WHAT THE OTHER PAPERS SAY THIS MORNING June 28, 2012 FINANCIAL TIMES Bostock poised to leave M&S Kate Bostock, the head of all of Marks and Spencer’s non-food business, including clothing, is poised to leave the high street retailer. Ms Bostock’s departure could be announced at M&S’s annual meeting on July 10, or possibly sooner. The expected departure of Ms Bostock, who has been with [...]
ADVISERS DEUTCHE BANK June 28, 2012 GLOBAL head NATURAL RESOURCES M&A Nigel Robinson was one of the advisers from Deutsche Bank who advised Veolia. Robinson is no stranger to big deals and is currently also working on the mega merger between commodities giant Glencore and FTSE 100 miner Xstrata. Robinson joined the bank in 2007 as managing director and head of [...]
FTSE led down by scandal-hit Barclays June 28, 2012 The FTSE 100 slipped this morning as miners dipped and Barclays was dented by the Libor scandal while it was confirmed that the UK had lurched back into recession. Britain’s economy shrank by 0.3 pe rcent during the first three months of this year, official data confirmed, leaving the nation in its second recession in [...]
FTSE led down by scandal-hit Barclays June 28, 2012 The FTSE 100 slipped this morning as miners dipped and Barclays was dented by the Libor scandal while it was confirmed that the UK had lurched back into recession. Britain’s economy shrank by 0.3 per cent during the first three months of this year, official data confirmed, leaving the nation in its second recession in [...]
Glencore and Xstrata race to repair merger June 27, 2012 GLENCORE’S merger with Xstrata was on the rocks yesterday as the two firms scrambled to appease irate investors over the share ratio and pay packages linked to the deal. Mining group Xstrata yesterday rewrote its bonus rules for top staff to try and soothe shareholder anger at a £173m payday if the deal goes through, [...]
Ultimatum is the name of the game if you aren’t playing fair June 27, 2012 WHAT are Xstrata’s shareholders playing at? The answer seems to be a game called Ultimatum. It’s a simple experiment that shows why shareholders can’t be relied on to accept that any deal is better than none. Here’s how Ultimatum works. Player G is told he can have £100. He has the option to give an [...]
Boosted by bank and commodity stocks, FTSE breaks its losing run June 27, 2012 BRITAIN’S leading shares bounced back yesterday, snapping a four-session losing streak, with commodity and banking stocks squeezed higher as worries over the global growth outlook were eased by some upbeat US data. Volumes were again low, however, as most investors preferred to remain on the sidelines ahead of a crucial European summit. The FTSE 100 [...]
Banks fuel FTSE gains but Eurozone picture darkens June 27, 2012 Banks fuelled modest gains on the FTSE 100 in early trading but investor confidence remained weak overall as the Eurozone’s leaders failed to offer any evidence of a path to recovery for the bloc. Disagreements between the region’s policymakers over how to deal with the turmoil are weighing on investors’ confidence ahead of a European [...]
Glencore and Xstrata under fresh pressure to alter deal June 26, 2012 GLENCORE and Xstrata look likely to overhaul their $65bn mega-merger after another prominent shareholder demanded they alter the terms of the deal last night. Executives at the commodities firms were already seeking to rejig pay packages linked to the tie-up when the Qatar Investment Authority broke cover to seek a better deal for its 11 [...]
Glencore may force Davis out June 25, 2012 ONE OF Xstrata’s most prominent investors has turned up the pressure on chief exec Mick Davis, warning that he could be forced to resign as part of the tie-up with Glencore. Standard Life head of equities David Cummings, who has spoken out against the deal, told the BBC that “to preserve the integrity of the [...]