GLENCORE INTERNATIONAL PLC (GLCNF, $6.05; RATED UNDERWEIGHT; PRICE TARGET US $5 ) HIGH DEBT LEVELS, THIN CASH GENERATION, “TOO LOW” TAXES AND BETTER ALTERNATIVES LIKE XSTRATA (XSRAF, $14.57) or ANGLO AMERICAN (AAUKY, $17.73) 12/15/2011

GLENCORE INTERNATIONAL PLC (GLCNF, $6.05; RATED UNDERWEIGHT;
PRICE TARGET US $5 ) HIGH DEBT LEVELS, THIN CASH GENERATION, “TOO
LOW” TAXES AND BETTER ALTERNATIVES LIKE XSTRATA (XSRAF, $14.57)
or ANGLO AMERICAN (AAUKY, $17.73) 12/15/2011