Deal drought for mining sector as prices plunge July 28, 2013 MINING deals have sunk by a third this year after tumbling commodity prices weakened interest in capital raising and acquisitions, a report out today shows. Mergers and takeovers in the global metals and mining sector – a key component of the FTSE 100 – fell 30 per cent between January and June, the third consecutive [...]
Gulf Keystone settles its spat with investors July 21, 2013 OIL explorer Gulf Keystone Petroleum has withdrawn its opposition to four directors proposed by shareholder M&G Recovery Fund, ending a row with its biggest investors over corporate governance. Gulf Keystone said in a statement over the weekend that it had reached a “constructive agreement” with shareholders regarding the shape of its board. Meanwhile, M&G Recovery [...]
Glencore starts sale process for Peruvian mine July 16, 2013 GLENCORE Xstrata yesterday announced that it has started the sale process for its Peruvian copper mine Las Bambas, as demanded by the Chinese antitrust regulator back in April in return for merger approval. “Glencore Xstrata has received numerous expressions of interest in the Las Bambas project from a diverse group of international mining companies and [...]
Glencore’s Glasenberg attacks record of mining industry CEOs February 26, 2013 IVAN Glasenberg, the billionaire boss of commodity giant Glencore, has launched a blistering attack on mining industry executives, saying they have “really screwed up”. He told investors that industry CEOs made the “catastrophic” decision to over-invest in new mines, pushing down prices at the expense of shareholder returns. “We’ve always been wanting to keep building and [...]
CLEAN SWEEP AS MINE BOSS QUITS February 19, 2013 BHP Billiton’s Kloppers is fourth industry giant to go in six months THE MINING industry was shaken by its latest change at the top last night, as BHP Billiton chief executive Marius Kloppers announced his retirement. The departure, the latest in a string of shake-ups among the FTSE 100’s mining giants, will see Andrew Mackenzie, [...]
Glencore and Xstrata post output drop February 12, 2013 COMMODITIES trader Glencore and Xstrata, in the final stages of a £56bn mega-merger, yesterday posted a drop in combined output across key metals including copper. The two companies’ combined production figures, released by Glencore yesterday, show a nine per cent annual drop in copper output in 2012, and a one per cent fall in zinc [...]
Glencore-Xstrata base metal output dips February 12, 2013 Commodities trader Glencore and Xstrata, in the final stages of a £56bn mega-merger, this morning posted a drop in combined output across key metals including copper. The two companies’ combined production figures, released by Glencore this morning, show a nine per cent annual drop in copper output in 2012, and a one per cent fall [...]
Top dealmaker Hannam gets set for new advisory venture February 4, 2013 FORMER JP Morgan dealmaker Ian Hannam, one of the City’s most prolific M&A bankers, is in the early throes of setting up a new investment boutique advising companies in the mining, oil and gas sectors, it emerged yesterday. Hannam, who stepped down from his role at the bank last April to contest a £450,000 fine [...]
Mobile giant in plan to float on London market February 3, 2013 THE OWNER of the Orange and T-Mobile phone networks is planning an end-of-year initial public offering that could be London’s biggest stock market listing in over two years. EE, formerly known as Everything Everywhere, is being prepared for a listing that would raise billions for its owners, France Telecom (FT) and Deutsche Telekom (DT). Everything [...]
Best of the Brokers January 31, 2013 STOBART GROUP Espirito Santo rates the logistics firm “sell” with a fair value of 70p. The broker has cut its earnings per share forecasts by around 13 per cent for the next two years, based on a downbeat update from the firm. Espirito Santo is worried about the group’s high and rising levels of debt, [...]