Xstrata under fire for merger bonus package June 21, 2012 XSTRATA urged investors to focus on the business merits of its mega-merger with Glencore yesterday after an influential investor group issued its most severe warning against the firm’s huge pay packages for top staff. The Association of British Insurers issued a “red top” warning against retention payments promised to directors at Xstrata if the merger [...]
Ultimatum is the name of the game if you aren’t playing fair June 27, 2012 WHAT are Xstrata’s shareholders playing at? The answer seems to be a game called Ultimatum. It’s a simple experiment that shows why shareholders can’t be relied on to accept that any deal is better than none. Here’s how Ultimatum works. Player G is told he can have £100. He has the option to give an [...]
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 [...]
Cotton lawsuit hits Louis Dreyfus July 2, 2012 COMMODITY trading giant Louis Dreyfus has been sued by a former senior trader at rival Glencore, who alleges that Dreyfus illegally cornered the cotton market last year as prices tumbled from record highs. The trader, Mark Allen, accused Dreyfus of violating antitrust law by artificially inflating prices of Intercontinental Exchange cotton futures contracts expiring in [...]
Glencore chief to keep stock December 6, 2011 GLENCORE boss Ivan Glasenberg said yesterday that he would not sell any of his shares in the company as long as he worked there. “None of us has sold a single share. Neither before nor after the flotation. And I’ve often said that I’m not thinking about selling any shares as long as I work [...]
Market awaits public finance and GDP news August 19, 2012 HIGHLIGHTS for the economic week ahead will be tomorrow’s release of UK’s public finance data, followed by the revision of the second quarter’s GDP figures on Friday. While analysts fear there will only be a small surplus for the July finances figure – or possibly a loss – market watchers believe there will be some [...]
Glenstrata boss Davis set for a loyalty bonus May 27, 2012 THE chief executive of Xstrata is set to line up a major retention bonus when a circular explaining the miner’s $90bn (£57bn) merger with Glencore is published this week. Mick Davis is expected to be allocated a retention bonus worth tens of millions of dollars if he stays with the enlarged group for three years. [...]
DEALMAKER OF THE YEAR August 1, 2012 INVESTMENT bankers have had a difficult year, with London’s IPO market virtually closed, and M&A deals few and far between. Our fourth short-list for the third annual City A.M. awards, though, highlights some superb individual performances in such difficult markets. Jonathan Rowley, for example, was on at least three M&A deals in just one week [...]
Davis to get £30m but no raise for Xstrata investors May 31, 2012 XSTRATA’S top staff will share a £173m reward for sticking with the firm during its mega-merger with Glencore, documents revealed yesterday. As Xstrata shareholders learned that Glencore has refused to budge on its offer of 2.8 new shares for each Xstrata share, the circular showed that a group of around 70 managers and senior employees [...]
WHAT THE OTHER PAPERS SAY THIS MORNING July 1, 2012 FINANCIAL TIMES Esma probes agencies’ views on banks The pan-European markets regulator has launched a probe into the way the big three credit rating agencies evaluate banks to determine if the process is sufficiently rigorous and transparent, its chairman Steven Maijoor told the Financial Times. The European Securities and Markets Authority has begun inspecting Standard [...]