WHAT THE OTHER PAPERS SAY THIS MORNING October 27, 2010 FINANCIAL TIMES SOUTH AFRICA STILL A DRAG ON ANGLO AMERICAN Anglo American, the mining company, is finding it hard to escape its South African roots despite its efforts to become a cosmopolitan corporate citizen. An array of risks in South Africa, the source of 41 per cent of operating profits last year, is having an [...]
BHP ploughs on in Potash court battle October 27, 2010 THE LEGAL tussle between mining group BHP Billiton and takeover target Potash moved several steps closer to an end yesterday, as Canadian regulators set a date for their hearing and the US courts heard more about Potash’s objections to the takeover. The Saskatchewan securities regulator said it will hear BHP’s challenge to Potash’s “poison pill” [...]
CAR TALK October 26, 2010 REBUILDING SAAB’S BRAND This is Saab’s new 9-4X, its new crossover car that will be shown at November’s Los Angeles Auto Show. Size-wise, it will sit between the existing 9-3 and 9-5 saloons and it’s an important car for Saab as it rebuilds its brand. With a turbocharged 2.8-litre V6 petrol engine and four-wheel drive, [...]
BHP’s Potash bid hearing on 8 Nov October 26, 2010 Saskatchewan’s securities regulator will hear BHP Billiton’s challenge to Potash Corp’s shareholder rights plan on 8-9 November, assuming the federal government allows BHP’s $39bn bid to proceed. In documents filed with the Saskatchewan Financial Services Commission, BHP seeks to suspend the rights plan, an anti-takeover defense known as a “poison pill”.
Weak bank figures send FTSE lower October 26, 2010 WEAK banks helped drive Britain’s top share index to a lower close yesterday, with sentiment hit by a loss at UBS’s investment bank and as investors locked in profits after sharp gains over the last two months. The FTSE 100 closed 44.68 points, or 0.8 per cent, lower at 5,707.30, its biggest one-day percentage drop [...]
Pick mining giants for commodity exposure October 25, 2010 CHINA’S restrictive export practices in rare earth metals have intensified fears among traders and market analysts that a bubble is forming in junior mining stocks such as Canada’s Rare Element Resources, Quest Rare Minerals and Avalon Rare Metals. These companies have seen their share prices surge in recent months despite the fact that they are [...]
Rio Tinto boss confident tax rule will be kept October 24, 2010 RIO Tinto boss Tom Albanese says he has the “utmost confidence” that Australia’s new government, led by Julia Gillard, will honour the spirit of the modified mining tax agreement it signed with Rio, BHP Billiton and Xstrata in July. The trio of big miners have become worried that under the new tax they will not [...]
Canadian province formally rejects BHP’s bid for Potash October 21, 2010 The Canadian province that is home to Potash yesterday said it was opposed to a $39bn (£24.8bn) bid by BHP Billiton to buy the world’s largest fertiliser supplier. Saskatchewan will urge the federal government to block the Anglo-Australian miner’s hostile bid for Potash, which is based in the province. “In the interests of jobs for [...]
Rio Tinto to invest $3bn in expansion October 20, 2010 GLOBAL miner Rio Tinto approved a $3.1bn (£1.9bn) iron ore expansion yesterday, staking a claim to become the world’s top producer and defying industry concerns over a new Australian mining tax. Iron ore miners are ramping up production to meet booming demand from Asia, with most of the growth in output set to come from [...]
BHP Billiton fails to impress Canadian province over Potash bid October 20, 2010 CANADA’S Saskatchewan province has opposed BHP Billiton’s hostile bid for Potash Corp – prompting the minering giant to offer more concessions on tax revenue to get the $39bn (£25bn) deal approved. Canadian officials have the final decision on whether to approve the deal and some analysts said the tough line taken by Saskatchewan appeared to [...]