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 [...]
MEET THE ADVISERS April 14, 2011 DAVID WORMSLEY CITIGROUP ADRIAN CARTWRIGHT CLIFFORD CHANCE BANKING rainmaker David Wormsley, widely known in the City as “The Worm”, is leading Citigroup as joint global co-ordinator and bookrunner on the Glencore listing. As chairman of UK investment banking at Citi he has been at the heart of several high-profile deals, including a key role in [...]
Secretive chief takes centre stage April 14, 2011 PUBLICITY-SHY chief executive Ivan Glasenberg will end years of secrecy by putting the private firm centre stage in an initial public offering (IPO). The former South African and Israel champion race walker is known to be wary of the limelight, preferring relative anonymity. Yet the 54-year-old has recognised the constraints of a private partnership on [...]
THE STORY BEHIND A COMMODITY TITAN April 14, 2011 THE COMMODITY boom has helped to turn Glencore into a powerhouse, creating huge profits on massive revenues. Driven by massive demand from China, commodity prices have soared in recent years, turning the Swiss-based firm into one of the largest privately held companies. Last year, it had pre-tax profits of $6.2bn (£3.8bn) on revenues of $145bn. [...]
FTSE falls with investors still cautious ahead of US results April 14, 2011 BRITAIN’S top share index fell yesterday, led by Reckitt Benckiser after the company said its chief executive was retiring, and with banks weaker on renewed worries about sovereign debt levels. The FTSE 100 fell 46.64 points, or 0.8 per cent, to 5,963.80, its lowest close since 31 March. The index is up 1.1 per cent [...]