WHAT THE OTHER PAPERS SAY THIS MORNING April 11, 2011 FINANCIAL TIMES ALLIANCE TRUST FORCED TO OFFER VOTE CONCESSION Alliance Trust will make radical changes to its shareholder voting system in an attempt to fend off mounting pressure from activist investors, the Dundee-based company will say today. The £2.4bn investment company, which last month fell out of the FTSE 100, is expected to introduce a [...]
Glencore hunt for chairman intensifies April 10, 2011 GLENCORE, the world’s biggest commodities trader, is narrowing down its list of candidates to take over as chairman of the company after its flotation. Simon Murray, chairman of Asia-Pacific investment firm GEMS and a director on the board of Essar Energy and Richemont, is one of the contenders, with former Lazard International chairman Ken Costa also [...]
Glencore to trade in London from 24 May April 7, 2011 Shares of global commodities trader Glencore International are set to start trading in London on May 24 and in Hong Kong on May 25, the Ming Pao newspaper reported. Glencore was expected to kick off its initial public offering in Hong Kong on May 13, the newspaper reported, citing market sources. The global commodities trader [...]
WHAT THE OTHER PAPERS SAY THIS MORNING April 5, 2011 FINANCIAL TIMES KEY INVESTORS FLOCK TO GLENCORE FLOTATION Demand from key institutional investors for shares in Glencore on its flotation has been well above the group’s expectations, particularly in Asia and the Middle East, according to bankers involved in the initial public offering. The Swiss-based company plans to allocate between 20 and 30 per cent [...]
Louis Dreyfus weighs up listing or merger April 5, 2011 Louis Dreyfus, one of the world’s top commodity firms, is considering a stock market listing, a merger or bringing in a private investor to fund future projects. Margarita Louis-Dreyfus is holding talks with the company’s minority shareholders, who can demand that the group buy them out from next year, and said that Louis Dreyfus had [...]
WHAT THE OTHER PAPERS SAY THIS MORNING April 4, 2011 FINANCIAL TIMES LIBYAN REBELS SET FOR FIRST CRUDE EXPORTS Libyan rebels are set for their first oil export as soon as Tuesday as they seek funding to sustain their uprising against Muammer Gaddafi’s rule. The Liberia-flagged Equator tanker was off Port Said, Egypt, early on Monday and is expected to dock at the Marsa el-Hariga [...]
WHAT THE OTHER PAPERS SAY THIS MORNING April 4, 2011 FINANCIAL TIMES UNITED ANGER AT EU CARBON RULE The European Union’s plan to pull almost every leading airline into its scheme to limited carbon emissions is so “beyond the pale”, that a foreign government is certain to challenge it, according to the head of the world’s largest airline by passenger traffic, the newly merged United [...]
Glencore gets a green light in Hong Kong April 3, 2011 HONG Kong has given Glencore permission for the Asian leg of its float, according to sources close to the commodities giant. The commodities and trading giant, which is valued at $60bn (£37bn), received a letter on Friday giving it the go-ahead for its Hong Kong listing as part of a dual London-Hong Kong listing plan [...]
Rusal trebles profits after bumper year March 31, 2011 RUSAL, the world’s top aluminium maker, said its 2010 net profit more than tripled, beating forecasts, and expects strong global demand for the light metal to continue this year. RUSAL shares rose more than four per cent to their highest level in more than a month, outperforming a 0.4 per cent rise in the broader [...]
June IPO planned for SUEK March 30, 2011 RUSSIAN coal giant SUEK is planning a $1bn (£623m) float in London by the end of June, City A.M. has learned. The float is being shopped around some of the world’s biggest investors in commodities during pre-marketing meetings in London, with BlackRock and Renaissance Capital having been approached. The deal, which is being led by [...]