Xstrata’s shareholders protest over pay and Glencore merger May 1, 2012 DISGRUNTLED shareholders in miner Xstrata yesterday made their concerns felt over the firm’s strategy ahead of its planned merger with commodities giant Glencore. Almost four in ten shareholders failed to support the firm’s pay plan, while more than 15 per cent refused to vote for the reappointment of director Ivan Glasenberg – who also runs [...]
FTSE edges up as Lloyds gains May 1, 2012 The FTSE 100 clawed back some lost ground in early trading with Lloyds among the top gainers after quarterly results that matched forecasts. London’s blue-chip index ended April in negative territory yesterday – its second consecutive monthly loss – as concerns rose over Spain’s economy and political tensions in Europe took their toll. Meanwhile UK [...]
Xstrata copper production dips May 1, 2012 Miner Xstrata, which is moving into the final stages of a record tie-up with commodities trader Glencore, posted a drop in first-quarter copper production as it prepares for the ramp up of key projects in the second half of the year. Xstrata, which said all its major projects were making good progress and remained on [...]
Glencore float fuels wealth of UK’s super rich April 29, 2012 THE wealth of Britain’s richest people, including a series of investors in Glencore, jumped by nearly five per cent to a record £414bn last year, according to new research. The combined assets of the 1,000 most affluent people rose 4.7 per cent, according to the Sunday Times Rich List, despite the nation’s plunge back into [...]
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 [...]