Glencore’s planned buy-out of the rest of Xstrata wins no prizes for originality. After all, Xstrata owes its creation to a $2.5bn coal deal struck a decade ago with Ivan Glasenberg’s commodities trader-miner. Glencore held on to a 34 per cent stake in Xstrata, which Mick Davis has transformed into a diversified miner worth $58bn. The two have discussed a reunion before, but Mr Davis resisted it while Glencore was privately held. However, Glencore’s $10bn initial public offering last year has given it an acquisition currency. The companies say they are discussing an $80bn merger of equals but it should be seen as a normal takeover, with Glencore doing the taking over. So what premium should Xstrata’s minorities demand?
嘉能可(Glencore)收購斯特拉塔(Xstrata)剩餘股份的方案，讓人看不出什麼新意。畢竟，斯特拉塔的創立源於10年前與伊凡•格拉森伯格(Ivan Glasenberg)旗下大宗商品交易商/礦商達成的一次價值25億美元的煤炭交易。嘉能可持有斯特拉塔34%的股份。米克•戴維斯(Mick Davis)已將斯特拉塔轉型成爲一家價值580億美元的多元化礦商。這兩家公司以前曾就重新聯合進行過談判，但由於嘉能可是一傢俬人公司，戴維斯對此進行了抵制。然而，嘉能可去年進行了首次公開發行(IPO)，使自己獲得了用於收購的資金。兩家公司表示，它們目前正就一項價值800億美元的「對等合併」進行談判，但這應當被視爲通常的收購，收購方爲嘉能可。那麼，斯特拉塔的小股東應當索要多大的溢價呢？