2015考研英语阅读英文原刊《经济学人》：德国商业 拉锯战

　　2015考研英语复习正是强化复习阶段，考研英语阅读在考研英语中占了40分，所以考研英语阅读是英语科目中重要的一项。新东方名师范猛老师曾建议过考研生需要坚持每天泛读10-15分钟的英文原刊。强烈推荐了杂志《经济学人》.杂志中的文章也是考研英语的主要材料来源.希望考研考生认真阅读，快速提高考研英语阅读水平。

　　German business

　　德国商业

　　Screwdrivers drawn

　　拉锯战

　　A shareholder stand-off in the Black Forest.

　　山林地区股东的势均力敌之争。

　　IF YOU have ever struggled to assemble a flat-pack wardrobe, the chances are that its woodenpieces were cut, drilled and finished on machinesmade by Homag. Founded in 1960 in Schopfloch, in the Black Forest, Homag is one of thoselittle-known world champions that are the backbone of the German economy.

　　如果你组装过组合式衣柜，这些木质零部件可能是由豪迈公司机械化切割、钻孔及加工润饰的。位于德国山林区绍普夫洛赫的豪迈公司成立于1960年。德国有许多低知名度的世界顶级公司，他们是德国经济的脊梁，而豪迈公司正是其中的一员。

　　But not all is well in Schopfloch. Gerhard Schuler, one of its founders, now a sprightly 85, is atwar with Deutsche Beteiligungs AG (DBAG), a private-equity firm that was once his dreampartner. After buying into the company in 1997 DBAG built up a stake of 60%. When Homagwas floated on the stockmarket in 2007 it kept 33% and Mr Schuler stayed on as honorarychairman with a small stake. But business dipped in 2008 and the shares plunged. Mr Schulerand his supporters, worried about the direction the company was taking, started buying. Theybuilt a blocking minority of 25.01%.

　　但是绍普夫洛赫并非一切安好。豪迈公司创建者之一，现年85岁活跃的Gerhard Schuler先生正在与德意志参股上市公司 (DBAG)处于争斗之中。DBAG是一家私人股权公司，曾经是Schuler先生理想中的合作伙伴。1997年，DBAG通过入股豪迈公司而拥有其60%的股份。当2007年豪迈公司股票大涨时，DBAG持有33%的股份，同时，Schuler先生持有少量股份并担任豪迈公司的名誉主席。但在2008年发生了经济下滑和股票缩水，Schuler先生及其支持者由于担心公司的经营方向开始购买股权。最终他们持有具有否决权的25.01%的少数股权。

　　That did not stop DBAG kicking Mr Schuler's three appointees off Homag's supervisory boardtwo years ago and replacing them with people who were "more internationally minded".Since then, the two sides have been at screwdrivers drawn.

　　这并没有阻止DBAG在两年前将三位Schuler的任命人踢出豪迈监事会，并重新委任了更具有全球视野的人。自那时起，双方便陷入拉锯战之中。

　　At a stormy shareholders' meeting last month things came to a head. Mr Schuler and hisallies accused DBAG of being a "locust" interested only in short-term profit, and of selling outto a foreign buyer. Local staff want Achim Gauss, Homag's long-standing technical director,who resigned abruptly "for personal reasons" on May 23rd, to be reinstated. IKEA, aSwedish furniture chain and Homag's biggest customer, also expressed concern at MrGauss's departure.

　　在上月召开的激烈的股东会议中，问题逐渐变得突出。Schuler一方指责DBAG只关注短期利益，并向外国买家出售股份。豪迈的全体职工希望Achim Gauss复职，他是豪迈资深技术主管，于5月23日突然宣布"因个人原因"辞职。豪迈最大的客户，瑞典连锁家具企业IKEA也表示了对Gauss离职的关注。

　　DBAG, one of Germany's oldest private-equity firms, is not obviously locust-like. Itsexecutives insist it is there for the long term. However, Homag is DBAG's biggest investmentand its shares have not performed well. Half of DBAG's stake is owned by two of itsinvestment funds, one of which is scheduled to wind up this year. So a partial exit would belogical. There is no reason for a forced sale, says a DBAG source: that would weakenDBAG's influence. Meanwhile, Mr Schuler's crowd are looking for a white knight.

　　作为德国历史最悠久的私人股权公司，DBAG明显不是目光短浅，它的执行官坚称DBAG有长期规划。然而，豪迈是DBAG最大的投资项目，并且豪迈在股市的表现欠佳。DBAG的一半股份由它的两个投资基金拥有，其中之一正计划着今年撤出，因此不完全的退出是有合理的。据来自DBAG的消息称，我们没有原因进行被迫交易，这将削弱DBAG的影响力。与此同时，Schuler一方正在寻找救世主。

　　More happily, Homag's business is on the rebound. Last year's turnover of ￡800m ($1.1billion) was near the pre-crisis peak, and the closing of three German subsidiaries should cutcosts. Gordon Sch?nell of Bankhaus Lampe, a private bank, says that "the managers aredoing the right things." But for Mr Schuler the shift from family firm to shareholder capitalismhas gone too far.

　　令人高兴的是，豪迈的经营状况正在好转。去年它的营业总额达到8亿欧元(11亿美元)，接近经济危机前的最高值，而且关闭三家德国下属公司可以削减部分成本。私有银行Gordon Sch?nell of BankhausLampe宣称豪迈管理者正在做正确的事情。但是对Schuler来说，从家族企业向股份资本企业的转变已是渐行渐远。

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