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GLCNF.PK vs. ETF Alternatives
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- | On the move
- Tuesday, May 21, 10:57 AM Given their activity in the Platts oil trading window, it’s not surprising that European regulators would send questionnaires to Glencore (GLCNF.PK), Vitol and other trading houses asking for information about how fuel pricing works. But no one knows exactly what is being investigated; a look at the Platts daily European oil markets newsletter shows the EU could be looking at any of dozens of daily price assessments. Comment! [Energy, Global & FX, Commodities]
- Thursday, May 16, 8:20 AM Glencore Xstrata (GLCNF.PK) names former BP CEO Tony Hayward as interim chairman, WSJ reports. Hayward was BP's CEO during the 2010 Deepwater Horizon disaster; he is now CEO of Genel Energy (GEGYF.PK). The appointment comes after shareholders voted against the re-election of former chairman John Bond. Comment! [Commodities]
- Thursday, May 16, 7:03 AM A coup as Glencore Xstrata (GLCNF.PK) has Chairman John Bond stepping down from his job well earlier than expected. Formerly chairman of Xstrata, Bond had agreed to retire as head of the merged companies, but only after a replacement was found. His ouster now likely reflects continuing distaste over the £40M "golden handcuffs" package for key Xstrata managers. Shares are up marginally in London. Comment! [Commodities]
- Monday, May 13, 9:56 AM Glencore (GLCNF.PK) abandons plans for a new coal shipping facility in Queensland state, a move that reflects sustained weakness in Australia's once-booming coal export industry. The proposed Balaclava Island export terminal, which was designed to ship 35M metric tons/year, would have opened up a new route for coal exports from the resource-rich Bowen and Surat basins to buyers in Asia. Comment! [Commodities, Global & FX]
- Monday, May 6, 8:21 AM Unions representing workers at Australia's biggest coal-export terminal threaten work stoppages in a dispute with Port Waratah Coal Services over job security. The terminal handles more than 105M metric tons of coal annually at its facilities in Newcastle; Rio Tinto (RIO) and Glencore (GLCNF.PK) are major shareholders in PWCS, and both use the terminal for their coal exports. Comment! [Energy, Global & FX]
- Friday, May 3, 8:26 AM Glencore Xstrata (GLCNF.PK) unveils an integration plan that puts Glencore firmly in control of the combined company, appointing 12 Glencore and two Xstrata execs to the management team. CEO Ivan Glasenberg says success will hinge on strength in commodity prices, which have slumped since the Feb. 2012 merger announcement. Shares up more than 4% on the first day of London trading. Comment! [Commodities, On the Move]
- Thursday, May 2, 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. Comment! [Commodities, M&A]
- Thursday, April 18, 3:14 PM The Democratic Republic of Congo’s copper-rich Katanga province says it won’t implement a government ban on exporting copper and cobalt concentrate because it doesn’t have capacity to process all the ore itself. Many of Congo’s copper miners, including Freeport McMoRan (FCX), Glencore (GLCNF.PK) and Lundin Mining (LUNMF.PK), saw their stock prices fall yesterday after the ban was announced. Comment! [Commodities, Global & FX]
- Tuesday, April 16, 2:53 PM Glencore (GLCNF.PK) CEO Ivan Glasenberg isn't likely to be ruffled by the price to be paid in finalizing the Xstrata takeover: the sale of Peruvian copper mine Las Bambas - which produces ~2% of global supply of copper concentrate - to a buyer China must approve. The departure of seven Xstrata top execs means Glasenberg will rule the roost immediately, and cost cuts at other miners make it a good time to hire new staff. Comment! [Commodities]
- Tuesday, April 16, 5:30 AM China's Ministry of Commerce is expected to announce this week it has cleared the $30B takeover of Xstrata (XSRAF.PK) by Glencore International (GLCNF.PK). The development means the last major obstacle for the mining concerns will be out of the way. The combined company will boast revenue of almost $250B this year, according to analysts. Comment! [Energy, M&A]
- Monday, April 15, 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. Comment! [Commodities, M&A, Global & FX]
- Thursday, March 14, 8:59 AM Glencore hires BAML to sell Australia’s biggest malt producer, which it acquired through its recent takeover of Canada’s Viterra; a deal could fetch more than $300M. Viterra produces more than 550K metric tons/year of Australian malt, making it the largest exporter to Asian brewers including in Japan, Thailand, Indonesia, Korea and Singapore. 1 Comment [Commodities, Consumer, Global & FX]
- Monday, March 11, 11:13 AM Kentucky state lawmakers are set to decide whether to let Century Aluminum (CENX -3.7%) buy power on the open market in its bid to save its money-losing smelter from closure. The bill could have implications for the U.S. aluminum industry, as high-cost electricity for aging plants has challenged producers to seek more efficient operations with aluminum prices dropping ~30% in two years. Comment! [Commodities, On the Move]
- Thursday, March 7, 8:02 AM Rosneft (RNFTF.PK) says it signed long-term oil-supply contracts with top oil traders Glencore (GLCNF.PK) and Vitol to deliver 67M metric tons of crude. Rosneft will receive a $10B prepayment that can be used for corporate-wide and investment purposes. Comment! [Energy, Commodities, Global & FX]
- Tuesday, March 5, 8:37 AM Glencore (GLCNF.PK) and Xstrata (XSRAF.PK) each reported preliminary 2012 financial results (I, II). Like most of their peers, the companies reported lower earnings and big writedowns amid lower prices for most commodities. At Glencore, its commodity trading business helped offset the price weakness, and its adjusted profit which fell 25% Y/Y beat analysts estimates. (earlier) Comment! [Commodities, Earnings]
- Tuesday, March 5, 8:13 AM Glencore (GLCNF.PK) extends the completion deadline for its takeover of Xstrata (XSRAF.PK) to April 16 from March 15 as the companies await approval from China, which is reviewing the proposed merger with a focus on whether the combined company would influence China's copper market. CEO Ivan Glasenberg doesn't see a problem since Glencore "has marketed most of the product of Xstrata into China" prior to the merger announcement. Comment! [Commodities, Global & FX]
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