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 [...]
Companies pull London IPOs May 24, 2012 London’s reputation as a global centre for capital markets suffered another blow yesterday when a third company pulled its planned London Stock Exchange listing in the space of a fortnight. Georgian Railway blamed market turmoil as it postponed plans to raise up to $250m (£160m) by selling as much as a quarter of its stock. [...]
FTSE edges up but Eurozone gloom continues May 24, 2012 The FTSE 100 staged a tentative recovery in early trading although an inconclusive meeting of Eurozone leaders offered little prospect of a plan to save Greece. Overnight the EU said it wanted Greece to stay in the fold but contingency plans are already underway for an exit from the euro for the debt laden country. [...]
Glencore takes over Congolese copper mine May 22, 2012 COMMODITIES giant Glencore yesterday announced that it had taken control of the Mutanda copper operation in Congo for $480m (£304.4m). Glencore had a stake in the company but is now in the driving seat. The move marks the first step in a planned merger of the mine with its nearby Kansuki concession. Mutanda, in central [...]
FTSE rises fuelled by miners May 22, 2012 The FTSE 100 picked up again this morning as some of last week’s losses were recouped. Hopes that Eurozone leaders were making progress as they tackled the debt mountain engulfing the bloc helped sentiment. One of the ideas to save struggling economies is to issue eurobonds. But an OECD report warned that the fragile global [...]
London not yet in the race for Facebook type flotations May 21, 2012 WITH financial markets in a state of nervousness, the $104bn Facebook flotation appeared to be a godsend for the few investment banks involved. So far this year, investment banks’ equity advisory teams have had a pretty rotten time. The year all started promisingly enough, with the Italian bank Unicredit managing to get a £6bn rights [...]
BEST of the BROKERS May 16, 2012 GLENCORE UBS has downgraded the commodities giant from “buy” to “neutral” and lowered its target price from 475p to 400p following Glencore’s first quarter trading update. The bank said it still sees Glencore as the most dynamic company in EU mining over the next three years, but is concerned about the operational leverage of its [...]