Nomura’s City credibility takes a knock as Vereker moves aside September 3, 2012 WILLIAM Vereker, one of the City’s best known dealmakers, is stepping down as joint head of investment banking at the Japanese bank Nomura, it emerged yesterday. Vereker, who is one of the advisers to Xstrata on its proposed but faltering mega merger with Glencore, will become vice-chairman and focus on client relationships, an internal memo [...]
There’s no sign of blinking yet from dealmaker Glasenberg August 21, 2012 WHEN he announced the UK’s largest ever merger in February of this year, Glencore chief executive Ivan Glasenberg did so with a massive endorsement of the industrial logic behind such a deal. Here was one of the world’s most successful commodities trading groups getting together with a massively powerful resources group in which it already [...]
Miners on shaky ground despite stabilising backdrop October 30, 2012 WITH the US markets firmly shut for a second day, investors had no choice yesterday but to focus on corporate events closer to home. Luckily the FTSE’s resources stocks more than made up for the lack of American action, with market watchers gripped yesterday by the unfolding tale of two miners. First up, Lonmin finally [...]
GLENCORE SET FOR £50BN MEGA-DEAL February 2, 2012 MINING giants Xstrata and Glencore have revealed they are in talks over a merger that would create the world’s fifth largest commodities company, potentially worth over £50bn and with revenues of nearly $200bn. If the deal goes ahead, Glencore’s outspoken chief Ivan Glasenberg is set to cede the chief executive spot to his long-time rival [...]
FTSE 100 firmly up on Glenstrata deal October 1, 2012 Banks and miners led the blue chip index up in early trading, as the £56bn mining mega-merger of Xstrata and Glencore stole the headlines. Better-than-expected results from the Spanish bank stress tests boosted UK financial shares. Barclays was up 2.89 per cent in early trading, followed by RBS, which added 2.06 per cent. HSBC was [...]
FTSE 100 firmly up on Glenstrata deal October 1, 2012 Banks and miners led the blue chip index up in early trading, as the £56bn mining mega-merger of Xstrata and Glencore stole the headlines. Better-than-expected results from the Spanish bank stress tests boosted UK financial shares. Barclays was up 2.89 per cent in early trading, followed by RBS, which added 2.06 per cent. HSBC was [...]
FTSE flat as $90bn Glencore deal agreed February 7, 2012 The FTSE 100 was flat as further delays to Greek debt restructuring created more confidence sapping uncertainty – but the talk of the market was the agreed $90bn (£56bn) merger of Glencore and Xstrata. After rejecting a proposed new bailout deal which demands strict labour reforms and other austerity steps Greek leaders today meet in [...]
Glencore and Xstrata agree $90bn ‘merger of equals’ February 7, 2012 Glencore and Xstrata agreed an all-share merger worth $90bn (£56bn) in the mining industry’s largest ever deal, creating a commodities powerhouse spanning mining, agriculture and trading. The ratio is a 15.2 per cent premium to Xstrata shareholders compared with its share price last Wednesday before word leaked out about the merger talks, a joint statement [...]
Polymetal ups sales guidance on high output October 17, 2012 PRECIOUS metal producer Polymetal yesterday posted record gold output of 317,000 ounces, up 48 per cent year on year, revising up its full-year production guidance. For the nine months to 30 September, gold production was up 46 per cent year on year. On a quarterly basis, production increased seven per cent. The Russian producer cited [...]
FTSE 100 up on fresh China stimulus hopes September 27, 2012 The blue chip index jumped in early trading, as headline mining shares such as Anglo American, Rio Tinto and Glencore rose, bolstered by expectations of market-boosting measures from China. On the FTSE All-Share, insurer CPP Group topped the leaderboard, adding 14.29 per cent. It has been weighing up a turnaround plan after the City watchdog [...]