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 corporate 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 (GM) 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. Analysts predict that 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.

 

GM's deal with Daewoo Motor marks the end of an even longer and more painful process. Ford almost bought the car maker 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 (all in Europe except one, in Puerto Rico of all places). 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 hovers 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 activists occupied the hotel where it was due to take place.

注（1）：本文选自Economist; 5/4/2002, p61, 1/2p, 1c；

注（2）：本文习题命题模仿对象2004年真题Text 1；

 

 

[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.

 

 

[A]It is a big step toward GM’s 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.

 

 

[A]timely

[B]indignant

[C]indifferent

[D]positive

 

 

[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 tricky terms.

 

 

[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 team’s expectation.

 

答案：CADBC

 

本文介绍了韩国政府因为想加快经济复苏，而极力向外国人推销南韩最混乱不堪、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却避开了被收购的命运。文章详细介绍了通用公司的收购情况。第一段指出韩国政府因为想加快经济复苏，而极力向外国人推销南韩最混乱不堪、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公司的收购情况；第四段指出这一收购对通用公司的意义；第五段指出通用公司在收购之后所面临的工作和任务。

 

bag vt. 装入袋中；猎获，捕获，夺取；占(位置)

in the wake of  adv.尾随, 紧跟, 仿效

stake [steik] n. (下在投机生意上的)股本[份]

churn out (以自动方式)大量产出

designate adj. (官职)已任命但还未就职的

presence 可见物体，有形物体，此处指现有的公司或设施

 

主体句式：this is the best way to accelerate … and to clear the way …

结构分析：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式。

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 …

结构分析：本句并不难，关键是理解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跑车部前任首席执行官、目前已被任命但尚未上任的通用-大宇公司首席执行官”；“now that”的意思是“既然, 由于”。

句子译文：通用汽车公司英国子公司Vauxhall跑车部前任首席执行官、目前已被任命但尚未上任的通用-大宇公司首席执行官尼克•赖利认为，因为已最终敲定这笔交易，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。