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.
綜合企業(yè)在市場(chǎng)上名聲不佳。但還有什么更好的選擇？公司并不愿意出售仍然“油水”充足的業(yè)務(wù)。而在理論上應(yīng)能彌合估值差距的分拆，往往也達(dá)不到預(yù)期。英國(guó)工程公司史密斯的案例表明，有時(shí)堅(jiān)持保留業(yè)務(wù)版圖——至少在一段時(shí)間內(nèi)——反而更好。
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