ENRC profits double on production rises March 23, 2011 KAZAKH miner ENRC met forecasts with full-year underlying profit that more than doubled, on record production and demand recovery, and said the global economic outlook was still improving. “We remain positive on the group’s prospects for 2011, although the control of costs growth and the development of our assets in Africa will be important issues [...]
Glencore close to hiring eight banks for float March 22, 2011 GLENCORE, the Swiss commodity trading giant, is close to hiring eight banks to supervise its planned multi-billion-dollar London and Hong Kong listing, a person familiar with the matter said. Glencore, valued earlier this year by one analyst at about $60bn (£36.7bn), is continuing to prepare for what could be a record London initial public offering [...]
Gem shares sparkle on Lucara talks March 21, 2011 RARE diamond producer Gem is in early-stage takeover talks with Africa-focused rival Lucara Diamond, it confirmed yesterday. London-listed Gem, which told investors last week it was eyeing acquisitions for growth, said any deal would currently be classed as a reverse takeover because recent reserve statements show its assets to be lower than Lucara’s. But Gem [...]
ISS pulls its £1.6bn float March 17, 2011 DANISH outsourcing firm ISS pulled its listing plans at the eleventh hour in a dramatic turnaround last night. The highly anticipated £1.55bn float in Copenhagen was to be one of Europe’s biggest this year and its cancellation is a major setback for ISS’s equity-holders. It is 55 per cent owned by EQT and 45 per [...]
Xstrata board change clears Glencore path March 7, 2011 MINING group Xstrata has sought to put clear water between its board and commodity trader Glencore’s by choosing banking veteran Sir John Bond as its next chairman, though the miner has hinted that its long-term future is in a merger between the two firms. Sir John will take the job in May when sitting chairman [...]
Sir John prolongs his stay in the City with mining role March 7, 2011 SIR John Bond, one-time chairman of HSBC and outgoing chairman of Vodafone, hopes to extend his stay in the FTSE 100 after agreeing to chair mining group Xstrata. Sir John, aged 70, has wasted no time, joining Xstrata’s board as a consultant with immediate effect ahead of his departure from Vodafone in July. Sir John [...]
Hannam left out in the cold for Glencore IPO March 7, 2011 BANKERS are already salivating over the sizeable fees associated with the upcoming flotation of the Swiss-based commodities group Glencore. The IPO, if it goes ahead (some think it may yet stumble), will be listed in London and Hong Kong and will bring in fees of £300m-plus to a group of banks that is likely to [...]
Sir John Bond to chair Xstrata as miner cuts some ties to Glencore March 7, 2011 SIR John Bond, one-time chairman of HSBC and outgoing chairman of Vodafone, hopes to extend his stay in the FTSE 100 after agreeing to chair mining group Xstrata. Sir John will join Xstrata’s board as a consultant with immediate effect, ahead of his departure from Vodafone in July. Sir John will eventually replace Willy Strothotte, [...]
Vodafone’s Bond to take over as Xstrata chairman March 7, 2011 Mining giant Xstrata said Willy Strothotte will retire as chairman at the miner’s annual general meeting on 4 May to be replaced by Vodafone chairman Sir John Bond. Strothotte is also chairman of Glencore. The world’s largest commodity trader is considering a possible stock market listing this year that could value it at about $60bn. [...]
Chase tipped for Glencore March 6, 2011 GLENCORE is narrowing down its prospective list of candidates for a chairman to replace Willy Stothotte as it prepares for an initial public offering (IPO), with outgoing Petrofac chairman Rodney Chase seen as the favourite to head the commodities trader. Glencore is getting ready for an IPO that could be worth as much as $60bn (£37bn), [...]