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 [...]
FTSE rebounds after Xstrata board gives thumbs up to Glencore bid October 1, 2012 BRITAIN’S FTSE 100 share index rebounded from three-week lows yesterday, bolstered by strong US manufacturing data and prospects of more takeover activity after Xstrata’s board gave long-awaited backing to a bid from Glencore. Adding to the relatively upbeat investor mood on the first day of the new quarter, Spanish bank stress tests late on Friday [...]
As Xstrata and Glencore move closer to a merger, is it a good deal for shareholders? October 1, 2012 YES Jeff Largey Commodities remain a growth story, and there is industrial logic behind a merger between the world’s leading commodities trading house and one of the world’s largest mining companies. The deal will create a vertically-integrated mining giant, with industry leading copper volume growth, and the ability to increase margins in Xstrata’s existing operations. [...]
FTSE 100 firmly up on Glenstrata deal October 1, 2012 Banks and miners led the blue chip index up in early trading, as the £56bn mining mega-merger of Xstrata and Glencore stole the headlines. Better-than-expected results from the Spanish bank stress tests boosted UK financial shares. Barclays was up 2.89 per cent in early trading, followed by RBS, which added 2.06 per cent. HSBC was [...]
Xstrata backs £56bn Glencore mega-merger October 1, 2012 Xstrata has green-lit the £56bn merger with Glencore, though with conditions. An independent board of directors at the miner has revised the voting structure to allow shareholders to support the deal, but object to the retention plan for key managers. Sir John Bond, chairman of Xstrata, said today that following opposition from shareholders the directors [...]