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 [...]
Qatari investors give blessing to mega merger November 15, 2012 SOVEREIGN wealth fund Qatar Holding has likely scuppered management incentive arrangements for key Xstrata staff, as it confirmed yesterday that it would back the mega-merger with Glencore but abstain from voting on controversial remuneration plans. Xstrata’s second-largest shareholder after Glencore said yesterday it would vote in favour of two key resolutions at Tuesday’s shareholder vote, [...]
Qatar backs Glenstrata merger November 15, 2012 Qatar Holding confirmed this morning it would back Xstrata’s mega-merger with Glencore at the shareholder vote next Tuesday. Xstrata’s second-largest shareholder after Glencore said it would vote in favour of two key resolutions, which will pave the way for the £56bn deal to go ahead. The vote, which comes 10 months after commodities giant Glencore [...]
Glencore and Xstrata deal edges closer to approval November 14, 2012 THE £56bn mega-merger between Glencore and Xstrata is edging closer to reality, after shareholders look set to give it the go-ahead. Qatar Holding, Xstrata’s second-largest shareholder, was last night reported to be on the verge of approving the bid from Glencore, although Qatar itself refused to comment. The reports came as investment bank Macquarie also [...]
Lonmin urges support for its rights issue November 13, 2012 PLATINUM miner Lonmin has warned that it will be in a “highly vulnerable position” if its shareholders do not agree to the $817m (£514m) rights issue to shore up its balance sheet in the wake of industrial action at Marikana. Last week, Lonmin rejected several proposals from its largest shareholder Xstrata, which holds 25 per [...]
Xstrata races to persuade investors on Glencore deal November 11, 2012 MINING giant Xstrata has redoubled its efforts to get investors onside for its merger with commodities titan Glencore. The board of Xstrata, which will put the latest version of the tie-up to shareholders on 20 November, took out advertisements over the weekend to publicly repeat its enthusiasm for the deal. With proxy voting on the [...]
David Montgomery eyes Lepe back into the newspaper world November 8, 2012 It would be no exaggeration to say that the boutique investment banks are hurting due to the dearth of deal activity but in their favour they have increased their market share of deals and every so often they pop up quite spectacularly when one is least expecting them. Hence when BP bought (and then later [...]
Glencore wary despite a strong third quarter November 1, 2012 COMMODITIES trader Glencore yesterday warned of a cautious outlook, as it reported a strong performance in its marketing division. Glencore, currently in the final throes of a $56bn (£35bn) mega merger with mining giant Xstrata, said in a trading statement that overall performance in the third quarter was “good”, despite weaker commodity prices and tough [...]
Glencore may end zinc deal October 31, 2012 GLENCORE has offered to end a zinc sales deal with global producer Nyrstar to win EU approval for its £56bn mega merger with Xstrata. The European Commission said yesterday it had extended its review of the Glencore and Xstrata mega merger until 22 November, as it considers the competition impact of the merger between the [...]