Strong US data helps lift the FTSE as miners and banks take a dive September 25, 2012 BRITAIN’S top share index rose yesterday, with energy stocks in the lead, improving on small gains earlier in the day after US data allayed some concerns over a stalling of the global economic recovery. At the close, the FTSE 100 index was up 20.87 points or 0.4 per cent at 5,859.71 points, near the session [...]
Glencore agrees new deal for Kazzinc stake September 25, 2012 Glencore has watered down its plans for an increased stake in zinc producer Kazzinc, announcing today it to acquire an extra 18.91 per cent of the firm from Verny Capital. The commodities giant, which already owns 50.7 per cent of Kazzinc, was targeting an acquisition of up to 48.73 per cent from Verny Capital. Glencore [...]
Bumi’s issues are a further blow to IPOs September 25, 2012 WHEN Nat Rothschild set about raising finance in the City last year for a special purpose acquisition company named Vallares, he was met by investors with open arms. Going to the market through advisers at Credit Suisse, JP Morgan and Evolution (now part of Investec), the heir to the Rothschild dynasty rose above the woes [...]
Xstrata wants reassurance on management September 25, 2012 THE BOARD of Xstrata is looking for reassurance from Glencore that the billed “merger of equals” does not become a takeover after Xstrata chief Mick Davis steps down, according to a source with knowledge of the situation. Discussions surrounding the merger are currently focused on management succession after Davis departs and the retention of key [...]
Xstrata close to investor deal for its merger September 23, 2012 XSTRATA hopes to thrash out the final terms of its merger with Glencore this week, using its extension from the Takeover Panel to address concerns from agitated investors. Some shareholders in the mining giant are unhappy with retention packages for directors at the firm, which have already been watered down. BlackRock and Legal & General [...]
Hannam yet to decide future September 23, 2012 TOP INVESTMENT banker Ian Hannam yesterday denied rumours that he is looking to join fellow JP Morgan veteran Lloyd Pengilly’s new natural resources fund, insisting he has not decided what role to take when he leaves the firm. The two are both experienced mining dealmakers, with Hannam currently consulting on the ongoing Glencore and Xtrata [...]
Xstrata ready to give verdict on Glencore offer September 20, 2012 GLENCORE’s £36bn takeover of Xstrata headed for its climax last night as the Xstrata board prepared to give its verdict on Glencore’s improved offer for the miner. A decision by the Xstrata board is expected as early as this morning for Glencore’s improved offer of 3.05 shares for every one Xstrata share. A Takeover Panel [...]
M&A in Europe crashes to hit a ten-year low September 20, 2012 EUROPEAN merger and acquisition activity crashed to a 10-year low in the third quarter of the year, as dealmaking across the world fell to its slowest level since the depths of the financial crisis, figures out today show. M&A in Europe has totalled $84.2bn (£52bn) so far in the three months to the end of [...]
The pace quickens for London’s investment bankers September 13, 2012 Maybe it was the news that Tony Blair had intervened to reignite the City’s biggest takeover of the year. Maybe it’s just the natural gathering pace of autumn, when business tends to hot up. Or maybe it’s the raw fear of job losses or even the hope of a more stable Eurozone backdrop. Whatever the [...]
Qatar refuses to rule out new Glencore offer September 11, 2012 QATAR Holding, the second-largest shareholder in Xstrata, said yesterday it was yet to decide on the revised offer put forward by Glencore, suggesting the merger may survive. Commodities giant Glencore laid out its final £36bn offer for miner Xstrata on Monday, after months in a stand-off with Qatar, which demanded an improved merger ratio to [...]