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2019年12月08日 11:04:15来源:快问解答

German business德国商业Screwdrivers drawn拉锯战A shareholder stand-off in the Black Forest黑森林里的股东对峙If you have ever struggled to assemble a flat-pack wardrobe, the chances are that its wooden pieces were cut, drilled and finished on machines made by Homag. Founded in 1960 in Schopfloch, in the Black Forest, Homag is one of those little-known world champions that are the backbone of the German economy.你若曾奋力想组装起一个平板式包装的衣橱,那么该衣橱的木质组件很可能是由豪迈(Homag)公司生产的机器切割、打孔、抛光而成的。1960年,豪迈公司在黑森林深处的Schopfloch小镇成立。一些德国经济的柱企业是业内的世界领跑者,却很少为人所知,豪迈公司便是其中之一。But not all is well in Schopfloch. Gerhard Schuler, one of its founders, now a sprightly 85, is at war with Deutsche Beteiligungs (DB), a private-equity firm that was once his dream partner. After buying into the company in 1997 DB built up a stake of 60%. When Homag was floated on the stockmarket in 2007 it kept 33% and Mr Schuler stayed on as honorary chairman with a small stake.But business dipped in 2008 and the shares plunged. Mr Schuler and his supporters, worried about the direction the company was taking, started buying.They built a blocking minority of 25.01%.然而位于 Schopfloch的豪迈公司的情况并非一切如意。公司创始人之一,现年85岁高龄,精神矍铄的舒勒(Gerhard Schuler)正与他曾经的梦中情人——德意志参股上市公司(DB)闹不和。私募股权公司DB于1997年入股豪迈公司,而后持有豪迈60%的 股份。当豪迈公司2007年在券市场上市时,DB保留了33%的股份,舒勒先生则手持小额股份,以名誉总裁的身份留任。然而,2008年豪迈公司生意惨淡,股票跳水。舒勒先生与众持者对公司的走向倍感堪忧,继而纷纷入股,他们买下25.0%的股权,成立了有否决权的少数股权。That did not stop DB kicking Mr Schuler’s three appointees off Homag’s supervisory board two years ago and replacing them with people who were “more internationally minded”. Since then, the two sides have been at screwdrivers drawn.DB却对此置之不理,反而在两年前将舒勒任命的三名委员踢出豪迈的监事会,用两位“更具国际化眼光”的成员替代之。自那时起,两方便进入拉锯相持阶段。At a stormy shareholders’ meeting last month things came to a head. Mr Schuler and his allies accused DB of being a “locust” interested only inshort-term profit, and of selling out to 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, a Swedish furniture chain and Homag’s biggest customer, also expressed concern at Mr Gauss’s departure.在上个月硝烟四起的股东大会上,两方争斗达到了高潮。舒勒及其盟友指责DB只关注眼前利益,向外国买家兜售的做法如“蝗虫”般贪婪。地方员工希望长期担任豪迈公司技术总监的高斯先生(Achim Gauss)恢复原职。今年5月23日,高斯先生突然以“个人原因”为由,辞去总监一职。高斯先生的离职同样引起了豪迈公司大客户,瑞典家具连锁公司宜家的堪忧。DB, one of Germany’s oldest private-equity firms, is not obviously locust-like. Its executives insist it is there for the long term. However, Homag is DB’s biggest investment and its shares have not performed well. Half of DB’s stake is owned by two of its investment funds, one of which is scheduled to wind up this year. So a partial exit would be logical. There is no reason for a forced sale,says a DB source: that would weaken DB’s influence. Meanwhile, Mr Schuler’s crowd are looking for a white knight.DB是德国资历最老的私募股权企业之一,显然与蝗虫无半点相像之处。DB的主管们坚称,公司在为豪迈的长远利益着想。不管怎样,豪迈是DB最大的一笔投资,而豪迈的股票的表现并不良好。DB所持的股份中,一半由其旗下两只投资基金操控,而其中一只计划于今年停止运作。因而DB部分退出的做法合情合理。DB的线人称,公司没道理强制抛股,这样做会削弱DB的影响力。与此同时,舒勒先生的团队正另寻救星。More happily, Homag’s business is on the rebound. Last year’s turnover of £800m (.1 billion) was near the pre-crisis peak, and the closing of three German subsidiaries should cut costs. Gordon Schonell of Bankhaus Lampe, a private bank, says that “the managers are doing the right things.” But for Mr Schuler the shift from family firm to shareholder capitalism has gone too far.更庆幸的是,豪迈的生意正开始反弹。去年豪迈的营业额为8亿英镑(11亿美元),接近危机前的最高额,德国境内三家子公司的关闭应该能降低成本。私人Bankhaus Lampe的舒奈尔(Gordon Schonell)说,“管理层现今所做的是对的。”但是对于舒勒先生,从家族企业向股东资本主义转变的有点离谱了。 译文属译生译世 /201607/452137。

  • Its been an absolutely exhausting night for any of the turtles that you can see behind me.这绝对是精疲力竭的一夜,从我身后任何一只海龟身上,你都能看得出来。In fact you can actually make out this old girl here is absolutely shattered事实上,你能看出这位老大累得都快散架了。She is completely spent and she is desperately trying to get back into the sea before the heat of the sun kicks in.她耗尽了心力,正拼着老命,挣扎着赶在温度上升前回到海里。For the last leave, its a race against time.对最后离开的海龟来说,这是一场与时间的竞赛。In a couple of hours the temperature on the sand will soar.再过几个小时,沙滩上的温度会直线上升。And on one part of the island, there is a major obstacle that wasnt there when they arrived.而且岛上有处地方有个障碍在海龟上岛时还不存在。Rocks exposed at low tide make the return to water anything but easy.退潮后露出的岩石使归途充满了艰辛。Being reptiles sea turtles have little control over their body temperature.作为爬行动物,海龟对调节体温显得力不从心。There is no shade anywhere, so those left on the beach risk being cooked alive.岛上没有遮阴的地方,所以滞留在海滩上的海龟有被烤熟的风险。201510/406812。
  • Presidential candidates keep hopping on the bandwagon. Tis the season, after all.But according to a recent survey conducted by the Detroit News and WDIV-TV, Michigan voters are mostly not liking what theyre seeing.The News Lansing reporter, Chad Livengood, tells us that the survey says the established brands – former Secretary of State Hillary Clinton and former Florida Gov. Jeb Bush – have an advantage through sheer recognizability, but they also have an ;unfavorable; problem.According to Livengood, when all candidates on the survey were scored on ;favorables; versus ;unfavorables,; the results were skewed toward the latter.;Its just one sign that maybe the public is increasingly disengaged or turned off by whom they see vying to be the next leader of the free world,; Livengood says.Listen to our conversation with Livengood above to learn more about the survey results and what it might mean in the upcoming political landscape.201506/381620。
  • This weekend I had a chance to see President Obamas speech to the graduating class at Howard, the nations best known historic black university. He talked to them about voting and voting rights—but not quite the way you might think.It was a highly impressive speech.It seems to me that in recent weeks Obama seems to have gotten his groove back as an orator. He seems looser, much more like the hope-inspiring leader of 2008 than the careworn president.Possibly this is because he knows he will be a private citizen again in less than nine months.He praised a young woman named Ciearra Jefferson, the daughter of a single mom who works in an auto plant. Ciearra, the president said, intends to come back to Detroit to help her community have access to the health care they need.That was a legitimate feel-good story. But I found the presidents remarks on voting especially compelling.Suddenly, after talking about the need for change, he changed tone with the new graduates.;Your plan better include voting—not some of the time, but all the time,; he said.He admitted there is still discrimination, and said that half a century after the Voting Rights Act, ;there are still too many barriers in this country to [voting], and ;there are still too many people trying to erect new barriers.;Still, he gently reminded them that what they had to face was nothing compared to their ancestors, who risked their lives to vote.He told them when the nations first black president was running for reelection four years ago, ;nearly two in three African-Americans turned out.In 2014, only two in five turned out.You dont think that made a difference in terms of the Congress Ive got to deal with?;Finally he said, ;you know what? Just vote. If you have more votes than the other guy, you get to do what you want. Its not that complicated.;The students laughed, and the President had a point. But maybe it is a little more complicated. The day before he spoke at Howard, I had lunch with a freshman state representative from Detroit named Leslie Love.Shes a woman in her mid-forties, with a background in both theater and human resources. She told me she had turned to politics because she wanted to make a difference for her community.At one point we started talking about voting, and why so many African-Americans dont. Representative Love is perhaps a bit closer to the street than the president. She told me that for people with limited education, the ballot can be terrifying.;For example, it might say, ;vote for not more than two,; candidates and they wont be sure exactly what that means. Does it mean you have to vote for two?She told me many black folks are too proud to ask for help, and so they dont vote at all.Add the fact that theres no early voting in Michigan, too few polling places in inner city areas, false rumors about the police waiting at the polls to serve warrants, and poor turnout becomes much easier to understand.The President was right: Everyone needs to vote, and it is easier for some than it once was. But for too many, not easy enough.Jack Lessenberry is Michigan Radios political analyst. Views expressed in his essays are his own and do not necessarily reflect those of Michigan Radio, its management or the station licensee, The University of Michigan.201605/442844。
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