Unit 12: PCCW’s AcquisitUnit 12: PCCW’s Acquisitionsions

Unit 12: PCCW’s AcquisitUnit 12: PCCW’s Acquisitionsions

Merger and AcquisitionsMerger and Acquisitions兼并与收购兼并与收购

PCCW• 电讯盈科，英文简称 PCCW(HKEx:0008 、 NY

SE ： PCW) 、，成立于 2000 年，是香港最大的电讯公司。在香港交易所的股票代号是 0008 ，故又被俗称为八号仔。 1994 年 10 月 18日在纽约股票交易所以美国预托证券形式上市。电讯盈科于 2000 年 8 月由盈科数码动力有限公司（简称盈动）和香港电讯有限公司（简称香港电讯，前身是“香港电话公司”）合并而成。

盈科数码• 盈科数码动力有限公司是香港首富李嘉

诚幼子李泽楷创立的投资公司。它首先透过购买一家空壳公司得信佳而得以上市，并改名为“盈科数码动力”。 1999年，香港政府未经公开投标把高科技中心数码港发展权交给盈动，曾被批评为官商勾结。

Chairman of PCCW, Limited• Richard Li Tzar Kai is chairman of PCCW

Limited, the largest provider of communications services in Hong Kong and one of Asia's leading players in Information and Communications Technologies (ICT). He is also chairman and chief executive of the Pacific Century Group, chairman of Singapore-based Pacific Century Regional Developments Limited and Pacific Century Premium Developments Limited.

Richard Li Tzar Kai• Before founding the Pacific C

entury Group, Mr. Li built STAR TV, Asia's first satellite-delivered cable-TV service in 1990. The sale of STAR TV to News Corp. in 1993 provided the capital to launch the Pacific Century Group later that year.

Richard Li Tzar Kai

Alexander Anthony Arena

• Group Managing Director of PCCW

http://www.pccw.com

PCCW• 2000 年，香港电讯的母公司英国大东电

报局（ Cable & Wireless ）有意接受新加坡电信有限公司收购香港电讯。消息传出后在香港引起忧虑，担心香港最大的电话系统公司会落入竞争对手新加坡手中。及后盈动加入竞投，最终以 110亿美元借贷成功收购，使盈动由一间小规模的资讯科技公司摇身一变成为香港规模最大、同时提供固网、无线电话、上网等综合电讯服务的公司。

PCCW:• PCCW is Hong Kong’s dominant

telecom service provider. Its credit rating assessed by Moody’s is likely to be downgraded. PCCW first acquired Hong Kong ‘s main phone company and then acquired considerable debt when the internet and telecoms industry collapsed.

NEXT

assess• vt. 估定 , 评定• Assess a tax on sb.'s property • 对某人的财产征税• assess sb.'s efforts 评价某人的工作• The annual income of school teachers in th

is place was assessed at ＄ 900.• 这地方的学校教师的收入为 900 美元。• Damages were assessed at 1000 RMB.• 损失估计达一千元人民币。

Moody’s

• a company which helps investors to assess credit risks.

collapse

• vi. 倒塌 , 崩溃 , 瓦解 , 失败 , 病倒• The roof of the old house collapsed.• 这座旧房子的房顶坍了。•昏倒；病倒• The old man collapsed in the street.•老人倒在了大街上。

PCCW Continued

• It assured Moody’s that it would not make any new acquisitions until 2004, but then put in an informal bid for UK’s Cable and Wireless. It has reportedly also shown interest in Japan Telecom. These are both companies which would be selling low. The sale of Cyberport, a high-tech office and residential development may help PCCW, as it will provide funds for new ventures.

PREVIOUS

NEXT

bid• n. 出价 , 投标• Park wants to sell his farm, and he ha

s already had two large bids for it.•帕克想卖掉他的农场，并且已经有两个

出大价的买主。• 投标；招标• Bids for building the bridge were invit

ed.•应邀参加建造那座桥梁的投标。

UK’s Cable and Wireless

• Cable & Wireless : telecommunications are its vocation. The British Group, Cable & Wireless, established at the end of the 19th century, has, over the years, acquired a wealth of experience in the telecommunications environment. It is currently one of the world leaders in this field. After focusing on setting up fixed and mobile telephony networks, it has now moved into the Internet era.

Continued• Through its new unit, Cable & Wireless Glob

al, it has become a major player in Web services for companies: installation of high-speed Internet and Intranet networks, hosting and site architecture and e-commerce, for example. With its thousands of employees, Cable & Wireless is established in the USA, Europe and Japan.

• 英国大东电报公司

Cable & Wireless 简介 • Cable & Wireless 是全球领先的国际通信公司之一。该公司通过两个独立的经营单位进行运营：国际部门 (International) 和英国部门 (UK) 。

• 国际部门在 34个国家经营一体化电信公司，为住宅及商业客户提供移动、宽带以及国内国际固网服务，主要运营地点位于加勒比海、巴拿马、澳门、海峡群岛和摩纳哥。

• 英国部门为英国、美国、欧洲大陆及亚洲各地最大的电信服务用户提供企业与运营商解决方案，并通过 Bulldog 在英国为消费者及小企业提供宽带服务。

• 欲了解更多 Cable & Wireless 信息，请登录： http://www.cw

Japan Telecom• Company Name: Japan Telecom UK Ltd.

(UK subsidiary of Softbank Telecom Co., Ltd) • Company Information Established: May 1, 1998

Business Activities: Telecommunications and related services

• Company Ownership: • Fully owned subsidiary of

Softbank Telecom Co, Ltd.• 1-9-1 Higashi-Shinbashi Minato-ku Tokyo• 105-7316 JAPAN Capital: 66,200 million yen Employees: 3,300

Cyberport• Cyberport is a fusion of people, technology

and business. In addition to providing IT & T infrastructure to foster the growth of local IT professionals to develop their businesses, Cyberport dedicates to organize/participate major digital entertainment related events to strengthen its role as a leading digital entertainment hub in the region.

residential development

• Residential development:住宅区开发• housing estate 住宅区• industrial estate 工业区

venture

• n. 冒险，投机• joint venture 合资企业• Nothing venture, nothing have.• [ 谚 ] 不入虎穴 , 焉得虎仔。

Background

Thirty-six-year-old chairman of PCCW, Richard Li, is the son of a Hong Kong tycoon Li Ka-Shing. PCCW had $4.2 billion in net debt at the end of 2002, and set a goal of reducing debt by another $1 billion by the end of 2005.

After this report was made, PCCW was downgraded by Moody’s in May 2003. One effect of this is that it will have to pay more interest.

PREVIOUS

Before you watch • To scotch rumours • A bold move• To borrow money• A mountain of debt• Credit rating • A buying spree• To make an informal offer• Mature market• To buy assets • To undertake an acquisition NEXT

scotch rumours

• scotch vt.制止，阻止 ; 镇压 ,扑灭• rumor 谣言 , 传闻• scotch a false story 消除谣传• to scotch a mutiny 镇压暴动• [`mju:tini] n. 兵变 , 反抗

bold move• 大胆的 , 勇敢的 ; 冒失的 , 鲁莽的• Boldface n. 黑体字• print in bold type 用粗体字印刷• a very bold action 大胆的行动• Move 运动；移动 , 迁居 ,走棋• One careless move loses the whole

game. 一着不慎 ,满盘皆输。• What's our next move?•我们下一步怎么做？

Credit• 信用 , 声望 , 荣誉 , • Her credit is good. 她的信用好。• a man of high credit 极有名望的人• Credit rating 客户信贷分类• on credit 赊购• We bought the furniture on credit.

spree

• Spree ： 放纵的行为• a buying spree 拼命买东西• go on the spree 痛饮• go out on the spree 外出狂欢一番

offer• n. 出价 , 提议 , 意图• Make an offer of ＄ 250 ， 000 for the h

ouse 出价 25 万美元买这所房子• make an offer of help [support 、 food]• 提出给以帮助 [支持、食品 ]• an offer to catch the ball•想要把球接住

Mature

• (企业、产品、技术、市场 ) 发展达饱和状态的

• a mature market 成熟的市场• （票据、保险单等）到期• The bill matures today.• a mature bill 到期的支票 • Wine and judgement mature with age.• [ 谚 ] 酒老味醇 , 人老识深。

CNN Reporter

• A few years ago, PCCW turned its own internet business into a promising telecom, acquiring Hong Kang’s dominant phone company. It was a bold move since PCCW had little cash of its own and had to borrow huge sum of money to back its bid. PCCW’s chairman, Richard Li persuaded banks to lend him what he needed.

PREVIOUS

NEXT

promising• adj. 有希望的 , 有前途的• The weather is promising.•天气可望好转。• a promising youth 有希望 / 前途的青

年

back• v. 支持• The organization is backed by The U.N. 该组织由联合国资助。

• Will you back me against the others?• 你会支持我反对其他的人吗？• The new evidence backed up my argument.• 新的证词有助于我的辩论。

CNN reporter continued

• But, as the internet and telecom’s markets collapsed, the firm was left with a mountain of debt, which undermined its credibility.

NEXT

credibility

• n. 可信性• credibility gap• 信用差距 (指政府官员等言论与事实的不符 )

• lack of credibility in 不可信 , 缺乏凭证

CNN reporter continue• Li quickly reassured analysis there wo

uld be no more giant acquisitions. The Moody’s ratings agency says it was told buying sprees were being suspended, at least until the middle of 2004.

• So Moody’s was taken by surprise when PCCW confirmed Feburary 6 it had made an informal offer to buy Britain’s Cable and Wireless.

NEXT

suspended• Suspended adj.暂停的，缓期的（宣判）• suspend payment 暂停付款• suspend talks 中止谈判• The sentence was two years‘ hard labo

ur suspended for a year.•判处强劳两年 , 缓期执行一年。

Moody’s representative

• We’re concerned that, if the company was to undertake an acquisition, it may have an impact on its credit profile, specifically, if there was additional debt that was taken into the group profile.

NEXT

CNN Reporter• PCCW has now said it will not be

pursuing Cable and Wireless, and is trying to scotch rumours it is in talks with Japan Telecom to buy part of its business. Both targets are something of a puzzle.

NEXT

pursue•继续；从事；贯彻• She pursued the study of English for fi

ve years.•她持续不断地学了五年英语。• pursue a discussion 继续讨论• pursue one's studies从事研究

puzzle• n. 难题 , 谜• It's a puzzle where all my money goes

each week.•我每星期的钱都到哪儿去了是一个难解

的问题。• be in a puzzle 不知如何是好

Analyst

• The only thing that links potentially Cable and Wireless and Japan Telecom and any other assets that might come up in the next week or two is that they’re simply assets which are seen to be you know low priced, there’s an opportunity for a deal-maker such as Richard Li to go in and do what he’s done before.

NEXT

CNN Reporter• But analysts say there are good

reasons for Richard Li to buy assets outside Hong Kong, which is now a mature market.

NEXT

Analyst• Organically, there’s almost no such

thing as organic growth in Hong Kong. The economy is slow so we won’t… until the economy recovers, …we won’t see recovery in a fixed line sector. And even then that won’t be won’t be very strong.

NEXT

Organically• 1器官的，• 2生物的，有机的，有机物的• 3施用有机肥料或有机农药的• 4 有机的，建制的，有组织的，有系统

的

CNN Reporter• One bright spot may be Cyberport, a

high-tech office and luxury residential development, being built by PCCW. PCCW will be trying to raise extra funds when the residential units go on sale very shortly.

NEXT

raise extra funds• raise funds 筹集资金

CNN Reporter continued

• Of course, this project isn’t exactly what you’d call organic either. But it may stop critics trashing PCCW, since the firm will have more cash for future ventures, whatever they may be.

NEXT

trash• vt. 向 ... 投掷垃圾• n. 无价值之物 , 无聊的作品 , 垃圾 , 废物

CNN Reporter continued

• Moody’s says it intends to sit down with PCCW official s and reevaluate the company’s finances. At the moment, Moody’s has put PCCW on review for a ratings downgrade.

NEXT

Moody’s representative

• Our statistics indicate that about 65 percent of the time, the outcome is in the direction of review.

CNN Reporter

• In other words, the odds are against PCCW.

Andrew Brown, CNN Hong Kong.

That’s all for the passage.

in other words• adv. 换句话说• In other words, when the wind is blow

ing at 120 kilometers per hour, most waves will be about twelve meters.

•换句话说 ,当风速为每小时一百二十公里时大部分波浪高约为十二米。

• word for word 逐词地；原原本本地• Tell me what she said, word for word.• 把她说的一五一十地告诉我。

odds• n. 可能性；可能的机会• The odds are against us.•我们没有成功的机会。• The odds are in their favor.•他们有成功的可能• odds and ends = odds and sods•零星杂物；零碎东西