Even well-run conglomerates sell at a discount to break-up value.

即使是那些经营良好的企业集团，也以拆卖价值折价出售。

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Selling assets makes a lot of sense for a company which now has a break-up value much higher than its market capitalisation.

出售资产对一个折卖价值远远高于它的市值的公司来说很有意义。

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Bayer trades 32% below its break-up value, only 21 times Julius Baer's estimate of 2001 earnings.

FORBES: Beyond the bad at Bayer

Simon Taylor of Salomon Smith Barney estimates that all three companies are trading at a 20-25% discount to their break-up value.

ECONOMIST: German conglomerates

Selling assets makes a lot of sense for a company which now has a break-up value much higher than its market capitalisation.

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