Besieged commodity trader gets vote of confidence
Market response overdone as Glencore is not financially stressed, says Citi report
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Singapore
GLENCORE Plc, the commodity trader whose shares lost almost a third of their value in a day, just got a vote of confidence from Citigroup Inc.
The company doesn't have a stressed balance sheet, has the ability to sell assets to stem the rout and is rated as a "buy", according to the New York-based bank. And if the stock extends losses, management should simply take it private, Citigroup said in a report.
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