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正确答案：
(b) Three potential problems that TMC might encounter in the proposed acquisition of CBC are as follows:
(i) TMC is forecast to have a 22% share of the market for disposable nappies at the end of 2008. If TMC was to acquire
CBC at that time it would then have a market share of ($681m + $155m)/$3,095m = 27%. Much will depend on
prevailing legislation. For example, in the UK it might be the case that the Director General of Fair Trading may ask the
Competition Commission (CC) to investigate if any organisation controls 25% or more of the market. The Secretary of
State may do likewise in circumstances where the proposed takeover would lead to the creation of a firm that would
control 25% or more of the market. (Similar examples from other countries would be equally acceptable.)
(ii) The directors of TMC need to be aware of the precise nature of the cultural problems that CBC has experienced during
recent years as this could be very damaging to its business if the acquisition of CBC goes ahead. In an extreme case
the organisational cultures of TMC and CBC might be incompatible. The directors of TMC need to make a very careful
assessment as to whether it would be possible to transform. a negative culture into a positive one. If they consider that
this would prove to be very difficult then they might be best advised not to proceed with the acquisition.
(iii) The directors of TMC have no experience of managing such acquisitions and this might mean that the integration of CBC
into TMC would prove problematic. It is probable that the systems are different as well as the management styles,
employee skills and business infrastructure.
(Alternative relevant discussion would be acceptable)

正确答案：
(b) An environmental report allows an organisation to communicate with different stakeholders. The benefits of an environmental
report include:
(i) evaluating environmental performance can highlight inefficiencies in operations and help to improve management
systems. Beth could identify opportunities to reduce resource use, waste and operating costs.
(ii) communicating the efforts being made to improve social and environmental performance can foster community support
for a business and can also contribute towards its reputation as a good corporate citizen. At present Beth has a poor
reputation in this regard.
(iii) reporting efforts to improve the organisation’s environmental, social and economic performance can lead to increased
consumer confidence in its products and services.
(iv) commitment to reporting on current impacts and identifying ways to improve environmental performance can improve
relationships with regulators, and could reduce the potential threat of litigation which is hanging over Beth.
(v) investors, financial analysts and brokers increasingly ask about the sustainability aspects of operations. A high quality
report shows the measures the organisation is taking to reduce risks, and will make Beth more attractive to investors.
(vi) disclosing the organisation’s environmental, social and economic best practices can give a competitive market edge.
Currently Beth’s corporate image is poor and this has partly contributed to its poor stock market performance.
(vii) the international trend towards improved corporate sustainability is growing and access to international markets will
require increasing transparency, and this will help Beth’s corporate image.
(viii) large organisations are increasingly requiring material and service suppliers and contractors to submit performance
information to satisfy the expectations of their own shareholders. Disclosing such information can make the company a
more attractive supplier than their competitors, and increase Beth’s market share.
It is important to ensure that the policies are robust and effective and not just compliance based.

正确答案：
(ii) Damian should not agree to the sales director’s suggestion. The salesmen will each make a significant annual income
tax saving under the proposal, whereas the company will also be offset (at least partly) by the reduction in the dealer’s
bulk discount. Further, 100% first year allowance tax incentive for low emission cars is not guaranteed beyond 31 March
2008, and it is unlikely that any change in policy with regards to the provision of additional accessories will, once
implemented, be easily reversible.