Glencore completes zinc deal June 11, 2012 Commodities trader Glencore said yesterday it had completed its deal for zinc mining group Rosh Pinah. the company’s operations are centred in Namibia. FTSE 100-listed Glencore now has an 80 per cent stake in the company, which produced 89,000 tonnes of zinc concentrate and 16,000 tons of lead concentrate in 2011. Glencore said: “Rosh Pinah [...]
Glencore boost as Glasenberg buys shares June 7, 2012 GLENCORE chief Ivan Glasenberg has splurged £10m on 2.9m shares in his FTSE 100 company as part of his promise to spend all of his $110m in dividends on stock. His move is intended to shore up shareholder support ahead of the commodities trader’s proposed merger with Xstrata, which has sparked anger among some investors who say [...]
Xstrata and WPP ignore shareholder spring at their peril June 7, 2012 EVEN before the phrase “shareholder spring” was uttered, it was clear that investors were becoming unruly. More often than not it was strategy rather than executive remuneration that caused discontent. Much of the recent unrest, ostensibly about pay, is really about direction. Andrew Moss, the former Aviva boss, could have paid himself £1 last year [...]
Australia approves Glencore takeover of Viterra June 7, 2012 Australia’s competition regulator approved a friendly takeover bid by Swiss commodities trader Glencore International of Viterra, clearing another hurdle for the biggest deal in years in the global agricultural sector. Glencore offered Viterra C$16.25 per share, or C$6.lbn, in March for the company, which owns the biggest share of Western Canada’s grain storage and farm [...]
Davis to get £30m but no raise for Xstrata investors May 31, 2012 XSTRATA’S top staff will share a £173m reward for sticking with the firm during its mega-merger with Glencore, documents revealed yesterday. As Xstrata shareholders learned that Glencore has refused to budge on its offer of 2.8 new shares for each Xstrata share, the circular showed that a group of around 70 managers and senior employees [...]
Graff Diamond’s Hong Kong adventure ends in disaster May 31, 2012 IN an ideal world, ahead of the Jubilee weekend, we would now be looking forward to the listing of Graff Diamonds shares in London. Graff’s history is London through and through. Founder Laurence Graff started as a jewellery apprentice here in 1950 and then 12 years later opened his first two stores in the capital. [...]
Glencore given nod for Viterra takeover deal May 30, 2012 SHAREHOLDERS of Canadian grain giant Viterra have voted in favour of Glencore’s $5.9bn (£3.8bn) takeover. An overwhelming 99.8 per cent agreed to the friendly takeover by the Swiss commodities company. Glencore, which is also looking to gain acceptance for a mega merger with miner Xstrata, still requires a green light from regulators. Viterra owns the [...]
Glencore takeover given green light by Viterra shareholders May 30, 2012 Shareholders of Canada’s largest grain handler, Viterra, have voted overwhelmingly in favor of a friendly takeover bid by Swiss commodities trader Glencore International, pushing the biggest deal in years for the global agricultural sector closer to reality. The deal was supported by 99.8 per cent of shareholders, far more than the required two-thirds majority. Glencore [...]
Glenstrata boss Davis set for a loyalty bonus May 27, 2012 THE chief executive of Xstrata is set to line up a major retention bonus when a circular explaining the miner’s $90bn (£57bn) merger with Glencore is published this week. Mick Davis is expected to be allocated a retention bonus worth tens of millions of dollars if he stays with the enlarged group for three years. [...]
Bargain hunters help lift FTSE May 25, 2012 The FTSE 100 nosed up this morning as bargain hunters snapped up stocks which have been hit in recent sessions. On Monday the blue chip index was at a six-month low but has clawed back ground since then. Gains in Asia and on Wall Street overnight also served to lift sentiment. Insurer Aviva was the [...]