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 [...]
Xstrata H1 earnings drop, defers $1bn of spending August 7, 2012 Anglo-Swiss miner Xstrata, in the throes of a $26bn (£16.7bn) takeover bid, posted a smaller-than-expected drop in profit despite the impact of weaker prices and reduced copper production, and announced plans to cut spending for the year. Xstrata’s earnings before interest, tax, depreciation and amortisation (Ebitda) for the first six months of 2012 totalled just [...]
LAW FIRM OF THE YEAR August 5, 2012 SINCE City A.M.’s last awards ceremony in 2011, the legal sector has undergone one of the biggest shake-ups in recent years with the introduction of the Legal Services Act. The introduction of Alternative Business Structures (ABS) on 3 January was a formal acknowledgment of the ripples of change that have been spreading across the legal [...]
Analysts mulling the prospect of Glencore-Xstrata deal failing August 2, 2012 THE MERGER between Glencore and Xstrata is increasingly likely to fall apart, according to analysts. Liberum Capital has lowered its view and given the deal a 56 per cent chance of succeeding, adding in a note that the markets have already broadly priced in fear of the merger failing. The deal was announced in February, [...]
INVESTMENT BANK OF THE YEAR August 2, 2012 2012 will go down as an immensely difficult year for investment banks. Profitability came down as most banks in most markets saw a fall-off in activity. Mergers & acquisition activity fell 16 per cent globally; equity capital markets business was down 31 per cent and many IPO markets were effectively closed. Facebook’s controversial IPO in [...]
DEALMAKER OF THE YEAR August 1, 2012 INVESTMENT bankers have had a difficult year, with London’s IPO market virtually closed, and M&A deals few and far between. Our fourth short-list for the third annual City A.M. awards, though, highlights some superb individual performances in such difficult markets. Jonathan Rowley, for example, was on at least three M&A deals in just one week [...]
Copper volumes tumble but Xstrata stays upbeat on year July 31, 2012 MINER Xstrata reported an 18 per cent drop in copper volumes in the first six months of 2012 yesterday, as it replaces ageing operations and undertakes expansion that will boost production in the second half. Xstrata is in the throes of a merger with commodities trader Glencore, which made a $26bn (£16.57bn) takeover bid for [...]
Xstrata copper volumes down, but sees growth July 31, 2012 Miner Xstrata reported an 18 per cent drop in copper volumes in the first six months of 2012, as it replaces ageing operations and undertakes expansion that will boost production in the second half. Xstrata is in the throes of a merger with commodities trader Glencore, which made a $26bn (£16.57bn) takeover bid for the [...]
ADVISERS GOLDMAN SACHS July 30, 2012 London Mining was advised on the royalty transaction by Goldman Sachs, while Standard Chartered was lead adviser on the debt finance component of the planned expansion of its Marampa mine. Goldman is no stranger to mining deals, and has a long pedigree of involvement in the sector, including its ongoing role advising Xstrata on its [...]