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 [...]
Miners on shaky ground despite stabilising backdrop October 30, 2012 WITH the US markets firmly shut for a second day, investors had no choice yesterday but to focus on corporate events closer to home. Luckily the FTSE’s resources stocks more than made up for the lack of American action, with market watchers gripped yesterday by the unfolding tale of two miners. First up, Lonmin finally [...]
Glencore set to offer a merger compromise for EU regulators October 30, 2012 COMMODITIES trader Glencore, hoping to speed its multi-billion pound takeover of Xstrata over its final hurdles, was last night gearing up to offer to sell part of the group’s zinc assets, meeting a deadline set by European authorities. Industry sources said Glencore’s desire to avoid an in-depth investigation in Brussels would prompt it to respond [...]
EU regulators want Glencore concessions on Xstrata deal October 29, 2012 EU ANTITRUST regulators have told trader Glencore to offer concessions in its zinc operations to ease concerns about its planned $33bn (£21bn) buy of miner Xstrata, a person familiar with the matter said yesterday. The European Commission, which handles competition regulation in the 27-member European Union, is currently examining the deal and has set a [...]
Xstrata investors to vote on deal October 25, 2012 Xstrata shareholders will vote on the £56bn merger with Glencore on 20 November, it was announced yesterday. The investor meeting, which will take place 10 months after the original deal was announced, will see shareholders vote on the proposed deal of 3.05 new shares for every Xstrata share. Under a new voting structure, Xstrata shareholders [...]
Xstrata shareholders to vote on Glencore merger on 20 November October 25, 2012 Shareholders in Xstrata will vote on the proposed deal with Glencore on 20 November, the commodities trader said in a statement this afternoon. The investor meeting, which will take place 10 months after the original deal was announced, will see shareholders vote on the proposed deal of 3.05 new shares for every Xstrata share. Under [...]
What the other papers say this morning October 22, 2012 FINANCIAL TIMES Lloyds eyes banker bonus shake-up Lloyds Banking Group is examining whether to ditch the concept of annual bonuses for senior staff and extend the timeframe of longer-term incentives to up to 10 years, according to people briefed on a project to overhaul remuneration. Xstrata unfairly disparaged says boss The board of Xstrata has [...]
Polymetal ups sales guidance on high output October 17, 2012 PRECIOUS metal producer Polymetal yesterday posted record gold output of 317,000 ounces, up 48 per cent year on year, revising up its full-year production guidance. For the nine months to 30 September, gold production was up 46 per cent year on year. On a quarterly basis, production increased seven per cent. The Russian producer cited [...]