Tuesday, August 20, 2013

Tough, Tough Takes on the Glencore Story (GLEN.L)

The Guardian went with:
Glasenberg overpays $7.7bn for Xstrata … then calls for 'capital discipline'
Whereas Alphaville had the decency to wait until the first paragraph to stick the knife in:
You know how when you buy a brand new car and drive it back from the showroom, how it’s worth X per cent less by the time you get home?
Well, Ivan Glasenberg at Glencore Xstrata has worked out how to do the same thing with mining companies....
And the Wall Street Journal's Heard on the Street column wraps up with:
...Glencore retains many fans in the City—hardly surprising having signed up plenty of banks to back its 2011 initial public offering. But its shares have lost 44% of their value since then....
Hard to tell which is the most brutal.