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 [...]
New terms for Glencore-Xstrata deliver new problems October 1, 2012 ANOTHER day, another twist in Glencore-Xstrata’s epic drama. It seemed for a few hours that Xstrata’s board might have done the trick, recommending the bid with a new share multiple and terms that include allowing shareholders the option of rejecting the planned £144m retention awards for senior Xstrata managers. Then Knight Vinke Asset Management, which [...]
New terms for Glencore-Xstrata deliver new problems October 1, 2012 ANOTHER day, another twist in Glencore-Xstrata’s epic drama. It seemed for a few hours that Xstrata’s board might have done the trick, recommending the bid with a new share multiple and terms that include allowing shareholders the option of rejecting the planned £144m retention awards for senior Xstrata managers. Then Knight Vinke Asset Management, which [...]
Xstrata backs £56bn Glencore mega-merger October 1, 2012 Xstrata has green-lit the £56bn merger with Glencore, though with conditions. An independent board of directors at the miner has revised the voting structure to allow shareholders to support the deal, but object to the retention plan for key managers. Sir John Bond, chairman of Xstrata, said today that following opposition from shareholders the directors [...]
Xstrata backs £56bn Glencore mega-merger October 1, 2012 Xstrata has green-lit the £56bn merger with Glencore, though with conditions. An independent board of directors at the miner has revised the voting structure to allow shareholders to support the deal, but object to the retention plan for key managers. Sir John Bond, chairman of Xstrata, said today that following opposition from shareholders the directors [...]
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 [...]
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 [...]
Glencore pares back purchase ambitions for miner Kazzinc September 25, 2012 GLENCORE has trimmed its plans for an increased stake in zinc producer Kazzinc, as it said yesterday it would acquire an extra 18.91 per cent of the firm from Verny Capital. The commodities giant, which already owns 50.7 per cent of Kazakhstan-focused Kazzinc, was originally targeting an acquisition of up to 48.73 per cent from [...]
As Xstrata and Glencore move closer to a merger, is it a good deal for shareholders? October 1, 2012 YES Jeff Largey Commodities remain a growth story, and there is industrial logic behind a merger between the world’s leading commodities trading house and one of the world’s largest mining companies. The deal will create a vertically-integrated mining giant, with industry leading copper volume growth, and the ability to increase margins in Xstrata’s existing operations. [...]
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 [...]