Ivan glasenberg, glencore chief executive, only won the backing of qatar after it raised its original offer of 2. Ivan glasenberg again lived up to his reputation as a shrewd deal maker, said paul gait, a mining analyst at sanford bernstein in london. Mofcom imposed both structural and behavioral remedies on this deal facts on 16 april 20, mofcom posted the first clearance with remedies in 20, finally giving green light to the glencore xstrata deal. Feb 07, 2012 a potential glencore xstrata merger is setting the deal world abuzz with hope that the prefinancial crisis wave of blockbuster mining deals could be revived. Glencores billionaire ceo glasenberg raises xstrata bid. Glencore drops xstrata glencore xstrata plc is no more. China approves glencore and xstrata deal financial times. Glencore xstrata is one of the worlds largest global diversified natural resource companies and is one of the ten biggest companies within the ftse 100 index. Mofcom concluded that the deal raised competition concerns in chinese. Glencorexstrata deal meets shareholder opposition reuters. Mining and metals group glencore international plc has completed its longawaited merger with xstrata plc to form the worlds fourth biggest mining company and the worlds biggest commodities trader. It was a major producer of coal and the worlds largest exporter of thermal coal, copper, nickel, primary vanadium and zinc and the worlds largest producer of ferrochrome. Glencore and xstrata strike mining merger, but some balk. A lawyer close to the deal told iflr the merger was structured as a scheme to take advantage of stamp duty savings and to avoid creeping control by glencore shareholders.
Glencore, xstrata embrace merger shareholders of swiss companies glencore and xtrata have voted overwhelmingly to merge, creating the worlds fourth biggest commodities company. Sep 10, 20 london reuters glencore will cut spending, shelve dozens of projects and squeeze more than expected from its recordbreaking purchase of mining group xstrata, lifting benefits from the deal to. Sep 10, 2012 glencore reveals final offer for xstrata in a deal reportedly brokered by tony blair, xstratas chief executive would head up the merged company for six months. Glencorexstrata the profitable and untethered march to. Glencore closes in on xstrata deal 3 min read reuters glencores glen.
Since glencore s ipo, the shares of the trading houses have fallen by 21 per cent, compared to a 44 per cent drop for the miner. Xstrata plc was an angloswiss multinational mining company headquartered in zug, switzerland and with its registered office in london, united kingdom. We announce a deal to acquire chevrons south african and botswanan. Glencore, xstrata extend mergerclosure deadline marketwatch. Glencore and xstrata deal hangs in the balance telegraph. Glencore turns to fear to clinch xstrata deal marketwatch. Glencore, the worlds largest diversified commodities trading house, will issue 2.
Glencore profile, history, founder, founded, ceo mining. Glencore xstrata plc, founded in 20 and headquartered in baar, switzerland is a public owned company serving worldwide in the segment of metals and minerals, energy products and agricultural products. L got the goahead from both sets of shareholders on tuesday. Find link is a tool written by edward betts searching for xstrata 53 found 184 total alternate case. It had operations in 19 countries across africa, asia, australasia. Here are the major steps this year that have led to the deal. It offers a variety of programmes on nutrition, strength training and stress management. Xstrata is due to give a first quarter update on may 1 with glencore due to update on may 9.
Glencore completes deal for xstrata the new york times. This global mining and commodity trading giant was formed by the 20 merger of glencore international and xstrata. Feb 07, 2012 on tuesday, xstratas share price fell 4. Glencorexstrata, conditionally cleared in april 20, months after eu. The groups industrial and marketing activities are supported by a global network of more than 90 offices located in over 50 countries. The takeover is one of the few bright spots in europes moribund mergers and acquisitions market, as both companies and their shareholders have been gripped by a series of wellpublicized arguments over how. Xstrata sets september date for glencore vote reuters. After the merger with glencore, the xstrata cfo trevor reid announced that he. As of 2015, it ranked tenth in the fortune global 500 list of the worlds largest companies as glencore international, the company was. View glcnf business summary and other industry information. January 2020 learn how and when to remove this template message. The pools were the culmination of a long tradition of agrarian. Glencore reveals final offer for xstrata business news. Feb 07, 2012 under the terms of the deal, xstrata shareholders would receive 2.
Glencore xstrata takes writedown after merger the new. Aug 24, 2012 glencores attempted takeover of xstrata slipped further away as a deadline passed for the commodities trader to raise its. The current company was created through a merger of glencore with xstrata on 2 may 20. Feb 07, 2012 glencore is to buy the two thirds of xstrata it does not own for an agreed 26. Feb 09, 2012 glencore can flip to an offer but only with xstrata and the takeover panels consent. They have each run their respective businesses in an entrepreneurial way. New company shares, glencore xstrata, will begin trading on the london stock exchange on friday. Glencores billionaire ceo glasenberg raises xstrata bid to woo. Only 16 percent of xstratas register have to vote against the deal to block it, which means there is a significant risk glencores proposal isnt. Timelineglencore closes in on xstrata deal reuters. Instead, the trading and mining titan created by the merger of glencore and xstrata last may will change its name, dropping the dual moniker. Eu to decide on glencorexstrata deal by november 8 reuters.
The introduction of the antimonopoly law on 1 august 2008 heralded a new era for merger control enforcement in the country. The takeover is one of the few bright spots in europes moribund mergers and acquisitions market, as both companies and their shareholders have been gripped by a series of wellpublicized arguments over how the takeover should proceed. As of 2015, it ranked tenth in the fortune global 500 list of the worlds largest companies. Glencore and xstrata move deals deadline financial times. Xstrata, glencore agree to terms on merger the globe and mail. Glencore to buy xstrata in biggest mining merger bloomberg. Glasenberg calls in tony blair to facilitate a deal with xstrata s leading shareholder.
Glencore xstrata is one of the worlds largest global diversified natural resource companies and is one of the biggest companies within the ftse. Glencore plc is a british multinational commodity trading and mining company with headquarters in baar, switzerland, and its registered office in saint helier, jersey. Jumio brandvoice paid program oracle brandvoice paid program. May 02, 20 trading in the new glencore xstrata shares will begin in london on may 3 starting at 9. The companies said shareholder meetings to approve the merger are now expected to take place in early. Analysts have been poring over the mathematics of the proposed allshare merger between glencore and xstrata, announced on february 7th, trying to work out which side has the better of the deal. News of the unease saw xstrata shares fall almost 5% by. May 03, 20 new company shares, glencore xstrata, will begin trading on the london stock exchange on friday. Xstrata plc was an angloswiss multinational mining company headquartered in zug. Glasenberg calls in tony blair to facilitate a deal with xstratas leading shareholder, qatar holding. The glencorexstrata merger will create significant. May 23, 2020 glencore xstrata plc company facts, information and stock details by marketwatch.
Glencore ceo ivan glasneberg, a billionaire, raised his bid in order to secure a. Glencores attempted takeover of xstrata slipped further away as a deadline passed for the commodities trader to raise its. Feb 06, 2012 glencore is set to pay a larger premium than expected to seal its longcoveted merger with xstrata, a move designed to defuse concerns among xstrata investors about a cozy deal between the chief. Glencore deal news and updates from the economic times.
Excluding glencore s 34% stake, that would mean shareholders holding at least 17% of xstrata s shares would be able to block the deal. Glasenberg calls in tony blair to facilitate a deal with xstratas leading shareholder. Time nears for a glencore and xstrata deal financial times. Glencore said in a statement thursday that the merger between the two companies is effective and the. On friday, his team sweetened its offer for xstrata, implying they were. Glencore also said its interim chief executive designatecurrent xstrata ceo mick daviswill step down after the merger closes on may 2, rather than lead the company for the first six months. According to the notice, glencore and xstrata have horizontal overlaps and vertical relations in several. This is a fabulous deal for glencore, its probably a great deal for the xstrata management, but its a poor deal for xstrata s majority shareholders, shroders richard buxton told reuters. New electricity trading arrangements power stations timeline of the. Glenstrata deal costs chairman bond his job reuters. Time nears for a glencore and xstrata deal the globe and. Glencorexstrata is an angloswiss multinational commodity trading and.
Glencore can only obtain either 100% or stay at its 34% stake. Feb 07, 2012 shares of glencore glen, which already owns a 34% stake in xstrata, fell 3. Glencore finishes takeover of xstrata financial times. As glencore international, the company was already one of the worlds leading integrated producers and marketers of commodities. Glencore plc is a britishswiss multinational commodity trading and mining company with headquarters in baar, switzerland, and its registered office in saint helier, jersey. One of the worlds premiere commodities trading firms. February 7, 2012 glencore and xstrata agree an allshare merger to create a commodities powerhouse, spanning mining, agriculture. The companies said the price marks a 15% premium over the value of xstrata shares on. Glencore misses xstrata deadline offer business the. Glencore misses xstrata deadline offer business the guardian. Glencorexstrata deal on hold for another week 247 wall st. What the glencore xstrata deal means for the global mining.
186 45 1388 821 29 677 1145 869 1229 1528 301 1390 586 1177 788 140 1169 81 919 1094 1092 1041 868 1444 963 1086 1236 1307 53 565 621