British Airways (BA), which already owns 10% of Iberia and has right of first refusal on another 30%, could stymie progress, join forces with TPG, or mount a bid of its own.

另一方面，英国航空公司（BA）拥有伊比利亚10%的股份和对另外30%股份的优先取舍权，凭借这些，英国航空公司可以阻碍得克萨斯太平洋集团的收购，或者与之合作，或者索性自己自行收购。

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Don't let yourself be confused by a lawyer because you don't know what "liquidation preference," "right of first refusal," or "drag along/tag along" means.

不要因为自己不懂“清算优先权”(liquidation preference)、“优先承购权”(right of first refusal)，或者是“拖带权”(drag along/tag along)的含义，而被律师搞的晕头转向。

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The Corporation and Mr. Scott also have an agreement that requires Mr. Scott and his related family interests, before selling their MidAmerican shares, to give the Corporation the right of first refusal to purchase their shares or the opportunity to assign its right to purchase to a third party.

FORBES: Corporate Governance At Berkshire Hathaway: Maybe It's Not All That