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)收购斯特拉塔(Xstrata)剩余股份的方案，让人看不出什么新意。毕竟，斯特拉塔的创立源于10年前与伊凡•格拉森伯格(Ivan Glasenberg)旗下大宗商品交易商/矿商达成的一次价值25亿美元的煤炭交易。嘉能可持有斯特拉塔34%的股份。米克•戴维斯(Mick Davis)已将斯特拉塔转型成为一家价值580亿美元的多元化矿商。这两家公司以前曾就重新联合进行过谈判，但由于嘉能可是一家私人公司，戴维斯对此进行了抵制。然而，嘉能可去年进行了首次公开发行(IPO)，使自己获得了用于收购的资金。两家公司表示，它们目前正就一项价值800亿美元的“对等合并”进行谈判，但这应当被视为通常的收购，收购方为嘉能可。那么，斯特拉塔的小股东应当索要多大的溢价呢？