FT商学院

Glencore/Teck: passing the buck to make a buck
Lex专栏:嘉能可收购泰克煤炭业务

Swiss group’s shareholders will have the choice of keeping shares in the spin-off or dumping them on the market
这家瑞士集团的股东可以选择是继续持有分拆后的股份,还是在市场上抛售。

Vacuum cleaners sanitise by collecting debris. In recent years, Glencore has hoovered up coal assets other mining groups wanted to cleanse themselves of. The Swiss group committed to getting out of coal even as it accumulated cheap assets and banked the cash flows. The strategy has made lots of money for investors.

真空吸尘器通过收集碎屑垃圾来进行清洁。近年来,嘉能可(Glencore)囤积了其他矿业集团想要清理的煤炭资产。这家瑞士集团一边承诺退出煤炭业务,一边它还在积累廉价资产并将现金流存入银行。这一策略为投资者赚了不少钱。

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