企业兼并和收购有什么区别?

发布网友发布时间：2022-04-22 22:13

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热心网友时间：2022-04-28 07:25

兼并(merger)和收购(acquisition)的区别理论上来说，当一家公司A接管了另一家公司B，并且明确建立A是B的拥有者这样一个概念，这种交易就叫并购。从法律角度来看，B公司就不再存在了。A公司「吞并」了B公司，同时A公司的股票在市场上继续交易。兼并，从字面意思来看，就是说两家差不多规模的公司C和D，达成协议来作为一家新的公司来继续经营。两家公司的股票都不再在市场上存在和交易，新的股权会被授权和交易。实例有如戴姆勒奔驰和克莱斯勒合并，一家新的公司「戴姆勒-克莱斯勒」成立。但是，在实际操作当中，对等合并是很少发生的。通常一个deal的实质就是A收购B，但是条款中允许B公司将这个交易称作「（对等）兼并」。这么做的原因在于，「被人收购」往往带着负面含义（资金周转不灵，管理层有问题等等），所以交易双方都希望让收购看起来更正面一些。另外，当两个公司的CEO都是出于双方的最佳利益而「友好」地合并/购买/被购买时，通常也叫做兼并。相对的，在一方「恶意」地单方面买入另一方的时候，就被称作是收购。-----------------------------------------------------------------------------In the pure sense of the term, a merger happens when two firms, often of about the same size, agree to go forward as a single new company rather than remain separately owned and operated. This kind of action is more precisely referred to as a "merger of equals." Both companies' stocks are surrendered and new company stock is issued in its place. For example, both Daimler-Benz and Chrysler ceased to exist when the two firms merged, and a new company, DaimlerChrysler, was created.In practice, however, actual mergers of equals don't happen very often. Usually, one company will buy another and, as part of the deal's terms, simply allow the acquired firm to proclaim that the action is a merger of equals, even if it's technically an acquisition. Being bought out often carries negative connotations, therefore, by describing the deal as a merger, deal makers and top managers try to make the takeover more palatable.