There’s no sign of blinking yet from dealmaker Glasenberg August 21, 2012 WHEN he announced the UK’s largest ever merger in February of this year, Glencore chief executive Ivan Glasenberg did so with a massive endorsement of the industrial logic behind such a deal. Here was one of the world’s most successful commodities trading groups getting together with a massively powerful resources group in which it already [...]
Glencore ready to pull out of Xstrata merger August 21, 2012 GLENCORE’s high-profile merger with Xstrata is not a “must-do deal”, its chief executive admitted yesterday, after the commodities trading giant reported a 26 per cent slide in profits in the first half of the year. Chief executive Ivan Glasenberg said that if the $30bn (£19bn) “merger of equals” weren’t to go ahead, “it wouldn’t be [...]
Advisers JP Morgan Cazenove August 21, 2012 JP Morgan Cazenove is acting as a financial adviser for Heritage during the sale of its stake in Miran Block to Genel Energy. It has worked with Heritage since its IPO back in 2008. Barry Weir, James Taylor and Neil Haycock are the lead advisers on the deal. Weir, who heads the natural resources team [...]
Eurozone chatter helps lift the FTSE 100 in very light volumes August 21, 2012 BRITAIN’S top share index advanced yesterday in light trade, led up by miners and banking stocks, as investors speculated as to how Eurozone policy makers would tackle the region’s debt crisis. The FTSE 100 ended up 33.15 points, or 0.6 per cent, at 5,857.52, having shed 0.5 per cent on Monday, in volume at around [...]
Glencore offers no Xstrata clues as profit falls August 21, 2012 Commodities trader Glencore stuck to its guns on a $30bn (£19bn) bid for miner Xstrata today, as it reported earnings for the first half of 2012 dragged down 26 per cent by weaker commodity prices. Glencore said its first half profit net of significant items fell to $1.81bn, down from $2.44bn a year ago and [...]
FTSE slides lower as commodities and banks hit by economic worries August 20, 2012 BRITAIN’S top share index fell yesterday, easing further from four-month highs hit last week, weighed by a slide in banks and commodity stocks as expectations for stimulus measures in China and Europe took a slight knock. The European Central Bank sought to quash speculation about the shape of its new bond-buying plans and the Bundesbank [...]
Market awaits public finance and GDP news August 19, 2012 HIGHLIGHTS for the economic week ahead will be tomorrow’s release of UK’s public finance data, followed by the revision of the second quarter’s GDP figures on Friday. While analysts fear there will only be a small surplus for the July finances figure – or possibly a loss – market watchers believe there will be some [...]
Trader Glencore strikes Bellzone iron ore deal August 9, 2012 Glencore has struck a deal to buy at least half of the output from Guinea’s Forecariah iron ore mine as part of the commodities trader’s drive to grab a bigger share of the lucrative market for the steelmaking ingredient. The world’s largest diversified commodities trader said today it had reached a deal with Bellzone Mining [...]
Mining gains prop up FTSE August 9, 2012 Gains in heavyweight miners kept Britain’s main share index flat this morning, as solid results from Randgold Resources and expectations of fresh stimulus measures from China propped up the equity markets. The FTSE 100 was down 0.08 per cent, as Randgold rose 3.1 per cent after reporting a 10 per cent rise in second-quarter profit. [...]
Xstrata puts cuts over Glencore August 7, 2012 MINER Xstrata is pushing on with plans to slash unit costs by $390m (£249m) this year despite the “distraction” of Glencore’s long-running attempts to merge, it said yesterday. The mining giant, which reported a 42 per cent drop in operating profit to $2.45bn, cut unit costs in real terms by $105m in the first half [...]