Feb 02, 2012 xstrata, based in switzerland and the u. Glencore increases xstrata megamerger offer business. The histories of glencore and xstrata have been inextricably connected since at least 2002. Glencore xstrata what it could mean for commodities. Excluding glencore s 34% stake, that would mean shareholders holding at least 17% of xstrata s shares would be able to block the deal. Glencore, the worlds biggest commodities trader, with products including oil, coal, gold and foodstuffs, has been circling xstrata for a number of. Glcnf and xstrata plc has been completed and the result is a new company called glencore xstrata plc which will employ. It had operations in 19 countries across africa, asia, australasia. 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. Nov 20, 2012 glencore shareholders gave their approval earlier tuesday. Xstrata and glencore shareholders approve merger bbc news. Teachers say poor internet access is a barrier for working remotely. Bernstein, noted that even though the writedown was pretty large, glencore xstrata was right to take it in one stroke. London one of the worlds largest deals in recent years has finally reached the finishing line.
These mining and commodities trading giants, which are in the midst of a. Xstrata, glencore agree to terms on merger the globe and mail. The current company was created through a merger of glencore with xstrata on 2 may 20. May 03, 20 glencore xstrata made a positive start to life as a merged company, with its shares up nearly 2% in a buoyant mining sector glencore is 5. Aug 21, 2012 the merger proposal has been in danger since sovereign wealth fund, qatar holding, xstratas second largest shareholder with an 11. The clearance is conditional on the termination of glencores.
Xstrata confirms glencore merger approach the star. At least two top 10 shareholders in miner xstrata plan to vote against a takeover by commodities trader glencore, threatening the creation of a. Glencore xstrata takes writedown after merger the new york. The glencorexstrata merger will create significant. Five reasons glencorexstrata megamerger is important. Glcnf stock price glencore xstrata plc stock quote u. Glencore xstrata climbs 2% on debut as merged company hints.
As of 2015, it ranked tenth in the fortune global 500 list of the worlds largest companies. Glencores merger with xstrata hits the rocks the source. Commission approves glencore s acquisition of xstrata, subject to conditions. Xstrata shareholders will receive new shares in glencore as. Lexs stuart kirk and julia grindell discuss how underlying earnings were supported. Commodities trader glencore and mining giant xstrata will merge under a. 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. Glencore 1 days we work with our stakeholders to understand their areas of interest, taking a transparent and timely approach in sharing information, such as our microsite for tailings storage facilities with detailed info across our 126 facilities. Glencore completed its takeover of xstrata on thursday, 450 days after the commodities trading house and the mining company announced what was initially planned as a merger of equals. Glencore drops xstrata glencore xstrata plc is no more. Media caption robert peston says that the merger between glencore and xstrata will create significant pricing power.
European commission press release details page european commission press release brussels, 22 november 2012 the european commission has cleared under the eu merger regulation the proposed acquisition of xstrata, the worlds fifth largest metals and mining group, by glencore, the worlds leading metals and thermal coal trader. Xstrata, glencore agree to terms on merger the globe and. Glencore plc engages in the production and marketing of metal, mineral, and energy and agricultural commodities. Glencore, the commodities trader, has confirmed today that its in advanced talks with mining firm xstrata over a potential merger. May 02, 20 glencore completed its takeover of xstrata on thursday, 450 days after the commodities trading house and the mining company announced what was initially planned as a merger of equals. Glencore shareholders gave their approval earlier tuesday. Nov 20, 2012 the merger offer was first announced in february, when glencore offered 2.
The firm serves the automotive, steel, power generation. The merger offer was first announced in february, when glencore offered 2. Glencore can flip to an offer but only with xstrata and the takeover panels consent. Nov 20, 2012 glencore, xstratas largest shareholder with a 34% stake, is offering 3.
Glencore, xstrata embrace merger shareholders of swiss companies glencore and xtrata have voted overwhelmingly to merge, creating the worlds fourth biggest commodities company. The companies said the price marks a 15% premium over the value of xstrata shares on. Oct 01, 2012 although the key xstrata shareholder, qatar holdings, with its 12% stake, was asking for a higher offer than the 3. Glencore xstrata has the potential to become a very. Sustainable development at glencore xstrata michael fahrbach. Xstrata extracts more from glencore merger business. Glcnf and xstrata plc has been completed and the result is a new company called. Commodities trader glencore is in talks to buy mining group xstrata in an all share. Glencore xstrata takes writedown after merger the new. The company mines copper in the americas, zinc in spain and ferrochrome and vanadium in. Sep 10, 2012 l ike former barclays chief executive bob diamond, the bosses of glencore and xstrata are a breed apart. Responding to the defeat, xstrata chairman john bond said he would resign once the merger had been completed and a successor identified.
The european commission has cleared under the eu merger regulation the proposed acquisition of xstrata, the worlds fifth largest metals and mining group, by glencore, the worlds leading metals and thermal coal trader. Those in the know have already pointed out that a merger has been on the cards for the past five years or so so this hasnt exactly come as a shock. Excluding glencores 34% stake, that would mean shareholders holding at least 17% of xstratas shares would be able to block the deal. These mining and commodities trading giants, which are. Glencorexstrata deal meets shareholder opposition reuters. Feb 07, 2012 the merger values each xstrata share at 1,290. After months of negotiations, the offer was increased to 3. Glencore to buy xstrata in biggest mining merger bloomberg. Glencore xstrata mining currently has 25 african mining projects listed on africa mining iq, with a combined value exceeding r 415 billion africa mining iq monitors these operations through an extensive mining project database that is updated daily, including key contact information for mine owners that enables 247 access to reliable, verified mining information. 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. Glencorexstrata the profitable and untethered march to global. Although neither glencore nor xstrata own or operate productive assets in the.
As of 2015, it ranked tenth in the fortune global 500 list of the worlds largest companies as glencore international, the company was. Feb 07, 2012 under the terms of the deal, xstrata shareholders would receive 2. The glencore and xstrata merger still has to clear regulatory hurdles but most analysts expect the deal to close, potentially paving the way to. Specialised screening software for all counterparties. May 27, 2012 glencore, which already owns almost 34 percent of the miner, is offering 2. Instead, the trading and mining titan created by the merger of glencore and xstrata last may will change its name, dropping the dual moniker. Xstrata later said the deal would go ahead without the retention package in. Xstrata was unsuccessful in its attempted merger with anglo american in 2009, but joining with glencore could give davis and glencore ceo ivan glasenberg the extra weight needed to finally push a. Glencore we work with our stakeholders to understand their areas of interest, taking a transparent and timely approach in sharing information, such as our microsite for tailings storage facilities with detailed info across our 126 facilities. In this respect the decision follows the draft regulation on merger. A merger between glencore and xstrata offers a unique opportunity to create a new business model in our industry to respond to a changing environment, said xstrata chief executive mick davis, who. Feb 07, 2012 at least two top 10 shareholders in miner xstrata plan to vote against a takeover by commodities trader glencore, threatening the creation of a powerhouse spanning mining, agriculture and trading. Europes antitrust regulators are due to give their verdict by thursday.
Glencore plc is a british multinational commodity trading and mining company with headquarters in baar, switzerland, and its registered office in saint helier, jersey. Mergers, acquisitions and capital raising in mining and metals ey. May 02, 20 london one of the worlds largest deals in recent years has finally reached the finishing line. Glencore finishes takeover of xstrata financial times. Glencores merger with xstrata hits the rocks the source wsj. L ike former barclays chief executive bob diamond, the bosses of glencore and xstrata are a breed apart. Indeed, a newly merged, resourceheavy glencorexstrata could lead the charge in future acquisitions. Glencore can only obtain either 100% or stay at its 34% stake. One important driver behind the accumulation of stocks in lme warehouses is of. Glencore international, the swiss commodities trader, announced on thursday that its merger with the mining giant xstrata was complete and that shares in the newly combined company, called glencore xstrata, would start trading in london on friday. Glencore, which already holds 34 per cent of the switzerlandbased mining company, made an approach regarding an allshare merger of equals, xstrata said yesterday in a statement. The merger proposal has been in danger since sovereign wealth fund, qatar holding, xstratas second largest shareholder with an 11. The possible revision of the offer comes barely two weeks ahead of a shareholders vote on the deal. The groups industrial and marketing activities are supported by a global network of more than 90 offices located in over 50 countries.
Glencore, xstratas largest shareholder with a 34% stake, is offering 3. Glencore completes deal for xstrata the new york times. Glencore xstrata climbs 2% on debut as merged company. Glencore xstrata is one of the worlds largest global diversified natural resource companies and is one of the biggest companies within the ftse. The company was created through a merger of glencore with. 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. Under the terms of the deal, xstrata shareholders would receive 2. Glencore, which already owns almost 34 percent of the miner, is offering 2. O2 and virgin media uk are discussing a potential merger. Nov 20, 2012 glencore, the worlds biggest commodities trader, with products including oil, coal, gold and foodstuffs, has been circling xstrata for a number of years and has already built up a sizeable stake.
Xstrata plc was an angloswiss multinational mining company headquartered in zug, switzerland and with its registered office in london, united kingdom. Mofcom orders extraterritorial divestiture of key mining asset in. 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. This global mining and commodity trading giant was formed by the 20 merger of glencore international and xstrata. Investors and analysts say the main potential stumbling block, after years of onoff. Responding to the defeat, xstrata chairman john bond said he would resign once the. Glencore xstrata made a positive start to life as a merged company, with its shares up nearly 2% in a buoyant mining sector glencore is 5.
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