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.
綜合企業在市場上名聲不佳。但還有什么更好的選擇？公司并不愿意出售仍然“油水”充足的業務。而在理論上應能彌合估值差距的分拆，往往也達不到預期。英國工程公司史密斯的案例表明，有時堅持保留業務版圖——至少在一段時間內——反而更好。
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