译文（字数 4678）：

企业为什么会并购

摘要：该文章描述了企业决定参与并购交易的最常见动机。它强调了增长因素的重要性，而以下因素：即协同效应、多样化等只是支持增长动机。由于并购涉及两方：买方和卖方，也提供了从两个角度出发的理由的例子。

关键词：并购 理由 动机

绪论

有没有听说过沃达丰在 1999 年与曼内斯曼合并（交易价值 1722 亿美元），必和必拓

在 2008 年与力拓（Rio Tinto）合并（交易额为 1474 亿美元），美国在线与时代华纳在 2000年合并（交易额为 1121 亿美元）（路透社）或 PKN Orlen 在 2006 年收购了 MažeikiųNafta，达到 5800 万立方米，TeliaSonera 于 1998 年收购了 Lietuvos  Telekomas，达到 2.04 亿立方米，或者在 2007 年，中欧欧洲合作伙伴收购 Bitė达 1554 万立方米（Versložinios，Intellinet数据库）。这些仅仅是全球和立陶宛最大并购（M&A）交易的例子。并购企业不仅在全球范围内彻底改变企业形象，在立陶宛也是如此。在股东价值观的推动下，形成了新的经济、社会、文化环境。但他们背后的原因是什么呢？

外文原文（字符数 18773）：

外文出处：Eglė Duksaitė , Rima Tamošiūnienė

Vilnius Gediminas Technical University

Annotation. The article describes the most common motives for companies’ decision to participate in mergers and ac- quisitions’ transactions. It underlines the importance of the growth factor, whereas the following factors – namely, syn- ergy, diversification and so on – just support the growth motive. Since mergers and acquisitions involve two different parties – the buyer and the seller – the examples of reasons from both perspectives are provided too

Keywords: mergers and acquisitions, reasons, motives.

Introduction

Have you ever heard about Vodafone’s merger with Mannesman in 1999 (transaction worth 172.2 billion $), BHP Billiton’s merger with Rio Tinto in 2008 (transac- tion worth 147.4 billion $), America Online’s  merger with Time Warner in 2000 (transaction worth 112.1 bil- lion $) (Reuters)? Or PKN Orlen’s acquisition of Mažeikių Nafta for 5800 million litas in 2006, TeliaSon- era’s acquisition of Lietuvos Telekomas for 2040 million litas in 1998 or Mid Europa Partners’ acquisition of Bitė for 1554 million litas in 2007 (Verslo žinios, Intellinet database)? These are just a few examples of the biggest mergers and acquisitions (M&A) transactions worldwide and in Lithuania. M&A’s are radically changing the cor- porate landscape not only worldwide, but in Lithuania as well. Driven by the philosophy of shareholder value, they form a new economic, social and cultural environment. But what are the reasons behind them?