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.
Glencore Mining News
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.
While 2011 was a near-record year for mining mergers and acquisitions (M&A), with over 2,600 deals worth $149 billion in the global mining sector, 2012 is not looking so good, at least not for Canada. The value of mining M&A tumbled 50% in the first quarter compared to the prior three months, with only one deal over $1 billion, said KPMG in a report.
Glencore CEO Ivan Glasenberg told a conference in Switzerland that mining companies will fight resource nationalism by pulling out of countries where they feel demands are too onerous.
Anglo-Swiss Xstrata Plc. (LON:XTA) reported today mixed production results for its first quarter, with copper production declining 18%, but said operating and financial performance remains strong.
The $2.6 billion Qatari investment could provide Glencore CEO Ivan Glasenberg the necessary backing he needs to push through the deal which many Xstrata shareholders say sell them short.
Sual Partners Group, owned by Russian billionaire Viktor Vekselberg, is suing Rusal, the world's top aluminum producer and commodities giant Glencore over an aluminum supply deal worth some $47 billion.
Glencore’s “aggressive financial and acquisition policy” has been a “recurring credit weakness.”
Commodity giant Glencore International PLC has reached a $6.1-billion deal to buy Canada’s grain handler and agricultural retailer Viterra Inc., and announced plans to sell most of its Canadian assets to Agrium Inc. and Richardson International Ltd.
News media reports say western Canadian agri-business companies Agrium and Richard may be joining Glencore in a rumored US$5.49 billion bid for Viterra.
Glencore (GLEN.L) is one of a handful of parties eyeing a potential bid for Viterra (VT.TO), Canada's largest grain handler, as the diversified trading house looks to boost its agricultural presence, a Swiss-based industry source said on Monday.
Glencore perplexed by Zambia copper plant closure, to testify before UK parliament's tax avoidance inquiry
Glencore on Monday expressed surprise over health and environment officials in Zambia's decision to immediately close a Mopani copper operation over complaints from residents of a nearby town. The London-listed commodities giant is also set to appear before a British inquiry over tax avoidance in the developing world.
Ivan Glasenberg, CEO of Glencore International stands to receive dividends worth roughly $110 million on Monday when the commodities giant announces its maiden full-year payment to shareholders.
Canadian junior zinc miner Trevali Mining (TSX:TV) said Thursday Switzerland-based commodities trader Glencore International (LON:GLEN) has agreed to buy a 7.8% stake in the zinc miner through a private placement financing worth US$18 million.
The world's biggest miner, BHP Billiton (Hamburg: BHP1.HM - news), said Wednesday the planned blockbuster merger between Glencore and Xstrata (Dusseldorf: XTR.DU - news) would not impact on its strategy.
After months of speculations and secret negotiations, Xstrata PLC (LON:XTA) and Glencore International PLC (LON:GLEN) have formally announced an all-share merger that would create a $90bn giant named "Glencore Xstrata International PLC."
The Telegraph reports Chairman John Bond and CEO Mick Davis risk being voted off the board of Xstrata after being accused of negotiating "a cosy stitch-up" with Glencore and that other major shareholders have threatened to block the deal altogether if the Swiss commodities giant does not offer a "substantial premium."
The $80 billion proposed merger of commodities trader Glencore and Swiss-based miner Xstrata could lead to a fresh round of acquisitions in iron ore, Reuters is reporting today.
The long-term fling between mining group Xstrata PLC (LON:XTA) and commodities trader Glencore International PLC (LON:GLEN) is getting serious. In a statement in response to increasing speculation about an upcoming merger, Xstrata confirmed today that it is in negotiations with Glencore.
Glencore International plc today announced that a subsidiary has entered into an agreement with Exxaro Base Metals and Industrial Holdings (Proprietary) Limited to acquire Exxaro’s entire 50.04 per cent shareholding in Rosh Pinah Zinc Corporation (Proprietary) Limited, a zinc mining business in Namibia.
Glencore International Plc, the biggest publicly traded commodities trader, ended a proposal to buy a majority stake in a South American copper project for $475 million, CST Mining Group Ltd. (985) said.
Global commodities trader Glencore (LON:GLEN) is making inroads into South African coal. Reuters reports that Glencore has signed a deal to buy energy trader Mercuria's 15 percent stake in South Africa's Optimum Coal Holdings (OCH) in its drive to acquire the whole company worth around $1 billion, sources close to the agreement said. Completing the Optimum acquisition would make Glencore South Africa's fourth-largest coal exporter, without including Xstrata's tonnage, for which it provides advisory services.
JSE-listed Optimum Coal, which Glencore and local businessperson Cyril Ramaphosa want to buy, said on Friday that an alternative bidder has withdrawn its interest in acquiring a controlling stake in the miner.