Glencore loses auction June 16, 2011 Japanese trading house Itochu has pipped Glencore in an auction to buy a holding in Drummond’s Colombian coal operations. In a blow to the newly-listed FTSE 100 firm, Itochu successfully bid $1.5bn to beat Glencore’s offer for a 20 per cent stake in the plants and a chance to profit from Asia’s growing demand for [...]
Samsonite falls 11 per cent in HK debut June 16, 2011 Samsonite International, the world’s biggest luggage maker, has dropped 11 per cent in its Hong Kong trading debut, underscoring tepid investor appetite for initial public offerings as global markets struggle. Samsonite’s slump is the latest in a string of weak Hong Kong IPO performances as China’s strong growth shows signs of weakening and it bodes [...]
Weak banks help drive FTSE to three-month closing low June 15, 2011 BRITAIN’S top shares ended lower yesterday, weighed down by banks on worries over the UK government’s drive for tougher regulation and Europe’s debt crisis, while commodity stocks also pressured the index. The FTSE 100 closed down 60.58 points, or 1.0 per cent, at 5,742.55, its lowest finish since March 18. Banks fell ahead of chancellor [...]
Glencore barred from ENRC bid for six months June 15, 2011 Glencore will be barred from bidding for embattled miner ENRC for six months under UK takeover rules, after the commodities trader said it was not actively considering a bid. Glencore, the world’s largest diversified commodities trader, said on Wednesday that comments to analysts and reporters during its maiden quarterly results presentation on Tuesday had subjected [...]
Glencore sees shares tumble on first results June 14, 2011 GLENCORE’s maiden results as a listed firm disappointed markets, just three weeks after its $60bn (£36.6bn) float, with its trading arm delivering profits some 20 per cent below forecasts. The trader’s shares tumbled 4.47 per cent, sent down further by chief executive Ivan Glasenberg’s statement that “there has been no firm discussion” of a merger [...]
Glasenberg plays down talk of plan to make a move on ENRC June 14, 2011 ENRC shares fell sharply yesterday morning after Glencore’s chief executive dismissed reports that it was preparing a bid for troubled metals producer. Ivan Glasenberg took the opportunity to quash the rumours after releasing the Swiss commodities firm’s first set of quarterly profits since its flotation last month. “We can confirm that although we talk to [...]
The Swiss commodities giant splashes out £289m on CST Mining’s Peruvian project June 14, 2011 HONG Kong-based CST Mining Group said yesterday that it has made an initial agreement to sell its Peruvian copper project to Glencore for $475 (£289m). The Swiss mining giant has signed a memorandum of understanding agreeing to buy CST Resources, a subsidiary of CST Mining registered in the Cayman Islands, which indirectly owns the Mina [...]
Xstrata to review relationship with trader after results mishap June 14, 2011 XSTRATA is reviewing the status of its relationship with Glencore, City A.M. understands, after Glencore’s maiden results prompted a three per cent drop in the miner’s share price due to a “negative read-across” by analysts. Glencore, which owns 34 per cent of Xstrata, published its first quarterly results since listing yesterday, including a net income [...]
THREE WISE MEN: THE ELDER STATESMEN OF BUSINESS June 14, 2011 Rupert Murdoch, 80, takes a very active role at the top of the media empire he has built. The octogenarian is still regarded as one of the most influential men in politics. At 74-years old, Winterflood Securities founder – now its life president – Brian Winterflood is still an ever-present figure in the City. Simon [...]
Oil companies and banks help to push the FTSE 100 higher June 14, 2011 Britain’s top share index rose yesterday, with oil majors and banks gaining as above-forecast data from the United States and signs that the Chinese economy could avoid a hard landing boosted appetite for riskier assets. Britain’s FTSE 100 ended 29.67 points higher, or 0.5 per cent at 5,803.13 points, after inching up 0.1 per cent [...]