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 [...]
FTSE climbs as risk appetite returns June 14, 2011 London stocks are gaining ground this morning after heartening economic data from China led Asia to a positive finish overnight and boosted commodities. Energy and metals prices are rising after data showed China’s inflation rate remains high at 5.5 per cent. That rate was better than some expected, though, while retail sales data also showed [...]
Glencore profits up 45 per cent June 14, 2011 Newly-listed commodities group Glencore has posted a 45 per cent leap in its operating profit in the first quarter of its financial year in its maiden interim management statement. Revenues rose 39 per cent to $2bn in the quarter compared with the same period in 2010, while adjusted operating profit – earnings before interest and [...]
London’s not alone in feeling the heat on IPOs June 13, 2011 IT isn’t just London that’s having a sticky time with its new issues market. On Friday in Madrid Spanish telecoms giant Telefonica cancelled the planned IPO of its Atento call centre unit. The decision to pull the deal came after much prevaricating, including a lowering of the price range by close to 10 per cent [...]