A week to save Glenstrata deal September 2, 2012 GLENCORE’S merger with Xstrata looks set to collapse this week after seven months of wrangling – unless the firms can reach a compromise with Qatar and other large shareholders over the terms of the deal. Xstrata investors are expected to vote against the £45bn tie-in at a meeting in the Swiss town of Zug on Friday [...]
Qatar to block Glenstrata mega-merger August 30, 2012 THE Qatari sovereign wealth fund, the second-largest shareholder in Xstrata behind Glencore, said yesterday it will block the mega-merger between the two commodity giants. Qatar has been fighting for an improved ratio on the 2.8 shares for every one existing Xstrata share offered by Glencore in February. It said in June that a ratio of [...]
Investor body and Norway lean on Xstrata August 29, 2012 SHAREHOLDER body Pirc yesterday came out against Xstrata’s merger with commodities giant Glencore, adding to pressure exerted by Norway as it upped its stake in the mining group. Pirc said investors should vote down the deal, due to concerns over transparency and governance. Xstrata shareholders will vote on the merger on 7 September. Meanwhile the [...]
Sovereign wealth funds holding the keys to a successful merger August 29, 2012 THE Qataris have had their say, several times over. Now the Norwegians are baring their teeth. With less than two weeks to go until the crunch vote and after yesterday’s drop, Glencore’s shares are already trading at just 2.5 times the value of those of its target – well below the 2.8 times ratio that [...]
Miners weighed down by copper price slip as quiet FTSE ends lower August 29, 2012 BRITAIN’S blue chip shares fell yesterday in very light trade as uncertainty over the outlook for the global economy and the next moves by central banks prompted many investors to stick to the sidelines. Miners were the standout fallers, off 2.2 per cent, weighed down by a drop in the copper price. Global growth worries [...]
FTSE 100 lower on worries over global economy August 29, 2012 The UK’s blue chip index opened lower this morning, with concerns over the health of the global economy and falling metal prices dragging shares down. Russian oil and gas company Ruspetro led the fallers, shedding 8.41 per cent in early trading as investors reacted negatively to news that it swung to a loss in the [...]
Norway raises Xstrata stake August 28, 2012 NORWAY yesterday emerged as the latest shareholder to have increased its stake in Xstrata, posing another stumbling block to the miner’s biggest shareholder Glencore as it tries to get a grip on its plans to merge with the group. Norges Bank Investment Management, which manages Norway’s $610bn sovereign wealth fund, has been steadily buying Xstrata [...]
FTSE flat as gloomy forecasts from Japan highlight worldwide slump August 28, 2012 BRITAIN’S top share index ended flat yesterday, with the market stagnating as expectations for economic stimulus measures were countered by concerns over global growth, which was reinforced by gloomy forecasts from Japan. The government in Tokyo cut its economic assessment yesterday, citing the impact of a slowdown in the United States and China on top [...]
Qatar increases holding in Xstrata August 23, 2012 Qatar Holdings, the second-largest shareholder in Xstrata after Glencore, has bought nearly £24m of shares in the takeover target. It takes its holding in Xstrata to more than 12 per cent. Qatar has been raising its stake in the miner since July, and formerly owned just less than 11 per cent of the company. The [...]
ISS attacks Xstrata deal August 22, 2012 SHAREHOLDER advisory group ISS last night recommended investors vote against the proposed merger of commodities trader Glencore with miner Xstrata, the latest threat to an increasingly troubled deal. The influential American research organisation said it could not back the deal because it had “marginal” economic merit and because Glencore’s handling of the merger process “has raised several [...]