Xstrata Plc AdrOTC Markets
XSRAY is defunct.
  • Jun. 2, 2013, 6:40 PM

    Glencore Xstrata (GLCNF.PK) and Blackstone (BX) may bid for Rio Tinto's (RIO) 59% stake in Iron Ore of Canada, sources tell WSJ. RIO put the position up for sale earlier this year. Some say Blackstone is the more likely suitor given that Glencore is still busy integrating Xstrata. The Journal notes that mining companies are becoming "more cautious on bidding for new assets [as] investors demand restraint on spending [amid] falling commodity prices" (previous). Bankers say this has opened the door for private-equity.

    | Jun. 2, 2013, 6:40 PM
  • May 2, 2013, 7:54 AM

    Glencore (GLCNF.PK) completes its long-awaited merger with Xstrata to form the world's fourth biggest mining company and the world's biggest commodities trader. The combined company, to be called Glencore Xstrata, will start with a market cap of ~$76B. Glencore reportedly will lay off hundreds of Xstrata managers, and begin to sell assets and dispose of projects it deems non-starters.

    | May 2, 2013, 7:54 AM
  • Apr. 15, 2013, 7:48 AM

    Glencore (GLCNF.PK) is expected to agree to concessions this week to ease Chinese worries over its grip on the supply of copper, clearing the final regulatory hurdle in its acquisition of miner Xstrata (XSRAF.PK). Industry sources say a solution might involve a sale from among Xsrata's copper projects, such as Las Bambas in Peru, or giving China a guaranteed slice of production.

    | Apr. 15, 2013, 7:48 AM
  • Apr. 2, 2013, 7:41 AM

    Glencore (GLNCF.PK) again extends the deadline for closing its mega-merger with Xstrata (XSRAF.PK), saying it needs more time to conclude talks with Chinese antitrust authorities and secure its final regulatory approval. Analysts still expect the deal to close, since Chinese regulators likely would not view the combined company as dominating the copper market. The new deadline is May 2.

    | Apr. 2, 2013, 7:41 AM
  • Jan. 22, 2013, 5:45 AM

    South Africa's Competition Tribunal Tuesday conditionally approves Glencore's (GLCNF.PK) $80B merger with Xstrata (XSRAY.PK) but limits the combined group's ability to lay workers off. Last week, the companies reached a deal with unions over any job cuts and with state-owned electricity producer Eskom Holdings about possible coal price increases. Now all the merger needs is approval from China.

    | Jan. 22, 2013, 5:45 AM
  • Jan. 18, 2013, 2:45 PM

    South Africa's Competition Tribunal ends hearings on the proposed merger between Glencore and Xstrata after state utility Eskom and labor unions withdraw their complaints, removing one of the last hurdles to closing the deal which would create the world's fourth-largest diversified miner. A final ruling from South Africa could still result in conditions being imposed upon the merger.

    | Jan. 18, 2013, 2:45 PM
  • Jan. 17, 2013, 4:34 PM

    Glencore (GLCNF.PK) and Xstrata (XSRAF.PK, XSRAY.PK) reportedly are seeking an extension on the deadline for closing their merger to allow more time to secure outstanding regulatory approvals. The companies have secured shareholder approval and regulator OKs from the EU and U.S., among others, but are still waiting for the go-ahead from South Africa and China.

    | Jan. 17, 2013, 4:34 PM
  • Nov. 22, 2012, 8:55 AM
    As expected, the EU approves Glencore's (GLCNF.PK) mega-merger with Xstrata (XSRAF.PK) without a prolonged review after Glencore offers concessions to allay EU concerns about the combined company's dominance in the European zinc market. Glencore will end a zinc sales deal with Nyrstar and sell its 7.8% stake in the world's top producer. The companies now need approval from China and South Africa. (PR)
    | Nov. 22, 2012, 8:55 AM
  • Nov. 21, 2012, 6:32 AM

    Glencore's (GLCNF.PK) mega-merger with Xstrata (XSRAF.PK) is reportedly set to win EU antitrust approval after Glencore met the main concerns of competition chief Joaquin Almunia by offering to end its massive offtake contracts with Nyrstar, a Swiss based zinc-smelting company. An EU decision over the merger is due tomorrow; it will then need approval in China and South Africa.

    | Nov. 21, 2012, 6:32 AM
  • Nov. 20, 2012, 11:05 AM

    Xstrata (XSRAF.PK, XSRAY.PK) chairman John Bond reportedly resigns after shareholders approved the merger with Glencore (GLCNF.PK) but without retention bonuses.

    | Nov. 20, 2012, 11:05 AM
  • Nov. 20, 2012, 9:48 AM
    Xstrata (XSRAY.PK, XSRAF.PK) shareholders vote to approve the Glencore (GLCNF.PK) takeover but fail to pass the first resolution that would have included the controversial golden handcuffs plan to retain key Xstrata managers. The retention plan will be voted on separately. Glencore shareholders voted earlier today to approve the merger.
    | Nov. 20, 2012, 9:48 AM
  • Nov. 20, 2012, 4:30 AM

    Glencore's (GLCNF.PK) shareholders unsurprisingly back the company's mega-merger with Xstrata (XSRAY.PK). The main action will come later today, when the latter's investors have their say, with a first meeting scheduled for 08:00 ET.

    | Nov. 20, 2012, 4:30 AM
  • Nov. 15, 2012, 10:22 AM
    Glencore's takeover of Xstrata looks set to go ahead after no. 2 shareholder Qatar Holdings backed the deal, but Qatar's decision to abstain from voting on the fat management retention plan complicates the position of Xstrata chairman John Bond, whose image isn't helped by the attempt to be "a little too cute" with his stance on the retention scheme.
    | Nov. 15, 2012, 10:22 AM
  • Nov. 14, 2012, 1:06 PM
    As expected, Qatar Holdings is reportedly backing Glencore's (GLCNF.PK) takeover of Xstrata (XSRAY.PK), along with the retention bonuses for Xstrata executives, according to Bloomberg.
    | Nov. 14, 2012, 1:06 PM
  • Nov. 12, 2012, 10:56 AM

    Standard Life Investments, a major shareholder of both Xstrata and Glencore, says it will vote in favor of the proposed merger of the companies but against the retention package. It expects the deal to close, based on indications that Xstrata shareholder Qatar Holding supports the merger and since shareholders can vote on the retention package without affecting their vote on the deal.

    | Nov. 12, 2012, 10:56 AM
  • Nov. 12, 2012, 3:37 AM

    Glencore's (GLCNF.PK) $68B merger with Xstrata (XSRAY.PK) could be scuppered by a complex shareholder approval process even though most investors seem to favor the deal. Xstrata shareholders will next week be asked to vote on three options: a deal that includes controversial retention payments; on one that doesn't; and on the retention payments themselves. There has to be agreement between one of the first two scenarios and the last one for the deal to pass.

    | Nov. 12, 2012, 3:37 AM