在过去的两三年里公司对交叉控股进行升级并建立起并购防御。
In the past couple of years they have renewed their cross-shareholdings and built takeover defences, which protect them from outsiders.
但是google却先于对手在去年冬天就购入了一些AOL股份来防御对手并购。
Warner, a media conglomerate. But Google pre-empted its rivals last winter and bought a defensive stake in AOL.
这就解释了为何大部分公司对并购毫无防御。在这个即将到来的敌意时代里，卡夫收购吉百利一案不过是冰山一角而已。
That is why most companies are likely to remain relatively defenceless, and Kraft's bid for Cadbury will be but one of many in this coming era of hostility.
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