CLEAN SWEEP AS MINE BOSS QUITS February 19, 2013 BHP Billiton’s Kloppers is fourth industry giant to go in six months THE MINING industry was shaken by its latest change at the top last night, as BHP Billiton chief executive Marius Kloppers announced his retirement. The departure, the latest in a string of shake-ups among the FTSE 100’s mining giants, will see Andrew Mackenzie, [...]
Glencore given nod for Viterra takeover deal May 30, 2012 SHAREHOLDERS of Canadian grain giant Viterra have voted in favour of Glencore’s $5.9bn (£3.8bn) takeover. An overwhelming 99.8 per cent agreed to the friendly takeover by the Swiss commodities company. Glencore, which is also looking to gain acceptance for a mega merger with miner Xstrata, still requires a green light from regulators. Viterra owns the [...]
Qatari investors give blessing to mega merger November 15, 2012 SOVEREIGN wealth fund Qatar Holding has likely scuppered management incentive arrangements for key Xstrata staff, as it confirmed yesterday that it would back the mega-merger with Glencore but abstain from voting on controversial remuneration plans. Xstrata’s second-largest shareholder after Glencore said yesterday it would vote in favour of two key resolutions at Tuesday’s shareholder vote, [...]
Glenstrata set to finally get the green light November 18, 2012 GLENCORE and Xstrata are on track to win shareholder approval for their mammoth mining merger tomorrow, though questions remain over retention packages for key staff. Qatar Holding, Xstrata’s largest shareholder after Glencore, confirmed on Friday that it plans to support the transaction, but said it “does not feel it appropriate to influence the outcome” of [...]
Glencore faces its shareholders May 8, 2012 Commodities giant Glencore will today face its first shareholder meeting since going public, amid calls for greater transparency around its deals and its top staff. The firm, which is meeting with shareholders in the Swiss town of Zug, has spent months convincing investors of the merits of its planned $36bn takeover of miner Xstrata. But [...]
Glencore takeover given green light by Viterra shareholders May 30, 2012 Shareholders of Canada’s largest grain handler, Viterra, have voted overwhelmingly in favor of a friendly takeover bid by Swiss commodities trader Glencore International, pushing the biggest deal in years for the global agricultural sector closer to reality. The deal was supported by 99.8 per cent of shareholders, far more than the required two-thirds majority. Glencore [...]
Glencore takes over Congolese copper mine May 22, 2012 COMMODITIES giant Glencore yesterday announced that it had taken control of the Mutanda copper operation in Congo for $480m (£304.4m). Glencore had a stake in the company but is now in the driving seat. The move marks the first step in a planned merger of the mine with its nearby Kansuki concession. Mutanda, in central [...]
Dealmakers at The Savoy for M&A knees up December 13, 2012 TO The Savoy on Wednesday evening, for one of the final awards dos in The Capitalist’s diary before the Square Mile goes into hibernation for the festive period. The occasion this week was the Mergermarket European M&A Awards 2012, hosted by Daily Politics presenter and Spectator chairman Andrew Neil. The annual ceremony awards the biggest [...]
Output rises at Glencore but no word on Xstrata May 9, 2012 COMMODITIES giant Glencore yesterday said trading was robust in the first quarter, ahead of its first shareholder meeting since going public. The firm said its mining projects were on schedule despite power outages, rain and equipment glitches. The world’s largest diversified commodities trader gave no update on its $35bn (£21.7bn) takeover of miner Xstrata, but [...]
Rio Tinto drags FTSE 100 down January 17, 2013 Mining giant Rio Tinto weighed heavily on the FTSE 100 this morning, trading down around 3.5 per cent. This morning it said chief executive Tom Albanese would step down following a $14bn impairment charge relating to several acquisitions. Charles Gibson, head of mining at Edison Investment Research, said this morning: “When a company writes off [...]