Glasenberg adds to stake in Glencore September 19, 2011 GLENCORE boss Ivan Glasenberg has made another show of confidence in the commodity trader, buying almost £13.5m of shares to add to his holding as part of a plan to use his dividend income to buy more shares. Glasenberg, who announced last week he had bought £10m of shares and would buy more, bought another [...]
Sany Heavy to launch Hong Kong listing September 19, 2011 SANY Heavy Industry, China’s largest construction machinery maker, aims to raise up to HK$26bn (£2.1bn) in what could be Hong Kong’s second-biggest stock offering this year, as it defies volatile markets to fund an expansion. Sany Heavy’s offering is one of several deals that are pushing through Hong Kong’s narrowing initial public offering window, with [...]
Facebook could delay $60bn float to second half of 2012 September 14, 2011 FACEBOOK will delay its initial public offering (IPO) until the end of next year so employees can focus on developing products for the social networking website, according to reports. Facebook, which is expected to have one of the biggest IPOs in history, plans to go public at the end of 2012, a later public debut than [...]
First Reserve equity deal lifts Glencore September 8, 2011 GLENCORE rose to its highest level in five weeks in London trading yesterday after First Reserve International swapped its bonds in the commodities giant and bought shares, in a move that was seen by the market as a vote of confidence in the company. US private equity giant First Reserve confirmed yesterday that it had [...]
Sale is a sign of some much-needed faith September 8, 2011 LIKE a proud parent whose faith in its wayward child never falters, First Reserve has believed in Glencore since day one. When the then-privately held commodities giant issued its debut $2.2bn convertible bond in December 2009, First Reserve was one of the biggest investors, snapping up $800m of notes. Now it’s swapped those notes for [...]
Oil and gas companies lead a volatile FTSE to further gains September 8, 2011 BRITAIN’S leading shares ended higher after a volatile session yesterday, as investors emerged for beaten-down growth stocks to put a floor under the market. By the close the FTSE 100 was up 0.4 per cent at 5,340.38 points, taking a rally into a third straight day after an intraday trading range of 100 points, or [...]
Glencore reveals record fatalities September 7, 2011 Commodities group Glencore released its first sustainability report yesterday, showing it paid $780,000 in major environmental fines last year and had 18 fatalities. This compares with three deaths for Rio, five at BHP Billiton and 26 at India-focused Vedanta Resources during its 2010-2011 financial year to the end of March. The 106-page report said the [...]
FTSE sees modest rise on solid company news September 6, 2011 Stocks have moved higher this morning following heavy selling in the US and Asia overnight, but markets remain under pressure over fears of a global recession. Positive trading updates from a number of companies have given UK shares a modest lift this morning after yesterday’s 189-point slump. But in a warning sign that investor sentiment [...]
Manchester United might score in Singapore September 5, 2011 MANCHESTER United’s attempt to float in the far east is being monitored carefully in the City. After all, there are not many IPOs going on in the moribund London market right now. A number of football club boards will be looking on to see if United, led on the financial advisory side by Credit Suisse, [...]
Glencore in fuel deal with Libya’s NTC September 5, 2011 COMMODITIES trader Glencore has signed its first contract to deliver fuels to Libya’s interim council, industry sources said, in a further sign that rival Vitol is losing its place as top supplier to the rebels who now rule the country. The National Transitional Council (NTC) has gained broad international recognition as Libya’s legitimate government and [...]