Another possibility is a merger with Glencore.
另一种可能是与嘉能可合并。
Glencore and the cornerstone investors declined to comment.
嘉能可以及基础投资者均拒绝置评。
Glencore said it welcomed the inquiry and expects to be "completely exonerated".
嘉能可对调查表示欢迎，并期望得到“彻底的澄清”。
Yet Xstrata’s bosses reckon that their firm has more to offer Glencore than vice versa.
然而，斯特拉塔公司的老板们认为一旦合并，斯特拉塔能给予嘉能可的好处比嘉能可能提供的更多。
Swiss-based Glencore listed on the London stock exchange in May in a record-breaking market debut.
总部位于瑞士的嘉能可公司今年五月于伦敦证交所上市，募集资金创历史新高。
If Glencore does choose to go public, it will be subject to much more onerous reporting and disclosure rules.
若嘉能可选择公开上市，则它将会面临非常繁重的报告和披露规则。
The value of the mine is unclear and Glencore has an option to repurchase the mine for slightly more over the next year.
这座煤场的价值并不清楚，同时，嘉能可拥有在明年以稍高的价格回购该煤场的权利。
Either way, he noted, securing such huge volumes of oil for its trading operations was a "huge" achievement for Glencore.
他指出，无论如何，为自己的交易业务争取到数量如此庞大的石油对嘉能可来说就是一项“巨大”成就。
Glencore and Gunvor also see little upside for prices in early 2010, said people familiar with their trading views. Both declined to comment.
知情人士表示，嘉能可和贡沃尔也认为，在2010年初，价格上涨概率不大。两家公司均拒绝置评。
The recent public offering of Glencore exposed the extent of a single company's control of commodity value chains from extraction to trading.
而近期嘉能可（Glencore）的招股情况，暴露出一家公司对大宗商品价值链从开采到交易等各个环节的控制，可以达到何种程度。
Bankers have courted the company for years but only in the past year has Glencore become open-minded to schemes to raise "permanent capital".
多年来，银行家一直向该公司示好，但嘉能可只是在过去一年才愿意听取筹集“永久资本”的方案。
Most recent estimates put a value of about $60 billion on the whole of Glencore, which made profits of $3.8 billion in 2010 on revenues of $145 billion.
根据最新的估算，嘉能可的总价值高达600亿美元，该公司去年盈利38亿美元，收入达1450亿美元。
Scale and an uncanny ability to predict commodity-price movements has allowed Glencore to make decent returns in a business where margins are wafer-thin.
它的规模和能预知商品价格运动这样惊人的能力让嘉能可从利润微薄的业务中获得不错的回报。
The latest shifting of assets between the pair came on March 5th when Xstrata said Glencore had exercised an option to repurchase Prodeco, a Colombian coal mine.
3月5日，这两家之间发生的最新一次资产转移，在此之前，当斯特拉塔称嘉能可已行使选择权对哥伦比亚煤矿Prodeco进行回购。
Glencore, whose finances have been buoyed by rising commodity prices, gets back a low-cost, long-lived mine that it probably values at something over $4 billion.
曾通过提高商品价格来获得资金支持的嘉能可，现在也把目光转向到了那些价值可能稍稍超过40亿美元的低成本，使用期长的矿产上来。
On occasion Glencore has taken stakes in firms that have run into difficulties, or has otherwise spotted opportunities and struck deals, before rival mining firms got to hear about them.
有时，嘉能可会在与之竞争的矿产公司着手了解他们之前，收购遇到困难的公司的股份，或者发现商机并达成交易。
Glencore was more upbeat as it posted a 57% jump in first-half profit, saying the push for higher living standards in countries such as China would help its business in commodity trading.
嘉能可国际（Glencore）公布上半年业绩，利润额同比提升57%，并且态度更为乐观，嘉能可认为包括中国在内一些国家生活标准的提升将有助于其大宗商品交易业务的增长。
Glencore was more upbeat as it posted a 57% jump in first-half profit, saying the push for higher living standards in countries such as China would help its business in commodity trading.
嘉能可国际（Glencore）公布上半年业绩，利润额同比提升57%，并且态度更为乐观，嘉能可认为包括中国在内一些国家生活标准的提升将有助于其大宗商品交易业务的增长。
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