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 [...]
Xstrata and Glencore to back tie-up September 30, 2012 XSTRATA and Glencore hope to win round investors today with the long-awaited latest version of their mining mega-merger. The Xstrata board spent the weekend thrashing out the details of the improved deal in a bid to satisfy as many shareholders as possible, with a focus on the generous retention package for the firm’s top staff. [...]
Xstrata shareholders have time to reread the fine print September 30, 2012 FOLLOWERS of the Glencore-Xstrata merger proposal will be aware that the £44bn deal itself has faded into the background in recent months, replaced instead by a seemingly endless boardroom melodrama. Perhaps today’s announcement will allow attention to return to the compelling logic behind the tie-up: the world’s biggest commodities trader and the world’s biggest miner [...]
Rotork adds Citi as adviser September 27, 2012 Citigroup has added a new FTSE 250 mandate to its broking business, after joining UBS as financial adviser and corporate broker to manufacturing group Rotork. Citi has picked up clients including GlaxoSmithKline and G4S in the last year, and is one of an army of banks working on the Glencore-Xstrata merger, which is set to [...]
FTSE 100 up on fresh China stimulus hopes September 27, 2012 The blue chip index jumped in early trading, as headline mining shares such as Anglo American, Rio Tinto and Glencore rose, bolstered by expectations of market-boosting measures from China. On the FTSE All-Share, insurer CPP Group topped the leaderboard, adding 14.29 per cent. It has been weighing up a turnaround plan after the City watchdog [...]
Glencore pares back purchase ambitions for miner Kazzinc September 25, 2012 GLENCORE has trimmed its plans for an increased stake in zinc producer Kazzinc, as it said yesterday it would acquire an extra 18.91 per cent of the firm from Verny Capital. The commodities giant, which already owns 50.7 per cent of Kazakhstan-focused Kazzinc, was originally targeting an acquisition of up to 48.73 per cent from [...]