Miners weighed down by copper price slip as quiet FTSE ends lower August 29, 2012 BRITAIN’S blue chip shares fell yesterday in very light trade as uncertainty over the outlook for the global economy and the next moves by central banks prompted many investors to stick to the sidelines. Miners were the standout fallers, off 2.2 per cent, weighed down by a drop in the copper price. Global growth worries [...]
Investor body and Norway lean on Xstrata August 29, 2012 SHAREHOLDER body Pirc yesterday came out against Xstrata’s merger with commodities giant Glencore, adding to pressure exerted by Norway as it upped its stake in the mining group. Pirc said investors should vote down the deal, due to concerns over transparency and governance. Xstrata shareholders will vote on the merger on 7 September. Meanwhile the [...]
A week to save Glenstrata deal September 2, 2012 GLENCORE’S merger with Xstrata looks set to collapse this week after seven months of wrangling – unless the firms can reach a compromise with Qatar and other large shareholders over the terms of the deal. Xstrata investors are expected to vote against the £45bn tie-in at a meeting in the Swiss town of Zug on Friday [...]
Glencore reveals exec stakes February 16, 2012 Commodities trader Glencore detailed the stakes held by some of its top execs yesterday, with its head of aluminium Gary Fegel emerging as one of the largest individual shareholders with a stake worth just over $1bn at current prices. Others with significant holdings disclosed yesterday include Stuart Cutler, who runs the ferrochrome division after the [...]
Xstrata shareholders have time to reread the fine print September 30, 2012 FOLLOWERS of the Glencore-Xstrata merger proposal will be aware that the £44bn deal itself has faded into the background in recent months, replaced instead by a seemingly endless boardroom melodrama. Perhaps today’s announcement will allow attention to return to the compelling logic behind the tie-up: the world’s biggest commodities trader and the world’s biggest miner [...]
Russian business stereotypes need to be consigned to the distant past December 19, 2012 BRITISH statesman Lord Curzon once famously said that every Englishman enters Russia a Russophobe, and leaves it a Russophile. Though time has passed since the Great Game of Rudyard Kipling, the saying is still relevant. According to a recent Economic Intelligence Unit survey of 200 international senior executives, less than 15 per cent would view [...]
Glencore eyes £3.5bn grain giant buyout March 11, 2012 COMMODITIES giant Glencore has emerged as the mystery bidder for Canadian grain giant Viterra. The Swiss trading firm, currently putting the final touches to a $90bn (£57bn) merger with mining group Xstrata, has made an approach for Viterra, which on Friday told the market it had been subject to expressions of interest. Glencore is already [...]
Direct Line to ring in at 175p a share October 10, 2012 ADVISERS to Direct Line were last night set to price the insurance group’s shares at 175p, valuing the firm at around £2.62bn. The biggest London float of the year is now certain to get off the ground with trading ready to begin this morning. Although the price is in the bottom half of the original range, [...]
Glencore faces sweetener call February 7, 2012 Glencore could be forced to boost its offer for Xstrata after two of the miner’s top shareholders said they would refuse to vote in favour of the £56bn merger. The two commodities giants unveiled a deal yesterday that would see Glencore shareholders pay an effective premium of 15.2 per cent on Xstrata’s pre-deal share price [...]
Glencore says Xstrata deal fair as its profits rise March 5, 2012 Commodities trader Glencore, which has agreed to a $37bn takeover of miner Xstrata, said the deal was “fair” for all shareholders at current levels, brushing aside hopes of a hint the offer could be sweetened. It made the comments as it said in its 2011 preliminary results that revenue during its first year as a [...]