。

This may be because a bit of the company was an acquisition .

这些是部分最先收购的设计品，它们确实把交互设计的理念带给了大众。

These were some of the first acquisitions that really introduced the idea of interaction design to the public .

去年，长江实业动用来自其地产投资组合的部分现金收购了一家飞机租赁公司；长江实业还与和记黄埔合资在内地经营着一家房地产企业。

Cheung Kong used some of the cash from its property portfolio to buy an aircraft leasing group last year , and runs a joint property venture in China with Hutchison .

在上市公司壳资源仍很稀缺的背景下，加之《上市公司收购管理办法》还确立了部分要约收购制度，且部分要约收购可兼采现金、证券方式，敌意收购发生的可能性将大大增加。

In the background of listed companies shell remaining scarce , plus the system of part of the tender offer , and the acquisition offering by cash and securities , it will greatly increase the possibility of hostile takeover .

印度瓦蒂亚家族（wadia）也表示，正在考虑几份对其低成本航空公司goairlines部分股权的收购要约。

And the Wadia family of India says it is studying offers for a stake in go airlines , its low-cost carrier .

但分析师表示，这家瑞士食品集团可能会把一部分资金用于收购，包括有可能参与竞购英国糖果集团吉百利（cadbury）后者正面临卡夫食品（kraftfoods）的敌意收购。

But analysts suggested the Swiss foods group could divert part of the proceeds to acquisitions including possibly entering the battle for Cadbury , the UK confectionery group facing a hostile bid from Kraft Foods .

国内MBO应该表述为以管理层为主的、与股权激励相联系的通过融资对目标公司部分股权进行收购并意在获取公司实际控制权的收购行为。

The MBO in China can be defined as the buyout process carried out by managers . It is related with the shareholding inspiration and aims at obtaining the control of the target enterprise by means of financing .

周凯文：我们的快速增长有一部分是靠收购完成。

Kevin Chou : Part of our aggressive growth is via M & A.

双方的战略业务领域的的重要部分是通过收购来增长。

An important part of the strategy of both business areas is to grow through acquisitions .

本文第一部分指出反收购基于收购行为而产生，反收购只针对敌意收购而言；

The first part of this paper points out that anti-takeover is due to takeover action , which aims at hostile takeovers .

全文共分四大部分：第一部分，介绍收购及反收购的基本概念及其价值理论。

The text is divided into the following four chapters : Chapterl : The introduction of the basic conception and value theory of takeover and anti-takeover .

主要对论文的研究背景、选题意义、文献综述、研究内容与方法等问题进行简要概述。第二部分，反向收购会计规范综述。

It briefly described the research background , topic selection significance , literature review and the content and method of the research . Part ⅱ, theory on reverse merger .

这部分介绍了收购与反收购的基本含义如何表述，表明上市公司反收购就是目标公司实行的意在防止、反抗或者击退收购行为的措施，针对的是敌意收购方式。

This part introduces the basic concept , Anti-takeover of listed companies that is aimed at the target company to prevent , protect against or defeat takeover measures , its hostile bid for the object .

第二部分为要约收购的立法与实践。介绍了收购要约的构成要素、公布要求、有效期限、变更与撤销以及要约完成后的法律规制等问题。

Chapter 2 , the legislation and practice of public takeover , which introduces the constituting elements , publicized demands , expiring date , change and cancelling and the legal regulations after the accomplishment of the agreement .

此次收购至少获得了2000万美元的投资回报，部分抵消了因为收购Actoz的损失（4700万美元）。

This sudden acquisition has already made an unearned investment gain of over $ 20 million , offsetting the $ 47 million unrealized loss resulting from the acquisition of Actoz .

第二部分主要是关于收购与反收购的一些价值争论。

The second part is arguments of value over takeover and takeover defense .

第二部分：管理层收购的法律分析。

Part Two : The legal analysis of MBO .