The European Commission said Wednesday it is delaying the deadline to emit a verdict on Glencore International PLC's $70 billion merger proposal with Xstrata (LON:XTA) after Glencore (LON:GLENA) made concessions to reduce EU concerns about too much potential concentration of interests in northern Europe.
Glencore Mining News
On November 20, 2012 Glencore and Xstrata shareholders will attend a meeting, where they will vote on the merger of both companies. The transaction is valued at USD 37 billion.
Qatar's sovereign investment fund, the second largest shareholder in Xstrata PLC (LON:XTA) with 12% of equity, confirmed Monday it is looking positively at the company's planned merger with Glencore International (LON:GLEN).
Diversified miner Xstrata (LON:XTA) and commodities trader Glencore International (LON:GLEN) have now until October 1 to decided on the $36 billion lauded merger.
Glasenberg’s determination to continue with the offer as originally planned comes amid growing signs that Xstrata is more confident of its position on a stand-alone basis.
Shares of iron miner Bellzone were on the rise this morning after the company agreed to sell all of its share of output from the Forecariah mine in Guinea to commodities trading giant Glencore.
Xstrata has approved a $360 million expansion for its McArthur River mine in Australia’s Northern Territory which will make the project the largest producer of zinc in the world.
Following a series of recent protests and other problems affecting mining companies with operations in Colombia, coal workers for the local unit of Glencore International went on strike late Thursday, causing the immediate halt of the company's operations in the country.
Vale, the world's second-largest mining company, sold its ferromanganese plants in Europe to Glencore International for $160 million, as it seeks to help finance core investments in iron ore, coal and nickel.
Giant miner Xstrata has set Sep. 7 as the day for its shareholders to vote on the $26 billion takeover by Glencore, giving the commodities trader six weeks to reach an agreement on the conditions.
Xstrata has delayed voting on a merger with Glencore as investors continue to dictate the offer and unions become more vocal about their concerns over the deal.
Australia's antitrust regulator has decided it would not oppose commodities trader Glencore's $26 billion takeover of miner Xstrata.
On top of increased demand from China, the re-emergence of a trader controlling more than half of London Metal Exchange copper stocks and cash contracts could squeeze the market just as it did in April.
Knight Vinke is looking for a ratio of 3.25:1 similar to the demands of Qatar which last week pushed the $60 billion deal to the verge of collapse.
While both Davis and Glencore CEO Ivan Glasenberg would suffer blows to their reputations as dealmakers if the merger should collapse other parties stand to lose more.
Commodities trader Glencore International is studying modifications to its $26 billion bid for miner Xstrata after Qatar's sovereign wealth fund, a key shareholder, unexpectedly opposed the deal's terms.
Qatar's about-turn means that more than 25% of shareholders eligible to vote at the 12 July meeting are now against the deal’s current terms.
A consortium comprising commodities trader Glencore and South African businessperson Cyril Ramaphosa’s Lexshell 849 has increased its shareholding in black economic-empowered Optimum Coal to just over 70%.
Bolivia’s leftist government announced it won’t pay any financial compensation to Swiss miner Glencore after yesterday’s decision to take over its Colquiri tin and zinc mine.
The unusual alert, considered the Association of British Insurer's most serious warning, indicates a breach in corporate governance.
The prospectus giving details of the creation of a $90 billion mining and commodities trading behemoth will finally find its way to the inboxes of shareholders today.
The largest agricultural sector deal in years has taken one step closer to completion, as shareholders of Canadian grain handler Viterra Inc have voted strongly in favour of a friendly takeover offer by Swiss commodities trader Glencore International Plc.
The prospectus giving details of the creation of a $90 billion mining and commodities trading behemoth will find its way to the inboxes of shareholders this week.
Commodity trader Glencore is tightening its grip on the global zinc market by moving material to inaccessible locations, forcing industrial users to pay high physical premiums for a metal that is in surplus.
Swiss commodities trader Glencore International PLC (LON:GLEN) painted a rosy outlook for the worldwide demand for raw materials this year, as China and the U.S. help offset the impact of the slump in Europe.