经济学人218:酿造商的并购

 　　Brewing¹ mergers²

　　酿造商的并购

　　SABMiller’s tale

　　SABMiller神话

　　Heroic Aussie beer-drinkers make Foster’s a tempting³ takeover target

　　福斯特成为收购目标 澳大利亚啤酒消费者功不可没

　　Sep 24th 2011 | from the print edition

　　“FOSTER’S, Australian for beer” went one slogan. Oddly, few Aussies sip⁴ the amber⁵ nectar. In Britain, where it is ubiquitous, it is brewed⁶ by Heineken, a Dutch beermaker. Yet Foster’s, Australia’s largest brewer⁷, looks appetising to SABMiller, the world’s second-largest. On September 21st the London-based firm seemed to end a long takeover battle by raising its cash bid for Foster’s to A$9.9 billion ($10.1 billion). The Foster’s board has recommended accepting the offer.

　　有则广告叫“福斯特，澳洲人的啤酒”。但很奇怪，很少有澳洲人会品尝这种琥珀色的佳酿。在英国情况却是大不一样，几乎人人畅饮荷兰人酿造的“喜力”啤酒。然而现在，澳洲最大的啤酒酿造商福斯特集团正逐渐引起世界第二大啤酒酿造商，英国南非米勒集团（SABMiller,以下简称南非米勒）的兴趣。9月21日这家总部位于伦敦的公司最终决定提高收购价，以99亿澳元（101亿美元）的价格收购福斯特集团。福斯特集团董事会建议接受该收购价。

　　SABMiller, which has 10% of the global market, will acquire a business that generates barrels of cash. Australians chug an impressive 84 litres of beer a year. (The global average is a shameful⁸ 27 litres.) And though Aussies shun⁹ the insipid¹⁰ stuff with “Foster’s” on the can, they love the company’s Victoria Bitter, which is the nation’s bestseller. Foster’s brews¹¹ seven of the ten most popular beers in Oz and has half the domestic market by volume, though its share has slipped over the years.

　　南非米勒目前占有全球10%的市场份额。而且将要被其收购的福斯特集团将会为其带来大量收入。澳洲人每年的啤酒消费量令人乍舌的达到84公升（全球平均量只有27公升）。尽管人们对啤酒罐上的“福斯特”标识不甚关注，但对该公司的Victoria Bitter牌啤酒却钟爱有加，该啤酒正是全澳洲最畅销的啤酒。全澳洲十大最受欢迎的啤酒中就有七种是福斯特酿造的。尽管在国内市场上福斯特集团的份额在不断下跌，但仍达到50%。

　　Alas¹², like most wealthy drinkers, Australians are forsaking¹³ beer for wine and other unmanly tipples¹⁴. The domestic beer market, flat for the past 25 years, has remained so only because of a growing population. SABMiller can probably cut costs; Foster’s has been badly run. Its expertise¹⁵ may help to win back market share and its global procurement¹⁶ operation will help to save cash. But as Olivier Nicola? of UBS, a bank, points out, synergies are limited. SABMiller, which has not done a big deal since 2005, may simply want to join the global trend towards consolidation¹⁷. It has low debts and lots of cash, so why not?

　　与其他发达国家的消费者一般，澳大利亚人饮酒习惯正逐渐倾向于葡萄酒及其它“女性”酒。国内的啤酒市场，只是由于人口数量的增加，才得以在过去25年中保持稳定。 米勒也许能削减成本，福斯特却已经是经营不善了。其专业人士或许能帮助福斯特重获市场份额，而且其全球采购计划也能降低开支。但正如瑞银集团的Olivier Nicolai所说的，合并的效果是有限的。自2005年以来，南非米勒集团的交易量一直不大，而其收购的目的就是向全球扩张。债务低，资金多，何乐而不为呢？

　　Because Australia is a mature market, grumble¹⁸ many shareholders¹⁹. Of all the global brewers, SABMiller has by far the biggest presence in emerging markets. Profits are thinner in such places, but beer drinking is growing healthily. Dirk Van Vlaanderen of Jefferies, a bank, notes that buying Foster’s will only drag the emerging-market share of SABMiller’s revenues down from 80% to 70% of the total. But growth-hungry investors²⁰ are still miffed.

　　因为澳大利亚的市场已经成熟，因此众多股东对此次收购怨声一片。然而新兴市场方面，在众多啤酒酿造商中，南非米勒集团占有最大的市场份额。在这些地区虽然利润不大，但啤酒消费市场却在健康的发展当中。杰弗瑞集团的Dirk Van Vlaanderen认为收购福斯特，会让南非米勒总收入中来自新兴市场的收入比例由80%下降为70%。那些亟需发展的投资者们对此却甚为不满。

　　Analysts²¹ at Collins Stewart, a financial firm, speculate that SABMiller wants to buy Foster’s to make it harder for Anheuser-Busch InBev, the world’s largest brewer, to swallow SABMiller. Others doubt that such a deal would happen for years, if ever. And for a brewer aiming at world domination, a bigger SABMiller might be an even more tempting target.

　　根据高林斯特投资银行的分析师推测，南非米勒集团想借收购福斯特，来增加世界最大酿造商Anheuser-Busch Inbey对其收购的难度。也有人认为即使其想收购南非米勒，那也得耗费数年的时间。而对于任何一家欲称霸全球的酿造商来说，南非米勒越大，则诱惑力就越大。

1 brewing   

n. 酿造, 一次酿造的量 动词brew的现在分词形式

参考例句：

• It was obvious that a big storm was brewing up. 很显然，一场暴风雨正在酝酿中。
• She set about brewing some herb tea. 她动手泡一些药茶。

2 mergers   

n.（两个公司的）合并( merger的名词复数 )

参考例句：

• Mergers fall into three categories: horizontal, vertical, and conglomerate. 合并分为以下三种：横向合并，纵向合并和混合合并。 来自辞典例句
• Many recent mergers are concentrated within specific industries, particularly in retailing, airlines and communications. 现代许多合并企业集中进行某些特定业务，在零售业、民航和通讯业中更是如此。 来自英汉非文学 - 政府文件

3 tempting   

a.诱人的, 吸引人的

参考例句：

• It is tempting to idealize the past. 人都爱把过去的日子说得那么美好。
• It was a tempting offer. 这是个诱人的提议。

4 sip   

v.小口地喝，抿，呷；n.一小口的量

参考例句：

• She took a sip of the cocktail.她啜饮一口鸡尾酒。
• Elizabeth took a sip of the hot coffee.伊丽莎白呷了一口热咖啡。

5 amber   

n.琥珀；琥珀色；adj.琥珀制的

参考例句：

• Would you like an amber necklace for your birthday?你过生日想要一条琥珀项链吗？
• This is a piece of little amber stones.这是一块小小的琥珀化石。

6 brewed   

调制( brew的过去式和过去分词 )； 酝酿； 沏（茶）； 煮（咖啡）

参考例句：

• The beer is brewed in the Czech Republic. 这种啤酒是在捷克共和国酿造的。
• The boy brewed a cup of coffee for his mother. 这男孩给他妈妈冲了一杯咖啡。 来自《简明英汉词典》

7 brewer   

n. 啤酒制造者

参考例句：

• Brewer is a very interesting man. 布鲁尔是一个很有趣的人。
• I decided to quit my job to become a brewer. 我决定辞职，做一名酿酒人。

8 shameful   

adj.可耻的，不道德的

参考例句：

• It is very shameful of him to show off.他向人炫耀自己，真不害臊。
• We must expose this shameful activity to the newspapers.我们一定要向报社揭露这一无耻行径。

9 shun   

vt.避开，回避，避免

参考例句：

• Materialists face truth,whereas idealists shun it.唯物主义者面向真理，唯心主义者则逃避真理。
• This extremist organization has shunned conventional politics.这个极端主义组织有意避开了传统政治。

10 insipid   

adj.无味的，枯燥乏味的，单调的

参考例句：

• The food was rather insipid and needed gingering up.这食物缺少味道，需要加点作料。
• She said she was a good cook,but the food she cooked is insipid.她说她是个好厨师，但她做的食物却是无味道的。

11 brews   

n.（尤指某地酿造的）啤酒( brew的名词复数 )；酿造物的种类；（茶）一次的冲泡量；（不同思想、环境、事件的）交融v.调制( brew的第三人称单数 )；酝酿；沏（茶）；煮（咖啡）

参考例句：

• He brews beer at home. 他在家里酿造啤酒。 来自《简明英汉词典》
• They produce the country's best brews of beer. 他们生产该国的佳酿啤酒。 来自辞典例句

12 alas   

int.唉(表示悲伤、忧愁、恐惧等)

参考例句：

• Alas!The window is broken!哎呀！窗子破了！
• Alas,the truth is less romantic.然而，真理很少带有浪漫色彩。

13 forsaking   

放弃( forsake的现在分词 )； 弃绝； 抛弃； 摒弃

参考例句：

• I will not be cowed into forsaking my beliefs. 我不会因为被恐吓而放弃自己的信仰。
• At fourteen he ran away, forsaking his home and friends. 他十四岁出走，离开了家乡和朋友。

14 tipples   

n.致醉的饮料，烈酒( tipple的名词复数 )

参考例句：

15 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。

16 procurement   

n.采购；获得

参考例句：

• He is in charge of the procurement of materials.他负责物资的采购。
• More and more,human food procurement came to have a dominant effect on their evolution.人类获取食物愈来愈显著地影响到人类的进化。

17 consolidation   

n.合并,巩固

参考例句：

• The denser population necessitates closer consolidation both for internal and external action. 住得日益稠密的居民，对内和对外都不得不更紧密地团结起来。 来自英汉非文学 - 家庭、私有制和国家的起源
• The state ensures the consolidation and growth of the state economy. 国家保障国营经济的巩固和发展。 来自汉英非文学 - 中国宪法

18 grumble   

vi.抱怨；咕哝；n.抱怨，牢骚；咕哝，隆隆声

参考例句：

• I don't want to hear another grumble from you.我不愿再听到你的抱怨。
• He could do nothing but grumble over the situation.他除了埋怨局势之外别无他法。

19 shareholders   

n.股东( shareholder的名词复数 )

参考例句：

• The meeting was attended by 90% of shareholders. 90%的股东出席了会议。
• the company's fiduciary duty to its shareholders 公司对股东负有的受托责任

20 investors   

n.投资者，出资者( investor的名词复数 )

参考例句：

• a con man who bilked investors out of millions of dollars 诈取投资者几百万元的骗子
• a cash bonanza for investors 投资者的赚钱机会

21 analysts   

分析家，化验员( analyst的名词复数 )

参考例句：

• City analysts forecast huge profits this year. 伦敦金融分析家预测今年的利润非常丰厚。
• I was impressed by the high calibre of the researchers and analysts. 研究人员和分析人员的高素质给我留下了深刻印象。