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assumed debt 引受債務、引き継いだ債務
breakup fee 違約金

On Thursday June 23rd, the state-controlled China National Offshore Oil Corporation made a cash bid of $18.5 billion for Unocal ($20.6 billion including assumed debt and a break-up fee), trumping a $18 billion share-and-cash offer (including the debt) from Chevron, America’s second-largest oil company.

in the throes of 〜に必死に取り組んでいる、〜で大いに悩んでいる (陣痛、断末魔）

Last year China’s economy grew by 9.5%, and the pace does not appear to be slowing much. The economy is in the throes of a gradual transition from state control to the free market.

tax break 税（額）控除、減税、優遇税制措置

Much of Chinese industry is government-controlled, and some years ago China’s authorities concluded that to challenge the rest of the world they needed to build up to 50 of the country’s better firms into globally competitive multinationals—helping them along the way with tax breaks, free land and all-but-free financing through state-owned banks.