Conglomerates get a bad rap with the market. But what’s the alternative? Companies don’t like having to sell businesses which still have lots of juice. And spin-offs, which in theory should close the valuation gap, often do nothing of the sort. Smiths Group, the UK engineer, shows that sometimes it is better to hold on to one’s sprawl — for a time at least.
综合企业在市场上名声不佳。但还有什么更好的选择？公司并不愿意出售仍然“油水”充足的业务。而在理论上应能弥合估值差距的分拆，往往也达不到预期。英国工程公司史密斯的案例表明，有时坚持保留业务版图——至少在一段时间内——反而更好。
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