Fri, 03/02/2012 - 06:00
The global mining giant Xstrata plc has confirmed that it has received an approach from and is in discussions with commodities giant Glencore International plc regarding an all share merger of equals “which may or may not lead to an offer being made by Glencore for Xstrata.” A combined group could be valued at about USD82 billion.
In accordance with Rule 2.6(a) of the (UK) City Code on Takeovers and Mergers (the “Code”), Glencore (which already owns 34.4% of Xstrata) is now required, by no later than 5:00 p.m. on 1 March 2012, to either announce a firm intention to make an offer for the Company in accordance with Rule 2.7 of the Code or announce that it does not intend to make an offer, in which case the announcement will be treated as a statement to which Rule 2.8 of the Code applies. The deadline can be extended with the consent of the Panel in accordance with Rule 2.6(c) of the Code.
Xstrata, listed in London and Switzerland and headed by chairman Sir John Bond and CEO Mick Davis, is one of the world’s largest mining and metals companies - a major producer of seven commodities used in everything from constructing buildings and delivering electricity to developing jet engines and mobile phones. It operates in more than 20 countries and employs more than 70,000 people globally.
Glencore, headed by CEO Ivan Glasenberg (pictured) and headquartered in Baar, Switzerland, was founded in 1974 by Marc Rich and is one of the world's leading integrated producers and marketers of commodities.
In May 2011, Glencore became a public company with a primary listing on the London Stock Exchange and a secondary listing on the Stock Exchange of Hong Kong.
Glencore has worldwide activities in the production, sourcing, processing, refining, transporting, storage, financing and supply of metals and minerals, energy products and agricultural products.
These commodities either originate from Glencore's own production assets or are sourced from third parties. Glencore also provides financing, logistics and other supply chain services to producers and consumers of commodities. Over 2,700 people work in Glencore’s marketing operations, while Glencore’s industrial operations directly or indirectly employ over 54,800 people in 30 countries.
Fri 31/07/2015 - 13:10
Thu 30/07/2015 - 14:07
Thu 30/07/2015 - 13:52
Thu 30/07/2015 - 07:19
Mon 03/08/2015 - 15:10
Mon 03/08/2015 - 07:39
Fri 31/07/2015 - 13:18
Mon, 03/Aug/2015 - 14:10
Mon, 03/Aug/2015 - 14:06
Mon, 03/Aug/2015 - 13:48
Mon, 03/Aug/2015 - 13:45
Mon, 03/Aug/2015 - 07:27
Mon, 03/Aug/2015 - 07:26