UK listing for Severstal gold mining group January 17, 2011 RUSSIAN steel company Severstal yesterday announced plans to float its Nord Gold unit in London to raise more than $1bn (£629m). It values the company at over $4bn. The premium listing of at least 25 per cent of the gold miner is set to be the biggest mining float since Nate Rothschild’s $1bn offering of [...]
Xstrata eyes Colombia deal January 9, 2011 MINING giant Xstrata is the front-runner in an auction worth around £5bn for Colombia’s second biggest coal miner. Alabama-based Drummond put its Colombian coal mining operations up for auction last summer, attracting interest from Xstrata as well as Rio Tinto, Vale, Glencore and mining investment vehicle Vallar. However, auction-runner Bank of America Merrill Lynch (BAML) [...]
London to lose out in £30bn mega-float December 16, 2010 THE Hong Kong Stock Exchange is mounting an aggressive bid to lure away part of a float that looked set to be the biggest in London’s history. Glencore International, the world’s biggest commodities trader and a mining giant valued at £30bn, is planning an initial public offering (IPO) that could generate fees of up to [...]
Xstrata to shake up board December 14, 2010 WILLY Strothotte, the chairman of Glencore and FTSE 100-listed miner Xstrata, is due to leave his post at Xstrata in the coming year as part of a board-room changeover. Strothotte has been at the helm of Xstrata since it floated in London in 2002, and several other non-executive directors have been on the board for [...]
Receding fears over Eurozone debt levels hand FTSE a boost December 6, 2010 BRITAIN’S top share index closed higher yesterday, buoyed by oil stocks after crude reached a two-year peak, while banks fell on fears over Eurozone debt as EU ministers met to discuss ways of preventing debt contagion. The FTSE 100 ended up 24.96 points, or 0.4 per cent, higher at 5,770.28, for its highest close since [...]
Investment banks to cash in if £31bn Glencore opts for a London listing December 5, 2010 THE world’s biggest commodities trader, Glencore, is said to be planning a float for next year that could be the largest ever seen on the London Stock Exchange if the firm opts to list in the UK. However, it might instead choose to float in Hong Kong to gain access to faster-growing emerging markets, or [...]
Glencore paves way for £10bn flotation November 18, 2010 PRIVATELY held commodities giant Glencore is considering listing in the first half of next year, in an IPO that could raise around £10bn. Glencore, the world’s biggest commodity trader, has been preparing to go public after issuing a $2.2bn (£1.bbn) convertible bond last year. The group, which yesterday posted a strong jump in nine-month profit, [...]
Glencore “mulling £10bn IPO” November 18, 2010 Commodities group Glencore is considering listing in the first half of next year with an initial public offering (IPO) that could raise around £10bn. Glencore, the world’s biggest commodity trader, has been preparing to go public after issuing a $2.2bn (£1.4bn) convertible bond last year. The group, which posted a strong jump in nine-month profit, [...]
Glencore moves to divest $5bn of gold assets August 26, 2010 THE WORLD’S biggest commodities trader Glencore unveiled plans yesterday to spin off or list its gold assets, worth up to $5bn (£3.22bn), as it reported a surge in first-half profits due to strong metals prices. Swiss-based Glencore has also dropped the idea of finding a partner for its Prodeco coal assets, a source close to [...]
FTSE begins to recoup losses as miners and banks advance August 26, 2010 BRITAIN’S top share index rose yesterday, boosted by a rebound in commodity stocks and helped by better-than-expected economic data from the US. The FTSE 100 closed up 46.44 points, or 0.9 per cent, at 5,155.84, as London’s blue chips rallied from a seven-week closing low on Wednesday. Weekly jobless claims in the United States declined [...]