��Դ���й����� | ����ʱ�䣺2020-02-13 14:14:15
����Carly Fiorina�� Hewlett-Packard's chief executive�� came out fighting on November 14th. In a conference call with analysts�� she announced better-than-expected quarterly results�� even though profits were down. Ms Fiorina also reiterated why she believes her $24 billion plan to acquire Compaq is the best way forward for HP�� despite objections by Hewlett and Packard family members. Last week Walter Hewlett�� whose father co-founded the company�� expressed concern that the merger would increase HP's exposure to the shrinking PC market and would distract managers from the more important task of navigating through the recession.
����There are two ways to defend the deal. One is to point out its advantages�� which is what Ms Fiorina did this week. Merging with Compaq�� she said�� would enable HP to reach its goals faster than it could on its own. The deal would improve HP's position in key markets such as storage and high-end computing�� as well as the economics of its PC business. It would double the size of HP's sales force and broaden its customer base�� providing more potential clients for its services and consulting arms. It would improve cashflow�� margins and efficiency by adding “breadth and depth” to HP. “Having spent the last several months planning the integration of these two companies�� we are even more convinced of the power of this combination��” Ms Fiorina concluded.
����It sounds too good to be true�� and it almost certainly is. But the other way to defend the deal is to point out that�� even if it was a bad idea to start with�� abandoning it could be even worse——a view that�� unsurprisingly�� Ms Fiorina chose not to advance�� but is being quietly put forward by the deal's supporters.
����Scrapping the merger would be extremely painful for a number of reasons. Since the executive teams of both firms have committed themselves to the deal�� they would be utterly discredited if it fell apart�� and would probably have to go. Under the terms of the merger agreement�� HP might have to pay Compaq as much as $675m if it backed out. The two firms would be considerably weakened; they would also be rivals again�� despite having shared confidential technical and marketing information with each other over the past few months. In short�� it would all be horribly messy. What can be done to save the deal? Part of the problem is that HP has no plan B. “They need a brand-recovery effort immediately��” says one industry analyst. HP must give the impression that it is strong and vital�� rather than desperate�� and that its future is not dependent on the deal going forward. That could make the merger look more attractive and bring investors back on board.
����This week's results will certainly help. The David and Lucile Packard Foundation�� which owns just over one-tenth of HP's shares�� will decide whether to back the merger in the next few weeks�� and HP's shareholders are to vote on it early next year. The more credible HP's plan B�� the less likely it is that it will be needed.
����ע(1)������ѡ��Economist; 11/17/2001�� p58�� 1/2p�� 1 graph;
����1. What is Ms Fiorina‘s attitude toward the merging of HP and Compaq?
����2. Which of the following is not the good reason to promote the merger?
����[A]The majority of the firm are in favor of the merger.
����[B]No combination is even worse than merger.
����[C]It can bring about a lot of advantages.
����[D]There is no plan B to save the firm from trouble.
����3. The expression “The more credible HP's plan B�� the less likely it is that it will be
����needed.“(Last Line�� Last Paragraph) most probably indicates _____________.
����[A]plan B can win people‘s trust
����[B]the merger needs people‘s trust in plan B
����[C]the reliance on plan B determines the success of the merger
����[D]appearing not to be dependent on the merger will make the merger go well
����4. What can we learn from paragraph 4?
����[A]The executive teams of both firms can benefit a lot from the merger.
����[B]The future of HP depends much on the merger.
����[C]The two sides are eager to make this deal.
����[D]Plan B can save HP out of trouble.
����5. What is the author‘s attitude toward the merger of HP?
�й�������ʦָ���� ��У��רҵ ��רҵ���� 1V1רҵ���