How ironic that Glencore’s trading arm mitigated the downturn in the commodity cycle just as the Swiss group’s mammoth merger with Xstrata looks to be in sight. Yesterday, Glencore reported a 25 per cent fall in 2012 underlying net income to $3.1bn while Xstrata suffered a 37 per cent fall to $3.7bn. Based on 2012 results at least, Xstrata shareholders seem to be getting a far better deal than the merger terms imply.
在嘉能可(Glencore)與超達(Xstrata)的龐大合併案看似成功在望之際，這家瑞士企業的交易部門卻緩衝了大宗商品週期衰退帶來的衝擊，多麼富有諷刺意味。昨日，嘉能可公佈2012年基本淨收入下降25%，至31億美元，而超達淨收入下降37%，至37億美元。至少從2012年的業績來看，這筆交易對超達股東來說，比按照合併條款看起來的要划算得多。
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