Xstrata set to reinstate its divi payout February 8, 2010 MINING group Xstrata is re-introduce dividend payments despite reporting a fall in full-year profits. The company’s pre-tax profits fell to $1.87bn (£1.2bn) in 2009 – down from $6.05bn the previous year. One-off costs and lower commodity prices hit the company’s profits. But it said the medium-term outlook for commodity demand remained “very promising”. Xstrata scrapped [...]
Metals trader Ambrian launches buyout division February 3, 2010 PRECIOUS metals specialist Ambrian Capital has launched a private equity business focusing on natural resources, spearheaded by three former Glencore executives. Ambrian Natural Resources will be led by partners Nicolas Rouveyre, Jean-Pierre Conrad and Kilian Carrarini, and will look to buy and sell businesses in the base and precious metals space. The firm will operate [...]
Rusal float set to earn millions for Rothschild January 3, 2010 RUSSIAN aluminium firm Rusal, owned by billionaire Oleg Deripaska, is planning a $2.6bn (£1.6bn) flotation this month, tipped to earn millions for merchant bank NM Rothschild, it emerged yesterday. Rusal will sell 1.61 billion shares at up to HK$12.50 (£1) a share to cut $14.9bn (£9.2bn) of debt in a float set to value Rusal [...]
Xstrata gains bid support August 4, 2009 LARGER-than-life Xstrata boss Mick Davies yesterday said he had investor backing from the mining giant’s largest shareholder in its proposed £26bn merger with Anglo American. Glencore International is “very supportive” of the nil-premium merger, Davies said. The chief executive added that the company had no intention of altering the terms of the proposed marriage. Davies [...]
MINERS PLOT A 40BN MERGER June 21, 2009 COAL miner Xstrata is eying up Anglo American – owner of the world’s biggest platinum producer – for a £41bn marriage, City A.M. can confirm. A tie-up between the two titans would create one of the world’s leading natural resources companies, and comes as a wave of consolidations sweeps over the mining industry. Xstrata is [...]
WHAT THE OTHER PAPERS SAY THIS MORNING June 18, 2009 FINANCIAL TIMES GLENCORE WEIGHS UP FLOATATIONGlencore, one of the world’s largest private companies had held preliminary talks with bankers about an initial public offering as it reviews its partnership structure, to a person familiar with the company. While an IPO is not is not considered imminent, a move into the public spotlight would mark a [...]
CITY MOVES WHO’S SWITCHING JOBS June 15, 2009 ETF SecuritiesThe exchange-traded commodities and funds provider has hired Mark Weeks as chief executive of the ETF Exchange, its third-generation exchange-traded fund platform. Weeks joins from UBS, where he ran the highly successful securities lending franchise in Zurich. Prior to that, he spent seven years at Goldman Sachs, where he was a managing director responsible [...]