主题：【原创】油气和商品ETFs -- 路人

葡萄提到了垄断资本的阴谋论,无论真假,在过去一年中发生的各类企业兼并不胜枚举.既然开始关注UUU,那我不得不对整个核原料行业做些调研.细节是魔鬼,有些蛛丝马迹让我怀疑UUU已经被人盯上了.

CCO是这个行业的龙头老大,在今年5月的一个吹风会上,有如下对白:

Orest Wowkodaw, Canaccord Adams

:Right. And then just more of a strategic question as well,

Jerry, I was wondering if you can offer any update on

recent comments that you made in terms of potential

acquisitions in terms of how close are you or are you sort

of just at the preliminary stages of looking at opportunities

out there?

Jerry Grandey, President & Chief Executive Officer

:I would say, Orest, we look continually. I’ll just take you

back. Remember we acquired Kintyre in August at a time

in the market we thought it was opportune and now we’re

trying to advance that so, you know, it’s those kinds of

opportunities that we watch for continuously. We’re not

going to do something that’s stupid, where the valuations

are high, and so watch for us to be patient, but always

watching.

Orest Wowkodaw, Canaccord Adams

:Are you still considering something very sizable? I think

you mentioned a number around $2 billion last time.

Jerry Grandey, President & Chief Executive Officer

:The newspaper mentioned the number. But it was

attributed to me. And I simply observed to the newspaper

that as we survey the universe of opportunities that are

out there, there aren’t many that are outside that range.

That was my observation. And I observed that any ofthem within that range, if we felt like it would add value to Cameco, then we could certainly handle it.

对这个行业来说,能达到$20亿资产的选手并不多,详见如下:

UUU 1.37B

TCK.B 17.07B

MAW 14.60M

PBM 1.71M

UVR 1.57M

TUE 19.87M

UPC 18.17M

CCO 11.99B

DML 415.92M

BVT 2.39M

我的结论:UUU是最合适的兼并对象.理由如下:

1)符合something very sizable;

2)UUU的生产成本低于CCO;

3)UUU已经在中亚开采和生产,对于正处在初步勘探和申请执照的CCO来说,是降低市场准入门槛的策略.

4)UUU已经投产的硫酸厂符合CCO将来扩产的需求.

以上分析仅仅是个人之见,如果发生,纯属偶然.