Copper output falls at Xstrata October 17, 2012 Copper production at miner Xstrata dipped by 16 per cent year on year in the third quarter, hurt by falling production at its Collahuasi mine in Chile. Xstrata, which is currently in the final throes of a merger with commodity giant Glencore, said total production of copper fell to 187,800 tonnes over the three months [...]
Qatar keen on Glenstrata merger October 15, 2012 Qatar, the second-largest investor in miner Xstrata, is in favour of the company’s proposed $32bn (£20bn) tie-up with commodities trader Glencore, Prime Minister Sheikh Hamad bin Jassim al-Thani said yesterday. Sheikh Hamad said at a news conference: “We are looking in favour of a merger between the two companies.” But he stopped short of signalling [...]
Direct Line’s success is just what the bankers ordered October 11, 2012 D IRECT Line was always going to be a major test for the London listings market. Finally, it has got away, so there will be relief all around about that, even though the insurance group will not jump straight into the prestigious FTSE 100 as many at the outset had hoped for. There was a [...]
Direct Line to ring in at 175p a share October 10, 2012 ADVISERS to Direct Line were last night set to price the insurance group’s shares at 175p, valuing the firm at around £2.62bn. The biggest London float of the year is now certain to get off the ground with trading ready to begin this morning. Although the price is in the bottom half of the original range, [...]
Gulf Keystone secures £170m funding for Iraq oil exploration October 4, 2012 LONDON-listed Gulf Keystone Petroleum is to raise $275m (£170.5m) worth of funding through convertible bonds to expand its operations in the Kurdistan region of Iraq. The bonds, which mature in 2017, will pay 6.25 per cent a year, and the proceeds will primarily be used to fund the development of the oil and gas exploration [...]
Luxfer’s New York flotation shines light on London’s listing problems October 4, 2012 Another day, and another company that has its roots firmly in the UK decides to float in the US. In the past few weeks two companies normally associated with the UK market, Manchester United and Salford-based speciality metals group Luxfer, have chosen the US financial markets to list and raise new capital. The latest figures [...]
EU sets deadline on Glenstrata deal as UBS backs mega tie-up October 3, 2012 THE EUROPEAN Commission has set a deadline of 8 November to decide on the £56bn mega-merger of Glencore and Xstrata, it said on its website yesterday. Glencore, which filed the notification on Tuesday, is edging closer to a merger with Xstrata. Earlier this week Xstrata directors recommended the tie-up to shareholders, who are set to [...]
Glencore buys stake in grain hub October 2, 2012 Commodities giant Glencore has bought an interest in a deep sea grain export terminal in Russia. It has entered into a 50-50 joint venture agreement with Ukraine’s Kernel to buy the interest from EFKO Group. Taman, on Russia’s Black Sea coast, is close to Russia’s main grain producing region, and Glencore said the acquisition will [...]
Shareholder vents anger as Xstrata backs £56bn deal October 1, 2012 XSTRATA shareholder Thread-needle, one of the 25 largest stakeholders in the miner, yesterday slammed the recommended £56bn mega-merger with commodities trader Glencore. Xstrata yesterday backed the tie-up with Glencore, although with conditions. In a letter sent to shareholders Iain Richards, head of corporate governance at Threadneedle, which holds 0.29 per cent of Xstrata, said he [...]
New terms for Glencore-Xstrata deliver new problems October 1, 2012 ANOTHER day, another twist in Glencore-Xstrata’s epic drama. It seemed for a few hours that Xstrata’s board might have done the trick, recommending the bid with a new share multiple and terms that include allowing shareholders the option of rejecting the planned £144m retention awards for senior Xstrata managers. Then Knight Vinke Asset Management, which [...]