Ex.2. Complete these sentences using the correct form (Past Perfect Simple or Past Simple) of the verbs in brackets.

1. He already (work) in business before he joined our company.

2. We (win) a controlling share of the company before they went out of business.

3. They just (start) their business when we worked out a programme of restructuring.

4. As soon as this company (be privatized) their expenditures increased.

5. After they (invest) in this business, our share prices went up.

6. They (decide) to work together and (form) a joint venture.

7. As soon as our business (expand) we began to buy shares in other companies.

8. Several years ago these two companies formed a joint venture but they (remain) separate legal entities.

9. The regulations (change) before we took over this company.

10. When they (make a bid) for a computer company they were ready to buy it at that price.

11. I couldn't get into the office because I (leave) my keys at home.

12. Our manager was in a very good mood because we (win) a profitable contract.

Ex.3. True or false? Correct where necessary.

1. We met many times and reached an agreement at last.

2. When had you heard about the takeover?

3. We decided to replace our equipment because it became old.

4. Before he became bankrupt he sold most of his shops.

5. We did a lot of work with our clients before the board of directors introduced new regulations.

6. The business had undergone major reorganization by the end of the year.

7. After we had introduced new technology our business had become more efficient and profitable.

8. Before he invested in this business he studied the financial statement carefully.

9. It had been one of the most reliable companies in the service sector.

10. He developed his business plan better than we had expected.

11. We finished our experiment by that time.

Ex.4. Translate into English:

1. Представник фірми вже підписав контракт, коли вони припинили постачання сировини.

2. Ми вже відправили звіт компанії, коли вона помітила деякі помилки.

3. Персонал компанії вже обрав нового президента, коли він зателефонував.

4. До того як ми з’єднали наші компанії, цей бізнес був збитковим.

5. До кінця минулого року вони вже створили декілька спільних підприємств.

6. До кінця вересня ціни зросли вдвічі.

7. Він запізнився на конференцію, тому що не встиг на перший автобус.

8. Вона вже завершила підготовку до щорічного звіту, коли менеджер викликав її у свій офіс.

9. Ми вже розпочали роботу над нашим спільним проектом, коли він залишив компанію.

10. Його бізнес став дуже прибутковим, коли він запросив нового консультанта.

11. Вчора я знайшов документ, який так довго шукав.

12. Ці дві компанії об’єдналися ще до того, як він придбав контрольний пакет акций.

Speech and Discussion

Ex.1. Discuss with your groupmates:

s if it is profitable for companies to diversify their business

s if it is better for a company to merge or to take over another company

Ex.2. Discuss with your groupmates the advantages and disadvantages of:

s a friendly takeover

s a hostile takeover

s a buyout