Xstrata should focus internally: JP Morgan
Monday, October 24, 2005
XSTRATA has had a warning shot fired across its bows with one of the world's biggest investment banks suggesting it was time the acquisitive Swiss-based miner concentrated on internal matters and stopped looking for deals.
JP Morgan said in a research note that Xstrata's "next move" should be a focus on internal growth and cost saving and not on further acquisition now that it appears to have missed the opportunity to buy Canada's Falconbridge.
The bank said it was becoming increasingly difficult to find value-creating additions.
One of the problems for Xstrata is that the market is swinging to a view that the mining boom has entered a mature phase with Xstrata unlikely to receive a premium rating compared with its peers.
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Xstrata should focus internally: JP MorganMonday, October 24,...
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