Qatar yet to make decision on Glencore offer September 11, 2012 Qatar Holding, the second-largest shareholder in Xstrata, said this morning it was yet to decide on the revised offer put forward by Glencore yesterday. Commodities giant Glencore laid out its final £36bn offer for miner Xstrata yesterday, after months of a stand-off with Qatar, which demanded an improved merger ratio. Glencore yesterday offered 3.02 new [...]
Glencore lays out final offer for mega-merger with Xstrata September 10, 2012 GLENCORE laid out its revised final bid to Xstrata yesterday, raising the offer but warning it will not improve it further. On Friday, the commodities giant raised the merger ratio to 3.05 new Glencore shares for every Xstrata share, up from 2.8 as previously offered. Glencore also demanded that chief executive Ivan Glasenberg be chief [...]
FTSE dwindles as defensive stocks drop ahead of Fed and euro news September 10, 2012 BRITISH blue chip shares dipped yesterday as weakness in defensive stocks outweighed strength in risk-sensitive cyclicals, such as miners, and investors positioned for more newsflow out of Europe and the United States. The FTSE 100 closed down 1.60 points, or 0.03 per cent, at 5,793.20, with the index yo-yoing in a tight range around the [...]
FTSE 100 opens flat as investors bide time September 10, 2012 The leading share index opened modestly lower this morning, as investors were cautious ahead of key Eurozone and US Federal Reserve meetings this week. A selection of miners and retailers led the index up. Specialist engineering company Lamprell added nearly five per cent in early deals on news that it signed a joint venture deal [...]
Glencore lays out final bid for Xstrata September 10, 2012 Glencore laid out its revised final bid to Xstrata this morning, raising the offer but warning it will not improve it further. On Friday, the commodities giant raised the share ratio to 3.05 new Glencore shares for every Xstrata share, up from 2.8 as previously offered. Glencore also demanded that chief executive Ivan Glasenberg be [...]
Glencore confident its £34bn bid can win over Xstrata shareholders September 9, 2012 SENIOR figures at Glencore, the international trading house, were growing increasingly confident last night they could win the backing of a majority of Xstrata shareholders for their new £34bn takeover plans despite the opposition of a couple of vocal institutional holders. Detailed proposals for the takeover are expected to be revealed to the market as [...]
Glasenberg’s well-timed bid should be enough this time September 9, 2012 GLENCORE’S sweetening of the terms for its mega merger may not be all that was hoped for by the board of the miner Xstrata but it should be enough to win over its shareholders, many of whom are disillusioned by Mick Davis and his management team. An Xstrata board that was only too happy to [...]
Will the Glencore and Xstrata merger create a company that can deliver for shareholders? September 9, 2012 YES Mike Franklin Determining the correct valuation terms for a deal like this is a minefield and opinions will vary widely. Diehard mining fans will claim that Xstrata is worth more than even the new higher terms. However, much depends on the timing of a deal like this and, given the long history between these [...]
Financials and miners lead the FTSE 100 up September 7, 2012 The blue chip index rose in early deals this morning, following positive gains in Asia and the US as investors reacted positively to European Central Bank (ECB) plans to spend billions of euros shoring up troubled governments. Miners Evraz and Ferrexpo led the index up, by 8.51 and 7.11 per cent respectively, as the ECB’s [...]
Glencore sweetens Xstrata deal September 7, 2012 Glencore has sweetened the terms of the Glenstrata “merger of equals” by upping the share ratio to 3.05 new shares for each Xstrata share, as it demands that its chief executive head the new company. The commodities giant had previously stuck to the 2.8 share ratio, but increased it this morning to win support for [...]