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Mergers(企业合并)arealwaysheadlinenews.Somefinancialcommentatorsevenregardthemasanindicatoroftheeconomichealthofanation.Itisstrangewhenyouconsiderthatmostmergersfail.Thedealsthemselvesgothrough,andregardlessofthehighcosts,thebankersgetpaid.Butthentheeconomiesofscaledon’tprovegoodasexpected.Employeesbecomenervousandlessefficientastheyworryaboutlosingtheirjobs.
Statisticsshowthatoverhalfofmergersfailtofulfilltheexpectedstrategicobjective.Givenallthis,itisinterestingtoseeamergerwhichissuccessful.AndthatiswhatseemstohavehappenedwhenPromoandTruckAdsmerged.
LendelstartedPromoin1991,thesameyearWatsonfoundedTruckAds.Bothcompaniesdidthesamething:theyranpostercampaignsontrucksformajoradvertisers.Itlookedsoeasyandprofitablethatlotsofsmalloperatorscameintothebusiness,whichworriedbothofthembecausetheyfeltthatthesenewcompaniesdidnotreallyknowwhattheyweredoing.This,theyfelt,couldhaveanegativeeffectonallcompaniesinthissector.SoLendelandWatsonformedatradeassociationtoprotectthereputationoftheirbusinesses.
Oncetheyhadthemarketlargelytothemselves,LendelandWatsoncompetedinsomesituationsandcooperatedinothers.Wheneveronehadmorecampaignsthantheycouldhandle,theywouldsubcontracttotheother.Finally,LendelsuggestedthathercompanybuyTruckAdsasLendelandWatsonhadknownandrespectedeachotherforyears.Theyhadmanybusinessvaluesincommon,sotheyknewtheywouldlosebusinessopportunitiesiftheydidnotgetbigger.InnegotiationsLendelandWatsonwerenotafraidtohandletheproblemsthatsomanycompaniesavoid.Therewasnononsenseaboutjointleadershiporeverythingstayingthesame.
Mergingisnevereasy.‘Oncethemergerhadgonethrough,Iwasrelievedthattherehadbeennolay-offs,’saysLendel.‘Ihadn’trealized,though,howmuchloyaltytherewastotheTruckAdsbrand.Thisimpressedmebutalsoworriedmeaswehadwipedawaythebrandovernight.SoIbroughtinpoliciestomakeeveryonefeelpartoftheteamandthenIsaweveryemployeeindividuallytoexplaintheadvantagesofthemergerforthem.’
74.Duringnegotiations,LendelandWats