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1、一、AboutM&AMerger:combinationoftwoormorecorporations.Acquisition:theactofcontractingorassumingoracquiringpossessionofsomething.Mergerreferstoanenterprisetotakevariousformsforreceivingthepropertyrightsofotherenterprises,sothatthemergedpartylostthequalificationsofalegalpersonorlegalentityeconomicbeh
2、aviorchange.AcquisitionreferstoanenterprisecanthroughthepurchaseofsharesoflistedcompaniesandthecompaniesoperatingdecisionschangebehaviorInmyopinion,mergerisonecommercialcompanycouldtotallycontroltheothercompany.acquisitionisonecommercialcompanyowntheothercompany.二、Case：TCLmergersThomsonBackground
3、information:1.TCL:TCLGroupCo.,Ltd.wasfoundedin1981,isoneoftheconsumerelectronicsbusinessgroupsworldwidescale,formingamulti-media,telecommunications,homeappliances,andpartsofthefourindustrygroups,aswellasrealestateandinvestmentbusiness,logisticsandservicesbusinessgroup.1.Thomson:ThomsonisFrance'sl
4、argeststate-ownedenterprises,istheworld'sfourth-largestconsumerelectronicsmaker,hasfourmainbusinessdirection:contentandnetworking,consumerproducts,components,patentlicensing.Aboutcase:TCLmergersThomsonprogress:July29,2004,TCLandFrance'sThomsonjointlyfunded470millioneuros,ofwhichonehundredmillione
5、urosTCL3.149investmentaccountedfor67%ofshares,Thomsoninvested155.1millioneurosheldby33%oftheshares,theestablishmentofTCL-ThomsonElectronicsLimited,referredTTEcompany.Result:Bytheendof2004,theEuropeanbusinesslossesonlyafewhundredmillionyuan;bytheendof2005,alossof550millionyuaninEurope;thefirsthalf
6、of2006,TCLEuropeanbusinesslossesroseto700millionyuan;and2006endof9,TCLinEuropeinvestmentaccumulatedlossesreached203millioneuros(about2.034billionyuan).TTEEurope's"accumulatedlosses"hasexceeded3.345billionyuan,TCLMultimediaintheEuropeanbusinessrestructuringandcontractionoftheoverallcostmorethanexp
7、ectedBytheendof2004,EuropeleadstheglobalTVmarket,quicklyturnedtoflat-panelTVfromCRTTV.Europeanintegrationhasnotbeengoodcompanyreactedtooslowly,TCLisstillalotoffactoriesaroundtheCRTTVproduction.WhenthemergerallowsThomso
