经济学人224:博姿药房与沃尔格林药房

 　　Business

　　商业报道

　　Boots and Walgreens

　　博姿药房与沃尔格林药房

　　A new prescription¹

　　新处方

　　Two huge pharmacy² chains become even bigger

　　两家大型医药连锁规模变得更大了

　　OTHER American executives may be fretting³ about Europe.

　　其他美国总裁们还可能在担忧欧洲的状况，

　　Not so Greg Wasson, the chief executive of Walgreens, America's biggest pharmacy chain.

　　但美国最大的医药连锁沃尔格林药房总裁Greg Wasson不以为然。

　　On June 19th his firm said it would buy 45% of Alliance Boots, Europe's largest player in the drugs-distribution business.

　　6月19日该公司宣布将购入欧洲最大的药品经销商英国联合博姿药房45％的股份。

　　And the $6.7 billion bid is only the first half of a bigger deal.

　　而这67亿美元的出价仅仅是整个收购计划的上半场罢了。

　　If all goes as planned, Walgreens will pay about $9.5 billion for the rest of Alliance Boots within three years—creating what the bosses of both firms call the first global pharmacy-led health and well-being⁴ enterprise.

　　如果一切按计划进行，沃尔格林药房在三年内可再付95亿美元将剩下的股份一并收购。这将创造两家公司总裁称之为"第一家全球性医药和保健企业"

　　The merged⁶ firm will indeed be more global than any pharmacy chain before.

　　合并后的企业的确将比任何一家医药连锁都要全球化。

　　Walgreens has 8,000 stores in America, with sales of $72 billion in fiscal⁷ 2011.

　　沃尔格林药房在美国拥有8000家门户，2011财年销售额为720亿美元。

　　Alliance Boots is a giant in Europe and beyond.

　　联合博姿药房是欧洲及其它地区的巨头。

　　The firm, which generated sales of 25 billion in fiscal 2011, operates in more than 25 countries and has more than 3,000 pharmacies⁸.

　　2011财年完成销售达250亿英镑，在超过25个国家经营业务，门店超过3000家。

　　Together, Walgreens and Alliance Boots will be the world's biggest buyer of prescription drugs.

　　加在一起，沃尔格林药房和联合博姿药房将是世界上最大的处方药采购商。

　　For Walgreens, the deal follows a fitful year.

　　对沃尔格林药房来说，这次收购发生在不太顺利的一年里。

　　A spat⁹ with Express Scripts, which manages drug costs for employers, meant that Express Scripts' customers had to fill their prescriptions¹⁰ elsewhere.

　　和管理雇主药品成本的Express Scripts公司分道扬镳，意味着Express Scripts的顾客需要在其他公司购买处方药。

　　Sales in the most recent quarter were 3.4% lower than in the same period last year, and the number of prescriptions filled dropped by 8.4%.

　　销售额在最近的一季度同比下跌3.4%，处方药销售数量下降8.4%。

　　Although too big to be considered a direct response to these problems, the deal with Alliance Boots gives Walgreens a path to growth after this rough patch.

　　这次收购的金额显示这应该不是仅仅对这次分家的回应，而这次收购也给经过这次颠簸的沃尔格林药房指向了一条发展的明路。

　　As for Boots, it is best known for its ubiquity in Britain.

　　而博姿药房则在英国以无所不在而闻名。

　　In 2006 it merged with Alliance UniChem, a European drugs wholesaler¹¹ and distributor.

　　2006年博姿药房并购了欧洲的药品批发经销商Alliance UniChem。

　　One year later Stefano Pessina, the firm's executive chairman, and KKR, a private-equity firm, took the company private.

　　一年后公司执行主席Stefano Pessina与私募KKR公司一起将公司私有化。

　　The leveraged¹² buy-out, which was worth 11.1 billion, remains¹³ Europe's biggest.

　　通过价值111亿英镑的杠杆收购后，这单收购至今仍是欧洲最大的。

　　The deal with Walgreens fulfils Mr Pessina's ambition to bring Boots to America.

　　这次收购完成了Pessina带领博姿药房进入美国的雄心壮志。

　　The country's drugs market is the world's biggest and has formidable established pharmacy chains, including, in addition to Walgreens, CVS and Rite¹⁴ Aid.

　　美国的药品市场是世界上最大的，同时也存在大得令人可怕的医药连锁商。

　　It would be suicide to come in and compete with these guys, Mr Pessina told your correspondent in May. Now he does not have to.

　　除沃尔格林药房外，还有CVS和Rite Aid。五月份Pessina跟您的记者描述，"进入这个市场跟这些人竞争简直就是自杀。"现在他或许不再需要了。

　　The benefits of the merger¹⁵ are many, at least according to Messrs Wasson and Pessina.

　　并购的好处有很多，至少根据Messrs Wasson和Pessina的说法。

　　They say that they will use their combined expertise¹⁶ and strength to streamline¹⁷ distribution and squeeze discounts from generic¹⁸ drugmakers.

　　他们将发挥联合以后的专业和特长以流程化配送并从通用制药商榨取更多折扣。

　　Boots will be able to sell its products, such as the No7 beauty line, at Walgreens' American stores.

　　博姿药房将获许在沃尔格林药房的商店销售自己的产品例如No7系列化妆品。

　　Walgreens, meanwhile, will benefit from Boots's product-development teams and global reach.

　　沃尔格林药房与此同时也将从博姿药房的产品开发团队和全球化。

　　Even without additional deals, the merged firm hopes to reach revenues of $130 billion by 2016, with about one-third coming from operations outside the United States.

　　哪怕该并购没有进入第二阶段，公司合并后营业额在2016年度将有望达到1300亿美元，其中大约三分之一来自在美国外的业务。

　　Not everybody is convinced.

　　但并不是所有人都信服。

　　It is hardly an opportune¹⁹ time to invest in Europe, sceptics say.

　　持怀疑态度的称，现在并不是一个投资欧洲的机会。

　　Walgreens's share price dipped by 5.9% on the day of the announcement.

　　沃尔格林药房股票在宣布当天下跌5.9%。

　　Standard & Poor's, a ratings agency, worries about the debt Walgreens will shoulder.

　　标普对沃尔格林药房所承担的债务表示担忧。

　　In the first stage of the deal the firm will assume $3.5 billion;

　　在收购的第一阶段，该公司将记帐35亿美元债务。

　　in the second stage it will take on the rest of Alliance Boots's outstanding debt, which amounted to more than 7 billion in March.

　　在第二阶段，该公司将承担联合博姿药房所有的债务。截至今年三月份为止，金额达70亿英镑。

　　The debate about the merits of the deal is likely to go on for some time.

　　对这场收购有点的争论必定将持续一段时间。

　　Yet there is already one clear winner.

　　但现已有一位赢家。

　　KKR invested 1.2 billion in 2007.

　　KKR在2007年投资了12亿英镑。

　　In the first stage of the Walgreens deal, KKR will receive 1.2 billion and 140m in shares.

　　而在沃尔格林药房收购的第一阶段，KKR将获得12亿英镑现金和价值1亿4千万英镑的股份。

　　If the full acquisition proceeds as expected, the American firm will more than double its money—not bad for an investment framed by a financial collapse²⁰ and the euro crisis.

　　如果整个收购方案按计划进行，这家美国公司将使其投资翻番。对于一个在金融坍塌和欧元危机的大条件下，这份投资还是不错的。

　　1.pharmacy n.药房；配药学，药学

　　He spent four years studying pharmacy.

　　他花了4年时间学习药剂学。

　　2.executive n.总经理；行政部门

　　She's a senior executive in a computer company.

　　她在一家计算机公司担任高级行政人员。

　　3.alliance n.结盟，同盟，联盟

　　An uneasy alliance between the two parties.

　　两党之间不稳定的联盟。

　　4.merge⁵ v.混合；相融；融入

　　Other exchanges have to merge to survive.

　　其他交易所为了生存不得不合并。

　　5.generate v.形成，造成；产生物理反应

　　Generate reports on management request.

　　根据管理需求生成各种报表。

1 prescription   

n.处方，开药；指示，规定

参考例句：

• The physician made a prescription against sea- sickness for him.医生给他开了个治晕船的药方。
• The drug is available on prescription only.这种药只能凭处方购买。

2 pharmacy   

n.药房，药剂学，制药业，配药业，一批备用药品

参考例句：

• She works at the pharmacy.她在药房工作。
• Modern pharmacy has solved the problem of sleeplessness.现代制药学已经解决了失眠问题。

3 fretting   

n. 微振磨损 adj. 烦躁的, 焦虑的

参考例句：

• Fretting about it won't help. 苦恼于事无补。
• The old lady is always fretting over something unimportant. 那位老妇人总是为一些小事焦虑不安。

4 well-being   

n.安康，安乐，幸福

参考例句：

• He always has the well-being of the masses at heart.他总是把群众的疾苦挂在心上。
• My concern for their well-being was misunderstood as interference.我关心他们的幸福，却被误解为多管闲事。

5 merge   

v.(使)结合，(使)合并，(使)合为一体

参考例句：

• I can merge my two small businesses into a large one.我可以将我的两家小商店合并为一家大商行。
• The directors have decided to merge the two small firms together.董事们已决定把这两家小商号归并起来。

6 merged   

（使）混合( merge的过去式和过去分词 )； 相融； 融入； 渐渐消失在某物中

参考例句：

• Turf wars are inevitable when two departments are merged. 两个部门合并时总免不了争争权限。
• The small shops were merged into a large market. 那些小商店合并成为一个大商场。

7 fiscal   

adj.财政的，会计的，国库的，国库岁入的

参考例句：

• The increase of taxation is an important fiscal policy.增税是一项重要的财政政策。
• The government has two basic strategies of fiscal policy available.政府有两个可行的财政政策基本战略。

8 pharmacies   

药店

参考例句：

• Still, 32 percent of the pharmacies filled the prescriptions. 但仍然有32%的药剂师配发了这两张药方。 来自互联网
• Chinese herbal pharmacies, and traditional massage therapists in the Vancouver telephone book. 中药店，和传统的按摩师在温哥华的电话簿里。 来自互联网

9 spat   

n.口角，掌击；v.发出呼噜呼噜声

参考例句：

• Her parents always have spats.她的父母经常有些小的口角。
• There is only a spat between the brother and sister.那只是兄妹间的小吵小闹。

10 prescriptions   

药( prescription的名词复数 )； 处方； 开处方； 计划

参考例句：

• The hospital of traditional Chinese medicine installed a computer to fill prescriptions. 中医医院装上了电子计算机来抓药。
• Her main job was filling the doctor's prescriptions. 她的主要工作就是给大夫开的药方配药。

11 wholesaler   

n.批发商

参考例句：

• We're the largest furniture wholesaler in Illinois. 我们是伊利诺伊州最大的家具批发商。 来自辞典例句
• These are used to create profiles for each wholesaler. 这是他日常的工作或通过与批发商的正式会谈。 来自互联网

12 leveraged   

促使…改变( leverage的过去式和过去分词 )； [美国英语]杠杆式投机，（使）举债经营，（使）利用贷款进行投机

参考例句：

• Chrysler has traditionally been a highly leveraged company. 克莱斯勒一向是一家周转十分灵活的公司。
• Leveraged recaps have become popular for a number of reasons. 杠杆资本重组的大行其道有好几个原因。

13 remains   

n.剩余物，残留物；遗体，遗迹

参考例句：

• He ate the remains of food hungrily.他狼吞虎咽地吃剩余的食物。
• The remains of the meal were fed to the dog.残羹剩饭喂狗了。

14 rite   

n.典礼，惯例，习俗

参考例句：

• This festival descends from a religious rite.这个节日起源于宗教仪式。
• Most traditional societies have transition rites at puberty.大多数传统社会都为青春期的孩子举行成人礼。

15 merger   

n.企业合并，并吞

参考例句：

• Acceptance of the offer is the first step to a merger.对这项提议的赞同是合并的第一步。
• Shareholders will be voting on the merger of the companies.股东们将投票表决公司合并问题。

16 expertise   

n.专门知识(或技能等)，专长

参考例句：

• We were amazed at his expertise on the ski slopes.他斜坡滑雪的技能使我们赞叹不已。
• You really have the technical expertise in a new breakthrough.让你真正在专业技术上有一个全新的突破。

17 streamline   

vt.使成流线型；使简化；使现代化

参考例句：

• We must streamline our methods.我们必须简化方法。
• Any liquid or gas passing it will have streamline flow.任何通过它的液体或气体将呈流线型的流动。

18 generic   

adj.一般的，普通的，共有的

参考例句：

• I usually buy generic clothes instead of name brands.我通常买普通的衣服，不买名牌。
• The generic woman appears to have an extraordinary faculty for swallowing the individual.一般妇女在婚后似乎有特别突出的抑制个性的能力。

19 opportune   

adj.合适的，适当的

参考例句：

• Her arrival was very opportune.她来得非常及时。
• The timing of our statement is very opportune.我们发表声明选择的时机很恰当。

20 collapse   

vi.累倒；昏倒；倒塌；塌陷

参考例句：

• The country's economy is on the verge of collapse.国家的经济已到了崩溃的边缘。
• The engineer made a complete diagnosis of the bridge's collapse.工程师对桥的倒塌做了一次彻底的调查分析。