一项旨在将法国天燃气公司内国有股权从80%降至34%的法律草案近日获得议会下院批准。缺少此项法律，并购无从进行。
A draft law to reduce the state's stake in GDF from 80% to 34%, without which the merger cannot proceed, was recently approved by the lower house of parliament.
在过去30年中，我们见证了金融服务业(比如资产管理，套保基金，并购基金，私募股权，风险投资)在GNP中的比率不断增长。
We have witnessed financial services (think asset management, hedge funds, buyout funds, private equity, and venture capital) grow as a percentage of GNP for the past thirty years.
高股价致使收购对象更加昂贵，而私募股权仍在筹集创纪录的资金量，这意味着并购活动的竞争更加激烈，价格更高，而潜在的回报则降低了。
High share prices make targets more expensive, and private equity is still raising record amounts of money, meaning more competition-and higher prices-for acquisitions, lowering potential returns.
回顾彼时，并购存在的诱惑，相当重要的原因是该行业可谓日进斗金，而且创纪录的估值也让股权收购具有吸引力。
Back then takeovers were tempting not least because the industry was producing shovel-loads of cash and record valuations made purchases with shares alluring.
PPR集团买下了德国运动品公司彪马27%的股权，接着有意并购彪马的其它股权。
PPR has bought 27% of Puma, a German sportswear firm, and is offering to purchase the rest.
在其并购交易引起英国金融服务局关注之后，英国保诚保险集团被迫推迟公布其股权认购细节。
Prudential was forced to delay the details of a rights issue after Britain’s Financial Services Authority raised concerns.
企业并购、重组、股权交易、风险投资等产权交易活动的蓬勃开展，为企业价值评估提供了广泛的应用空间。
The vigorous development of enterprises merge and acquisition, recombine, transactions of stock right and risk investment offers an extensive application space for business valuation.
本周，加拿大电信运营商BCE的并购案成了私募股权史上规模最大的一宗，该案总值可达485亿美元。
This week witnessed the biggest private-equity offer in history, a buy-out of BCE, a Canadian telecoms operator, that would be worth a total of $48.5 billion.
通过对并购公司和目标公司绩效变化差异的研究，同时参考股权结构与并购规模，能找出并解释造成这两类公司绩效差异的影响因素。
By studying the differences in performance change between acquirers and targets with reference to equity structure and acquisition scale, the influencing factors for the differences can be found.
并购的支付方式主要有以下几种：以现金支付方式、股权支付方式和综合证券支付方式。
In general, there are following payment manners of M&A: cash payment manner, stock payment manner and integrative securities payment manner.
为了减少和避免并购风险，股权收购方越来越重视法律尽职调查。
In order to minimize and avoid the risk of mergers and acquisitions, the buyer began to focus on the legal due diligence.
2016年6月，途家宣布通过股权换资产的方式战略并购蚂蚁短租业务。
June 2016, the way home announced the acquisition of assets by way of strategic acquisition of ants short rental business.
1993年以来，我国证券市场发生了数百起上市公司控股权收购事件，形成了我国证券市场独特的“财务性并购”景象。
Since 1993, there have been several hundred takeovers of the listed company in China and these events formed unique financial takeovers' phenomena.
本文通过对中国上市公司进行的并购活动所产生的绩效的考查，从并购对象的选择、股权结构以及代理问题三个方面研究，得出了相反结论，并提出几点思考和建议。
The essay analyzes the activity of public companies of China and draws the contrast conclusion, then explains the object choosing, the structure of share and agency, also including some suggestions.
即股权支付而非现金支付的并购得到正的异常收益，并购方而非目标方得到正的异常收益。
The outcomes of empirical research are contrary to the results of empirical research overseas. Namely the equity mergers and bidding firms gain positive abnormal returns.
本文认为，资产管理公司可以通过实施企业内部或企业之间的重组并购激活不良债权或股权的价值驱动因素，进而实现提升不良资产价值的目的；
The author thinks AMC can promote NPA's value through enterprise's internal or enterprises'M&A to activate the value-drive factors of non-performing loans and equities.
尽管可以通过买并购基金大捡便宜，私募股权行业还是需要好好工作，好好办事，向投资者证明：他们不代表另一个债务泡沫，他们可以持续赚钱。
Still, private-equity firms now have their work cut out to prove that they were not just another manifestation of an unsustainable debt bubble.
尽管可以通过买并购基金大捡便宜，私募股权行业还是需要好好工作，好好办事，向投资者证明：他们不代表另一个债务泡沫，他们可以持续赚钱。
Still, private-equity firms now have their work cut out to prove that they were not just another manifestation of an unsustainable debt bubble.
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