Paperwork on Glencore deal for Xstrata is delayed April 13, 2012 Documentation relating to commodities trader Glencore’s agreed $37bn bid for miner Xstrata will be sent to shareholders later than p previously anticipated, the companies said in a statement. Paperwork relating to the merger is now anticipated to be distributed to each company’s shareholders by the end of May 2012 instead of in April as originally [...]
Xstrata’s shareholders protest over pay and Glencore merger May 1, 2012 DISGRUNTLED shareholders in miner Xstrata yesterday made their concerns felt over the firm’s strategy ahead of its planned merger with commodities giant Glencore. Almost four in ten shareholders failed to support the firm’s pay plan, while more than 15 per cent refused to vote for the reappointment of director Ivan Glasenberg – who also runs [...]
Oligarch hits Glencore and Rusal with suit April 10, 2012 GLENCORE was dragged into a worsening dispute between two Russian oligarchs yesterday, as aluminium producer Rusal announced that its former chairman is to take legal action against the company and the commodities trader over a $47bn supply contract. Viktor Vekselberg quit as Rusal’s chairman three weeks ago and has since notified Glencore and his former [...]
Glencore float fuels wealth of UK’s super rich April 29, 2012 THE wealth of Britain’s richest people, including a series of investors in Glencore, jumped by nearly five per cent to a record £414bn last year, according to new research. The combined assets of the 1,000 most affluent people rose 4.7 per cent, according to the Sunday Times Rich List, despite the nation’s plunge back into [...]
Xstrata investors to vote on deal October 25, 2012 Xstrata shareholders will vote on the £56bn merger with Glencore on 20 November, it was announced yesterday. The investor meeting, which will take place 10 months after the original deal was announced, will see shareholders vote on the proposed deal of 3.05 new shares for every Xstrata share. Under a new voting structure, Xstrata shareholders [...]
Glencore chief denies Congo mine claims April 15, 2012 GLENCORE yesterday defended itself against allegations it profited from child labour at a copper-cobalt mine in the Democratic Republic of Congo. The firm was responding to a BBC Panorama programme, due to air tonight, which claims children are working at the Tilwezembe open-pit mine. The Tilwezembe concession is owned by Toronto-listed Katanga, in which Glencore [...]
Glencore chief denies Congo mine claims April 15, 2012 GLENCORE yesterday defended itself against allegations it profited from child labour at a copper-cobalt mine in the Democratic Republic of Congo. The firm was responding to a BBC Panorama programme, due to air tonight, which claims children are working at the Tilwezembe open-pit mine. The Tilwezembe concession is owned by Toronto-listed Katanga, in which Glencore [...]
Xstrata copper production dips as flagship mine suffers slump October 17, 2012 COPPER production at miner Xstrata dipped by 16 per cent year on year in the third quarter, hurt by falling production at its Collahuasi mine in Chile. Xstrata, which is currently in the final throes of a merger with commodity giant Glencore, said yesterday total production of copper fell to 187,800 tonnes over the three [...]
Fund managers complain that megamergers have little value November 19, 2012 CITY investors take a dim view of the value of megamergers and blame investment bankers for weakening the IPO market with unrealistic valuations, a new survey out today claims. A poll of fund managers from 200 major City investment houses found 72 per cent believed megamergers such as that of Glencore and Xstrata offer little [...]
Xstrata wants reassurance on management September 25, 2012 THE BOARD of Xstrata is looking for reassurance from Glencore that the billed “merger of equals” does not become a takeover after Xstrata chief Mick Davis steps down, according to a source with knowledge of the situation. Discussions surrounding the merger are currently focused on management succession after Davis departs and the retention of key [...]