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)与超达(Xstrata)的庞大合并案看似成功在望之际，这家瑞士企业的交易部门却缓冲了大宗商品周期衰退带来的冲击，多么富有讽刺意味。昨日，嘉能可公布2012年基本净收入下降25%，至31亿美元，而超达净收入下降37%，至37亿美元。至少从2012年的业绩来看，这笔交易对超达股东来说，比按照合并条款看起来的要划算得多。
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