Glencore knocked back but not giving up October 7, 2014 Multinational mining company Glencore has said that it is no longer actively considering a £100bn merger with larger rival Rio Tinto, despite talks between its bosses. In a statement yesterday afternoon, however, Glencore kept the door open for a future offer – even hinting that this could come within the six-month waiting period imposed by [...]
Fears over Ebola contagion puts airlines in a spin – London Report October 7, 2014 BRITAIN’S top share index fell back yesterday, with travel and leisure companies hit by concerns that the spread of Ebola outside Africa could hurt air travel and the tourism business. Sentiment was also hit by a set of poor data, including an unexpected four per cent month-on-month drop in German industrial production in August. Analysts had [...]
Glencore rules itself out of Rio Tinto bid for six months October 7, 2014 Glencore has distanced itself from a merger with rival miner Rio Tinto – forgoing the opportunity to make a formal bid for the next six months as a result. Last night Rio Tinto revealed it had firmly rejected an approach from the smaller firm, which would have created a £100bn giant, leapfrogging BHP Billiton [...]
Rio Tinto share price rockets following Glencore rejection October 7, 2014 Rio Tinto's share price peaked at £31.46 today, up by more than six per cent from yesterday. The rise followed news that Glencore was discussing a possible merger between the two mining companies with Rio Tinto's largest shareholder, the Chinese state-backed Aluminium Corp. Earlier, Rio Tinto had released a statement confirming that “no [...]
Rio Tinto rejects Glencore’s £60bn mega-merger bid October 6, 2014 Merger would create world’s biggest mining group Giant mining group Rio Tinto last night revealed it had firmly rejected an approach from Glencore, in the opening salvo of a new mega-merger bid in the sector. The estimated £60bn offer would have created a £100bn titan by market capitalisation, with the combined group leapfrogging BHP Billiton [...]
Personalities making a mark doing it their way September 28, 2014 PERSONALITY of the year Mark Carney has been the most talked about central banker for many years, and he’s only been at the Bank for just over a year. For some, that might just be enough time to get the feel of the job. But he has made huge decisions at the Bank of England. [...]
London Mining and Glencore share prices hit by dispute over contract payment September 22, 2014 London Mining has accused Glencore of non-payment of an iron ore contract between the two mining firms, hitting shares in both companies hard yesterday. Shares in Aim-listed London Mining plummeted over 10 per cent yesterday to close at an all-time low of 23.25p, while giant mining company Glencore saw its shares fall nearly five per [...]
Laying down the law on M&A and sell offs September 22, 2014 LAW FIRM of the year The past year has seen law firms work with the government and banks on the selling of shares and on the investigations into alleged failings at big companies. Against that backdrop lawyers have also started to benefit from the upturn in the M&A and financing markets, beefing up their private [...]
London Report: Tesco’s woes and miners’ China fears drag down market September 22, 2014 SHARES in giant retailer Tesco tumbled yesterday 11.5 per cent to 203p – their lowest in 11 years – because of fears that first-half profits were overstated by around £250m, dragging down the FTSE 100. The blue-chip index was off 64.29 points, 0.94 per cent, at 6,773.63 points. Supermarket rivals Morrison and Sainsbury’s were hit [...]
The FTSE 100’s Twitter power-users (and its social flops) September 21, 2014 FTSE 100 companies have upped their game on Twitter according to social media agency Battenhall, sending out a total of 1.4 million tweets in the past year compared with 582,227 in 2013. The agency puts companies’ increased efforts on Twitter down to the US Securities and Exchange Commission’s 2013 legislation, which gave firms permission to [...]