Glencore-Xstrata merger plan



VIDEO: Glencore Xstrata will cut $2bn in costs

September 12, 2013 - 10:30 GMT Location: London

Glencore Xstrata was in London on Tuesday September 10 to discuss its progress since the merger and how it plans to save $2 billion in synergies rather than the $500 million originally mooted. Read more

Glencore, Xstrata never would have merged as equals - Liberum

September 11, 2013 - 17:33 GMT Location: London

The Glencore Xstrata merger would never have been successful as a merger of equals, according to analysts at Liberum Capital. Read more

Jefferies analysts target price rise for Glencore Xstrata shares

September 11, 2013 - 16:37 GMT Location: London

Analysts at Jefferies have pushed up their target share price for Glencore Xstrata to 425 pence ($6.68) from 375 pence previously, following the company’s investor day on September 10. Read more

The Glencore Way: a short guide

September 11, 2013 - 15:30 GMT Location: London

Senior Glencore management gave an insight into the “Glencore Way” – the strategy and culture that give the company an edge, at its investor presentation in London on September 10. Read more

HOTLINE: Minor metals gulp as Glencore revamps Xstrata byproduct sales

September 11, 2013 - 14:03 GMT Location: London

Glencore’s senior management team arrived in London on Tuesday September 10 to show investors how it is turning its Xstrata assets into leaner, meaner operations that create maximum value from every tonne they mine, smelt and refine. Read more

Glencore Xstrata will not grow for growth's sake; seamless partnership after merger - Glasenberg

September 10, 2013 - 17:18 GMT Location: London

Glencore Xstrata will not grow for growth’s sake, ceo Ivan Glasenberg said during the company’s investor day webcast on Tuesday September 10. Read more

Glencore Xstrata’s Koniambo: billions of dollars for a teacup of nickel

September 10, 2013 - 17:06 GMT Location: London

Glencore Xstrata’s $6.3-billion Koniambo nickel asset in New Caledonia was described as a “problem project” by senior management at a briefing in London on Tuesday September 10. Read more

Strength comes from collaboration, share ownership - Glencore Xstrata's Cutler

September 10, 2013 - 16:48 GMT Location: London

The strength of Glencore Xstrata’s trading teams comes from cross-company collaboration and employees’ direct exposure to the company’s share performance, ferro-alloys marketing boss Stuart Cutler said on Tuesday September 10. Read more

Glencore Xstrata senior staff focused on share price, not bonuses – Glasenberg

September 10, 2013 - 16:48 GMT Location: London

Glencore Xstrata’s owner-manager structure means its senior staff are more concerned with the performance of the company’s share price than they are on bonuses, Ivan Glasenberg has said. Read more

Las Bambas bids due next week; robust interest seen from China – Glasenberg

September 10, 2013 - 15:32 GMT Location: London

Glencore Xstrata expects to receive bids for the Las Bambas copper project in Peru in the week starting September 16, ceo Ivan Glasenberg said in a briefing with journalists on Tuesday September 10. Read more

‘When zinc rallies, it rallies big time’ – Glencore Xstrata

September 10, 2013 - 14:48 GMT Location: London

Glencore Xstrata foresees the global zinc market moving into structural deficit as new mine supply fails to keep pace with a 5% annualised increase in demand. Read more

Glencore Xstrata cuts coking coal cash costs by 28%

September 10, 2013 - 13:27 GMT Location: London

Glencore Xstrata has cut its coking coal cash costs by 28% in the past year, the company’s industrial coal head Peter Freyberg told investors on Tuesday September 10. Read more

Glencore Xstrata nickel output will approach 200,000 tpy by 2015

September 10, 2013 - 13:13 GMT Location: London

Glencore Xstrata will raise its nickel production to almost 200,000 tpy by 2015, compared with 139,000 tpy in 2012, the company said. Read more

Glencore Xstrata's greenfield projects will be put up for sale – analysts

September 10, 2013 - 12:47 GMT Location: London

Glencore Xstrata is likely to shelve Xstrata’s expensive greenfield projects, analysts at SP Angel said in a note. Read more

Glencore Xstrata capex will drop by $3.5bn in 2013-2015

September 10, 2013 - 12:18 GMT Location: London

Glencore Xstrata has reduced its total capital expenditure for 2013-15 by $3.5 billion, it said at its investor day presentation on Tuesday September 10. Read more

Glencore Xstrata bullish on demand, Chinese growth - Glasenberg

September 11, 2013 - 11:50 GMT Location: London

Glencore Xstrata remains bullish on commodities demand and Chinese growth, and blames over-enthusiastic development in recent years for today’s oversupplied metal markets, ceo Ivan Glasenberg said on Tuesday September 10. Read more

SiMn in 2013 deficit, HiCFeMn in surplus: Glencore

September 10, 2013 - 10:27 GMT Location: London

Silico-manganese will be in deficit by 101,000 tonnes in 2013 while high carbon ferro-manganese will record a small surplus, according to research by Glencore Xstrata. Read more

Cobalt market to shift to deficit by 2017, Glencore Xstrata says

September 10, 2013 - 10:22 GMT Location: London

The global cobalt market will shift from surplus in 2013 to deficit in 2017, analysis by Glencore Xstrata suggests. Read more

Glencore Xstrata shares jump 5.5% as it signals $2bn synergies from takeover

September 10, 2013 - 09:59 GMT Location: London

Glencore Xstrata will realise $2 billion in synergies next year from its takeover of Xstrata, it said on Monday September 9, boosting its shares by as much as 5.5% when London markets opened on Tuesday. Read more

Depleting tonnages 'not the end of the world' – Ivan Glasenberg

September 10, 2013 - 09:53 GMT Location: London

Glencore Xstrata “doesn’t mind” depleting tonnages at its mining assets, ceo Ivan Glasenberg said during the company’s investor day webcast on Tuesday September 10. Read more

Platinum assets 'non-core' at Glencore Xstrata - Glasenberg

September 10, 2013 - 09:37 GMT Location: London

Glencore Xstrata has designated its stake in South African platinum producer Lonmin as non-core, as platinum is not among the commodities in which the company trades. Read more

MILLING ABOUT: Lonmin appoints senior Glencore Xstrata pair as non-executive directors

September 09, 2013 - 11:54 GMT Location: London

South African platinum producer Lonmin has appointed Gary Nagle and Paul Smith as non-executive directors of the company, effective immediately, it announced on Monday September 9. Read more

Glencore Xstrata signs credit facilities worth $17.3bn

June 14, 2013 - 09:55 GMT Location: London

Glencore Xstrata has signed revolving credit facilities worth a total of $17.3 billion, the company said on Friday June 14. Read more

MILLING ABOUT: Glencore Xstrata takes on three new directors

June 12, 2013 - 17:30 GMT Location: London

Glencore Xstrata has appointed three new directors to its board with immediate effect, the company said on Wednesday June 12. Read more
 
Andrew Caplan to head Glencore aluminium, alumina team, say sources

May 22, 2013 - 16:50 GMT Location: New York

Andrew Caplan will head the combined aluminium and alumina department of Glencore Xstrata after current aluminium head Gary Fegel leaves the company in the summer, according to market sources close to the company. Read more
 
Tony Hayward becomes interim chairman of Glencore Xstrata

May 16, 2013 - 15:20 GMT Location: London

Tony Hayward, former ceo of oil company BP, has stepped in as interim chairman of Glencore Xstrata following the departure of Sir John Bond. Read more
 
MILLING ABOUT: Sir Steve Robson quits as Glencore Xstrata director

May 16, 2013 - 15:55 GMT Location: London

Glencore Xstrata has announced that Sir Steve Robson has resigned from his position with immediate effect. Read more

Greenfield sites ‘scared’ Glencore-Xstrata away

May 03, 2013 - 17:30 GMT Location: London

Greenfield assets will be the first items on the block at the newly merged GlencoreXstrata, ceo Ivan Glasenberg said during a conference call on Friday May 3. Read more

Franco has left Glencore; its execs take top roles in GlencoreXstrata

May 03, 2013 - 10:35 GMT Location: London

Cobalt trader Robert Franco left trading company and producer Glencore to pursue his own interests some time before it concluded its takeover of Xstrata on May 2, sources said. Read more

VIDEO: Xstrata's Mick Davis reflects on the deal that combined his company with Glencore

May 02, 2013 - 11:10 GMT Location: London

Xstrata ceo Mick Davis reflects on the growth of Xstrata as the company completes its merger with Glencore. In this interview, he tells Metal Bulletin the value, and risks, inherent in the deal; why shareholders got it wrong; and the challenges facing the new merged entity. Read more

VIDEO: Mick Davis had five core principles in developing Xstrata

May 02, 2013 - 10:48 GMT Location: London

Xstrata operated its business on five core principles. Ceo Mick Davis, who will leave the merged Glencore Xstrata later this year after completing a consultancy role, tells Metal Bulletin what they were, and why they were central in creating a $50 billion mining company. Read more

Vale deal collapsed due to stalemate – Xstrata ceo

May 02, 2013 - 10:20 GMT Location: London

The collapse of Vale’s proposed deal to buy Xstrata has been largely blamed on the UK-listed miner’s biggest shareholder Glencore, but this is not entirely fair, Xstrata’s outgoing ceo Mick Davis said. Read more

Anglo always rebuffed Xstrata approaches — ceo Davis

May 02, 2013 - 10:10 GMT Location: London

Xstrata made numerous approaches to Anglo American over the years, but each of them was rebuffed, Xstrata’s outgoing ceo said. Read more

Xstrata shareholders needed convincing over MIM buy – ceo

May 02, 2013 - 10:10 GMT Location: London

It took Xstrata time to convince investors, including its biggest shareholder Glencore, that its proposed acquisition of MIM Holdings was a good move. Read more

Xstrata judgement in Prodeco deal was correct – execs

May 02, 2013 - 10:05 GMT Location: London

Xstrata’s purchase and subsequent sale of the Prodeco coal mine in Columbia marked the beginning of the end of the miner’s previously untarnished relationship with shareholders. Read more

Xstrata grew through ‘big bang’ deals – ceo

May 02, 2013 - 10:05 GMT Location: London

When Mick Davis took over at the helm of Xstrata in 2001, the new team would have been forgiven for thinking the 42-year old South Africa-born businessman was slightly insane. Read more

Xstrata's relationship with Glencore had to change – Davis

May 02, 2013 - 10:00 GMT Location: London

Xstrata’s shareholding structure meant that some kind of change was inevitable to allow the firm to grow, its outgoing ceo has told Metal Bulletin. Read more

GlencoreXstrata – the stuff of novels unfolds

May 02, 2013 - 09:55 GMT Location: London

The merger of Glencore and Xstrata took more twists and turns than a John Grisham novel, with the end-result being very different from how even its authors envisaged it. Read more

Xstrata M&A – Regrets? I’ve had a few, says ceo Davis

May 02, 2013 - 09:50 GMT Location: London

The majority of Xstrata’s acquisitions were successful, but there are a few that its outgoing ceo wishes the miner had not got involved with. Read more

High Court of England and Wales sanctions Glencore-Xstrata merger

April 29, 2013 - 17:05 GMT Location: London

The High Court of Justice of England and Wales has authorised the new scheme to conclude the all-share merger of Xstrata and Glencore, now expected to become effective on May 2. Read more

COMMENT: Glencore and Mofcom – the fight over tight

April 19, 2013 - 15:25 GMT Location: London

Copper’s rout in recent weeks was punctuated on Tuesday April 15 by news that China’s regulator, the ministry of commerce (Mofcom), and Glencore had agreed the conditions by which the former would approve the trader-producer’s takeover of Xstrata in a process that began over a year ago. Read more

SPOTLIGHT: China places unique but tolerable demands on Glencore

April 17, 2013 - 10:46 GMT Location: London

Glencore’s commitment to supply China with copper, lead and zinc concentrates for the next eight years is unique in the metals markets. Read more

Glencore must sell Xstrata's Las Bambas stake to satisfy China

April 16, 2013 - 12:48 GMT Location: London

A number of conditions have been attached to Mofcom’s approval of the Glencore-Xstrata merger, according to a document on the Chinese ministry’s website, including divestment of the trader’s stake in the Las Bambas copper project in Peru. Read more

Nyrstar reaches deal with Glencore on European zinc, shareholding

April 16, 2013 - 12:35 GMT Location: London

Glencore will pay €44.9 million ($58.7 million) as a break fee to end its long-term zinc offtake agreement with Nyrstar, the Brussels-listed zinc producer announced on Tuesday April 16. Read more

MILLING ABOUT: Coates will take on full-time executive role at Glencore-Xstrata

April 16, 2013 - 12:08 GMT Location: London

Peter Coates, a mining expert, will join the combined Glencore-Xstrata as a full-time executive, once the merger is completed, Glencore has said. Read more

NEWS FLASH: Glencore-Xstrata Mofcom approval confirmed

April 16, 2013 - 11:35 GMT Location: London

Glencore has received final approval from the Chinese ministry of commerce (Mofcom) for its merger with Xstrata, it has emerged. Read more

HOTTER ON METALS: Top Xstrata executives to leave after merger

April 16, 2013 - 13:10 GMT Location: London

Several senior Xstrata executives are to leave the firm on or soon after the completion of its merger with Glencore International. Read more

Majors, Chinese companies likely to be interested in Las Bambas – analysts

April 16, 2013 - 13:50 GMT Location: London

The Las Bambas copper project in Peru, which Glencore-Xstrata must sell as a condition of its upcoming merger, is likely to attract attention from a string of international companies. Read more 

Is Glencore considering reducing its Las Bambas stake to satisfy Mofcom?

April 12, 2013 - 12:35 GMT Location: Santiago

The word in Santiago is that Glencore International is considering making concessions regarding the Las Bambas copper project in Peru in order to secure Chinese state approval for its merger with Xstrata. Read more

ANALYSIS: Glasenberg versus Mofcom

April 08, 2013 - 04:11 GMT

Last week Glencore announced – for the fifth time – that its takeover of Xstrata would be delayed, because China’s ministry of commerce (Mofcom) is still poring over the deal. Read more

Glencore-Xstrata merger date delayed again to May 2

April 02, 2013 - 08:56 GMT Location: Singapore

Glencore International has again extended the date it expects to conclude its merger with Xstrata as Chinese regulators continue to scrutinise the deal. Read more

Glencore-Xstrata merger wins Ivan Glasenberg 'Person of the Year' award

March 21, 2013 - 11:15 GMT Location: London

Glencore's $33 billion merger with mining major Xstrata has won ceo Ivan Glasenberg the FT/ArcelorMittal 'Person of the Year' award. Read more

Glencore-Xstrata merger deadline pushed back to April 16

March 05, 2013 - 10:45 GMT Location: London

Trading company and producer Glencore and miner Xstrata have moved the long-stop date for their $33-billion merger to April 16, Xstrata announced on Tuesday March 5. Read more

Glencore has to push back completion date for Xstrata deal again

March 01, 2013 - 13:50 GMT Location: London

Trading company and producer Glencore has had to push back the date when it expects to complete its $33-billion merger with mining company Xstrata once more. Read more

Glencore gains full South African approval for Xstrata deal

January 22, 2013 - 12:02 GMT Location: London

Glencore has received approval from the South African Competition Tribunal for its proposed merger with Xstrata, following a hearing on January 18, the company announced on Tuesday January 22. Read more

Eskom drops Glencore-Xstrata objections after confidential coal supply deal

January 21, 2013 - 11:15 GMT Location: Johannesburg

South Africa’s power utility Eskom has dropped its objections to the Glencore-Xstrata merger, the companies said on January 18, after they reached a confidential agreement on the future supply of coal. Read more 

Glencore and Xstrata delay merger completion by 6 weeks

January 18, 2013 - 08:13 GMT Location: Singapore

Glencore and Xstrata have pushed back the date for the completion of their $33 billion merger for a second time to allow for regulatory approval in China and South Africa. Read more

Glencore-Xstrata merger pushed back one month as SA regulator postpones Eskom hearings

December 13, 2012 - 11:00 GMT Location: Johannesburg

Glencore International has extended the deadline for its merger with Xstrata by one month, after delays in regulatory approvals pushed the timelines out, Glencore said on Tuesday December 11. Read more 


Eskom's coal concerns could delay Glencore-Xstrata merger

December 10, 2012 - 07:00 GMT Location: Johannesburg

Glencore and Xstrata’s tie-up may be delayed after South Africa’s power utility, Eskom, raised concerns to the competition regulator that the merger could threaten Eskom’s coal supplies. Read more


MILLING ABOUT: Reid to stand down as cfo after Glencore-Xstrata merger

December 04, 2012 - 10:25 GMT Location: London

Xstrata cfo Trevor Reid will give up his position following the miner’s merger with Glencore, becoming the third member of Xstrata’s board to do so. Read more


Glencore-Xstrata deal should get conditional Chinese approval, says expert

November 29, 2012 - 13:45 GMT Location: Shanghai

A senior China-based economist has told Metal Bulletin he expects the Chinese government to approve the merger between Glencore and mining company Xstrata, a decision which would remove one of the final regulatory barriers to the deal. Read more


MB-CESCO 8TH ASIA COPPER CONF: Glencore-Xstrata will produce 2m tonnes of copper by 2016

November 29, 2012 - 04:33 GMT Location: Shanghai

Glencore-Xstrata will produce two million tonnes of copper by 2016, making it the largest copper company in the world, Xstrata Copper said on Thursday November 29. Read more


LORD COPPER: Finally Glencore Xstrata reach the finishing line

November 22, 2012 - 18:00 GMT

Well, good sense seems to have prevailed in the Glencore-Xstrata story. Read more


Glencore must settle with Nyrstar before ending offtakes

November 22, 2012 - 17:50 GMT Location: London

Glencore must reach a settlement with Nyrstar before it can end its agreement to market production from the company to conclude its deal to take over Xstrata, the zinc producer said. Read more


Glencore-Xstrata can still dominate zinc market: Eurofer

November 22, 2012 - 17:15 GMT Location: London

The European Steel Association (Eurofer) has criticised the merger of Xtsrata and Glencore, saying not enough has been done to ensure that the combined entity cannot dominate the European zinc market. Read more 


Europe approves Glencore-Xstrata merger; Glencore promises not to buy Nyrstar zinc for 10 years

November 22, 2012 - 12:56 GMT Location: London

The European Commission has given the go-ahead to the merger of Glencore and Xstrata, it announced on Thursday November 22, after Glencore promised not to buy any European Economic Area (EEA) zinc metal from Nyrstar for a period of ten years. Read more


ANDREA HOTTER: Qatar seals Glencore-Xstrata deal fate

November 20, 2012 - 21:20 GMT

Qatar Holding, the second-biggest shareholder in UK-listed miner Xstrata, has perhaps not quite achieved what it set out to do in its dealings with Glencore. Read more


ANDREA HOTTER: Shareholders put Glencore in a tight spot

November 20, 2012 - 20:25 GMT Location: New York

Xstrata shareholders have approved the $90 billion all-share merger with Glencore International, but failed to back a scheme to retain key management after the deal is done. Read more


Bond will step down from Xstrata board

November 20, 2012 - 16:22 GMT Location: London

Xstrata chairman Sir John Bond will step down from his role after shareholders approved the merger of Xstrata and Glencore while rejecting a £144 million ($229 million) incentive plan to retain key Xstrata staff. Read more


Xstrata shareholders back Glencore deal without retention plan

November 20, 2012 - 15:16 GMT Location: London

Xstrata shareholders backed Glencore’s all-share merger proposal at a court meeting in Zug on Tuesday November 20, but voted down a £144 million ($229 million) incentive plan to retain key Xstrata staff. Read more


Qatar Holding to vote in favour of Glencore-Xstrata merger

November 15, 2012 - 12:35 GMT Location: London

Xstrata shareholders Qatar Holding (QH) will vote in favour of the Swiss mining giant’s merger with Glencore, the sovereign wealth fund said on Thursday November 15. Read more


HOTLINE: Europe weighs responses on Glencore-Xstrata's position in zinc

November 15, 2012 - 12:28 GMT Location: London

The European Commission has taken in responses to a questionnaire it sent out to the metal industry regarding the impact that the merger of Glencore and Xstrata will have on competition, where concern has centred on the zinc market. Read more


Zinc issues 'not a deal breaker' for Glenstrata - Jefferies

November 09, 2012 - 02:20 GMT Location: London

The merger of Glencore and Xstrata is “not a slam dunk”, analysts at Jefferies said in a note on Thursday, November 8 – but they expect it to go ahead. Read more


Glencore proposes Xstrata deal changes to EU’s competition regulator

October 31, 2012 - 12:40 GMT Location: Brussels

Glencore proposed a deal to the European Commission’s competition directorate general on Tuesday October 30, which would allow its merger with Xstrata to go forward, EU competition spokesperson Antoine Colombani told Metal Bulletin. Read more


Xstrata sets new shareholder, court meeting date
 
October 25, 2012 - 17:05 GMT Location: London

Xstrata has set a new date for its shareholder and court meeting, which will decide the fate of the proposed merger with Glencore. Read more


Glencore-Xstrata merger gets South African approval

October 23, 2012 - 11:30 GMT Location: London

The South African competition commission has approved the merger of Glencore and Xstrata. Read more 


EC sets provisional deadline for Glencore-Xstrata decision

October 04, 2012 - 09:59 GMT Location: London

The European Commission antitrust authority has set a provisional deadline of November 8 to make a decision on the Glencore-Xstrata merger. Read more


HOTLINE: Rumours emerge on what's next for Xstrata's Davis

October 02, 2012 - 18:17 GMT Location: London

It's fairly safe to say Xstrata ceo Mick Davis would not be caught twiddling his thumbs if he does indeed leave the company, assuming the merger with Glencore goes ahead. Read more


Threadneedle Investments expresses disappointment over new Glencore/Xstrata merger terms

October 02, 2012 - 17:09 GMT Location: London

The proposed Glencore-Xstrata tie-up is no longer a merger and has become a takeover, Threadneedle Investments, a 0.29% shareholder of Xstrata, has said in a letter sent to the board on Tuesday October 2. Read more


Knight Vinke questions Xstrata board approval for Glencore merger

October 02, 2012 - 12:23 GMT Location: London

Activist fund and Xstrata shareholder Knight Vinke has raised fresh concerns over the proposed merger of the diversified miner and Glencore following Monday’s approval from Xstrata’s independent non-executive directors. Read more


Glencore-Xstrata merger a done deal, Jefferies says

October 01, 2012 - 13:14 GMT Location: London

Analysts at Jefferies are expecting the Glencore-Xstrata merger to go through now the diversified miner’s independent non-executive directors have urged investors to vote in favour of the amended deal. Read more


Xstrata independent non-execs approve new Glencore merger terms

October 01, 2012 - 10:50 GMT Location: London

The independent non-executive directors of Xstrata have thrown their weight behind the latest iteration of the proposed merger with Glencore. Read more


Glencore, Xstrata shares in for tough time if merger agreement not reached

September 25, 2012 - 12:20 GMT Location: London

Failure to agree a new merger deal will hammer share prices at Glencore and Xstrata in the next week, an analyst at Fairfax said in a note on Tuesday September 25. Read more


Xstrata non-exec directors' Glencore merger response delayed

September 21, 2012 - 17:00 GMT Location: London

Glencore and Xstrata have been granted an extension to the deadline by which Xstrata’s independent non-executive directors must publish their response to the amended merger proposal. Read more


POLL RESULTS: Put your money in Glencore, respondents say

September 21, 2012 - 12:55 GMT Location: London

Glencore is still the best place to put your money, according to respondents to the latest Metal Bulletin poll. Read more


Commodities traders face once-in-a-generation shake-out – Oliver Wyman

September 14, 2012 - 13:25 GMT Location: London 

Commodities traders are facing the biggest shake-out in 30 years as they scramble to secure long-term financing to purchase assets spanning production, processing and logistics, according to advisory firm Oliver Wyman. Read more


LORD COPPER: Forget the City for a moment and ask Glencore’s customers

September 13, 2012 - 10:00 GMT Location: London

Over the years, Glencore – or going back, Marc Rich & Co – has been a thorn in the side of many people in the non-ferrous metal business. Read more


ANDREA HOTTER: Don't expect Qatar to just cave in to bumped-up Glencore bid

September 11, 2012 - 18:05 GMT Location: London

Qatar has sent a loud and clear message to the financial markets after Glencore bumped up its bid for Xstrata last week: we’re no pushover. Read more


Qatar Holding yet to make decision on revised Glencore-Xstrata deal

September 11, 2012 - 10:25 GMT Location: London

Qatar Holding has yet to make a formal decision on whether it will accept Glencore’s revised share offer for Xstrata, the sovereign wealth fund said on Tuesday September 11. Read more


Mixed reactions to Glencore’s 'full and final' offer for Xstrata

September 10, 2012 - 11:41 GMT Location: London

The “full and final” merger offer from Glencore to Xstrata has met with mixed reactions from the diversified miner’s major shareholders. Read more


ANDREA HOTTER: The genius of Glasenberg?

September 10, 2012 - 09:52 GMT

Some might say that Glencore’s handling of the Xstrata merger deal over the past few months has been risky, stubborn and egotistical. Read more


LORD COPPER: I'll only say it once: well done, Tony Blair

September 10, 2012 - 09:14 GMT Location: London

I wish I were Tony Blair – give or take a (reported) million dollars for a three-hour meeting to persuade somebody to say “OK, I’ll give you 3.05 of my shares for every one of yours, not only 2.8, like I said earlier”. Read more


Xstrata will respond to Glencore's revised offer by Sept 24

September 10, 2012 - 08:34 GMT Location: London

The board of UK-listed miner Xstrata has until Monday September 24 to decide whether or not to recommend the revised terms of Glencore International's merger offer to its shareholders, the company said Monday. Read more


Xstrata directors cool in initial response to Glencore's revised offer

September 07, 2012 - 17:45 GMT Location: London

Xstrata has asked Glencore to provide it with more details of its revised offer proposal, including whether the London and Hong Kong-listed trader and producer is effectively launching a takeover of the mining company. Read more


UPDATE: Glencore ups offer for Xstrata; all meetings adjourned until further notice

September 07, 2012 - 13:25 GMT Location: London 

Glencore has increased its all-share merger offer for Xstrata to 3.05 of its shares for every share in the diversified miner and has also called for Ivan Glasenberg to be put in as ceo of the combined entity. Read more


HOTLINE: Chocolate beats cheese in Xstrata vote

September 07, 2012 - 13:30 GMT Location: London

Amid the market shocks and last-minute amendments, there was one moment of levity at the meeting of Xstrata shareholders on Friday September 7. Read more


ANDREA HOTTER: Glasenberg lifted bid to avoid path he put Vale on

September 07, 2012 - 12:45 GMT Location: London

Just as Ivan Glasenberg’s determination to squeeze every last lucrative drop from Vale caused a planned deal between the Brazilian firm and Xstrata to collapse, now is he experiencing what it’s like to have someone threaten to thwart his own super-deal. Read more


Glencore boosts Xstrata offer; calls for Glasenberg to be ceo of combined entity

September 07, 2012 - 11:15 GMT Location: London

Glencore has put forward a new proposed merger ratio to Xstrata of 3.05 shares for every share in the diversified miner and has called for Ivan Glasenberg to be put in as the ceo of the combined entity. Read more 


ANDREA HOTTER: Having pushed as far as it could, Glencore blinks, may raise offer

September 07, 2012 - 09:31 GMT Location: London

In a classic example of brinkmanship, Glencore’s chief executive has been taken negotiations with Xstrata shareholders down to the wire with the company now “considering its options” over the deal. Read more


Glencore adjourns merger meeting at last minute

September 07, 2012 - 08:59 GMT Location: London

Glencore has adjourned the general meeting due to be held on Friday September 7 on the proposed all share merger with Xstrata. Read more


Glencore-Xstrata ratio now looks better for Qatar; represents 17% premium – Liberum

September 06, 2012 - 13:30 GMT Location: London

A merger ratio of 2.8 Glencore shares for every Xstrata share now represents a much more profitable proposal for Qatar Holding (QH) than it did in June, analysts at Liberum Capital suggested. Read more


ANDREA HOTTER: Whither Glencore-Xstrata?

September 05, 2012 - 20:12 GMT Location: London 

Xstrata shareholders decide on Friday whether or not to back a merger with their largest shareholder, Glencore. What happens if the deal doesn’t get their backing? Read more


ANDREA HOTTER: If Qatar and Glencore stick to their guns Xstrata deal is dead

September 04, 2012 - 17:41 GMT Location: London

For a company that prides itself on the strength of its marketing business, Glencore International is having a tough time promoting itself to Xstrata shareholders. Read more


Shareholder revolt threatens to kill off Glencore-Xstrata merger

August 31, 2012 - 17:03 GMT Location: London

The future of the proposed merger of mining titans Glencore and Xstrata was on a knife edge on Friday August 31, after a week of revolt from major shareholders. Read more


Qatar Holding will vote against Glencore Xstrata merger

August 30, 2012 - 17:00 GMT Location: London

Qatar Holding (QH) has formally stated that it plans to vote against the merger of Xstrata and Glencore in a meeting of shareholders to be held on September 7. Read more


Qatar Holding pushes Xstrata stake still higher
 
August 30, 2012 - 11:25 GMT Location: London

Qatar Holding (QH) has increased its stake in Xstrata again, bringing its total shareholding in the diversified miner to 11.67%. Read more


LORD COPPER: Is Xstrata pushing its luck?

August 28, 2012 - 11:15 GMT Location: London

Annual financial statements from some of the major mining companies have not made particularly cheerful reading over recent weeks. Read more


Little room in iron ore market for merged Glencore-Xstrata, says BHP’s Kloppers

August 22, 2012 - 17:20 GMT Location: London

Iron ore marketing opportunities for a merged Glencore-Xstrata will be limited, BHP Billiton ceo Marius Kloppers told Steel First at a press briefing in London on Wednesday August 22. Read more


Glasenberg rejects demands that Glencore boosts Xstrata bid

August 21, 2012 - 13:15 GMT Location: London

Glencore is holding firm at its merger ratio for Xstrata of 2.8 of its shares for every one of the diversified miner’s, ceo Ivan Glasenberg said during a conference call on Tuesday August 21. Read more


Five things to consider ahead of Glencore Xstrata merger vote

August 21, 2012 - 13:51 GMT Location: London

Glencore's first-half results were overshadowed by one question: will the trading company and producer sweeten its bid for Xstrata? Read more


Xstrata will survive if merger fails - Davis

August 07, 2012 - 17:50 GMT Location: London

Xstrata will maintain its ability to generate value as a standalone entity should the merger with Glencore fall through at the shareholder vote in September, ceo Mick Davis said during a conference call on Tuesday August 7. Read more


SPOTLIGHT: Glencore-Xstrata: If they don't, then what?

July 31, 2012 - 17:45 GMT Location: London

At what price will Glencore's takeover of Xstrata go ahead? And if the deal were to be rejected by Xstrata shareholders, then what? Read more


Qatar Holding boosts stake in Xstrata

July 24, 2012 - 11:00 GMT Location: London

Qatar Holding (QH) has increased its stake in diversified miner Xstrata by almost 600,000 shares, a regulatory filing showed. Read more


Xstrata sets September 7 date for Glencore vote

July 11, 2012 - 10:02 GMT Location: Singapore

Xstrata's shareholders will vote on Glencore's takeover bid on September 7, nearly two months later than planned. Read more


Will they, won't they? Analysts suggest fears over Glencore Xstrata merger overplayed

June 28, 2012 - 19:00 GMT Location: London

Fears that the Glencore Xstrata merger has hit the rocks following the request from Qatar Holding (QH) for the Swiss trader to up its offer may have been overplayed, analysts have said. Read more


QH request for Glencore/Xstrata merger ratio boost shocks market - analysts

June 27, 2012 - 11:39 GMT Location: London

The news that Qatar Holding (QH) is calling on Glencore to up its merger offer to 3.25 of its shares for every Xstrata share is a “shock” and a “seismic development”, analysts have said. Read more


Qatar Holding deals blow to Glencore Xstrata merger

June 27, 2012 - 10:05 GMT Location: London 

Xstrata shareholder Qatar Holding (QH) has created a new obstacle for the proposed Glencore Xstrata merger by calling on Glencore to increase its share ratio offer. Read more


Xstrata amends retention package; includes performance-related criteria

June 27, 2012 - 17:30 GMT Location: London

The hotly contested management incentive scheme at Xstrata is to be amended, including changes to retention awards to make them performance-related, the company confirmed in a statement on Wednesday, June 27. Read more


HOTLINE: ABI warns over Glenstrata retention payments

June 22, 2012 - 12:25 GMT Location: London 

The huge payouts for senior Xstrata staff attached to the Glencore merger have come under fire from the Assn of British Insurers (ABI), whose member companies account for almost 20% of the London Stock Exchange. Read more


FSA fines Glencore-Xstrata merger banker Hannam $721,000

April 03, 2012 - 15:31 GMT Location: London 

JP Morgan Cazenove senior banker Ian Hannam has been fined £450,000 ($720,591) by the UK’s banking watchdog, the Financial Services Authority (FSA), for passing on confidential information to prospective clients, according to a statement released by the regulator on Tuesday April 3. Read more


THE RESULTS: What next for Glencore Xstrata?

March 08, 2012 - 17:15 GMT Location: London

Which company will Glencore Xstrata seek to take over first? Read more


Glencore will buy 7.8% stake in Trevali

March 07, 2012 - 10:40 GMT Location: London 

Glencore International will spend $18 million to accelerate the operation of Trevali Mining Corp’s Halfmile mine in Canada, who agreed on a 100% offtake arrangement with Xstrata in late 2011. Read more


Glasenberg justifies terms of planned Xstrata merger

March 05, 2012 - 11:32 GMT Location: London 

Glencore ceo Ivan Glasenberg has moved to justify the terms of the Xstrata merger to those shareholders with stakes in Xstrata and not Glencore who have said they “do not understand” the business, ahead of a formal meeting on the merger of the two companies. Read more


Increase of share ratio 'likely' in Glencore/Xstrata merger - HSBC

February 29, 2012 - 12:58 GMT Location: London

Glencore is likely to change the terms of its proposed merger with Xstrata to raise the number of shares offered per Xstrata share, analysts at HSBC said. Read more

ANALYSIS: What BHP Billiton planned, Glencore-Xstrata must do

February 28, 2012 - 12:01 GMT Location: London

“[It will have] the low-cost production of a miner, the marketing skills of a trader, and the financing capability of a bank,” one senior metal marketer told Metal Bulletin.
He was not talking about the plan to merge Xstrata and Glencore into a $90 billion producer-trader powerhouse, revealed earlier in February. Instead, he was talking about BHP Billiton, the powerhouse that was formed in June 2001 by the merger of BHP and Billiton.
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Glencore and Xstrata seek merger approval from the European Commission

February 24, 2012 - 10:38 GMT Location: London 

Glencore International and Xstrata will ask the European Commission to approve their proposed $90 billion merger under the EU's merger regulations, Glencore said on Friday February 24. Click here for full story 

HOTLINE: Don’t mention the ‘Core!

February 24, 2012 - 09:37 GMT Location: London
 
Spare a thought for one analyst who Hotline ran into last week. In the employ of a large bank supplying financial services to a major European trading house, he has been ordered by management not to mention that trading house anywhere in his published reports. Click here for full story 


Glencore should improve Xstrata share ratio, say RBC analysts


February 13, 2012 - 15:34 GMT Location: London

Glencore will have to increase its ratio of 2.8 of its shares for every Xstrata share if the merger between the two companies is to go ahead and investors are to be kept happy, analysts at RBC Capital Markets said in a note on Monday February 13. Click here for full story

SPOTLIGHT: Glencore-Xstrata says coal, copper marketing will highlight merger's benefits

February 09, 2012 - 14:53 GMT Location: London

Glencore-Xstrata’s operations in the coal and copper concentrates markets will show how it will achieve an overall saving of $500 million per year in marketing synergies, Glencore ceo Ivan Glasenberg said this week. Click here for full story


Glencore merger undervalues Xstrata shares, delegates say

February 09, 2012 - 14:35 GMT Location: Cape Town

Trading house Glencore’s $90 billion all-share merger with mining major Xstrata will undervalue Xstrata’s shares, according to industry sources. Click here for full story

GLENCORE/XSTRATA MERGER: Full details of deal released 
February 08, 2012 - 10:45 GMT Location: London

Glencore and Xstrata formally confirmed they have agreed the terms of a recommended all-share merger of equals worth $90 billion on Tuesday February 7, and also released extensive details of the deal. Click here for full story 

More M&A ahead as Glencore and Xstrata agree merger

February 08, 2012 - 10:47 GMT Location: London

Glencore and Xstrata have formally confirmed they have agreed the terms of a recommended all-share merger of equals worth $90 billion, prompting one key question: what happens next? Click here for full story

Road to tie-up may not be smooth

February 08, 2012 - 10:46 GMT Location: London

The announcement of the agreed merger between Glencore and Xstrata, made on Tuesday February 7, is not necessarily a guarantee that it will go ahead, sources have said. Click here for full story

Glencore, Xstrata seek ‘new business model’ in $90bn merger

February 07, 2012 - 07:14 GMT Location: Shanghai

Xstrata has agreed an all-share takeover by Glencore to create a $90 billion group that could shake up the mining sector from extraction to marketing. Click here for full story

LORD COPPER: Glencore-Xstrata will be a merger of more-than-equals

February 06, 2012 - 14:00 GMT Location: London

Glenstrata, X-Core, Davenberg, Mivan? Whatever the result of the Glencore-Xstrata merger is to be called, finding a name is an inevitable step after the IPO. Click here for full story

COMMENT: Glenstrata still has to break the mould

February 03, 2012 - 13:30 GMT Location: London

The news that Glencore and Xstrata are in merger talks would only come as a surprise to someone living under a rock, and only then if said rock did not contain any valuable minerals. But now that talks of a tie-up of the world’s largest metals trader and its fourth largest miner have finally moved into the boardroom, hypothetical questions have become real, and the answers are far from certain.  Click here for full story

Glencore and Xstrata discuss merger to create $90bn miner

February 02, 2012 - 12:12 GMT Location: London

The combination of Glencore and Xstrata, if a merger went ahead, would create a company with a value of between $80 billion and $100 billion and could trigger further consolidation in the mining industry. Click here for full story