Banks rush to lend to Glencore as it secures $12.8bn in funding April 26, 2012 COMMODITIES trading giant Glencore swept corporate concerns over bank lending to the side yesterday as it secured a mammoth round of funding, with financial institutions queueing up to sign over their money. Ninety-one global banks have committed to the funding syndicate, pledging a total of $12.8bn (£7.9bn) – well above the $10bn that the company had [...]
advisers vodafone and Cable & Wireless worldwide April 23, 2012 UBS Vodafone has put its long-standing team at UBS, headed by global co-head of investment banking Simon Warshaw, on the case to guide it through its acquisition of CWW. Oxford-educated Warshaw joined the Swiss bank in 1986 and has under his belt the former positions of head of EMEA investment banking, joint head of UK [...]
WHAT THE OTHER PAPERS SAY THIS MORNING April 22, 2012 FINANCIAL TIMES Non US banks hope for reprieve on swaps US regulators are exploring ways to give large foreign banks and overseas subsidiaries of US lenders a reprieve from stringent new derivatives rules, potentially alleviating one of the biggest concerns facing global finance institutions. Chesapeake discloses chief’s $661m payments for wells Aubrey McClendon, the chief [...]
Glencore seals $6bn in Xstrata merger loans April 18, 2012 COMMODITIES trader Glencore has signed a $6bn (£3.7bn) syndicated loan backing its $90bn merger with miner Xstrata after raising nearly $11bn in syndication, banking sources said yesterday. The loan includes a one-year extension option and was underwritten by Citigroup and Morgan Stanley to show regulators that Glencore has enough working capital to fund the merger. [...]
Glencore chief denies Congo mine claims April 15, 2012 GLENCORE yesterday defended itself against allegations it profited from child labour at a copper-cobalt mine in the Democratic Republic of Congo. The firm was responding to a BBC Panorama programme, due to air tonight, which claims children are working at the Tilwezembe open-pit mine. The Tilwezembe concession is owned by Toronto-listed Katanga, in which Glencore [...]
Paperwork on Glencore deal for Xstrata is delayed April 13, 2012 Documentation relating to commodities trader Glencore’s agreed $37bn bid for miner Xstrata will be sent to shareholders later than p previously anticipated, the companies said in a statement. Paperwork relating to the merger is now anticipated to be distributed to each company’s shareholders by the end of May 2012 instead of in April as originally [...]
Freshfields tops global advisers on M&A deals April 11, 2012 MAGIC circle law firm Freshfields Bruckhaus Deringer has come top of a list of global advisers on M&A deals for the first quarter of 2011, bolstered by its leading role advising Xstrata on a takeover bid by commodities giant Glencore. In the three months to 31 March, Freshfields advised on 39 deals worth a total [...]
Oligarch hits Glencore and Rusal with suit April 10, 2012 GLENCORE was dragged into a worsening dispute between two Russian oligarchs yesterday, as aluminium producer Rusal announced that its former chairman is to take legal action against the company and the commodities trader over a $47bn supply contract. Viktor Vekselberg quit as Rusal’s chairman three weeks ago and has since notified Glencore and his former [...]
Qatar may ease Glencore’s path to Xstrata deal April 9, 2012 QATAR has built its stake in mining giant Xstrata up to five per cent, in a move that bankers said could help smooth the path of a £23bn merger with Glencore. The Qatar Investment Authority has boosted its Xstrata holding, worth £1.7bn at current prices, to five per cent through stock market purchases, up from [...]
Miners lift FTSE but UK factory figures cast shadow April 5, 2012 The FTSE 100 edged up this morning as miners were boosted by more positive data from China but a shadow was cast over the UK by bleak factory output figures. Investors were also eyeing the Bank of England’s interest rate decision at midday with rates expected to be frozen again with no more quantitative easing [...]