In addition, unlike in America, most of the biggest Internet companies are spin-offs from established firms.

ECONOMIST: Internet investing

The biggest newcomers immediately land on the list by way of initial public offerings or spin-offs of major subsidiaries of their former parent companies, who are also on our list.

FORBES: The World's Biggest Companies

Although the conglomerate discount is not usually as extreme as that, its sharp increase in the past year is one of the main reasons companies are regaining their enthusiasm for spin-offs, says Carsten Stendevad of Citigroup.

ECONOMIST: Breaking up companies is back in fashion