Sovereign wealth funds holding the keys to a successful merger August 29, 2012 THE Qataris have had their say, several times over. Now the Norwegians are baring their teeth. With less than two weeks to go until the crunch vote and after yesterday’s drop, Glencore’s shares are already trading at just 2.5 times the value of those of its target – well below the 2.8 times ratio that [...]
The pace quickens for London’s investment bankers September 13, 2012 Maybe it was the news that Tony Blair had intervened to reignite the City’s biggest takeover of the year. Maybe it’s just the natural gathering pace of autumn, when business tends to hot up. Or maybe it’s the raw fear of job losses or even the hope of a more stable Eurozone backdrop. Whatever the [...]
Thank you for reading us in ever greater numbers in 2012 December 20, 2012 The common complaint about City A.M. in its infancy was that it was hard to pick up outside the City, Canary Wharf and Mayfair. Readers generally loved the paper but wanted to read it on their way into work rather than when they arrived at their destination. So, over the past couple of years we [...]
Hannam yet to decide future September 23, 2012 TOP INVESTMENT banker Ian Hannam yesterday denied rumours that he is looking to join fellow JP Morgan veteran Lloyd Pengilly’s new natural resources fund, insisting he has not decided what role to take when he leaves the firm. The two are both experienced mining dealmakers, with Hannam currently consulting on the ongoing Glencore and Xtrata [...]
Glencore deal bonanza helps prop up a struggling market March 22, 2012 THE M&A MARKET might be moribund in 2012, but a handful of massive deals have helped prop up activity figures – and the rankings of several top banks. Glencore’s long-awaited advances on Xstrata in February added $48.9bn to Thomson Reuters’ M&A values for the first quarter of the year. And the army of banks working [...]
Qatar increases holding in Xstrata August 23, 2012 Qatar Holdings, the second-largest shareholder in Xstrata after Glencore, has bought nearly £24m of shares in the takeover target. It takes its holding in Xstrata to more than 12 per cent. Qatar has been raising its stake in the miner since July, and formerly owned just less than 11 per cent of the company. The [...]
Glencore eyes deal as Viterra opens its books March 15, 2012 CANADA’S largest grain handler, Viterra, said yesterday it has opened its books to potential buyers, setting the stage for a possible bidding war and sending its shares 10 per cent higher. Viterra said it has established a process for considering expressions of interest, including confidentiality agreements. It shed no light on who might bid, but [...]
ISS attacks Xstrata deal August 22, 2012 SHAREHOLDER advisory group ISS last night recommended investors vote against the proposed merger of commodities trader Glencore with miner Xstrata, the latest threat to an increasingly troubled deal. The influential American research organisation said it could not back the deal because it had “marginal” economic merit and because Glencore’s handling of the merger process “has raised several [...]
Glencore is in exclusive talks to buy Canadian grain giant Viterra March 19, 2012 COMMODITIES giant Glencore is close to a deal to buy Viterra, Canada’s biggest grain handler, according to a source familiar with the matter. Viterra and Glencore are still in talks on price, but a deal could be reached within days at a price above C$16 per share, said the source, who could not speak publicly [...]
Glencore boss fires shot at deal critics March 5, 2012 GLENCORE chief executive Ivan Glasenberg yesterday said the company’s “naysayers” who were trying to torpedo the proposed $37bn (£23bn) bid for miner Xstrata were failing to appreciate its potential. Glasenberg (pictured) said all sides would benefit from the extra clout the pair would have on world markets. However Standard Life, which has a 2.2 per cent [...]