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 [...]
Xstrata H1 earnings drop, defers $1bn of spending August 7, 2012 Anglo-Swiss miner Xstrata, in the throes of a $26bn (£16.7bn) takeover bid, posted a smaller-than-expected drop in profit despite the impact of weaker prices and reduced copper production, and announced plans to cut spending for the year. Xstrata’s earnings before interest, tax, depreciation and amortisation (Ebitda) for the first six months of 2012 totalled just [...]
Glencore in merger talks with Xstrata February 2, 2012 Xstrata said it had received an approach from commodities giant Glencore International that could lead to an all share merger of equals. Miner Xstrata is in talks with Glencore over an all-share merger of equals, it said on Thursday, confirming reports of a deal that could create a combined mining and trading group worth more [...]
David Montgomery eyes Lepe back into the newspaper world November 8, 2012 It would be no exaggeration to say that the boutique investment banks are hurting due to the dearth of deal activity but in their favour they have increased their market share of deals and every so often they pop up quite spectacularly when one is least expecting them. Hence when BP bought (and then later [...]
Fresh allegations overshadow welcome cultural shift in City November 20, 2012 LET us hope yesterday won’t eventually be remembered as another disastrous day for the City of London. Hewlett Packard’s inflammatory attack on the accounts of Autonomy, the UK tech giant it now owns, is either a wrong-headed attempt by a struggling US firm to try and justify why it failed to do its due diligence [...]
Glencore bid talks focus on premium February 5, 2012 MINING group Xstrata could lose out on its merger with commodities giant Glencore if the two companies ignore Xstrata shareholders’ demands to be offered a decent premium, investors warned last night. The deal, revealed last week, could see a combined company worth £50bn with revenues of over £110bn. Xstrata chief executive Mick Davis is tipped [...]
Xstrata copper volumes down, but sees growth July 31, 2012 Miner Xstrata reported an 18 per cent drop in copper volumes in the first six months of 2012, as it replaces ageing operations and undertakes expansion that will boost production in the second half. Xstrata is in the throes of a merger with commodities trader Glencore, which made a $26bn (£16.57bn) takeover bid for the [...]
Norway raises Xstrata stake August 28, 2012 NORWAY yesterday emerged as the latest shareholder to have increased its stake in Xstrata, posing another stumbling block to the miner’s biggest shareholder Glencore as it tries to get a grip on its plans to merge with the group. Norges Bank Investment Management, which manages Norway’s $610bn sovereign wealth fund, has been steadily buying Xstrata [...]
Third Xstrata shareholder opposes Glencore merger February 9, 2012 A THIRD prominent shareholder in Xstrata has come out against the miner’s £56bn mega-merger with commodities trader Glencore. Chad Deakins, a fund manager with RidgeWorth, a US-based investment company, told Bloomberg that the effective eight per cent premium implied in the share swap ratio for the deal significantly undervalues Xstrata. “Xstrata is a prized asset,” [...]
Britvic and AG Barr gear up for £1.4bn deal September 5, 2012 TANGO soft drink maker Britvic yesterday revealed it had been approached by AG Barr, maker of Scottish staple Irn-Bru, in a plucky bid to merge the two beverage firms. AG Barr, which is much smaller than Britvic with revenues of £237m versus £1.3bn, said yesterday there was a “compelling industrial logic” for the plan. The [...]