Xstrata’s Glencore directors not independent enough, says PIRC April 19, 2011 A SHAREHOLDER advisory group has recommended that its members vote against the re-election of three non-executive directors at Xstrata on the grounds that they are also nominees of Glencore. The Pensions Investment Research Consultants (PIRC) have said that Xstrata investors should oppose the re-appointment of Ivan Glasenberg, Aristotelis Mistakidis and Tor Peterson on the grounds [...]
Nomos prices share offer to raise £443m April 18, 2011 RUSSIAN private bank Nomos has priced its London share offer at the higher end of expectations, as the faltering market for listings in the capital begins to show signs of life. Nomos will look to sell ordinary shares in Moscow for $35 (£21) apiece, while it will sell global depository receipts (GDRs) for $17.50 per [...]
Trading arm is the key to miner’s value April 18, 2011 NEGOTIATIONS over Glencore’s valuation are set to focus on the mining giant’s trading arm as commodity investors worry about the possible departure of key traders and the intangible nature of the people side of the business. “When you have hard assets you know the price for a metal and on that basis you are able [...]
Looking for an independent voice on Glencore April 18, 2011 AMONG all the many big beasts advising on the forthcoming flotation of commodities trader Glencore, one firm stands out in its unusualness and lack of big beastliness, and that is Liberum Capital. Liberum is an employee-owned investment bank whose Latin name means independent, whereas the rest of the advisers – including Credit Suisse, Morgan Stanley, [...]
J&J in £12bn merger talks with Synthes April 18, 2011 Swiss medical device maker Synthes yesterday confirmed it is in takeover talks with Johnson & Johnson (J&J) over a deal that could value the firm at about $20bn (£12.3bn). The move would be J&J’s biggest ever acquisition, giving it a leading position in equipment to treat trauma. Synthes, which posted sales of $3.7bn in 2010, [...]
£48bn: The value bullish brokers have given to Glencore April 17, 2011 GLENCORE could be worth up to a fifth more than previously thought, according to bullish estimates by analysts, pushing its market cap value up to $78bn (£47.8bn) if it floats successfully in May. Analysts at Barclays Capital and Credit Suisse – both of which are on the deal – have suggested that the commodities trader [...]
Global merger deals hit highest value since 2007 April 17, 2011 THE COMBINED value of mergers and acquisitions (M&A) deals announced so far this year has hit the highest level since 2007, according to data provider Dealogic. M&A volume has hit $934.3bn (£572.9bn) so far this year, driven by a string of lucrative deals including Glencore’s approach for Kazakhstan mining firm Kazzinc for $3.2bn. The Swiss-based [...]
Meet the 71-year old adventurer in the hostseat April 14, 2011 As Glencore unveils its London mega-float COLOUR and excitement returned to the City yesterday as Glencore announced a former French foreign legionnaire, Algerian war veteran, author, explorer and financier as its new chairman. Simon Murray (pictured) will be tasked with leading the firm’s up-to $11bn (£6.7bn) float, valuing it at about $60bn, the details of [...]
Euroset float cancelled as buyers dither April 14, 2011 THE already shaky climate in the London new issues market worsened yesterday as the Russian mobile phone retailer Euroset pulled its £800m issue. While the deal was overshadowed by Glencore’s announcement, Euroset’s flotation is the latest smaller planned initial public offering (IPO) to have been dogged by uncertainty because of nervousness in the markets. Investors [...]
Float reveals dominance of mining giant April 14, 2011 GLENCORE’S transformation into a publicly listed company has forced the commodities giant to lift the lid on some of its most closely guarded business secrets, revealing the true extent of its dominance in the global supply of raw materials. The newly published financial information shows that the firm has a 60 per cent market share [...]