Arab Today, arab today glencore raises offer for xstrata merger
Last Updated : GMT 21:17:27
Arab Today, arab today
Arab Today, arab today

Glencore raises offer for Xstrata merger

Arab Today, arab today

Arab Today, arab today Glencore raises offer for Xstrata merger

Zurich - AFP

A blockbuster merger between commodities giant Glencore and mining group Xstrata may be salvaged as Glencore on Friday offered to raise its offer, after shareholder Qatar demanded better terms. Qatar Holding, which is wholly owned by Qatari\'s sovereign wealth fund, said last week it opposed the previous terms of the merger which if completed would create a commodities behemoth worth around 69.8 billion euros ($87.3 billion) according to the current market capitalisation. Glencore had flatly refused to budge, but after a last-minute adjournment of a crucial vote on the merger on Friday, it made its new offer to exchange 3.05 of the new group\'s shares for every Xstrata share. It had previously offered 2.8 shares for every existing Xstrata share, while Qatar Holding, which is Xstrata\'s second-largest shareholder with a 12 percent stake, had since June been seeking 3.25 shares. While raising its offer, Glencore also demanded that its chief executive Ivan Glasenberg become the head of the combined group, and that the transaction be structured as a \"takeover offer or as a scheme of arrangement of Xstrata\". Qatar Holding earlier said that \"although it continues to support the principle\" of the merger, it has determined that it will not support the current terms. Other shareholders have rallied around Qatar\'s new demands. According to a Financial Times report, Norges Bank Investment Management, which manages Norway\'s oil-backed sovereign wealth fund and has hiked its holdings in Xstrata to 3.0 percent, had \"privately indicated\" its opposition to the earlier terms of the Glencore-Xstrata merger. Glencore, which owns nearly 34 percent of its coveted compatriot, is not authorised to vote on the merger. Xstrata\'s and Glencore\'s general assemblies were already postponed once in early July due to Qatar\'s demand for better merger terms, as well as grumbling over bonuses being handed out to 73 Xstrata top executives, including chief executive Mick Davis. In the first half of the year, Glencore posted a slightly lower net profit at $2.3 billion, but said it remained in a solid position to grow its revenue. Glencore deals in a range of products including oil, coal, gold and foodstuffs, but also owns a number of mines worldwide. Its dual listing in Hong Kong and London in 2011 valued it at nearly $60 billion. Mining giant Xstrata meanwhile saw its net profit slump 33 percent in the first half of the year to $1.9 billion.

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today glencore raises offer for xstrata merger Arab Today, arab today glencore raises offer for xstrata merger

 



Arab Today, arab today
Arab Today, arab today Ideen Belmahdy happy to be part of “ Fashion Star”

GMT 17:00 2017 Sunday ,26 February

Ideen Belmahdy happy to be part of “ Fashion Star”
Arab Today, arab today Tourist guide explains types of tourism

GMT 18:28 2017 Saturday ,25 February

Tourist guide explains types of tourism
Arab Today, arab today Expresses Algerian history by woody figures

GMT 13:26 2017 Friday ,24 February

Expresses Algerian history by woody figures
Arab Today, arab today Iran complying with nuclear deal

GMT 07:14 2017 Saturday ,25 February

Iran complying with nuclear deal
Arab Today, arab today Ayat Abaza says state TV presented major stars

GMT 03:52 2017 Sunday ,26 February

Ayat Abaza says state TV presented major stars

GMT 06:57 2017 Sunday ,26 February

Huawei wins MRM Business Innovation Award

GMT 08:49 2017 Saturday ,25 February

Shell plans $300 mn investment in Argentina shale

GMT 05:40 2017 Saturday ,25 February

British Airways owner reports profit

GMT 15:19 2017 Thursday ,23 February

Companies' commitment to Bahrainisation quotas praised

GMT 14:48 2017 Thursday ,23 February

Etihad Airways Engineering signs deal with Kenya Airways

GMT 12:25 2017 Thursday ,23 February

Bharti Airtel buys Telenor's India operations

GMT 10:47 2017 Thursday ,23 February

Saudi Aramco may offer discounted shares to citizens
View News in Arabic - Business: أخبار الشركات
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Reading therapy relieves mental disorders

GMT 15:39 2017 Friday ,24 February

Reading therapy relieves mental disorders
Arab Today, arab today UK appoints 1st Scotland Yard chief in 188 years

GMT 05:14 2017 Thursday ,23 February

UK appoints 1st Scotland Yard chief in 188 years
Arab Today, arab today Penguins in the age of dinos

GMT 11:44 2017 Saturday ,25 February

Penguins in the age of dinos
Arab Today, arab today Pluto's unruly moons

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons
Arab Today, arab today 'Constructive' Vauxhall talk with union

GMT 08:54 2017 Saturday ,25 February

'Constructive' Vauxhall talk with union
Arab Today, arab today Tesla back into red but revenue grows

GMT 07:27 2017 Thursday ,23 February

Tesla back into red but revenue grows
Arab Today, arab today Ola Ghanem hopes to work with M.Ramadan

GMT 07:23 2017 Friday ,24 February

Ola Ghanem hopes to work with M.Ramadan
Arab Today, arab today Ex-yoga missionary unleashes rage

GMT 12:16 2017 Thursday ,23 February

Ex-yoga missionary unleashes rage

GMT 06:08 2017 Thursday ,23 February

Actress Lobna Abdel Aziz proud of her career

GMT 12:35 2017 Tuesday ,21 February

63-Year-Old Woman Delivers Baby

GMT 13:47 2017 Friday ,24 February

Rabia Fatima reveals role of "Facebook" in her career

GMT 10:28 2017 Wednesday ,22 February

Milan laughs while Rome cries

GMT 20:33 2017 Friday ,17 February

To release new antiques collection

GMT 10:20 2017 Thursday ,23 February

Brazil's top diplomat resigns

GMT 11:54 2017 Thursday ,23 February

Saudis await visitors but will they come?

GMT 13:12 2015 Saturday ,09 May

Sheikh Sultan opens Sharjah Centre
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday