Glencore offers no Xstrata clues as profit falls August 21, 2012 Commodities trader Glencore stuck to its guns on a $30bn (£19bn) bid for miner Xstrata today, as it reported earnings for the first half of 2012 dragged down 26 per cent by weaker commodity prices. Glencore said its first half profit net of significant items fell to $1.81bn, down from $2.44bn a year ago and [...]
Xstrata puts cuts over Glencore August 7, 2012 MINER Xstrata is pushing on with plans to slash unit costs by $390m (£249m) this year despite the “distraction” of Glencore’s long-running attempts to merge, it said yesterday. The mining giant, which reported a 42 per cent drop in operating profit to $2.45bn, cut unit costs in real terms by $105m in the first half [...]
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 [...]
Trader Glencore strikes Bellzone iron ore deal August 9, 2012 Glencore has struck a deal to buy at least half of the output from Guinea’s Forecariah iron ore mine as part of the commodities trader’s drive to grab a bigger share of the lucrative market for the steelmaking ingredient. The world’s largest diversified commodities trader said today it had reached a deal with Bellzone Mining [...]
Cable tells all-male FTSE 100 boards to appoint women January 29, 2013 BUSINESS secretary Vince Cable has today written to the remaining FTSE 100 companies with all-male boards, calling on them to take action to appoint women to boardroom positions. The businesses with no top-level female executives are Antofagasta, Croda, Glencore, Xstrata, Kazakhmys, Melrose and Vedanta. All of them are in the traditionally male-dominated engineering, mining and [...]
Glencore cleared for Viterra deal July 16, 2012 Glencore has won a Canadian regulator’s approval for its roughly C$6.1bn (£3.8bn) takeover of grain handler Viterra, bringing the deal a step closer to completion. Glencore in March offered to pay C$16.25 per share for Viterra, which owns the largest share of Western Canada’s grain storage and farm supply outlets.
Analysts mulling the prospect of Glencore-Xstrata deal failing August 2, 2012 THE MERGER between Glencore and Xstrata is increasingly likely to fall apart, according to analysts. Liberum Capital has lowered its view and given the deal a 56 per cent chance of succeeding, adding in a note that the markets have already broadly priced in fear of the merger failing. The deal was announced in February, [...]
Best of the Brokers January 31, 2013 STOBART GROUP Espirito Santo rates the logistics firm “sell” with a fair value of 70p. The broker has cut its earnings per share forecasts by around 13 per cent for the next two years, based on a downbeat update from the firm. Espirito Santo is worried about the group’s high and rising levels of debt, [...]
Xstrata delays vote on merger with Glencore July 11, 2012 THE GO-AHEAD for the $53bn (£34bn) mega-merger between mining giant Xstrata and commodities trader Glencore has been delayed until at least September, it was announced yesterday. Investors had originally been scheduled to vote on the deal today but Xstrata changed the schedule last week in an attempt to smooth relations with shareholders who are fighting [...]
SA gives nod to Glenstrata January 22, 2013 THE £56bn Glencore-Xstrata mega merger jumped another hurdle yesterday as it won approval from the South African anti-trust authorities. The South African Competition Tribunal gave the green light to the merger, although it recommended that some employment conditions are met, including limiting the number of job losses among skilled workers to 80. Completion of the [...]