Glencore uses Bambas cash to snap up Caracal April 14, 2014 GLENCORE Xstrata yesterday swooped for Chad-focused oil company Caracal Energy, offering $1.3bn (£780m) to beat off a rival bid from Canada’s TransGlobe Energy. London-listed Caracal had agreed to a $1.08bn merger with the Canadian oil explorer last month, but the FTSE 100 miner trader trumped the deal with a £5.50 per share offer, representing a [...]
Linklaters partner joins Fresnillo board as Lord Cairns steps down April 14, 2014 A SENIOR partner at magic circle law firm Linklaters will join the board of Mexico-focused miner Fresnillo, replacing Lord Cairns. Cairns plans to step down at the FTSE 100-quoted miner’s annual meeting in May. “I should like to take this opportunity to thank Lord Cairns for his significant contribution to the board over the past [...]
Confessions of a shopaholic: Debt-struck Glencore splashes out on Caracal Energy April 14, 2014 Miner trader Glencore Xstrata has today agreed to buy Chad-focused oil company Caracal Energy for around $1.3bn (£780m), usurping a potential deal between Caracal and Canada’s TransGlobe Energy. City A.M. understands that the FTSE 100 firm will fund the acquisition with some of the proceeds from the (upwards of) $6.25bn sale of Peruvian copper mine [...]
What you need to know before the open April 14, 2014 Rising tensions in Ukraine are expected to hit European equities this morning. The Ukrainian government has begun a full-scale anti-terrorist operation, following the arrival of pro-Russian forces in several towns in eastern Ukraine. Russia has asked for a dialogue to be initiated, calling for Kiev not to use force. The rouble's currently down almost one [...]
Glencore sells Peruvian copper project Las Bambas for £3.7bn April 14, 2014 GLENCORE Xstrata yesterday confirmed the long-awaited sale of its Peruvian copper mine Las Bambas to a consortium for $6.25bn (£3.73bn), as demanded by the Chinese antitrust regulator last year in return for merger approval. China Minmetals-backed Australian resource company MMG owns a 62.5 per cent stake in the consortium, with Chinese firms Guoxin International Investment [...]
Seplat launches £301m London and Lagos float April 9, 2014 NIGERIAN oil and gas explorer Seplat yesterday said it has raised £300.9m in its initial public offering in London and Lagos, valuing the company at around £1.14bn. The deal is London’s biggest oil industry flotation in years and will provide a significant boost for Nigeria’s energy sector, which has seen an exodus of international players [...]
Mick the miner raises $3.75bn for new deals March 31, 2014 THE FORMER boss of mining giant Xstrata is back on the acquisition trial after raising up to $3.75bn (£2.25bn) from five institutional investors. Mick Davis, dubbed Mick the Miner for his successful mining exploits, has raised the money through his X2 Resources company vehicle, which will use the money to invest in various metal and [...]
What the other papers say this morning – 31 March 2014 March 31, 2014 FINANCIAL TIMES SocGen accused over Libya deals The Libyan Investment Authority has accused Société Générale of helping to funnel bribes worth tens of millions of dollars to close associates of Saif al-Islam, the son of former Libyan leader Muammer Gaddafi. The claim was made in a $1.5bn lawsuit filed against the French bank in London’s [...]
The UK’s 50 biggest companies that still have all-male boards March 26, 2014 UK companies are closing in on a government target to see women in 25 per cent of FTSE 100 board positions. That's according to the 2014 Cranfield Female FTSE board report, which shows that just 48 more women are needed on the boards of Britain's top companies for the target to be met. Just two [...]
Women now make up one fifth of top UK boardrooms March 25, 2014 THE NUMBER of women in Britain’s biggest company boardrooms now stands at more than 20 per cent, with just 48 more women needed on FTSE 100 boards before the government’s 25 per cent target is met. Women now make up 20.7 per cent of all FTSE 100 boards, according to the latest Cranfield Female FTSE board report, leaving [...]