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 [...]
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 [...]