Xstrata close to investor deal for its merger September 23, 2012 XSTRATA hopes to thrash out the final terms of its merger with Glencore this week, using its extension from the Takeover Panel to address concerns from agitated investors. Some shareholders in the mining giant are unhappy with retention packages for directors at the firm, which have already been watered down. BlackRock and Legal & General [...]
First Quantum takes Inmet bid to shareholders January 9, 2013 CANADIAN mining giant First Quantum Minerals has taken its bid for fellow miner Inmet hostile, as it yesterday sent takeover documents for its C$5.1bn (£3.2bn) offer directly to Inmet shareholders. Vancouver-based First Quantum, which has assets in Africa, Australia, South America and Europe, last month sweetened its offer for Canadian miner Inmet, offering C$72 in [...]
Glencore seals $6bn in Xstrata merger loans April 18, 2012 COMMODITIES trader Glencore has signed a $6bn (£3.7bn) syndicated loan backing its $90bn merger with miner Xstrata after raising nearly $11bn in syndication, banking sources said yesterday. The loan includes a one-year extension option and was underwritten by Citigroup and Morgan Stanley to show regulators that Glencore has enough working capital to fund the merger. [...]
Banks rush to lend to Glencore as it secures $12.8bn in funding April 26, 2012 COMMODITIES trading giant Glencore swept corporate concerns over bank lending to the side yesterday as it secured a mammoth round of funding, with financial institutions queueing up to sign over their money. Ninety-one global banks have committed to the funding syndicate, pledging a total of $12.8bn (£7.9bn) – well above the $10bn that the company had [...]
Qatar keen on Glenstrata merger October 15, 2012 Qatar, the second-largest investor in miner Xstrata, is in favour of the company’s proposed $32bn (£20bn) tie-up with commodities trader Glencore, Prime Minister Sheikh Hamad bin Jassim al-Thani said yesterday. Sheikh Hamad said at a news conference: “We are looking in favour of a merger between the two companies.” But he stopped short of signalling [...]
BlackRock backs Glencore-Xstrata March 28, 2012 BlackRock yesterday came out in support of Glencore’s planned £21.3bn bid for Xstrata. The merger, which would create the world’s fourth-largest mining company, has been widely criticised with Standard Life, Schroders and Allianz Global all publicly coming out in opposition. But speaking in Hong Kong yesterday, fund manager Catherine Raw, who helps manage BlackRock’s World [...]
Glencore buys up Viterra March 20, 2012 COMMODITIES giant Glencore yesterday sealed a £3.9bn deal to buy Canadian grain handler Viterra. Glencore, which is also in the throes of a $36bn (£22bn) takeover of FTSE 100 miner Xstrata, has previously said it would like to expand its operations in agriculture. Shareholders accounting for 16.5 per cent of Viterra’s stock, including the company’s [...]
Glasenberg’s well-timed bid should be enough this time September 9, 2012 GLENCORE’S sweetening of the terms for its mega merger may not be all that was hoped for by the board of the miner Xstrata but it should be enough to win over its shareholders, many of whom are disillusioned by Mick Davis and his management team. An Xstrata board that was only too happy to [...]
Lonmin urges support for its rights issue November 13, 2012 PLATINUM miner Lonmin has warned that it will be in a “highly vulnerable position” if its shareholders do not agree to the $817m (£514m) rights issue to shore up its balance sheet in the wake of industrial action at Marikana. Last week, Lonmin rejected several proposals from its largest shareholder Xstrata, which holds 25 per [...]
Markets fly but hangover feared January 2, 2013 MARKETS around the world rallied yesterday after the US agreed an eleventh-hour deal to limit fiscal cliff tax increases and spending cuts, giving equities a much needed boost. The deal averted sharp rises in income-tax for a majority of Americans, but failed to reach any conclusion over cutting the budget deficit, leading analysts to warn the [...]