Ex.2 Find the words in the text that mean the following:

1to become more varied or different (e.g. by selling different products)

2places where goods are sold (shops, stores, kiosks, markets, etc.)

3a sufficient number of stocks in a company to be able to decide what to do (at an Annual General Meeting)

4public companies whose stocks are traded on a stock exchange

5amounts of money paid for services

6companies that own or control several smaller businesses selling very different products or services

7the combined power or value of a group of things working together which is greater than the total power or value achieved when each is working separately

8the total value of a company on the stock exchange (the price of all its stocks)

9companies that are owned by a larger parent company

10 a sum of money reserved to pay a company's retired employees


Ex.3 Explain the following in your own words:

1 the difference between horizontal and vertical integration

2 the difference between backward and forward integration

3 the difference between a raid and a takeover bid

4 the difference between a friendly and a hostile bid

Ex.4 Discussion

All public companies face the permanent risk of takeover bids. Is this a good thing for business? What are arguments in favor of and against takeovers and buyouts?


Listening 1: The role of the Competition Commission

CD 2.11You will hear Rory Taylor of the Competition Commission in London talking about its work.

What do you think a Competition Commission does?


  1. A. Mind the vocabulary that you will here in the conversation.
  3. Active Vocabulary
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  12. Active Vocabulary

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Ex.1 Read the text below, and underlines the answers to the first three questions above. | Ex.5 Listen to Rory Taylor, and answer the questions.

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