Sir John Bond steps down as Glenstrata giant is born November 20, 2012 CITY grandee Sir John Bond stepped down yesterday as chairman of Xstrata, as shareholders backed the £56bn mega-merger with Glencore but snubbed controversial remuneration plans for senior executives. The retention bonus snub prompted Bond – who was set to become chairman of the enlarged group and backed the pay proposals as “fundamental” to its future [...]
Xstrata investors back Glencore megamerger November 20, 2012 THE £56bn soap opera between commodity giants Xstrata and Glencore finally came to a head yesterday as Xstrata investors approved the mining mega-merger. In a meeting lasting just over two hours, investors green-lit the merger – whose twists and turns have entertained the market since Glencore first approached Xstrata in February – and paved the [...]
Fresh allegations overshadow welcome cultural shift in City November 20, 2012 LET us hope yesterday won’t eventually be remembered as another disastrous day for the City of London. Hewlett Packard’s inflammatory attack on the accounts of Autonomy, the UK tech giant it now owns, is either a wrong-headed attempt by a struggling US firm to try and justify why it failed to do its due diligence [...]
Calling all Mo Bros – one week left to send your best specimen November 20, 2012 BARELY more than a week left in The Capitalist’s hunt to source the fairest and furriest moustache in all the City land. As we are now past the halfway point in our hairy little challenge, it is time for an update. The Bank of America Merrill Lynch boys, who have banded together on the fundraiser’s [...]
Glenstrata merger boosts mining stocks as FTSE pares early losses November 20, 2012 UK shares reversed early losses yesterday, helped by the completion of the long-awaited takeover of miner Xstrata by commodities trader Glencore which boosted both stocks. Xstrata led the risers, adding 3.1 per cent, after its shareholders approved the $31bn deal which had been on the cards ever since Glencore listed last year. Mining stocks, which [...]
Glencore shareholders back Xstrata merger November 20, 2012 Glencore shareholders voted overwhelmingly in favour of the merger with Xstrata this morning, paving the way for the £56bn commodity tie-up. More than 99 per cent of Glencore investors were in favour of the merger, which looks set to be voted through today. After nine months of negotiations, Xstrata investors are due to meet in [...]
Shareholders set to approve Glenstrata deal November 19, 2012 XSTRATA shareholders are expected to vote through the £56bn mega-merger with Glencore this afternoon, following months of negotiations between the two commodity giants. Today’s shareholder meetings, the first of which is scheduled for 1pm in Switzerland, come nine months after commodities trader Glencore first approached miner Xstrata. The two meetings will include four resolutions, thanks [...]
Fund managers complain that megamergers have little value November 19, 2012 CITY investors take a dim view of the value of megamergers and blame investment bankers for weakening the IPO market with unrealistic valuations, a new survey out today claims. A poll of fund managers from 200 major City investment houses found 72 per cent believed megamergers such as that of Glencore and Xstrata offer little [...]
How shareholders shaped the Xstrata Glencore merger November 19, 2012 SHAREHOLDERS in Xstrata, the mining company, vote today on whether to approve its mega-merger with Glencore, the commodities group. If passed, the deal will create a £50bn mining and global commodities marketing giant. But reaching this point hasn’t been easy. At nearly every step of over ten months of negotiations, shareholders have successfully made their [...]
Glenstrata set to finally get the green light November 18, 2012 GLENCORE and Xstrata are on track to win shareholder approval for their mammoth mining merger tomorrow, though questions remain over retention packages for key staff. Qatar Holding, Xstrata’s largest shareholder after Glencore, confirmed on Friday that it plans to support the transaction, but said it “does not feel it appropriate to influence the outcome” of [...]