Glencore and consortium eye $1bn deal September 1, 2011 SOUTH AFRICA’S Optimum Coal has confirmed a consortium including a unit of commodity trading giant Glencore and prominent local politician-turned-tycoon Cyril Ramaphosa was interested in buying it for about $1bn (£618m). This would be Glencore’s most significant purchase since its record share listing, when it sacrificed its fiercely protected privacy to gain the balance sheet firepower [...]
Glencore moves to buy S.Africa’s Optimum Coal September 1, 2011 Commodity trading giant Glencore has confirmed it aims to take a controlling stake in South African coal miner Optimum Coal Holdings with its local partner, prominent local politician-turned tycoon Cyril Ramaphosa. The deal would be worth around $1bn (£613m) at OCH’s current share price. This would be Glencore’s most significant purchase since its record share [...]
FTSE 100 ends August on a high despite economic fears August 31, 2011 BRITAIN’S top share index climbed 2.4 per cent yesterday as poor economic data in Britain and abroad fuelled expectations of further economic stimulus but it still recorded the worst monthly performance since February 2009. The benchmark FTSE 100 index closed up 125.87 points or 2.4 per cent at 5,394.53, on the final trading day in [...]
Optimum Coal confirms unit of Glencore has bought stake August 29, 2011 SOUTH Africa’s Optimum Coal said yesterday that a unit of Glencore, the world’s largest commodity trader, had bought a 14.1 per cent stake in it. The announcement comes after Optimum, South Africa’s sixth-largest coal producer, confirmed last Friday that it had received takeover approaches. “A consortium comprising Piruto BV, a wholly owned subsidiary of Glencore [...]
THE TIPSTER August 29, 2011 MINER Glencore has had a real fall from grace since coming to the market back in May at over £5. In fairness, as with any high beta stock, when the market falls, they generally follow suit. One thing is clear, it is still are very ambitious and acquisitions are still the aim of the game [...]
Glencore eyes South African Optimum Coal August 25, 2011 SOUTH AFRICAN miner Optimum Coal has become the latest acquisition target for Glencore as the company looks to benefit from recent economic turmoil that has prompted a sell-off in the markets. Sources close to City A.M said that the commodities trader has set its sights on buying South Africa’s sixth-largest coal producer and is preparing [...]
ANALYST VIEWS: WERE GLENCORE’S RESULTS ON TRACK? August 25, 2011 GRANT SPORRE |DEUTSCHE BANK In our assessment, Glencore’s share price, along with many of its peers, is factoring in a cautious view on commodities. Although market expectations, including our own, are fairly modest for the H1’11 period, a solid result for the marketing division will begin to build investor confidence in the sustainability. MICHAEL SHILLAKER [...]
Glencore half year profits jump 50pc August 25, 2011 Commodities trader Glencore met forecasts with a 50 per cent rise in first-half profit thanks to rising commodity prices and rosy oil trading conditions in the first months of the year, and said it remained optimistic on global growth. “The short term volatility caused by renewed bearishness on sovereign debt in developed markets is of [...]
Glencore bids for Australian nickel miner August 24, 2011 SWISS mining giant Glencore has launched a A$268m (£171.5m) bid to gain outright control of one of Australia’s largest nickel miners, Minara Resources, in a move that marks its second acquisition since its flotation in May. The global commodities trader said yesterday it is offering A$0.87 in cash for Minara shares, of which it already [...]
Commodities giant still hungry for buyouts August 24, 2011 GLENCORE has hit the acquisition trail for the third time since going public in May. This time it is offering A$268m for the 27 per cent of shares it doesn’t already own in Minara, the Australian nickel miner. By paying a 36 per cent premium on Minara’s pre-bid price, Glencore is making it clear that [...]