Glencore records $7.6B hit on Xstrata acquisition

Aug 20, 2013 | 11:12 AM | Deepali Sharma

Tags  Glencore Xstrata, earnings, impairment, acquisition

SINGAPORE — Glencore Xstrata Plc posted a 9-percent year-on-year fall in underlying earnings in the first half of the year even as its marketing arm reported a solid performance, the merged entity said.

The Baar, Switzerland-based company recorded a goodwill impairment of $7.6 billion in relation to the Xstrata acquisition, reflecting the broader negative mining industry environment and the heightened risks associated with greenfield and large-scale expansion projects.....

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